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Ahee yy shit Cus coll Ata ia asain ol any Clas Aaland) ob oh (Sy clad Gquelul pyae (gt ASall AM lyn SeLiill (gle 3_piill y 45 ala) Sth at Ol Gany LS clgillbsie GAs Gils day desl cle ey 53 Abs Y) (EPE)Qticity! dae geal Glaugall lal Ley Sil Sashes (sae Jp Cy the AS (chang cbaagats i I jail JS I ke Oe Cone Gg Alas yo ALLEY! al Gf ay GaLaisY GLaagall otal le La 8 a maja alice pai USL self Labs DL Gye plall ¢Uaill Kuali oJ a y 4Sb) SY al Aplueidy! 4. Faces CAS BY ay nets) GL el cpl gLbil ASI pl) eee 9S ASL! el cy act Liat A LewYh Aue geal etal ciLaslinall ped CNS 5 dye yaad! nels)Impact de la mutation des types de propriété sur la performance financibre des entreprises. L'entreprise économique algérienne a connu plusieurs types de gestion et un certain nombre de réformes en vue d'améliorer son efficacité et sa rentabilité. Néanmoins, l'ensemble de ces mesures n'ont pas aboutie eu égard a l'absence d'une stratégie et des programmes fixant leurs objectifs et leurs missions. Ainsi, |'Algérie a l'instar d'autres pays a opté pour un processus de mutations économiques, nécessitant des changements dans lorientation institutionnelle selon les impératifs d'économie de marché. Elle a dans ce sens, introduit des ajustements structurels au sein des EPE, a travers la promulgation des lois et des résolutions adéquates, permettant le transfert de la propriété, traduite par la mise en place des holdings publics, et des sociétés de gestion des participations. Ces transformations et ces programmes ont donné lieu au changement des types de propriété par Iélargissement des régles régissant la propriété ou de la Stratégie de privatisation. Ces deniers sont devenus assez nuancés et plus complexes. Sans doute les changements politiques et économiques ct méme sociaux pendant les vingt demiéres années ont amené aux changements qu'a subi le mode de propriété, soit par l'appropriation des travailleurs des actions des entreprises, soit par l'application du principe de partenariat, et qui a son tour influé sur les résultats des entreprises. La mutation dans le type de propriété constitue I'un des dimensions fondamentales de la restructuration et dénote des profonds changements des structures en place et doit avoir une dynamique et aussi une capacité d'interaction. Les EPE n'ont que jouer pleinement leur réle et prouver leur capacité a accepter tous les changements qu’elles vivent. En autre, la problématique du degré de neutralité du mode de la propriété et son impact sur le fonctionnement des entreprises reste posée :est-ce que l'efficience économique est lige & un mode donné de propriété? Est-ce que le rétrécissement du secteur public a travers la promulgation de nouvelles régles de propriété favorise les entreprises économiques? Propriété, privatisation, partenariat, secteur public, réformes économiques, holdings publics, SGP, entreprise publique algérienne, modes de gestion, la performance financiére.The Effect of ownership change on the firm's financial performance. « Abstrac Algerian economic firms have used many types of management and reforms in the aim to achieve effectiveness and profitability, most of these reforms have been failed as a result of absence of strategic gools. Like many other developing countries, Algeria decided to change the way of public economic firms towards market economic conditions, by deregulation of ownership, through two main programs: holding public firms and participation management firms. These changes aim to transform the types of ownership by plans of widening ownership basics or by privatization strategic. During the last two decades, the development of social, economic and politic situation have lead to some changes in ownership like: employees ownership of public firms and partnership programs. To achieve the change objectives, public economic firms should accept the deregulations, and play its economic role in the economy. However, we have to ask the main questions: ‘* Does the ownership change affect the firm performance? ° Effectiveness, is it related to ant types of ownership? © Does economic firms benefit from public sector contraction? © KEY words: Ownership, privatization, partnership, public sector, economic reforms, holding public firms, participation management firms, types of management, financial performance.SarugallAas dol Atst ob col LS ja (plat EU) ae yaa! GLase gall 4Sbe i g gutnge Cane Gl) dal pall ob cass lla cla! gle 0 $F 4G jae Aslan y AS) pA gf ena Sl py Ge Le gy alll gli Aaya Ae IS (N taleciB YN yt gd AY Ala yall JK ok af ccoLcugall DEYN Gf sake ie sal ja] GLA! 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Goumiri Lies, Conversions des dettes en capital debt equity swap dans le cadre du programme de privatisation en Algérie, in le jeune indépendant, 13/04/99, PP. 05-08. ‘, Bouinin .O, Michalet Ca, Op.Cit, P.141. 5. dem. -47-Gyuadl Ascii) gai galt tls Aystalt Jani A scl ISM Saal Se AM elael Vg — als We Qed 5 le yuen g Ylbec 528i) daaagall ay 3 drove sill Gye Ais ph ode uct Cory bite Lele SY Golly Ugase pte Ute gi Leaagall Ge A jtll ila sla Gt ag nN Wa Leaky 5g hago Quail AUS Gey pall Sybee Gf Capa AlLanll Gal) Ste tOntle Liewe gill 5 JY cluael sb Gy yuaall Sylke © : sdlall 4S yLta @ GAG Lael AS Lk Lay eos puall ye bys Fe gene Yad 5 Jay eluacl AS yutud Hanuall gle & ypu! al UY) Caylee Asia 215 y da Lee ga isl chasuagall Sac & yaray CLF hs od appar Lengel Ube uly gd ol jal Sita Gf LS sIginane yh gill ities He AL CIS CJ ll paSLAS} ale Go yall pgndty Le ghiy Ut pated) y Laaagall Sole ol paall of Cus plall pUbill Aa Aauagall Cals Leste Gilad ang yuSe Hie 5 aaa Ay yal oh Alaa gp aad Ald og} Mila! cpgitlla gd aeaben Gane (gill Gil EF iol) Ope pina pa Ayia Ash Land ile yaaa sins La Soll cay Lea lal Gunalle le lial Say CSep yt nd yi dn eng sSNA > Gy Seg US gil sal Sy Lead Cyslany sll IS ll ol yt le tes sal 2S p35 gall Cando fpgie 29h JS Annd tl by il Cn sSd fee: Meola cy ll Ye soled tla shally canal aay SUL © Byind Sig) 1 ce cote alah DE Ge ol pill Ha Gili Ge ell pee Aaa) Gaal LS Kaigall A Ge BST 10 Gio pele 40 Gila (Hullo lad ss y tls Fins) 10 gl (Aaatd Nes Nyald al abeall oda gle cpalalell clay c5.ae cadayy He Gf abt Yy lel gh 8 eB 1st! ce Lseefall ol yh Ci patil Galen pel | bs ol paally Leall Lassally coll o sal iy GAM Glare pied sf Aeuagally Uillaall UI jhe clyieliS ciate gf cll Alla suis AMG ye Ale Aeuagal apa) had) JSS Ady ght 054d cb Jay y DLaall gyled gle eanpe aul ead GES gle tia 6 sah Race ll gd Go sLalyl He gL Gf coll Gute judy cauull 4 SAY TU sad g Liha y Lally yy LS gall a asaally odd Le Hag cL Gundy J HS gf Langella o 5m Crslalal ells Cape rd BOE Bagh Ge pay duane All Gye g sill Lhe Lisl 5 el yrall (Sey Sayan aged sara Le sSall pit Coal 1g) Gy sagas JUGS) ~ /L jG Sy gall dh peal Ay lal AS gall Lal Ge iy Sale gly Ue anes ju lash ght (ha col all hy 508 Quill wy! gy pend col gb og sled lip olf Alaall 3 a) ob BY cluael 4S je Gf stirs). Ha gilt gill Coleus all Cualiy Pama ally ce s4ill $1 age Lis cll sa5y af Angell 45Le }, Betiahar Rabah, Documentation sur la privatisation, In revue algérienne de comptabilté et daudite, N:°02, SNC, Alger ,2Trimestre, 1994, P.34, i 11997 pL yen Gone Lanaly SAS AIS gh ME Aah oc 2 A He! 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Ha ley Xam all ci phe Gye ca col ASW! Ap ally gal N GUY! oy Ae Cad Le ann DAY puna gle All 4) Feed Lae gy DL UY! 849 ape Yikes Ga A gall J ja) Qe aaa pall Gad) git Gs Nala] de A gall plan AAMC Ae gl) yo Mi LN ol ith ody Lgl jhLaall Geass S.CUAWI Gilady Le jhe Gal Gall jpalld Aula lanrall op) faa Gis LS «AS jl Alay SEAL Ug) casey al gall Js dya.y Goa gunaill ayia Apa 5 ally SBN hy WISP SIAN Gueal le Upeaall by og Ja) ayuaill USte Ja Ge Weise al OF ppp age DUA Ge CS ola plaid y GURS oh pall dus '. Bettahar Rabah, Op.Cit, P. 36. 2 Gliz Abdelkader, Op.Cit,, P34. ». tbidem, P35. 4 Bettahar Rabah, La privatisation *.Bouinin .O, Michalet Ca, Op Ci °.Bettahar Rabah, Documentatio Opi, P36 P.149. a privatisation, Op.Cit, P.36, Te cn 83 i aoe ala cm las Gals 7Got sett} gad Jyaill Aalis Austad) baad (i yall ISM! dual —— fe Sleds lal! ASL y Roll 5 Yi dial yo} Gd Leake GS Lege 3 fall asad Sy GAD GUY 5. 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