決定民營化企業績效提升因素之分析

公營事業民營化後經營績效真的有不同嗎？是變好還是變差？本文以台灣至2005年爲止，20家已經完成民營化的公司爲研究對象，討論決定民營化後經營績效的因素爲何。根據本文的實證發現：經營績效並未因爲民營化而提升；一般文獻認爲董監事與外資的持股對績效的正面效應也沒有在民營化企業發現，反而是政府與第二大股東產生顯著影響。政府「持股減少、董事席次增加但不指派董事長」以及第二大股東「掌握的董事席次比例越高」，都有助於績效提昇，亦即民營化後，政府除了將股權釋出、退出公司經營外，最重要的還需要適當引進新的經營團隊，在未適當引進新的經營團隊前，公司的經營、監督，仍有賴政府的參與。除此之外，實證結果也指出公司治理機制的確對民營化後的經營績效有所影響，公司治理越差（偏離度越大）對經營績效的提升越不利。民營化時程呈現負向影響，代表公司績效並未隨著民營化經過時間越長的而更加提升，反而有衰退的隱憂。最後，民營化後金融業的績效呈現相對成長的現象，這可能是因爲這段期間金融業恰好面對金融自由化、銀行合併，金融市場競爭提高所致。

關鍵字

民營化；績效提升；政府；第二大股東

並列摘要

This paper examines the effect of partial privatization on firm performance and analyzes the determinants of firm performance by ownership structure and control right. This study uses 20 share-issued privatization firms to analyze the corporate governance of partial privatization in Taiwan. The empirical results show that state ownership has negative impact on firm performance and the state control right has positive impact on firm performance. The reason may be due to the fact that the firms in partial privatization need to be supervised by the government under the process of diffusing private ownership. In addition, improvement in performance is associated with certain aspects of corporate governance. The improvement in performance is better for those firms which have second largest shareholder with more seats on board of directors. Besides, the more the deviation from the corporate governance is, the worse the firm performance is. The key to the improvement in performance is not only with the transferring of the shareholdings, but also with the induction of new management team which is the second largest shareholder with more shareholding.