公營事業民營化之績效改革研究

An Empirical Study on the Performance of State Run Enterprise before and after Privatization

施光訓(Kuang-Hsun Shih) ； 林靜雯(Ching-Wen Lin) ； 歐秋伶(Chiu-Ling Ou)

《全球管理與經濟》 1卷1期 (2005/12) Pp. 23-39

https://doi.org/10.6565/JGME.2005.1(1).2

摘要

本研究之目的在探討公營事業民營化之績效改善效果，並分析其對財務指標之影響程度與相對重要性，以補足過去研究中僅探討公營事業民營化前後績效變化的缺憾。本研究採用層級分析法（Analytic Hierarchy Process），並根據Boubakri and Cosset（1998）的六個財務構面架構對公營事業移轉民營化之專業經理人進行問卷調查。研究結果顯示經理人認為公營事業民營化對於股東權益報酬率之績效提升效果最為顯著，其次為淨利效率、純益率、實質銷售收入及銷售效率。此外，本研究亦探討實證結果之內涵並提出對主管機關與投資人之建議。

關鍵字

績效管理 ； 公營事業民營化 ； Boubakri and Cosset模式 ； 財務分析

並列摘要

This study examines the evaluation mode of the financial performance and operation performance of the pre- and post-privatization of State-owned business. This study adopts the ”Six Financial Facets” of Boubakri and Cosset (1998) as the analytic structure of the case study of Taiwan Fertilizer, TAIYEN, and Chunghwa Telecom. The result of the study shows that the performance of Taiwan Fertilizer is relatively worse after privatization, though only the operating performance shows significant growth, the index of financial facet do not have any noteworthy progress. TAIYEN is one of the case-studied companies with better performance; its profitability, operating effectiveness, productivity (yield), and financial leverage all show better performance after privatization. In the case of Chunghwa Telecom, after the company has been privatized, its capital expenditure and financial leverage has decreased, while the rest of the facets all show better performance compared to pre-privatization. According to the conclusion of this study, some suggestions have been proposed to executive institution and investors.

並列關鍵字

State-owned enterprise ； privatization ； performance evaluation