公營事業民營化長期績效評估之實證研究 —以臺灣上市(櫃)公司為例

An Empirical Study of Long Term Performance Assessment of Privatization of Public Enterprises - A Case of Taiwan Listed Companies

余銀峰(Yin-Feng Yu)

指導教授 ： 胡為善

中原大學/商學院/企業管理研究所/碩士(2015年)

https://doi.org/10.6840/cycu201500706

摘要

近四十年來我國政府推動公營事業民營化之政策迄今並未改變，目前僅餘小部分的公營事業尚未完成民營。當時民營化的目的除了順應國際潮流外，也期望能蛻變成不同以往的管理風格與組織體制。另外，民營化後經營績效的改善，亦值得令人期待。但時至今日，公營事業民營化後的經營績效是否大幅改善，能否支撐政府繼續推動其他七家公營事業之轉型，還是以提升績效為口號而執行效果不佳呢，促使本研究加以探討公營事業民營化之成效。
本研究使用多項財務比率、以及設置獨立董監事與否對股東權益報酬率的影響，以探討在公營事業民營化後，企業經營績效是否有所不同，並透過橫斷面時間序列模型，探討我國公營事業民營化後之企業經營績效，研究樣本分成一般行業11家、金融業9家，共計20家企業，研究期間也分成兩部份：其一為全樣本期間(自民營化前兩年至2014年年底止)；另一為自各家企業民營化起至2014年年底止，藉由實證模型來觀察民營化後對於民營化前的經營績效之比較分析，實證結果如下：
1.在全樣本期間，一般行業之設置獨立董監事及現金流量允當比率與股東權益報酬率呈顯著負相關，但每股盈餘則與股東權益報酬率呈顯著正相關。
2.自民營化當年至2014年年底，本研究發現一般行業的每股盈餘及設置獨立董監事與股東權益報酬率呈顯著正相關，但利息保障倍數及現金流量允當比率，則與股東權益報酬率則呈顯著負相關。
3.在全樣本期間，金融業的每股盈餘及總資產週轉率與股東權益報酬率呈顯著正相關。
4.自民營化當年至2014年年底止，本研究發現，金融業的負債佔資產比率與股東權益報酬率呈顯著負相關；而總資產週轉率、每股盈餘及設置獨立董監事則與股東權益報酬率呈顯著正相關。
彙總言之，本研究發現，對一般行業而言，民營化前後最大差別在於設置獨立董監事及利息保障倍數之不同，而對金融業而言，民營化前後最大差別在於設置獨立董監事及負債佔資產比率之不同。可見民營化使公營企業注重設置獨立董監事，因而促使其業務經營更加透明化與客觀化。

關鍵字

民營化 ； 每股稅後盈餘 ； 股東權益報酬率 ； 財務比率 ； 經營績效 ； 獨立董監事

並列摘要

Taiwan’s government has implemented the policy of privatization of public enterprises for more than four decades, leaving only seven of them not yet privatized. The goals of privatization are not only following the global trend of market competition, but also changing the management style and the organizational structure of the public enterprises. Forty years later, many analysts are wondering about the practical improvement from the privatization till the present. For example, they are interesting in whether the privatization improved the operational performance of the enterprises and whether the government should further promote the privatization. From another point of view, many analysts are curious about whether privatization fails to achieve the satisfactory objective owing to the failure of implementation, and about whether it encouraged conglomeration that created undesirable public attitudes. These two different viewpoints motivate this study to examine the performance of privatization for the past four decades.
In order to achieve these objectives, this investigation examines the relationship between financial ratios as well as independent directors provided and rate of return on equity using a regression model to analyze the operational performance after the privatization of public enterprises. The sample includes 20 enterprises (i.e., 11 of them are in general industry and 9 of them are in finance industry). Using the empirical model to examine whether the operational performance of public enterprises is significantly changed after privatization, This study uses two sample periods: one is the full sample period (i.e. two years before the privatization to the year end of 2014) and the period from the year of privatization to the year end of 2014. This study finds that, for the general industry during the full sample period, the independent directors and cash flow adequacy ratio are significantly and negatively correlated with the rate of return on equity; while earnings per share (EPS) is positively correlated with the rate of return on equity. Empirical results also indicate that, from the year of privatization to the year end of 2014, the cash flow adequacy ratio and times interest earned are significantly and negatively correlated with the return of equity; while the EPS and independent directors provided are significantly and positively related with the rate of return on equity for the general industry. Finding also shows that, for the finance industry during the full sample period, the EPS and total assets turnover ratio are positively correlated with the rate of return on equity. This study also finds that, during the period of the year of privatization to the year end of 2014, the total assets turnover ratio, EPS and independent directors provided are positively and significantly correlated with the rate of return on equity; while the debt to total assets ratio is negatively and significantly correlated with the rate of return on equity for the finance industry. In summary, this study concludes that the major difference between public enterprices and these companies after privatization are independent directors provided and times interest earned for the general industry, and the independent directors provided and debt to asset ratio for the finance industry. The independent directors provided forces the public enterprises to be more transparent and objective than they had been before the privatization.

並列關鍵字

Earnings Per Share ； Financial Ratios ； Independent Director ； Operational Performance ； Privatization ； Return on Equity ； Times Interest Earned

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