民營化前後經營績效之研究-以中華電信為例

A Study of the Financial Performance of the State-Owned Enterprise after Privatization-The Case of the Chunghwa Telecom

黃莞茹(Huang Wan-Ju)

指導教授 ： 洪振義

朝陽科技大學/管理學院/財務金融系/碩士(2011年)

摘要

電信開放自由競爭的精神在於打破市場獨占、導入競爭，對於整個社會(包括整體經濟、電信部門、消費者)所帶來的效益包括：降低電信費率；促進電信服務內容的多樣性與創新；提高電信服務的利用率，創造更高的經濟報酬率，並增進使用者的生產力。
電信產業目前以不同以往產業的策略方式經營，在原屬國營企業體系下的中華電信，是否擺脫國營企業的經營包袱，使其電信自由化，發揮市場自由競爭機能，提升資源有效利用，提高公司經營績效。本研究中採用敘述統計、t檢定、Wilcoxon檢定，探討民營化過程是否有利企業轉型的成功，運用比較中華電信在民營化前後的經營績效。
研究結果顯示，財務結構指標、獲利能力指標、資產運用效率三大指標，各項代理變數在民營化後的研究數值大致都稍優於民營化前的各項比率數值。相較民營化前、後中華電信經營績效發現：財務結構指標更為穩健，獲利能力指標民營化後些微成長、資產運用效率較民營化前稍有改善。其中，獲利能力主要視整體經貿環境及產業供需與競爭情況，受外部因素影響大；而資產運用效率及財務結構則關乎內部經營策略及管理效率是否改善。
電信自由化後的經營績效，中華電信面臨市場轉變時有將更好的因應策略；面對全球化的衝擊下，電信產業轉型成功，策略佈局比國營企業更開放活絡，經營層面更加多元。

關鍵字

民營化 ； 中華電信 ； 經營績效

並列摘要

The main purpose for Telecommunication to release free market is to destroy market monopolization and to welcome fair competition. For a whole society—economy condition, telecommunication departments, and consumers—it brings great effects including lower rates, the innovation and diversity of the telecommunication services, the increase of utilization of telecommunication services, the higher return on investment, and also the increase of production capability of users.
Telecommunication industry, under the original governmental enterprise system, Chunghwa Telecom, gets rid of the old burden of official management to free telecommunication, to develop the competitive function of free market, to make great use of resources, and to achieve great accomplishment. This thesis takes Descriptive Statistics, T-test Analysis, and Wilcoxon rank sum test to discuss if it is successful in the processes of privatization for a enterprise, taking the comparison of achievements of Chunghwa Telecom before privatization and after.
The conclusion shows, the indicators of financial structure, of Profitability and of assets application, all proxy variables are superior after privatization than before. All proxy variables are improved after privatization. Moreover, the Profitability is mainly focused on the whole situation of economy environment, the supply-demand relationships and the competition situation. It will be easily influenced by external elements; while the assets application and management and the financial structure is related to the internal strategy and policy.
Due to the business performance of liberation of Telecom, Chunghwa Telecom has better policy when it encounters the transformation of a whole market. Under the great impact of globalization, the success of transformation for telecom industry makes their strategy springier than official organization; also the range of their management is more diverse.

並列關鍵字

business performance ； privatization ； Chunghwa Telecom

參考文獻

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