臺灣博碩士論文加值系統

公營事業民營化是政府的既定財經政策之一，而公營事業過去對台灣社會穩定發展扮演極重要的角色，隨著世界經濟發展情勢的國際化與自由化，在世界潮流驅使下公營事業民營化乃為不可避免的事，而國內也順應這股潮流，開始了一連串的民營化行動。
本研究乃嘗試以國內完成民營化之個案公司－華南商業銀行，從公司統制（Corporate governance）及代理問題角度，來探討股權結構與經營績效議題。首先採多元迴歸分析，分別探討個案公司內在因素：股權結構之公股比例與董監事私人持股比例及外在因素：本國一般銀行分行總數與景氣對策訊號評分對公司經營績效之影響及顯著性；其次採無母數統計分析研究個案公司民營化前後經營績效是否有改善。研究結果顯示獲利經營績效與本國國內一般銀行分行總數、董監事私人持股比例及公股比例變數呈顯著負相關；經營能力績效與董監事私人持股及景氣對策訊號評分變數（本國國內一般銀行分行總數）呈顯著負（正）相關。無母數分析研究顯示，民營化後之經營績效顯著沒有改善。根據以上分析結果可見單純的民營化行動並非是改善經營績效的萬靈丹。

In this case study of the privatization of the Hua-Nan Commercial Bank; the research employs the agent principle of Corporate Governance to evaluate the transformation of its shareholder structure as well as operating performance. In this research uses multiple regression analysis to explore the impact of internal structure factors such as the change of shareholder structure from public to private on the bank’s operating performance. The impact of external
factors such as the number of branches and economic prosperity index were also evaluated in the regression analysis. To cross-validate the research, the non-parametric statistical testing method was also utilized to determine whether operating improvement occurred after privatization of the bank.
The result of study shows that the bank profitability is negatively correlated with the factor of the number of branches, the private sector shares, and the ratio of state-owned shareholders. In addition, the bank operating performance is negatively correlated with the ratio of private shareholder structure and the prosperity economic index, but positively correlated with the
total branch number of the domestic banks. The non-parametric statistical analysis shows significant result that operating performance is not improved after the privatization, consequently, the privatization by itself is not a magic solution to the performance of state-owned banks.

目 錄
　　　　　　　　　　　　　　　　　　　　　　
中文摘要　 -------------------------------------- i
英文摘要 ------------------------------------- ii
誌謝 ------------------------------------ iii
目錄 ------------------------------------- iv
表目錄 -------------------------------------- v
圖目錄 ------------------------------------- vi
一、緒論 -------------------------------------- 1
1.1研究動機------------------------------- 1
1.2研究目的------------------------------- 3
1.3研究對象與範圍------------------------- 4
1.4研究架構與步驟------------------------- 5
二、文獻探討 ------------------------------------ 8
2.1民營化之基本觀念----------------------- 8
2.2民營化類型------------------------------ 11
2.3民營化的目的及目標---------------------- 12
2.4公司統治機制相關文獻-------------------- 15
2.4.1代理問題與股權結構---------------------- 15
2.4.2銀行經營的原則-------------------------- 23
2.4.3民營化績效評估相關文件------------------ 26
三、研究設計與方法 -------------------------------- 29　
3.1研究問題-------------------------------- 29
3.2研究設計-------------------------------- 31
3.2.1股權結構與經營績效--------------------- 31
3.2.2經營績效-------------------------------- 38
3.3研究限制-------------------------------- 39
3.4資料來源------------------------------- 40
四、資料分析 -------------------------------------- 41
4.1個案公司官股比例、董監事私人持股比例、本國一般銀行分行總數及景氣對策訊號評分與經營績效之分析------------------------------- 41
4.1.1經營能力與經營績效之分析---------------- 41
4.1.2獲利能力與經營績效之分析---------------- 47
4.1.3結論------------------------------------ 57
4.2個案公司民營化前後經營績效之比較-------- 58
4.2.1經營能力分析---------------------------- 59
4.2.2獲利能力分析---------------------------- 60
五、結論 ------------------------------------------ 63
5.1結論------------------------------------ 63
5.2建議------------------------------------ 64
參考文獻 ----------------------------------------- 68
附錄一 ----------------------------------------- 72
附錄二 ----------------------------------------- 73
附錄三 ----------------------------------------- 74
附錄四 ----------------------------------------- 77
附錄五 ----------------------------------------- 83

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