關於公營事業民營化的研究的焦點多注重於比較民營化前後經營績效的優劣，亦即量的衡量部分，而忽略了比較民化前後盈餘品質的高低，也就是質的衡量部分。本研究開拓了公營事業民營化研究的範疇將民營化前後的「量」與「質」的衡量並重，在量的衡量部分以三種績效指標比較民營化前後經營績效的高低；而在質的衡量方面，以盈餘持續性作為盈餘品質的代表比較民營化前後盈餘品質的高低，並進一步探討盈餘持續性與國有持股比例的關係。另外，本研究將盈餘組成要素區分為由總應計項目組成之盈餘與由現金流量項目組成之盈餘，比較兩者之持續性。
實證結果顯示，在量的衡量部分，公營事業民營化後之經營績效將增進；在質的衡量部分，公營事業民營化後之盈餘持續性將降低，而國有持股比例與盈餘持續性間則呈正相關，但民營化前後是否會影響兩者之關係並未獲實證結果之支持。另外，現金流量項目之盈餘持續性將高於總應計項目之盈餘持續性。

The research about state-owned enterprises to be privatized is usually focused on operating performance what is called the quantity measurement, however, ignoring earnings persistence what is called the quality measurement. This study enlarges the research about state-owned enterprises to be privatized by testing the quantity and quality before and after the privatization simultaneously. In the quantity part, the study uses three achievement targets to compare operating performance before and after the privatization. In the quality part, this study uses earnings persistence to be the presentation of earnings quality to compare the earnings quality before and after the privatization. Further, we confer the relationship between earnings persistence and national hold ratio. Besides, we distribute the earnings into cfo components of earnings and accrual components of earnings to compare the earnings persistence between them.
The study results indicate that in the quantity part the operating performance improves after privatization. In the quality part, the earnings persistence will decrease after privatization, and we find that the national hold ratio has a positive relation with the earnings persistence. But, we can’t prove that if privatization will significantly affect the relation between them. Besides, we find that the earnings persistence of cfo components of earnings is higher than the earnings persistence of accrual components of earnings.

目錄
第一章　緒論 1
第一節　研究背景與動機 1
第二節　　研究目的 3
第三結　　論文架構及研究流程 4
第二章　文獻探討 6
第一節　　公營事業民營化 6
第二節　　盈餘持續性 16
第三節　　小結 20
第三章　研究方法 21
第一節　　研究架構 21
第一節　　研究假說 21
第三節　　變數之定義與衡量 25
第四節　　實證設計與模型 31
第五節　　資料來源與選樣設計 33
第四章　　實證結果與分析 34
第一節　 樣本描述及敘述性統計分析 34
第二節　　迴歸分析之基本假設檢定 38
第三節　　實證結果 41
第四節　　小結 49
第五章　結論與建議 50
第一節　　研究結論 50
第二節　　研究限制 52
第三節　　研究建議 52
參考文獻 53





圖目錄

【圖1-1-1】研究流程圖 5
【圖3-1-1】研究架構圖 22

表目錄

【表2-1-1】中國大陸股權類型 15
【表3-1-1】本研究所採用之經營績效衡量變數及其操作型定義 30
【表4-1-1】樣本依產業別分類 35
【表4-1-2】樣本依民營化年度分類 34
【表4-1-3】樣本依初次釋股年度分類 36
【表4-1-4】量的衡量樣本選取過程 37
【表4-1-5】質的衡量樣本選取過程 37
【表4-1-6】敘述性統計 37
【表4-2-1】皮爾森相關係數分析 39
【表4-2-2】模型之VIF值 39
【表4-2-6】各模型之WHITE檢定 40
【表4-3-2】模型一迴歸結果 44
【表4-3-3】模型二迴歸結果 45
【表4-3-4】模型三迴歸結果 46
【表4-3-5】模型四迴歸結果 48
【表4-4-1】 實證結果彙總表 49

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