The Investment and Operation Performance on the Privatization of Government-Owned Enterprise：The case of Taiwan Corporative Bank

[[abstract]]本文主要探討國營事業民營化的過程，對資本適足性、管理能力、獲利能力、資產品質與流動性的影響程度，並以合庫商業銀行2005年4月的民營化案例進行分析。採用t-檢定來分析民營化前後兩階段績效，實證結果顯示：(一)民營化對資本適足性與獲利能力有顯著改善，對管理能力、資產品質與流動性則無顯著改善情形。(二)民營化效應因不同指標特性而有不同的反應期間，例如：對資本適足性指標有較短的反應期間，而資產報酬率與股東權益報酬率則約需半年的反應期間。(三)合庫商業銀行民營化時點與合併中國農民銀行時點十分接近，因此，實證研究無法判定，績效來自合併之綜效或是民營化所逹成之結果。[[abstract]]The study investigates the impact of privatization of a government-owned enterprise on the operation performance Five dimensions including risk based capital adequacy management quality profitability asset quality and liquidity have been taken to address this issue The case of privatization of Corporative Bank in April 2005 is used in the study The empirical results show that: (1) The privatization significantly improves the risk based capital adequacy and the profitability but there is no significant change in management quality asset quality and the liquidity (2) The reflection period of the privatization varies by different indicator for example the risk based capital adequacy indicator shows a immediate effect after the privatization but the seasonal indicator needs two another quarters to reflect the benefit of privatization (3) Since the timing of the privatization of Cooperative Bank is quite close to the merging event with Farmers Bank of China it is difficult to exactly distinguish whether the performance comes form the merging effect or the privatization facto