A Study on the Financial and Operating Performance of Newly Privatized Firms in Taiwan

• Main Authors: Wang - Wei Huang, 黃王維
• Other Authors: Jon - Chi Shyu
• Format: Others
• Language: zh-TW
• Published: 1998
• Online Access: http://ndltd.ncl.edu.tw/handle/30170470907521992383

碩士 === 中國文化大學 === 國際企業管理研究所 === 87 === This study is focus to inspect how the privatization of tated-owned enterprise brings influences to the financial and operating performance. This study examines the change in the financial and operating performance of 4 companies from Taiwan area that experienced privatization during the period from 1991 to the bottom of June of 1998. This study chooses 6 main variables, including profitability, stability, activity, productivity, growth, and the capital investment through 3 research stages to compare the pre- and post privatization financial and operating performance. The results are as follows: 1. When collecting 4 companies as a group, the statistical test is not so significant. It might be due to regardless of the attributes of every different company. 2. Through comparing the pre- and post privatization performance of 4 companies, it generally concludes that after being privatized firms increase productivity and their capital investment. 3. This study divides the sample of firms into two groups with board of director data based on 50% change in directors after privatization. In general, one group that experiences 50% or greater change in directors after privatization experiences more significant improvement in performance than the other group that experienced less than 50% change. It seems that the greater the change in a firm’s ownership and control structure, the greater the improvement in its operating performance after privatization.