The Performance Comparison Study Of State Run Enterprise China Steel Corporation before And After Privatization

• Main Authors: Ming-Nan Chen, 陳明男
• Other Authors: Jian-Hsin Chou
• Format: Others
• Language: zh-TW
• Published: 2001
• Online Access: http://ndltd.ncl.edu.tw/handle/52550143155811396854

碩士 === 國立高雄第一科技大學 === 財務管理系 === 89 === The privatization of state run enterprises is one of major financial policies in Taiwan. In spite of the important role they had played in the economic development in Taiwan and glorious history they had experienced, state run enterprises must take some measures to meet the ever-changing environment. The privatization is doubtlessly often mentioned, and deemed as an inevitable way to operation performance improvement. The performance comparison before and after privatization if a hot topic, not only in Taiwan but also abroad. Many studies have already showed mostly state run enterprises could significantly improve the performance after privatization. But not every state run enterprise did support the argument. China Steel Corporation, an originally well performed state run enterprise and the object of the study, became a real private company in 1995. The change in the five dimensions, Profitability, Efficiency of asset utilization, Production efficiency, Capital structure, and Subsidiaries, in China Steel Corporation from 1991 to 2000 will be discussed in the study. For the statistical inference the T test will be applied. From the study, the results can be summarized as follows: 1.Profitability has not changed significantly after privatization. 2.Efficiency of asset utilization improved. 3.Production efficiency has been raised. 4.Capital structure changed significantly. 5.More Subsidiaries has been set up. Hence, the Hypothesis that the performance improvement can be achieved through privatization could be supported in the study.