| Summary: | 碩士 === 東吳大學 === 會計學系 === 93 === The privatization price is a critical issue in the privatized process to solve the financial problem. Because the market values of all firms may rise due to cyclical influences or the prices of firms in some sectors may increase due to exogenous shocks caused by developments in technology, foreign prices, etc., government can looking for a highest privatization price and privatization benefits by choosing a good privatization timing. In this paper we develop a model to forecast the “Reasonable Privatization Price” and discuss the adequacy of privatization timing in Taiwan. In addition, we analysis the privatization programs that the actual privatization price is higher than reasonable privatization price. By understanding the situation the government can issue shares in a higher price.
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