本研究探討本國公營銀行民營化後股票之長期投資績效，及民營化前後之長期營運績效變化，以1998年至1999年間完成民營化之8家公營銀行為研究對象，先以事件研究法分析此8家銀行民營化後股票報酬相對同業之表現；再以CAMELS評等法加上成長性(Growth)之7個構面12項指標來衡量民營化前後之長期營運績效變化。 研究結果顯示，在長期投資績效方面，無論以銀行業或金融保險業為基準，除台北銀行與高雄銀行外，其餘6家民營化銀行之累積異常報酬及買進持有異常報酬均為負值，顯示長期投資績效多數不佳。 在長期營運績效方面，資本適足性、流動性風險、利率敏感性等三項財務構面及管理績效構面中之利息收入佔利息支出比指標均在民營化後獲得改善；而在資產品質、管理績效(除利息收入占利息支出比指標外)、獲利能力及業務成長性等四項財務構面則較民營化前惡化。顯示民營化對資本結構與短期償債能力的提升有所助益，但對銀行之資產品質、經營能力、獲利能力及成長性並沒有直接幫助。 This study aims to discover the long-term investment performance and operation performance of eight previously state-owned banks who have successfully privatized during 1998 to 1999. Study shows six out of eight previously state-owned banks after privatization delivered lower investment performance than which either of finance industry or in their peers of banking industry. This indicates great odd for investors to lose capital to buy stocks of previously state-owned banks after privatization. In the long-term operation performance, there is significant improvement in capital adequacy, liquidity, sensitivity, and interest revenue-to-cost ratio aspects, while the aspects of asset quality, management (except for interest revenue-to-cost ratio), earnings, and future growth are failed to improve after privatization. Study concludes that privatization enhances capital structure and the ability to pay off debits, but helps little on banks’ asset quality, management, productivity, and future growth.
