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Title

公營銀行民營化釋股問題之探討—以T銀行為例

The Analytical Research of Releasing Shares of Public Bank in Process of Privatization-A Case Study of T Bank

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[[abstract]]公營銀行民營化係以回歸市場機制,提高事業經營之自主性與彈性為目的,基於經營績效及合理穫利面向之考量,政策性任務之去化勢在必行。公營銀行民營化實乃大勢所趨,沛然莫之能禦。 公營銀行民營化,政府固然可藉由民營化釋股增加財政收入或減輕財政負擔,但此應為民營化附帶的收穫,不應視為政府推動民營化的主要目的。歷年來政府編列大量釋股收入,卻因欠缺周延的前置措施而未能如期執行,致使歲入虛增,反而隱藏財務惡化的現況。 本研究提出以下結論: 1.T銀行本身超過兆元的龐大資產,處理不易,是造成民營化跳票的主要因素。 2.在推動公營銀行民營化的同時,政府必須保留一家大型公營銀行在手上,以便將來得以擔負各項政府政策。 3.T銀行目前手上握有華南金、開發金、台企銀及台灣人壽保險和台灣產物保險公司股票,且持股比率均在20%以上(開發金除外),在關鍵時刻官股將可以發揮一定的作用。 4.政府各部會自行推動所造成的問題,以及在某些重大問題上缺乏明確的處理原則,是造成T銀行民營化釋股作業計畫無從執行的主要原因。 5.若移轉方式侷限於出售股權及標售資產,以及公股釋出條件受到員工優惠認股比率的限制,將導致釋股速度緩慢。 6.因承銷制度的瑕疵、股市投資人結構不健全、訂價未能配合狀況,以及大量釋股後缺乏安定操作的措施等原因,致公股釋出多次挫敗。 7.民營化的推動常牽涉釵h的決策部門,各部門協調不易,加以決策者數次更動及行政體制下的運作,常使得決策理念難以連貫,決策彈性不足。 The privatization processof public bank is to enhance public banks’ flexibility and domination and to adjust them to return market mechanism. In order to pursue effectiveness and the profits, public banks must go through the process of going privatization. Privatization is a current trend. Even though our government can increase finical income or lighten finical burden by stock floatation schedule, this is not main to go privatization for public bank. This serves as incidental benefit. For years, our government had planed massive stock floatation (release), but it failed due to considerable preparation measures. This conclusion resulted in income shortage and finical damage. My thesis renders the following conclusion: 1. T Bank is in debt for more than trillion that is the main reason to defer privatization as of now. 2. While promoting public banks to go privatization, government should retain a huge public bank not go privatization in case of dealing with government policies. 3. T Bank presently is a shareholder of Hua Nan financial holdings, China Development financial holdings, Taiwan Business Bank, Taiwan Life Insurance and Taiwan Fire & Marine Insurance Company. The ownership of T Bank out of investing holding companies amounts to more than 20%, except China Development financial holdings. These percentages play a critical role in financial influence. 4. The reason caused by every official department and some undealt problems are the major reasons why T Bank couldn not implement its stock floatation (release) schedule. 5. If the transfer is limited to sale of shares and assets and the conditions are restricted by employees’ holdings, releasing (floating) shares out of T Bank will be deferred. 6. The deficiency of disclosure system, the bad structure of stockholders, unmatched pricing and unstable measures are all barriers to defer floatation or release of T Bank’s shares. 7. Go privatization process triggers correlation of many departments in their decision-making policies. Any conflicts among the departments and rigid administrative operations often deter privatization plan from implementation.

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