國營事業民營化轉型策略之研究-以臺鹽公司為例

Abstract

臺鹽公司是近幾年來國營事業民營化成功的案例之ㄧ。臺鹽公司於2003年民營化且股票在集中市場掛牌交易，該公司於民營化後，公股仍有將近四成，經營權由公股主導，董事長仍為政府派任。該公司因應民營化後鹽品市場即將開放而在1995年到2002年之間展開一連串的多角化投資，藉以避開單一產品的經營風險，這樣的複合式多角化策略執行到2002年。民營化後不再做無關的多角化投資，改以「聚焦核心產業」的策略經營。民營化後「鹽政條例」取消，失去保護傘後帶來衝擊卻也曾經創新營收高峰，成長後又衰退顯然其轉型策略值得探討。 本研究嘗試著以臺鹽公司本身民營化前後的兩階段轉型期間運用轉型策略的不 同探討其營運績效差異。透過兩階段策略比較、財務績效分析檢定、股票市場的評價等方法研究。研究結果發現，財務結構、償債能力源於優良國營事業的傳統兩個階段差異並不大，但第二階段經營能力優於第一階段，獲利能力方面稅前息前折舊前ROA明顯較優。臺鹽公司2003~2005年財報揭露顯示是一家營收成長及獲利性佳的民營化企業。與上述研究仍有些落差顯係該公司從2005年始營收下滑到與1995年相近而且獲利減少有很大關係。 該公司2008年營收即使下滑至與1995年相近，民營化後的轉型經驗如通路、品牌、研發的策略及創新理念、差異化產品、聚焦核心事業等策略運用都成功地填補了「鹽政條例」取消而流失掉的營收。臺鹽公司因為經營先天市場規模不大的鹽業，轉型之路走得辛苦，但運用的策略是成功的，只是未來仍須隨時備妥良策因應不斷的變革與轉型。

In Taiwan, Taiyen Biotech Co., Ltd. (Taiyen), former name is Taiwan Salt Industrial Corporation, is one of successfully privatized government-owned enterprises in recent years. Taiyen has been privatized in 2003, and its stocks have also listed and traded in Taiwan Stock Exchange at the same year. After Taiyen has been privatized, the government share is still possessed about 40% of its stocks; thus, the government still held Taiyen’s operating right, and dispatched Taiyen’s chairman In order to respond with the opening of the salt products market after privatization, during the period from 1995 to 2002, Taiyen has conducted a succession of diversified investments to avoid the operating risk for simplex products; in addition, this composite and diversified strategy has implemented to 2002. However, after completed the privatization, Taiyen has no longer conducted some irrelevant diversified investments, and changed to implement the strategy of “core industry” for further operation. Moreover, after Taiyen has been privatized, the “Regulation of Salt Policy” has also been abolished and that caused the loss of the protective umbrella for it; however, the loss has brought impact on Taiyen, but once Taiyen has created the historical high peak of its revenue. As a result, it has declined after made development; thus, its transformation strategy is really worth to be discussed then. This study is attempted to make use of the difference between these 2 phases of transformation periods before and after Taiyen’s privatization in order to explore the difference in its operation performances. This study is adopted these following methods to conduct the research, such as the comparison between the strategy of these 2 phases, the analysis test of financial performance, and the evaluation of the stock market. The research results have showed that since the original tradition of being a good government-owned enterprise, there’s no significant difference of its financial structure and liquidity between these aforesaid phases; however, the operating competence in the 2nd phase is better than the first phase’s, and the ROA EBITD has better profitability. In the financial reports of Taiyen 2003~2005, they have disclosed that Taiyen is a privatized enterprise with growing revenue and better profitability. However, this result has showed a deviation in these aforesaid researches and Taiyen’s revenue has declined in 2005 to the profit that made in 1995; in addition, there’s a significant relationship between these 2 conditions. The 2008 annual revenue of Taiyen has declined to the amount it made in 1995; in addition, these transformation experiences after privation, including the channel, brand, R&D strategy, innovation idea, differential product and core enterprise, were used as the strategic operation that have successfully made up the lost revenue after abolished the “Regulation of Salt Policy”. Since the original size of salt products market is not a large one in Taiwan; therefore, Taiyen has been underwent a difficult path of transformation However, it has adopted successful strategy to overcome these difficulties, and, in the future, Taiyen needs to prepare good and sound strategies in order to respond with these continuous innovation and transformation. Key words: Government-owned Enterprise, Privatization, Transform Strategy, Taiyen Biotech Co., Ltd.