以福利經濟學觀點探討三商銀之最適公股持有

Abstract

本研究以福利經濟學的觀點，探討三商銀最適的公股持有。修正前人所提的模型，來研究試算三商銀在目前的經營狀況下，政府的最適公股持有。 在本研究之模型計算下，三家銀行釋股所帶來的收入對社會福利有正面的影響，因此本研究認為，三家銀行都應將目前的公股往持續釋出的方向進行。唯公司的營業成本並不會隨著釋股的增加而減少，此部分可能降低釋股所帶來對社會福利之正面影響，當政府考量釋出公股時，應先尋求公司經營的最佳化，如此將可提高社會福利，使政府、企業以及所有的投資大眾都可以享受公股釋出的好處。

This research discusses the most appropriate state-owned shares for three partial privatized commercial banks in Taiwan. Modifying Hwang(1995) and Cai(1992)s’ model, the welfare economy approach is applied to calculate the optimal ratio of releasing public shares. It is found that the government should keep on releasing their state-owned shares because the release of the stock has positive influence on social welfare. However, the operating cost will not decrease when the stated-owned shares are released. This will decrease the social welfare resulted from stock releasing. It is suggested that the government should seek the optima operation situation in companies, so that the social welfare will increase and the government, companies and people will get the benefit from state-owned shares releasing.