公股管理機制之研究

Abstract

政府推動公營事業民營化政策，迄今未竟全功，政府並握有不等的股權。這些公股股權管理，分屬不同機構，管理欠缺一致原則，事權不一，協調不足，又乏政策一貫性，以致爭議頻生，徒增社會疑慮與市場不安。 尤其在政府推動二次金融改革後，更曝露公股股權管理問題亟待根本解決。此一研究主要是針對已浮現的公股股權管理問題，希望能逐一釐清，改善缺失，並蒐集經濟合作發展組織（OECD）國家民營化與公股管理經驗，以及探討新加坡淡馬錫控股公司的國家控股公司設立模式與利弊，分別提出近程、中程與長程的公股管理機制改革之道，供做政策決策參考。 本研究提出幾項結論與建議： 一、 強化公股管理機制，首在確認民營化政策，行政院應以更積極態度，重 新檢討並釐清民營化政策，確認各事業推動民營化的順序、時程、方式，使公股管理有所依循。 二、 公股管理機制的建立與強化，應先確認公股持股定位與公股究應分散或集中管理，同時，現有財政部公股管理小組宜專職、專責運作，可考慮以委外方式分工，並進一步強化「公股股權政策及管理諮詢委員會」的功能。 三、 公股整併與釋股直接涉及公股權益保障、國家資產有效運用、產業與公共政策以及社會公義維護，整併與釋股應楬櫫透明、公開原則，並明確揭示整併原則、釋股方式與時機、退場機制等規畫。 四、 以成立政府或國家控股公司方式統籌公股管理，不失為未來可行之路，新加坡淡馬錫控股公模式可為借鏡，雖未必要全盤移植，但考量立法時程，應即著手研究、規畫可行性。 五、 公股管理機制的建置應有短中長期規劃，而在制度面之外，應致力摒除政治力的介入，方能取得公信，避免財團化疑慮。同時，我國金融產業競爭力仍待提升，雖有二次金改挫敗，政府仍應持續推動金融改革。

The Taiwan government have been pushing for the privatization of the state-owned enterprises (SOEs）for years with limited success. There are still large amount of public shares controlled by various government institutions, each with different management regime and inconsistent authority or governing policy, resulting frequent controversy, even social confusion and market uneasiness. This situation is gathering more attention than ever especially after the Second Stage Financial Reform, that the management for SOEs' shareholding is becoming an imminent issue. The purpose of this research is therefore addressing the management problem and the possible solutions of SOE shareholding. It will also include the experience of Organization for Economic Co-operation and Development (OECD）nations' privatization and management for SOEs' shareholding, comparing the Singaporean state-controlled Temasek's model, and a proposition for the short-term, middle-term and long-term solution . The research comes up with the following conclusions and suggestions: 1、 To reinforce the management of public shareholding, the Executive Yuan should clearly define its privatization policy and aggressively pushing for the priorities and the agenda of such policy. 2、 It's crucial to determine either to use a diversified or a centralized management approach for the public shareholding in order to reinforce the mechanism. Also, it's important for the Ministry of Finance to set up an exclusive monitoring unit, and to consider applying outsourcing approach in strengthening the function of SOE Policy and Management Consulting Committee. 3、 The integration of SOEs and the public offering of their shares involve effective utilization of national assets, forming industrial and public policies, and protecting social justice. It should be based on transparent and open principles, and the approach or its planning should be properly defined. 4、 It is feasible to set up a state-controlled holding company to comprehensively manage the SOE shareholding. Temasek provides an excellent model for such management, and our government can learn from its lesson. 5、 The management for SOE shareholding should be planned in short, middle and long terms, and the system should be designed properly to prevent interference of political forces. Finally, the competitive ability of Taiwan's financial industry is yet to be lifted to the world standard, therefore, in spite of the setback in the Second Stage Financial Reform, it' is of prime importance that the government should keep pursuing financial reform.