近來油電價雙漲激起民怨，國營事業經營績效不彰又再度成為輿論抨擊焦點，而回顧過去國內民營化案例，有成功有失敗，成功案例中就屬中國鋼鐵股份有限公司民營化，最為典範標桿，其中必有關鍵成功因素可供後人學習參考；當然，失敗或尚未成功的案例也不少，其中也必定有重要原因可供檢討，從錯誤中改進成長，避免再錯。本研究採用個案研究的方式及組織變革階段理論，藉由成功與失敗案例之深入探討，同時運用筆者任職個案公司（唐榮鐵工廠股份有限公司）親身參與之經驗，試圖歸納出民營化變革過程中階段化之概念、各階段應執行之重點工作及成功關鍵因素等。以下將本研究最後得出之結論與建議歸納如下：
1.民營化作業，應以階段化概念執行，原則上，策略評估階段、釋股前體質改造階段、民營化釋股後持續轉型階段 等是必要的三階段；且執行方式應有輕重緩急之區分；不同的公司背景也必須個別規劃改革方式。
2.與員工間溝通及員工行為態度，絕對是影響民營化成敗最關鍵因素，因此，各階段均應分別訂有合適人力資源政策，化員工阻力為助力，與時並進，齊心完成民營化變革。
3.政府功能在各階段均扮演相當重要角色，特別是釋股後更應「放下」，逐步降低主導權，避免不當干預；且應站在輔導及監督立場，協助建立有效能經營團隊或引進合適的策略投資者，引導組織持續進行改革。

Due to the recent rise of electricity rates and gasoline prices, the poor performance of state-owned enterprises has become a focus of public criticism. When we look into the history, there were several privatization cases performed pretty successful, but also some of them to be failed. The most successful case of privatization known as a benchmark is China Steel Corporation where we believe some critical success factors must be existing and be worthy of learning for enterprises as an excellent reference. By Contrast, learning from past failure cases can also let us know how to avoid any similar mistakes to be occurred again in future. This research is based on the Turnaround Stage Theory , with in depth discussion of success and failure cases, and combined with the author’s personal working experience in a specific company, Tang Eng Iron Works Co., Ltd. on a basis of case study to summarize the concepts on developed stages of privatization process, the key points of each stage for implementation, and the key factors of success of privatization. The conclusion and recommendations of this study are summarized as follows:
1. The execution of privatization should be applied based on the concepts of developed stages gradually. The three essential stages, including the strategical feasibility study, essential reforms before the release of shares, and the ongoing reforms after the completion of shares release of privatization, should be prioritized and modified for each respective company.
2. The communication with employees and their behavior & attitude toward privatization are the key success factors. Therefore, proper human resource policies should be considered on each stage to minimize any resistance from employees and consequently led to a successful completion of privatization.
3. The government plays an important role on each stage, especially at the last stage after shares release. The government should gradually reduce his domination and avoid any improper interferes with the specific company. Moreover, the government should stand in a position of counseling and supervision to help building an effective management team or recommending any right strategic investors to guide the organization for ongoing reforms.

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