In this thesis, we investigate the impact of corporate governance on partially privatized firm performance, especially on firm risk in accordance with privatization through share issues in Taiwan. Mainly we explore two issues in our studies: (1) whether privatization changes firm performance and risk in Taiwan, (2) whether corporate governance impacts firm performance and risk after partial privatization. Our studies emphasize the effects from mainly different ownership structures (shares by the government, local industrial groups, and foreign participants) in partially privatized firms. Our analysis examined by several variables indicates that privatization does improve firm performance, but firm risks will be in positive and negative aspects. This thesis is accessible to supply a simple scheme by different capital structures to go deep in investigating into partially privatizations development concomitant with performance and risk in the Taiwan specific context further.

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