本文依據「政府對事業單位是否仍握有經營權」，而將民營化過程分為初期階段及完成階段。在不同的民營化階段下，吾人分別根據三種不同的承銷方式(公開申購配售、競價拍賣及詢價圈購)，予以模型化並加以分析。根據模型之推論，就政府與所有投資人的效用總和而言，政府在民營化的不同階段，採用公開申購配售方式來釋股將是最佳的選擇。反之，採用競價拍賣的承銷方式，則可以達到「股權大眾化」的政策目標。

In this paper, based on the control status of the privatized firm, we classify the privatization process into two stages: the primary stage and the completion stage. By adopting an analytical model, we study the welfare implications of three different underwriting mechanisms: public offering, auctions and book building. Based on the model inference, we find that when maximizing social welfare, public offering is the optimal underwriting method in both stages of privatization, and stock prices of privatization are also compared.