公營事業民營化是當前世界的趨勢，臺灣地區的公營事業也順應世界潮流逐步朝民營化發展。「公平」與「效率」是各國經濟政策的二大目標，公營事業民營化雖可促成所得分配的平均與經濟的成長，亦即中山先生民生主義的最終目標「均富」，但也會衍生若干負面效果。本文採取「對體主義」的觀點，以「修正之功能整合論」分析民營化在「效率面」及「公平面」之正反面效果。 　　從研究中發現，民營化在「效率致富」上之正面效果包括：1.避免公營事業先天之缺失，2.優化市場結構提高人事效率，3.民營企業績效普遍優於公營事業，4.民營化後績效高於民營化前。民營化在「效率面」之負面功能則有：1.喪失規模經濟之利益，2.高效率可能是短暫之假象，3.不當之股權結構導致弊端，4.其他不被注意之隱藏性成本。 　　民營化在「公平求均」上之正面效果包括：1.促進公私企業間公平競爭，2.解除法令不當之保護與束縛，3.分散股權使財富分配平均化，4.消滅特權壟斷現象，5.縮減政治權威防杜道德敗壞。民營化在「公平面」之負面功能則有：1.圖利財團造成不公，2.員工無法獲得合理之保障，3.規避巧取與道德危機的問題，4.改變經營策略之不良後果，5.為效率等目的而犧牲了公平。 　　民營化政策貴能兼顧效率之提昇與公平正義之促進，當二項目標互相牴觸時，應嘗試在其間尋求一個平衡點，找出一種既能維護市場機能，又可縮減所得差距的方案，期使效率與公平兼籌並顧。

　　　　　It is a trend now to privatize SOEs in many places in the world, including in Taiwan area. To achieve efficiency and justice is the main goal of the economic policy in every country. The privatization of SOEs can forward economic growth and a better situation of income distribution-equalizing wealth. However, privatization may result in some negative effects. Through the viewpoint of "dyadism", this report analizs the positive and negative effects caused by privatization on efficiency and justice. The positive effects of privatization on efficiency are that (1)it can avoid inherited disadvantages of SOEs, (2)it can better market structures and promote personnel efficiency, (3)the efficiency of private enterprises are better than that of the public, and (4)the efficiency after privatization is better than that before it. Some negative effects, however, are shown in the following facts: (1)it leads to the lose of the benefit of internal economy, (2)high efficiency man be only a short lived illusion, (3)improper stock structure may result in certain disadvantages, and (4)there are still other unnoticed cost behind. The positive effects of privatization on justice are that it can (1)forward fair competition between public and private enterprises, (2)help reduce the effects of improper laws, (3)concentrate the stock and equalization of wealth, (4)extinguish the monopoly of the privledge, and (5)decrease political authority and the ruin of morality. The negative effects are that (1)it may take advantage of private enterprises unfairly, (2)it doesn't guarantee workers' positions, (3)the problems of cream skimming and moral hazard, (4)it brings in some bad results with the change of management policy, and (5)it, to achieve efficiency, sacrifies justice. Valuably, the policy of privatization can both promote efficiency and forward justice. When the two aims are contradictory to each other, we should try to find a balance point between them to discover a way which can decrease income disparity as well as maintain market functions. Thus we can achieve efficincy and justice at the same time without scarifying either one.