民營化是近幾年來在公部門相當熱門的話題，我國許多公營事業都陸續在進行民營化的工作，政府也視民營化為這些公營事業擺脫經營不善的萬靈丹。但民營化制度是從國外引進而來，許多設計是針對該國的公營事業所訂定的，其內容並不一定適合我國的公營事業。直接從外國移植到我國的結果就造成現今民營化所引起各種紛紛擾擾的現象。中華電信是我國少數規模龐大的公營事業之一，其事業體涵蓋全國，經營項目也相當廣泛，因此在民營化的過程中就被視為一指標性的案例。然而，整個中華電信的民營化過程卻充滿了許多衝突與對立，使民營化進行的極為不順，完成日期一再延宕，也因為如此使得很多人認為民營化根本就不是拯救公營事業再生的萬靈丹。 本文是以中華電信民營化過程為主要論述方向，以公共選擇理論為理論核心，先從相關文獻檢討中華電信民營化是否有其成效、優缺點何在。接下來再陸續說明中華電信民營化的方式、民營化前後之差異和民營化過程所遇到的障礙，最後推論中華電信在民營化所遇到問題的原因，並提出解決問題的可能方法。 本研究發現，中華電信民營化所遇到的阻礙大致分為工會與釋股兩大部分。由於對民營化的不信任，以及擔心會損及自身的利益，因此中華電信的員工大多不支持民營化的進行，在得不到內部員工支持而想成功的變革在歷史上可說是少之又少。而中華電信的釋股作業面臨重重障礙，無法按照預定時程完成釋股工作。本研究建議要在根本上從法制來保障員工權利，並透過完整的宣傳來說明推動民營化的原因，才能降低組織內部的抗拒。一旦員工願意支持組織改革的工作，那組織變革才有成功的可能性，這也是日後其它公營事業要進行民營化首先要注意的地方。只要運用得宜，民營化的確可以有效改善公營事業的營運績效。

Privatization of public enterprises has been going on for the last few years, since privatization is taken as the panacea for those poorly managed public enterprises. On the contrary, direct transplant of privatization from developed countries to Taiwan have resulted in some serious problems during the implementation. Chunghwa Telecom is one of the few large-scale public enterprises in Taiwan, which owns branch offices nationwide. Therefore, the privatization of Chunghwa Telecom is seen as a pilot model of public enterprise privatization in the country. However, there existed many conflicts and confrontations during the process of privatization in this case. Privatization may not seem to be the most effective way to save public enterprises. Based on public choice theory, this study intended to discover the effectiveness as well as the advantages and disadvantages of Chunghwa Telecom privatization through literature review. Next, this study attempted to indicate the method of Chunghwa Telecom privatization, the major differences between before and after the privatization, as well as the obstacles during the privatization. Finally, this study planned to find out the possible causes of the obstacles during Chunghwa Telecom privatization, then to propose solutions for the problems. This study found that the major obstacles during Chunghwa Telecom privatization result from unions and the sale of stock shares. Due to lack of trust and fear of loss of their interests, most employees of Chunghwa Telecom did not support the privatization. In the absence of internal support within the organization, the success of reform is extremely rare. In addition, the sale of Chunghwa Telecom stock shares was quite unsuccessful, which critically delayed the completion of its privatization. This study suggests that, in order to reduce the internal resistance during the privatization, the government has to establish corresponding regulations to protect the benefits and rights of employees. Moreover, in order to obtain the trust and support of employees, the government needs to promote privatization through various marketing strategies. Once employees are willing to support the reform in the Organization, the organizational changes will succeed. The experience of Chunghwa Telecom privatization actually gives the government a good lesson of public enterprise privatization. If it is implemented properly, privatization is still an effective approach to improve the operating performance of public enterprises.