本研究應用多重期間多項產品的比率分析模式檢視市場自由化對公司企業年度績效之影響。以美國電信業公司為證之研究結果顯示，市場自由化對公司企業之經營行為、策略及績效有顯著性之影響。

This paper examines the impact of market liberalization on various dimensions of firm performance in the U.S. telecommunications industry. Using a new multi-period, multi-output ratio analysis model which disaggregates performance measures into several detailed components, the paper evaluates the performance of thirty-nine major companies in the local exchange sector over three time periods 1981, 1984 and 1987. The empirical results indicate that market liberalization has had significant impacts on different dimensions of firm behavior and performance in the telecommunications industry.