自由化和公共管理革新的引介，已導致「企業型國家」的轉型，並朝向「管制型國家」。本文旨在探求新公共管理及民營化之關係，及邁向管制型國家的原因，特別是公用事業民營化政策之再管制議題。本文研究發現：民營化，管制和競爭之間無庸至疑地環環相扣，且各有其必要的特殊意涵；研究其間的變動關係，治理途徑的概念更顯著重要，吾人更應確立民營化絕非孤立的概念或政策，也非唯一的萬靈丹。文末主張以制度途徑來探討公用事業之管制治理，更能凸顯「管制能力」建構之重要性，及其鮮少被研究的遺憾。

The introduction of liberalisation and public management reforms have arguably led to a shift from ‘the entrepreneurial state’ towards ‘the regulatory state or to a transformation from a ‘Keynesian Welfare state’ to a more ‘Hayekian regulatory sate’. The purpose of this study is to explore the relationship between public management reform and privatisation and declares the reasons towards the regulatory state, especially re-regulation for privatisation in public utilities. It also clarifies a number of issues between regulatory governance and privatisation in a broader context. Based on the literature review, it is argued that regulatory governance is crucial to an understanding of the strengths and weaknesses of re-regulation for privatising public utilities to incorporate the missing public value into. In conclusion, this study employs institutional approach to research governance mechanisms for regulation and reveals the significance of regulatory capacity. Given the variety of statements in the field of public management, it is argued that governance mechanisms for regulation, especially regulatory capacity, provides a more effective response than narrow ‘traditional’ notion of new public management to ‘privatisation deficiencies’ of public utilities.