本文建立一個公民營混合寡佔模型，在政府存在法定盈餘繳庫政策下，討論公營廠商的最適民營化釋股問題，並得到下述結果：1.在完全公營與適當的盈餘繳庫比例下，公營廠商之利潤將較盈餘完全繳庫時大，但政府的最適盈餘繳庫比例仍為完全上繳。2.存在盈餘繳庫政策下，公營事業應部份而非完全民營化。3.公營事業在極大政府目標函數下，應該實行部分民營化策略而非保持完全
公營。

This paper sets a public and private mixed oligopoly model to discuss the problem of the privatization strategies of the public enterprise with statutory surplus policy and gets the following results: 1. Under the conduction of full public and optimal of statutory surplus policy, the profits of public enterprise would large then the surplus fully turn to the treasury, but the Government is still prefer the fully-turn policy. 2. With statutory surplus policy hold, the public enterprise should be partially rather than the fully privatized. 3. To a large government objective, public enterprise should be partially privatized strategies rather than remain full public one.