本文以義大利公私合營股票交易公司為例，探討其公司治理與地方公部門控制的經驗，分析其資本結構、管理職能的分工與執行、資訊系統的監測與管理機制，以歸納出其治理體系的共同趨勢與個別差異。本文研究方法採用經驗調查方法，調查各公司的網站資料、公部門相關資料，進行比較分析。研究發現公私合營治理的趨勢為：傳統公部門的控制能夠掌握公司治理的高度透明化，並在此公部門控制下，地方公共事業資本的提供，有助於提升私部門加入，成為公私合營公司的機會。

This article proposes to identify the corporate governance system characteristics of a limited group of public - private companies which operate in the local public services sector and are quoted on the Stock Exchange. The study’s objective is to analyze the common tendencies and possible differences in the systems of governance adopted, with particular reference to the structure of capital, to the system of assignment and execution of management functions, and to the mechanisms of monitoring and managing information systems. The empirical analysis was conducted on the governance systems of quoted local public service companies via comparative analysis of data gathered from company Web sites and from official documentation available from CONSOB and Borsa Italiana SpA. The governance systems of the companies analysed, all structured according to “traditional” models of administration and control, seem to guarantee a high degree of transparency. This may be the reason for which, in spite of the central position of the public authorities within the company structure, the participation of capital of local utilities is valued as an appealing opportunity by private partners..