國營事業公司「民營化」是當代政府再造運動中，引進「市場機制」所使然，但有的國營事業體因性質特殊，至今只能以「公司化」改變以往的政府官署的體制，「中華郵政公司」是為代表。行政院考核小組連續三年評定中華郵政公司為甲等，其服務品質滿意度連續三年榮獲第一名。因此，本文焦點在於其改制為公司後之表現，探討構成該公司智慧資本之各重要面向內容，及改制後代表整體員工素質的人力資本又有那些重要的代表性特徵？本文係屬探索性論文。在研究方法上，採實證調查法，並於調查的過程中，舉辦焦點訪談，可作為實證調查的輔助解讀與分析。本研究結論發現，構成智慧資本的重要面向為「人力資本」、「結構資本」、「關係資本」，以這些重要因素面向，作為分析中華郵政公司的管理作為與員工表現，衡量中華郵政公司「智慧資本」的最適指標為「人力資本」，故「人力資本」為影響郵局改制成功最重要的關鍵；而影響「人力資本」的重要要素為「組織承諾」、「專業能力」及「學習能力」等三項構面。

The privatization of the state-owned enterprises is induced by the “market mechanism” in a contemporary government reinvention movement. Some state-owned enterprises can only undergo companization to change its old system due to its special characters. “Chunghwa Post” (change the name from “Taiwan Post Co.” but recover its original name) is a typical example. According to the opinion survey data, Chunghwa Post has been ranked as the best for 3 consecutive years by people’s view on the service quality among all state-owned enterprises. The inspection group of Executive Yuan also values it as an “excellence” for 3 consecutive years. The study uses Chunghwa Post as a subject and emphasizes on its performance after system change. This research tends to be exploratory. Regarding the research methods, we use positive survey and focused interview in the investigation procedure. We also adopt the related theory and paper collection to realize the company’s intellectual capital and the opinions of the employees. In conclusion, this study also explores the contents of “intellectual capital” and “human capital” to understand the effect of system change on its performance and on the quality of employees. It reveals that the contents of intellectual capital consist of the human capital, the structural capital and the relation capital. The best indicator to evaluate the intellectual capital of Chungwha Post is the human capital. Therefore, the key issues for the success of reinvention of Chunghwa Post are the “human capital” ,meanwhile, the human capital is affected by the “organization commitment”, “professional ability” as well as “learning ability”.