Korean government has made great efforts to improve better management and transparency of public bodies through various legal devices and systems and partially succeeded. However, compared to private enterprises, public enterprises are still criticized for inefficient management.

This research focuses on whether government’s efforts actually realize improvement of public enterprises management. Based on financial data of 24 public enterprises from 2003 to 2007, it analyzes management accomplishment of public enterprises focusing on profitability and financial soundness.

As results, it is found that public enterprises have succeeded in superficial growth such as assets and sales. However superficial growth did not lead to increase in profitability. Financial soundness had been improved since the Asian Financial Crisis, but recently it was getting worse. Therefore, more positive and practical management plan is necessary for public enterprises to improve the comparativeness of public enterprises. In order for that government should make effort to realize efficient management including increase in profitability and strengthening financial balance.