This thesis is aiming at observing the privatization trend of the state-owned enterprises after the declaration of the privatization of a great number of the state-owned enterprises in 1998. This thesis analyzed and made comments on this issue, and got an enlightenment on the overseas sale of the state-owned enterprises, according to a deep analysis of POSCO’s and KEPCO’s achievement on privatization by issuing Depositary Receipts. To issue DR (deposit receipt of stock) in overseas did not restrict the holding limitation of foreigners; it also has the advantage of getting the domestic premium in Korea. So it is considered to be the principal method of the overseas sale of the state-owned enterprises. The result of this thesis shows that, generally speaking, the recent issue of the DR of state-owned enterprises is successful as a blueprint of privatization. But in order to maximize the scale of sales financing, it is necessary to implement sale strategies by way of taking the pre-market stabilization, using financial experts, accepting various skills of selling.