本文回顧及評估香港特區政府從1998至2003年推行的公營部門「資源增值計劃」的政策執行。這是自1990年代香港引入英美新公共管理改革的重要縮影。筆者試圖以批判性方式解構「資源增值計劃」的意涵，指出改革的實質目標在數年間於執行上不斷被重塑，總體上公營部門資源是否有所增值是一個疑問。更明顯地，「資源增值計劃」變成以犧牲中下層公務員利益及增強管理層的駕禦能力作為實質目標。應然性的「個人資源增值」仍然是一個遙遠的烏托邦。 This article is to review and evaluate the ”enhanced productivity programme” that was implemented in the Hong Kong Special Administration Region Government from 1998 to 2003. This is all epitome of application of the Anglo-American New Public Management reform to Hong Kong. The author attempts to critically probe the implications of the programme, indicating that the policy goals of the programme have been being shaped ever since the beginning. It is problematic as to whether the programme has resulted in the productivity enhancement in general. However, obviously, the substantive goals of the programme entail sacrificing the middle-to-lox-level civil servants' interest and enhancing the tractability of the management. The normative aim for ”individual value addition” still stands far away from the current reforms.