Inter-Industry Financial Contagion and Reorganization Filings

Abstract

公司破產重整事件為會計、經濟、財務領域中的重要議題，但目前的相關研究論述不只稀少，而且侷限於重整策略、程序、成本或者對公司股東利益之探討，對於重整事件對其他利害關係人引發的金融感染以及因而產生的財富效應等議題罕有著墨。本文由破產重整情境探討公司聲請重整的宣告事件與其債權銀行的股東財富之間的關餘，主要的創新與貢獻性在於以實證方式確立公司之重整聲請事件對其最大債權銀行的跨產業金融感染效應。此外，在迴歸模型中使用的變數亦特別考慮到銀行業特性（例如，銀行多角化、借款企業規模、借款企業年資、借款企業財務品質等），以提升模型的有效性。以臺灣地區重整聲請資料之研究結果證實，借款公司的重整聲請確實對最大債權銀行造成不利的跨產業金融感染效應，然而此一跨產業效應、為期不久、影響也有限。

Corporate bankruptcy and reorganization are important issues in the areas of accounting, economics, and finance, yet this subject has attracted far less attention in the literature. Given that existing studies in this line of research focus primarily on the strategies, procedures, and costs of reorganization, or on its economic impact on shareholders' value, this empirical study, being set out to examine the inter-industry financial contagion effect of a debtor firm's reorganization filing on the main creditor bank's shareholder wealth, contributes to the scant but promising literature. Moreover, to enhance the usefulness of the regression model, a set of predictor variables (such as bank diversification, debtor size, debtor age, and debtor financial quality) is elaboratively organized as per the features of banking sector. An underlying analysis of the reorganization filing data in Taiwan suggests that main creditor banks experience weak but significant negative announcement returns when their debtor firms file petitions for reorganization, which proves the existence of inter-industry financial contagion in bankruptcy reorganization contexts, though such an effect is limited and short-term.