企業面臨之財務危機與重生蛻變-以I公司為例

Abstract

「適者生存、不適者淘汰」、「成功是靠自己努力，不是靠對手失敗」。從企業發生危機的原因來看，企業所產生的財務危機，大多是經營者處理企業經營或決策不當，或是涉及不當行為所造成的結果；而外部的產業競爭、市場景氣變動、政府對產業政策的改變亦影響金融體系對企業的融資放款決策，而間接加劇企業經營的財務風險。換言之，企業經營不僅受內部經營決策方針影響，外部產業競爭與景氣變動都是影響企業發生財務困境的原因之一，但探究根源，企業本身的能耐才是決定其生存與發展的重要關鍵。 I公司是國內規模最大的面板製造廠，2011年面臨產業及金融大環境的衝擊，加上管理階層對財務體質的輕忽，加重加乘造成財務困境，進而發生財務危機，並於2012年4月進入債權債務協商，由債權銀行團協助展延借款到期日與金額，以求脫困。名義上暫時保留個案公司的生存，但實質上已呈現破產狀態。個案公司從破產邊緣勵精圖治，終至翻轉，於2015年3月解除債權債務協商，財務危機終告終止。 本研究從實際參與Ｉ公司財務危機處理過程的經驗，以企業併購後整合未果的角度，透過發生財務困境的前因與後果，探討財務危機發生的階段與轉折，從中分享財務危機的管理策略擬定與應對機制，進行企業財務所應遵循與警示事項的探討與研究，希望能給予企業管理者面對財務困境的思考觀念架構，能針對危機產生因素追本溯源、防範杜漸，並鑑往知來加以省思注意。

“Survival of the fittest, disqualification out of the game”,”Success truly hinges on an enterprise itself, not relies on the failure of a counterparty ”. The root cause of an enterprise going into financial crisis is mainly due to wrong business decision-making process, coupled with inappropriate operation behavior. In addition, external factors, such as macro economy and industry policy and banking lending principle from government, add on the risk toward an enterprise. In other words, not only internal factor plays an important role in business operation, but also external factor takes an important role toward business management. In short, the capability of an enterprise is the key points in running business. I company is the largest panel manufacturer in Taiwan. However, it faced and went through all the disadvantage environment and situation in 2011, and eventually went into debt restructuring agreement with bank conglomerates for debt extension in the avoidance of going into Chapter 11. Nevertheless, through the great effort and fully complying with regulation from the agreement, I company finally lift the debt restructuring situation with banks in 2015. In witness of the situation and experience dealing with the whole process, this paper indicates the antecedents and consequences how a well known company, still under integration of M&A, went into financial crisis and thus study and research derived from the said case truly reveals a set of concrete and complete countermeasure and mechanism about how a financial crisis develops and how they could be prevented in due course.