企業財務重整對股東財富效果之影響-以A公司為例

Abstract

在經濟繁榮的時候，很多企業都能賺取很高的利潤。但當經濟狀況走下坡時，企業難免須面對利潤下降，甚至產生極大的虧損。在這時候，公司便很有可能出現財務困難。所謂財務困難，一般是指公司的營運現金流量不足以支付其債務。在亞洲金融風暴後，很多上市公司都出現財務困難，而被迫重組其債務，部分甚至唯有宣布破產清盤。 本研究以研究公司Ａ公司為例，探討企業面臨公司財務危機採取債權債務協商之方式對公司未來財務狀況及股東財富效果之影響，並以劉芝秀小姐的論文為基礎，向下延伸探討台灣最大面板廠在2010年歷經與同業合併後面臨種種財務困境，並透過債權債務協商方式逆轉危機。 透過分析個案公司所面臨的經營風險與財務困境，了解財務危機發生的潛在原因及後續企業因應之道，並針對股東財富效果進行討論，探討企業從發生財務危機後到進行一連串內部組織與經營目標革新，使公司能快速且靈活回應市場挑戰，回復其過去獲利與競爭優勢之間股東權益的趨勢變化。而本研究將此公司所遭遇之債務危機分為三階段，對每階段分別對其重大事件進行研究，進而探討對股東異常報酬之結果，從而得出結論。

In the economic boom, many companies can earn high profits. But when the economic situation downhill, companies inevitably have to face the decline in profits, or even a great loss. At this time, the company is likely to have financial difficulties. The so-called financial difficulties, generally refers to the company's operating cash flow is not enough to pay its debt. After the Asian financial turmoil, many listed companies have financial difficulties, and forced to reorganize their debt, some even only declared bankruptcy. This study takes Company A Company as an example to discuss the impact of corporate financial crisis on debt and debt negotiation on the future financial situation of the company and the effect of shareholders' wealth. Based on the paper of Miss Liu Zhixiu, the paper extends Taiwan's largest panel factory In 2010 after the merger with the industry after facing all kinds of financial difficulties, and through debt and debt negotiations to reverse the crisis. By analyzing the operational risks and financial difficulties faced by the case companies, we can understand the potential causes of the financial crisis and follow the way of the follow-up enterprises, and discuss the effect of the shareholders' wealth, and discuss the internal and organizational objectives of the enterprises after the financial crisis Innovation, so that the company can quickly and flexibly respond to market challenges, to return to its past profit and competitive advantage between the shareholders of the trend of change. This study divides the debt crisis that the company encounters into three stages, and studies the major events in each stage, and then discusses the results of the abnormal remuneration to the shareholders, and draws the conclusion.