全額交割股恢復正常交易之研究

Abstract

本研究以1995年至2011年，台灣上市、上櫃公司曾被列為全額交割股為研究對象。根據「台灣證券交易所股份有限公司營業細則第49條」之規定，當公司出現淨值過低、跳票、紓困、繼續經營有疑慮與無法如期償還公司債等情形時，視為非突發性的財務危機。 並非每間被打入全額交割的公司能夠順利找到成功重整的方法，究竟影響企業能否順利恢復正常交易的主要因素為何，實在值得探討。 本研究結果顯示資產報酬率愈高與有執行效率策略和擁有較多的自由資產，公司重新恢復正常交易之機率愈高。

In this study, taking TSE & OTC listed companies which had been included in the altered trading method stocks from 1995 to 2011 as the research object. In accordance with 「the Article 49 of the Operating Rules of the Taiwan Stock Exchange Corporation」, when the company has any of following situations as the financial distress: net worth of less than one-half of its share capital stated, a negotiable instrument has been dishonored by a financial institution due to insufficient funds, any petition for its reorganization has been submitted to the court in its home country, the CPA-issued audit or review report indicates substantial doubt about the going-concern assumption and liability to redeem ordinary corporate bonds or convertible corporate bonds upon maturity or upon creditor request. However, not every full-cash delivery companies are able to find a way from the failure to restructure successfully. Thus, what kinds of the main factors affect the altered trading stocks resume to the list of normal trading are worthy to research. This research shows that if firms have the higher return on assets and to implement the efficiency-oriented strategies and more free assets, the probability to resume normal trading is higher.