台灣DRAM企業財務重組之個案研究-以M公司為例

Abstract

企業從創立之初的草創期，逐漸成長茁壯，歷經成長期、成熟期、到衰退期的生命週期中的每一個階段，都必須面對內外環境的嚴酷考驗，「適者生存、不適者淘汰」，能適應環境變化的企業，才有生存機會，否則將走入結束的命運。企業一旦宣告破產、倒閉，其影響所及將造成企業本身、上下游關係企業、股東等重大的損失、員工將因而失去工作，生活陷入困境，債權人的債權也將難以獲得清償。更甚者，如果財務危機企業為具規模的企業，其情形持續惡化後，更將進一步引發產業的信用危機，造成連鎖性倒閉，演變成經濟金融的危機，對國家社會將發生重大的影響。 因此，企業因經營不善或受到產業大環境的影響發生財務危機而有暫停營業或有停業之虞時，各關係人必須力圖擺脫財務困境以度過危機，不同的危機程度有不同的處理模式，有些企業的危機是處於無法拯救的地步必須要經過法律破產程序方可善了，但有些企業的財務危機則是一時的，若能給予適當的重生機會，讓企業重整旗鼓，恢復營運生機，重新打造企業價值，創造企業、債權人、供應商、員工、股東與社會多贏的局面。 M公司是國內規模龐大的DRAM製造企業，近年面臨產業及金融大環境的衝擊，公司陷入財務困境，於2011年6月現金無法支應營運所需，由債權銀行團進行以引進策略投資人為目標之債務重組計劃，以求脫困，透過整個債務重組的歷程與內容分析，從評估、擬定計畫到重組計畫的執行，試圖找出對的策略，但進程中發現在執行面、法規面、策略面以及政府的政策面，尚有許多不足之處，將深深影響本案的成功關鍵，希望這些發現可做為未來企業發生財務危機時，債權人、經營者、股東、供應商或政府決策的參考。

Every enterprise has to face inner and outer challenges starting from pioneering, expansion, stabilization, and even to declining stage of enterprise life cycle. It said “survival of the fittest.’ Only those who can adapt to environmental changes may survive; otherwise they will be eliminated. Once a firm declares bankruptcy, the influences may not only to the firm itself but also to the related upstream and downstream companies, shareholders, employees, creditors, etc. Situations might be even worse if it happens to a large-scale corporation which is likely to cause a series credit crisis, bankruptcy, financial disasters and even affect the whole country. Therefore, when a company does not operate well or is affected by industrial recession that has to terminate its operation, all the related parties must find solutions to break through. Solutions are case by case. For instance, some risks can be settled only through legal process of declaring bankruptcy; some are more resolvable. For the less severe cases, all relates parties -including enterprise, creditors, suppliers, staff, shareholders, and society- should cooperate and rebuild the enterprise value together so that to create win-win situations. In this thesis, M company, a large-scale DRAM manufacture in Taiwan, was forced to face industrial and financial depression in recent years. In June 2011, consortium of creditor banks made a financial restructuring plan, because fund could no longer afford company’s operation. The whole reconstruction process started from evaluation, planning and to execution. However, many imperfections in certain aspects such as execution, regulations, strategy and government policy still significantly influenced the outcome of the case. We contribute those studies as references to creditors, operators, shareholders, suppliers, government, etc. whenever enterprises are confronted with similar financial difficulties in the future.