以公司重整再生機制重建企業價值之研究

Abstract

以公司重整再生機制重建企業價值之研究 研究生：丁金輝 指導教授：洪志洋博士 國立交通大學 高階主管管理學程碩士班 摘 要 企業陷入危機鴻溝面臨倒閉歇業困境，除影響員工、股東、債權人等利害關係人之權益，更可能造成整體產業結構之破壞，而付出更多社會成本。尤其台灣加入ＷＴＯ產業面臨加速國際化、自由化之沖擊，將使更多經營體質不佳企業陷入困境，甚至可能引發骨牌效應而使整體經濟結構遭嚴重破壞。故本論文旨在探討當企業陷入危機鴻溝、面臨存亡關鍵時，以重建企業價值為目標，運用重整再生機制，所應採行之程序和模式，讓危機企業能以重整再生機制脫離危機鴻溝，有效改善經營結構，達到重建企業價值之目的。 本論文以研究分析過去財務危機個案、重整准駁因素、重整再生成敗案例、相關文獻及個人工作經驗；並進行各相關人員實地訪談調查。歸納研究結論如下： 一、財務危機預防及偵測：企業陷入危機鴻溝，常是一種連續性可預知性的過程。經歸納分析五種外部因素及二十六種內部因素可能使企業陷入財務危機。企業能防患危機於未然，才是解決危機最好方法。 二、危機阻隔與控管：危機企業能否透過重整機制獲得再生重建企業價值機會？其成敗常取決於危機發生時，企業能否迅速採取有效危機阻隔和控管程序，使危機效應受到控制和縮減。 三、建構再生重建機制系統：企業獲得重整再生機會，能否迅速脫離危機鴻溝，進而達成企業價值重建目的？主要在於企業能確實運用公司重整機制，建構再生系統和程序，結合外部專家和資源，並進行內部自我改造，以取得關係人和社會之認同和支持，企業價值才有重建成功之機會

Corporate Reorganization and Regeneration Mechanisms that Reconstruct Enterprise Value Student：Jin-Huei Ding Advisor：Dr. Chih-Young Hung Master Program of Management for Executives ABSTRACT A corporate falls into a chasm of business crisis and phases stall of business discontinuity will not only jeopardize the interests of stakeholders such as employees, shareholders, and creditors but may also sabotage the structure of the whole industry and increases the burden social cost. Jointing in WTO will bring Taiwan industry impacts on globalization and free trading. These impacts will make unhealthy corporate even more difficult to operate and may cause a Domino effect to sabotage seriously the whole business infrastructure of the country. The objectives of this paper is to study the processes and models within the reorganization mechanism that improves operation management for unhealthy corporate to overcome difficulties and to cross chasm in order to redevelop corporate value while corporate falls into crisis chasm and phases business discontinuation. The paper reviews related literatures, discusses financial crisis and success / failure reorganization cases and studies factors considered in approval / disapproval of corporate reorganization. With the support of the personal experiences on this subject and the experience survey of the expertise in this field, the study concluded as follows. 1.Prevention and prediction of financial crises. Prior to corporate falling into crisis chasm, there usually are a series of continuous and predictable events. This study sorts out 5 external and 26 internal factors that caused a corporate to fall into financial crisis. The best approach that a corporate can take to resolve crisis is to prevent crisis. 2.Isolation and control of crisis. The odds that a stalled corporate could redevelop its value through reorganization mechanism depend on how effective a corporate triggers the process to isolate and control crisis in order to have crisis effect demolished. 3.Implementation of redevelopment and reorganization mechanism. The odds that a stalled corporate could reorganize and escape from crisis chasm to redevelop corporate value depend on how success a corporate employs reorganization mechanism that can build reengineering system and process. With the help of outside expertise and internal reengineering, a stalled corporate may gain trust and support from stakeholders and society. It may have a better chance to be success.