從案例探討觀點解析經營舞弊公司之預警

Abstract

本研究希望透過近幾年偵結的三個重大管理舞弊個案---太電、博達、訊碟，解析其掏空公司手法及發掘各項公開資訊呈現的共同行為，以提供管理者作為設計內控制度的參考，投資人作為避免投資受損之警示，亦提供給主管機關作為監督與執法的借鏡。 研究的結果發現這些管理舞弊公司在掏空公司的過程中，確實存在一些共同的行為如下: 在經營面 1. 經營者對產業發展判斷錯誤，核心競爭力持續不到五年 2. 短期間擴張手筆太大，轉投資過多 在公司治理面 1. 董事會趨於家族與內部化 2. 經營者持股比率持續下降 3. 董事、監察人質押比率過高 4. 經營者的股權與實質控制力差距過大 5. 財務主管與會計師頻頻更換 在財務面 1. 上市前營收大幅成長 2. 上市後大舉增資舉債股本膨脹快速 3. 公司存在許多重大且異常的關係人交易 4. 關係企業背書保證過多 5. 應收帳款過高與周轉天期過長 6. 帳上有高額約當現金卻仍持續具債 7. 涉及與不知名外國銀行交易 8. 涉及衍生性金融商品交易 在市場面 1. 股價走勢一路下跌及法人持股極少 2. 股價炒翻天本益比過高

The three major company fraud cases (太電,博達,訊蝶) recently closed in court are studied. The objective is to provide company managers with a reference for designing a better control and management system; to provide investors with knowledge to prevent investment loss; and to provide the government with examples for their administration and law enforcement to base on. This study investigates the tricks these three companies used to job their company’s assets, in an attempt to induct common behaviors of the frauds from the information disclosed to the public. The common behaviors concluded in this study are listed as follows from four different aspects: Business Operation 1. Incorrect judgment of the industrial development by the executives, and less than five year’s life time of the company’s core competence 2. Too big of the scale of the company’s short-term expansion and too many investments Company Management 1. Members of the Board come from a family or from a small circle of people 2. Holding shares of the management continue to fall. 3. Collateral percentage of the holding shares of all directors and supervisors is too high 4. Holding shares of the management deviates from their actual controls. 5. Financial officers are changed very frequently and the high potential of an audit requested by an accountant.

Financial Affairs 1. Unusual increase of their revenues before going public 2. Great increase of their debts and capital stock after going public 3. Too many unusual transactions between the company and its affiliates 4. Many material monetary loans’ endorsements, or provision of guarantee to its affiliates. 5. Too many outstanding accounts receivable and long turnover period 6. Continue to increase debts while there is much equivalent cash at hands. 7. Involved with a transaction with an unknown foreign bank 8. Transaction Involved with a derivative trading.

Market price 1. The share price continues to fall and the number of shareholders of the institution is very few. 2. P/E ratio is too high