臺灣博碩士論文加值系統

歷經金融海嘯之震撼後，財務危機之議題備受關注。本研究使用Logistic模型及多元回歸模型，分析看似一蹶不振的公司會採取何項重組策略，使公司從悲觀聲浪中重返市場，以及金融海嘯前後期，重生與下市公司使用重組策略之變化，有效重組策略與策略對公司之影響是管理者與投資者關切議題。本文定義財務危機公司為遭證交所因五項警訊而被列為全額交割股公司，研究期間從2001年至2018年，已恢復正常交易共124家公司、已宣告下市(櫃)共125家公司，逐一整理樣本公司其金融資訊及新聞以獲得每筆重組之資訊。

實證結果顯示，重生公司比下市公司採取更多樣性重組策略，尤其海嘯後期，重生公司採取更具企圖心的策略來改善公司狀態，以快速抓住浴火重生的機會。財務危機公司會率先選擇能迅速產生現金流之短期財務策略為主，若仍無法重返市場時，則重新調整公司思維，採取全面改革之長期策略，重新找回新契機。緊縮政策、減資及增資是影響財務危機公司後續重生之關鍵策略，且給予公司更充足的時間，以爭取更多脫胎換骨的機會。債務協商則影響財務危機公司後續下市之關鍵重組策略。擴張政策及改變內部控制可拉長海嘯前期公司之存活時間，拖延下市時間。外部控制擴大海嘯後期之恢復時間，順利擴大重生契機。增資能增加海嘯後期之恢復及重生時間。

本研究提供公司管理者於財務衰退之際，能精確的採取策略以利對症下藥，讓公司重返交易市場及重新找回競爭優勢；提供投資者判斷財務危機公司後續可能的發展性，能更加客觀分析與評估公司未來價值性，讓投資者降低恐慌及損失。

After the shock of the 2008 global financial crisis, financial distress issues have received much wider attention. This study is using Logistic regression and multiple regression models to analyze what restructuring strategies seemingly irretrievable companies will adopt in order to get themselves back to the secondary market, as well as the changes in restructuring strategies used by the recovery companies and the delisting companies during the pre-crisis and post-crisis periods. Effective restructuring strategies and the impact of such strategies on a company are the focus of concern for managers and investors. This study defines a financial distress company as one that has been listed as a full-cash delivery stock for the five reasons on the Stock Exchange. During the study period from 2001 to 2018, we find 124 companies have resumed normal transactions and 125 companies were delisted from the Security exchange market and OTC. We employ a case-by-case method to collect financial information and news of the sample companies in order to get each piece of restructuring strategy.

The empirical results show that recovery companies adopt more diversified restructuring strategies than delisting companies. Especially during the post-crisis period, recovery companies employed more ambitious strategies to improve their status in order to grab an opportunity for quick recovery. Financial distress companies first choose short-term financial strategies that can generate cash flow quickly. If distress companies are still unable to return to the secondary market, then they will re-adjust their thinking and adopt long-term strategies of comprehensive reform to seek new opportunities to bounce back. Deflation, capital reduction, and capital increase policies are the most important strategies for the financial distress companies, giving them more time to fight for better recovery opportunities, while debt negotiation is a critical strategy for delisting companies. An expansion policy and a change of internal control can lengthen the survival time of a company during the pre-crisis period, help procrastinate the delisting time. Changing external control mechanisms can increase the recovery time during the post-crisis period, thus smoothly expanding its opportunity for recovery. Capital increase policy can extend the recovery time and survival time in the post-crisis periods.

This study provides company managers with accurate strategies to adopt when trying to find the right antidote during a financial recession, so that their firm can return to the secondary market and regain its competitive advantage. Moreover, this study provides investors with an approach to discriminate among firms that could possibly experience financial distress. It further allows investors to be more objective at analyzing and evaluating a company’s future value, thus reducing episodes of potential market panic as well as investment losses.

中文摘要 i
英文摘要 ii
誌謝 iii
目錄 iv
表目錄 v
圖目錄 vi
一、研究動機 1
二、文獻探討 4
2.1財務危機定義 4
2.2重組策略 6
三、研究方法 10
3.1樣本資料與描述 10
3.2研究設計 19
3.2.1模型架構 19
3.2.2模型與變數描述 20
四、實證分析 23
五、結論與建議 38
參考文獻 40

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