臺灣博碩士論文加值系統

　　本文探討發生財務危機事件的公司將採用何種重組反應策略，影響公司日後能恢復正常交易亦即重生或是下市，並加以區分出多頭市場和空頭市場來研究。資料主要來自於台灣經濟新報(TEJ)資料庫，樣本期間為2001年至2018年被列入為全額交割股的臺灣上市上櫃公司。利用羅吉斯迴歸模型探討個別重組反應策略對發生財務危機事件公司，以及在多頭市場和空頭市場下樣本公司分別對重生或下市之影響。
　　實證結果發現，當發生財務危機事件公司若採用公司緊縮政策、公司擴張政策、改變經營策略、改變行銷策略、彌補虧損減資和現金增資重組反應策略能有效協助公司重生恢復正常交易，而採用啟動債務重整反應策略日後將較傾向公司下市。
　　在多頭市場和空頭市場下皆可採用公司擴張政策、改變經營策略、彌補虧損減資和現金增資重組反應策略有助於公司獲得重生。在多頭市場亦適合採用公司緊縮政策和改變行銷策略重組反應策略對公司重生最有幫助；空頭市場則採用啟動債務重整反應策略對公司下市機率較高。
　　後續利用多元迴歸模型分析財務危機公司採用重整反應策略對重生恢復時間及下市存活時間之影響。在重生時間較快的公司，不見得需要採用多種重組反應策略來救公司，對症下藥有效的執行重組反應策略才是最為重要的。

　　This study explores which restructuring response strategy is adopted by companies in the event of a financial distress that affects their ability to resume normal transactions in the future, whether they are re-established or delisted, and distinguishes the settings between a bull market and bear market. The data come from the Taiwan Economic Journal (TEJ) database and conver TSEC-Listed and OTC-Listed companies that were placed under an altered trading method from 2001 to 2018. The Logistic Regression Model is used to explore the impact of individual restructuring response strategies on companies during financial distress events, as well as on the sample companies that were re-established or delisted in both bull and bear markets.
　　The results show that if a company undergoing financial distress adopts a corporate deflation policy, or a corporate expansion policy, or changes its business strategy, or changes its marketing strategy, or conducts capital reduction for the purpose of making up losses and increasing cash capital, then these response strategies can effectively assist the company to regenerate and resume normal trading. Moreover, the strategy of initiating debt negotiations will more likely result in a delisting from the stock market in the future.
　　In the bull and bear market can adopt the corporate expansion policy, change business strategy, capital reduction for the purpose of making up losses and cash capital increase restructuring response strategy to help the company to re-established. In the bull market is also suitable to adopt the corporate deflation policy and change marketing strategy restructuring response strategy is most helpful to the company re-established; in the bear market, the use of the initiate debt negotiation restructuring response strategy for the company to delisted.
　　This study employed the Multivariate Regression Model to analyze the impact of financially-distressed companies on their recovery time for the re-established and survival time of the delisted of the market. For a company that has been re-established quicker, it is not necessary to use a variety of restructuring response strategies to save itself. Indeed, an effective implementation of restructuring response strategies is the most important key to survival.

中文摘要　　　　　　　　　　　i
英文摘要　　　　　　　　　　　ii
誌謝　　　　　　　　　　　　　iii
目錄　　　　　　　　　　　　　iv
表目錄　　　　　　　　　　　　v
壹、緒論　　　　　　　　　　　1
貳、文獻探討　　　　　　　　　2
　　一、財務危機之定義　　　　2
　　二、多頭與空頭市場　　　　3
　　三、重組反應策略之行為　　4
參、樣本描述與研究方法　　　　6
　　一、樣本抽樣與描述　　　　6
　　二、研究方法　　　　　　　13
　　　　(一)模型架構　　　　　13
　　　　(二)模型與變數描述　　13
肆、實證分析　　　　　　　　　19
伍、結論　　　　　　　　　　　36
參考文獻　　　　　　　　　　　38
附錄一　　　　　　　　　　　　41
附錄二　　　　　　　　　　　　42

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