預先包裹式重整之企業特性與企業價值

The characteristics and value of firms emerging from Prepackaged reorganization

陳威丞(Wei-Cheng Chen)

指導教授 ： 張焯然

國立清華大學/科技管理學院/計量財務金融系/碩士(2011年)

摘要

摘要
當企業在經營的過程中無法履行債務，債權人最終難免訴諸法律途徑以保障自身權益。在美國，解決債權糾紛最常見的兩種法定程序分別載於美國破產法 ( United States Bankruptcy Code ) 之第七章 ( Chapter 7 ) 與第十一章 ( Chapter 11 )。第七章所規範之程序與我國清算程序相近，即在法院指定之受託管理人監督下，清算違約企業之資產以履行其債務；第十一章者則與我國重整程序相近，藉由與債權人協商、談判，重新訂定企業與債權人間之債務額度以及還款計畫。而在第十一章的程序中，又可分為傳統式重整以及預先包裹式重整。兩者之主要差異在於還款計劃的協商、訂定之程序有所不同，而這些差異將進而影響企業在重整過程中所需負擔之直接成本與間接成本。

過去文獻在探討兩者差異時，主要為何種企業特性將促使企業進行不同之選擇 ( Yost, 2002 )；或是企業聲請破產保護時股價報酬之表現( Eberhart et al., 1998 )；亦或是探討不同重整模式間之成本差異 ( Betker, 1997 )。本文除欲探討影響企業選擇重整模式之企業特性外，進一步以 Tobin’s Q 及市價淨值比作為企業價值之代理變數，藉此探討選擇不同重整模式之企業，是否在脫離重整程序後，在企業價值上有顯著之差異。

關鍵字

預先包裹式重整 ； 市價淨值比 ； 三階段最小平方法 ； 托賓Q比率

並列摘要

Abstract
When an enterprise can not fulfill its obligation to repay the debt, the creditors would resort to legal means eventually. In the U.S., The most two common legal procedures are separately recorded in the Chapter 7 and the Chapter 11 of United States Bankruptcy Code. The procedure governed by the Chapter 7 is close to the procedure of liquidation in Taiwan. It liquidates the assets of debtor and uses the proceeds to repay the liabilities. And the Chapter 11 procedure which is also known as reorganization rearranges the face value, terms and the interest rates of the debts through the negotiation and consultation between the debtor and the creditors. Furthermore, the Chapter 11 can be divided into traditional reorganization and prepackaged organization. The main difference between the two types is the order of the filing date and the negotiation of the reorganized plan. Due to the difference, firms reorganize with different types would burden different levels of the direct cost and indirect cost resulted from the procedure.
The past literatures concerning prepackaged reorganization are researching the firm characteristics which influence the choice of the reorganizing type ( Yost, 2002 ) , examining the difference of stock return and the cost between the firms emerging from the two types of Chapter 11 ( Eberhart et al., 1998; Betker, 1997 ). This article discusses the firm’s characteristics which influence the choice of the reorganizing type. In addition, this article takes Tobin’s Q and Price-to-Book ratio as the proxy of a firm’s value to examine if the firm’s value of firms emerging from different types of reorganization would be significantly different.

參考文獻

Betker, B. L., 1995. “An Empirical Examination of Prepackaged Bankruptcy,”

Financial Management 24: 3-18.

Betker, B. L., 1997. “The administrative Costs of Debt Restructurings: Some

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