當前上市公司財務危機之形成及因應措施

許瑞芳

《華人經濟研究》 3卷2期 (2005/09) Pp. 31-50

https://doi.org/10.30065/JCER.200509.0002

摘要

近年來台灣資本市場的規模成長快速，陸續有許多財務危機案例發生，如民國八十七年、八十八年那一波上市（櫃）公司的財務危機事件中，多數學因於當時的公司監理機制並不健全。然而時至今日，太電爆發百億世紀掏空案後，緊接著民國九十三年六月，博達董事長葉索菲涉嫌掏空公司六十三億資金，兩個月後，訊碟馬上又暴出公司二十六億資金去向不明。這些財務危機的案例一再發生，似乎讓投資人失去信心。
本研究擬針對博達、訊碟與皇統等財務危機公司做個案研究，以期瞭解主巨額資產掏空案之形成反政府機關的相關因應措施。經過個案分析後，發現這些財務危機公司，均有下列特徵：1.虛買虛賣方式，進行假交易，籍以美化報表。2.發行海外公司債經由承購後，轉換成公司股票並出成持股，以取得大量現金。3.轉投資事業過多。4.頻換財務主管或會計師。至於政府機關的因應措施，其中已有司法機關、投保中心與金管會之合作，以重建投資人信心，並且效果顯著，但是對隱匿在租稅天堂的資金管理、司法訴訟的煩雜（需纏訟數年）、以及求償金額等部分皆有改進的空間。

關鍵字

財務危機 ； 形成 ； 因應措施

並列摘要

In the recent years, there are many companies has successively collapsed during the fast growth of Taiwan capital market, such as financial crisis of the late 1990. Due to the corporate governance is not very well at the time. Now 1,000 billion money of Pacific Electric Wire & Cable Co., Ltd is gone. Board director Yeh of Procomp can not explain the money of 630 billion disappeared. Two months later, it has the same situation happened in the Ifodisc Technology Co. Ltd. Taiwan investors are warned by all these events.
This research focuses on the financial crisis of Procomp Informatics Ltd., Infodisc Technology Co., ltd, and Simmit Technology Co., Ltd.. After cases analysis, this paper finds : 1.There are many lying transactions to get better financial results. 2. Issue ECB and transferred to stocks, then sold to get a lot of money. 3. They invest many businesses. 4. Many financial control1ers and CPA turn over. Finally, the result is well about the cooperation of Judicatory, Investors Protection Center, and Financial Supervisory Commission. But it still has improved space to manage capital money, reduce judicial process, and recompense the victims.

並列關鍵字

financial crisis ； process ； reaction