公司重整與公司治理實務的研究：
以漢康科技個案公司為例

公司治理，是指在企業的所有權和管理權分離的情況下，公司股東、董事會、高階管理階層及其他利益相關者等方面的制度安排。目前，學術界和實務界大部分認為，公司治理能夠解決各項權利安排的多種問題。目前，較多文獻都是從股權結構、獨立董事等角度，來探討公司治理所出現的問題，並大多得出結論，應該改善股權、增強獨立董事的專業性甚至規模等等。而且美國等國家的法律規定，證券交易所的上市準則，都對上市上櫃公司的公司治理提出了不同的要求。但是目前，在國內以及美國上市的公司，財務舞弊、掏空關聯假交易仍然層出不窮。本研究首先介紹包括公司治理的概念和原理，以及關於公司治理的文獻及法律法規。其次，介紹漢康科技個案公司的歷史發展、財務狀況，關聯假交易的來龍去脈。再者，描述漢康科技個案公司之公司治理情況，理論邏輯推導，闡述公司治理的功能是有限的。漢康科技個案公司在掏空案發生之後，主要採取機構重整(董監事整頓與股權整頓)、品牌重塑、理清舊賬(透過減資與增資)、注入新的資金，並未經過法院重整，而公司內部自行整頓，實現了重組的成功。分析個中的原因，漢康科技個案公司在掏空案的啟示有:誠信勤勉是公司生存發展之根本，健全的公司治理結構與有效的制度安排相輔相成。本研究以上櫃公司漢康科技個案公司在掏空案之後的重整為例，從財務危機公司治理的視野起始，系統地介紹了其重整的方式；然後，分別以重整之後的市場反應以及重整前後財務指標的變化，對該重整事項做績效評估。相關的結果證實，選擇適用的重整方式與資金注入，可以在相當程度上為財務危機公司帶來正面的效益。此外，對於透過重整方式“獲得新生”的上櫃個案公司而言，也面臨了如何在後重整時期提昇其未來發展能力的嚴峻考驗。本研究之研究目的茲綜合整理如下: 1.探討「公司治理」制度之規範與執行情形，並提出建議及防制的對策，以避免發生信心危機。 2. 提出個案公司對未來公司重整與公司治理的策略。

關鍵字

機構重整；資產重整；公司治理；績效評估；財務危機

並列摘要

Corporate governance refers to the case of ownership and management of enterprises separation, institutional arrangements shareholders, board of directors, senior management and other stakeholders class and so on. Currently, most academics and practitioners believe that corporate governance can solve many problems of the rights arrangements. Currently, more documents are discussed the corporate governance problems from the ownership structure, and independent director of view, and most concluded that equity should be improved to enhance the professionalism of the independent directors and even the size and so on. The United States and other countries of the provisions of the law, stock exchange listing criteria, all of the publicly traded company's corporate governance put forward different requirements. But now, companies in the domestic market as well as the United States, financial fraud, false emptied related transactions still are emerging. This study introduces including corporate governance concepts and principles, as well as the documents , laws and regulations on corporate governance. Secondly, introduces the historical development, the financial situation of the fake transactions in the case study companies. Furthermore, described the governance of the cases study company, using the logical deduction to explain the function of corporate governance is limited. After the financial fraud of the cases study company ,Mainly make the agency reorganization (consolidation and equity consolidation directors and supervisors), rebranding, clear the old debts (through capital reduction and capital increase), and inject the new capital, without the court restructuring, but the company's own internal consolidation, and to achieve a successful reorganization. An inspirations of the insight analysis in the cases Company are: 1. Integrity and diligence is the fundamental development of the company to survive. 2. improve the corporate governance structure and effective institutional arrangements are mutually supportive. In this study, take an example of the case Company after the financial fraud, starting from corporate governance of the financial crisis, introduced its reforming way; Then, respectively, take the financial indicators before and after the reaction of the market to restructuring the performance evaluation. Relevant results are confirmed, select the appropriate way of reforming and capital injection, it can bring a positive benefit to a considerable extent on the financial crisis of the case company. In addition, through the reforming of "new life" in the case of case study companies, also face a severe test to improve their ability in the future development after the reforming period. The objective of this study is hereby consolidated summarized as follows: 1. Discussion the normative and operational situation of "Corporate Governance", and make recommendations and control measures in order to avoid a crisis of confidence. 2. Make the future strategy of the corporate restructuring and corporate governance in the case study company