公司以繼續經營假設處理一般會計事務,故重整與清算並非常態,惟公司因經營不善或景氣不佳面臨財務困難,而須進行不同的債務清理程序。一個公司應進入重整,或是進入破產清算,決定於公司體質狀況與外部環境的表現,但實際決定公司未來的重整與破產法律,卻往往不能讓財務困難公司適得其所。原因之一,在於債務人與債權人面對公司財務困難的反應與態度,基於經濟學自利的假設,不同的利害關係人會因此產生不同的策略性行為,而有高估或低估公司價值的動機,並透過各種手段影響法院的決定,使法院不能迅速正確地評價財務困難公司,並作出進入重整或破產的正確判斷,而徒增耗費且喪失黃金時機。 本文希望找出策略行為之誘因,藉由法律的修改降低誘因的強度,最終目的是讓財務困難公司正確地被評價,而迅速地脫離目前懸而未決的財務困難狀態。 除了策略行為之外,本文也並陳重整施行以來引起的許多爭議,並試圖為重整制度尋找新的出路。本文認為,分批自願清算就是一個介於重整和清算之間,一種資產交易的模式,並且可以大部份解決重整無效率的問題,惟分批自願清算漸漸取代重整,必須在市場成熟的情況下才有可能成功。在台灣目前的情況,由於這樣的市場並沒有非常成熟,只能漸漸地由擴張重整人職權範圍與處分資產彈性著手,在現行的外部環境下,為重整制度注入新的思維。
Name: Pei-Kuan Chiu Adviser: Chi-Chun Liu The Impact of Reorganization Law on Valuation of Financial-distressed Company and Piecemeal Voluntary Corporate Liquidations Reorganization and liquidation are not common among enterprises, but still some enterprises are facing unwillingly financial distress. For deeply distressed firms, different legal processes, such as reorganization or liquidation, must be fulfilled. However, which process is the most fitted for a company depends on all conditions inside and outside the company. The law, which helps the company to take the right way, fails to meet its objective mostly. One reason is the inability of court to judge the financial distressed company precisely. Strategic behavior plays the most important role in the battle field of value assessment, thus resulting in a bias which leads to wrong court decision between reorganization and liquidation. Parties who want to enter reorganization process prefer a high value of financial distress company, and parties who want to enter liquidation process are quite the opposite. This kind of distortion is not only time consuming but also revokes thousands of debates on reorganization law itself. Some people even dramatically accuse that the reorganization law should be abandoned. This essay hopes to find a way to diminish the incentives of distortion, and find a relief for the controversial reorganization law. A possible solution might be piecemeal voluntary corporate liquidations. Though the environment is not ripe for piecemeal voluntary corporate liquidations in Taiwan, we can enrich asset sale possibilities. In the end, this paper provides a new insight into transforming the traditional reorganization concept. That is, in addition to rebirth or decease, there is another choice for a financial distressed company.