公司重建策略效能之分析

An analysis of the effectiveness of corporate restructuring strategies

蘇志豪(Chih-Hao Su)

指導教授 ： 陳明園

淡江大學/商學院/產業經濟學系碩士班/碩士(2005年)

https://doi.org/10.6846/TKU.2005.00384

摘要

本研究以民國88年至民國93年為研究期間，選取289家台灣上市公司為樣本，針對其在績效不佳時所採行的重建策略，以持續期間模型進行效能之分析，試圖找出最具效能的重建策略，換言之，該重建策略就是最能縮短績效不佳期間的策略。
實證結果發現，資產緊縮策略、資產擴張策略、內部組織重整策略、赴大陸投資設廠及多角化等均是顯著的重建策略。其中資產緊縮策略、資產擴張策略、內部組織重整策略、赴大陸投資設廠與績效不佳期間呈正向顯著，隱含著公司於績效不佳期間，應儘量減少該重建行為的採行，才能儘早的脫離這困境;而多角化與績效不佳期間呈負向顯著，顯示當公司在績效不佳時，應多採行該項重建行為，對於改善績效不佳的情形會有相當正面的幫助。
此外，本研究除了著重在公司的重建策略對於績效不佳期間的影響之外，還去探討公司採行重建策略的數目及公司的特性與績效不佳期間的關係。實證結果發現，公司採行重建策略的數目、負債比率及總資產報酬率與績效不佳期間呈正向顯著;資產總額、董監事持股比率及產業別與績效不佳期間呈負向顯著。

關鍵字

績效不佳 ； 重建 ； 持續期間模型

並列摘要

We take 289 Taiwan’s Listed Companies from 1999 to 2004 for samples, using the duration model to analyze the effectiveness of corporate restructuring strategies during the period of poor performance and find out the most efficient restructuring strategy. In other words, this is the best strategy to shorten the poor performance
The empirical results indicate that asset contraction actions, asset expansion actions, internal reorganization actions, investment in China and diversification are all significant restructuring strategies. We find that asset contraction actions, asset expansion actions, internal reorganization actions and investment in China are significantly positive with the period of poor performance, implying that the corporate should reduce to adopt these restructuring strategies during the period. Diversification is significantly negative related to the period of poor performance. It shows that the corporate should implement this restructuring strategy to gain helpful supports when its performance declines.
Besides, the paper not only puts emphasis on whether the corporate restructuring strategies can affect the period of performance declines, but also documents the relationship among the numbers of corporate implementing restructuring strategies, corporate character and the period of poor performance. According to empirical results, the numbers of corporate implementing restructuring strategies, debt ratio and ROA are significantly positive with the period of poor performance. Conversely, the total assets, board ownership and industrial types are significantly negative with the period.

並列關鍵字

Poor performance ； Restructuring ； Duration model

參考文獻

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