短期財務危機公司之事後績效

The post performance of the short-term financial distress firms

江俊哲(Chun-Che Chiang)

指導教授 ： 沈仰斌

元智大學/管理學院/財務金融學系/碩士(2005年)

摘要

本文以1994-1998年發生短期財務的公司為樣本，研究公司的反應及反應後的事後表現。在我們的假設中，舉債程度對公司反應短期財務危機是最主要的因素。實證結果指出高舉債程度的公司面對短期衰退反應速度比低舉債程度公司快。此外我們也探討公司反應後的事後績效，結果顯示公司所採取的反應中如果能越立即的為公司降低成本，在公司面對短期財務危機越有幫助，其中以裁員、縮減股利及破產保護最為有效。

關鍵字

財務危機,反應

並列摘要

This study investigates the responses of firms which experience short-term financial distress and the post performance after responding to the distress in the period of 1994-1998. In our hypothesis, leverage is the major factor to affect firms’ responding to short-term financial distress. The empirical results argue that highly-leveraged firms will respond faster to a decline in firm value than their less-leveraged counterpart. We also investigate the post performance of different responses taken by the sample firms. The results show that the responses which can reduce costs immediately are more useful for firms in short-term distress. Especially, employee layoffs, dividend cut, and bankruptcy filing can reduce costs and improve the company’s poor performance immediately.

並列關鍵字

Financial distress, Response