- 學位論文
財務重整公司聲請前之預警及未來挑戰—以面板業某公司為個案分析
Warning Sings and Challenging before a Company Applies for Financial Restructuring─A Case study in TFT Industry
摘要
行政院於2002年擬定「兩兆雙星產業發展計畫」，將面板產業列為兩大重點發展產業之一，期望產業年總產值達到兆元。在政府政策主導下使面板業得以發展，也帶動觸控面板的快速崛起；然而，近三年來，上下游相關業者相繼傳出財務困難。 本研究以第一家聲請重整之觸控面板業者為個案分析對象，列出聲請重整前之財務困難預警資料，並敘述重整後面臨之問題與挑戰，作為個案公司之參考。本研究提醒投資者選擇個股時，公司財務報表、會計師查核意見書、股東會年報、產業相關報導等，都是容易取得的公開財務與非財務資訊，投資人只要稍加注意公開資訊，觀察經營者的經營特性與財務結果對照，實能避開投資風險免於虧損。若相較於龍頭廠商逐年獲利而個案公司卻較多虧損年度的情況時；高財務槓桿操作、大股東及經理人持股比例同時下降時，投資人就應該提高警覺，應作為投資決策前的參考。
並列摘要
In 2002, Executive Yuan announced to implement “Two Trillion and Twin Stars Industrial Development Program”. The panel industry was one of the two major industries with a view to achieving more than one trillion of gross industrial output value annually. Under the guidance of the government policy, the panel industry has been developed. Meanwhile, the business of touch panels has rapid growth. However, many suppliers of upstream and/or downstream chain of panel industry have met the financial difficulties for recent three years. This case study is to analyze the first financial restructuring company in touch panel industry. There are warning signals of financial difficulties before the company applied for financial restructure. The potential problems and challenges after financial restructure are mentioned to the case company. To avoid the possible risk of stock loss, this study reminds investors of carefully reading public financial statements, shareholder annual report, accounting auditor statement; and observing company managerial operations and the corresponding industrial business updates. Companies with high financial leverage, far less profit than the leading company in the same industry, declination of shareholding by large shareholders and executives are poor criteria for making investment decisions.