財務危機企業如何延續生命-以台灣上市櫃公司為例

近年來危機往往發生在令人措手不及的情況下，通常發生財務危機的企業絕大多數來自於經營者本身問題，故本文將檢視發生財務危機及發生財務危機後有進行減資策略之台灣上市(櫃)公司，其董監事持股比重與董事會結構這兩大構面，究竟是支持「代理理論」還是「管家理論」，以作為未來當公司面臨財務危機時，應如何調整董監事持股比重及董事會結構，以利企業能化危機為轉機繼續營運。本研究利用台灣經濟新報資料庫1992年至2010年間發生財務危機事件公司為研究樣本。其中企業發生財務危機樣本為271家，最後企業存活為127家，企業死亡為144家。本研究另探討財務危機發生後，企業採取減資策略之企業存活特質。其中財務危機後採取減資策略之樣本為127家，最後企業存活為89家，企業死亡為38家。再以Logit迴歸分析方法檢視發生財務危機及發生財務危機後有進行減資策略之台灣上市(櫃)公司是支持「代理理論」或是「管家理論」，以供作為企業存活特徵之參考。其實證結果顯示：不論發生財務危機公司或財務危機後進行減資策略公司，其實證結果皆支持「代理理論」，財務危機公司應提高董監事持股比重，才能使企業存活機會提升。

關鍵字

財務危機；減資；企業存活；代理理論；管家理論

並列摘要

In recent years, the crises often occur in the case of surprise, financial distressed was usually happened from the operator's problems (ex: tunneling, insider trading, bankruptcy, and none sufficient fund at.et.) When firms face financial crisis and even meet delist, firms should which kind of improvement scheme does it take. The resulting literature has been focusing on the financial early warning model. There is less research that financially distressed firms extend its life. In this study, we apply logit regression model to investigate the impact of firms survival. Based on a sample of 271 observations form listed firms between 1992 and 2010, we find that the significant positive relationship between firms survival and corporate ownership. On the other hand, the significant negative relationship between firms survival and managerial ownership. This study provides empirical support for the agency theory. Thus, we suggest to the financial distressed firm with higher corporate ownership is increasing firm survival.