公司治理因素與企業破產關聯性之研究 –以力霸集團為例

Study the Relationship between Corporate Governance and Firm Bankruptcy-A Case Rebar Groups

梁翠嫚(LIANG, TSUI-MAN)

指導教授 ： 謝錦堂

國立臺北大學/商學院/企業管理學系/碩士(2011年)

摘要

自美國恩隆破產案，以及之後陸續爆發世界通訊、全錄和默克藥廠等公司舞弊案，引起全世界的關注，公司治理成為投資人關注與學界探討的重要議題。而在台灣，較早的如台鳳、東隆五金、國產汽車，以及之後的太電、博達、訊碟等多家上市公司接連爆發財務掏空的弊案；至2006年底總資產逾新台幣5千億元的力霸集團宣告重整而後破產倒閉，震驚台灣社會。
概觀國內外發生財務危機乃至於破產倒閉的公司，常可發現經營者或管理階層舞弊的問題，而公司治理機制則被認為是健全公司經營架構，為公司和股東謀求最大利益的解決之道。
本文依公司治理架構之董事會特性構面因素，以力霸集團為破產個案，並以台積電為公司治理良好之個案，分別就董事會構面因素分析並比較其差異，建立良好公司治理架構之建議，以做為公司建立良好公司治理制度之參考。
從力霸集團及台積電之董事會特性構面因素分析及比較，發現董事會構面與企業破產確具關聯性；自董事會構面之特徵，可看出企業之公司治理制度機制之良莠，若可建立良好董事會構面為公司治理制度之基礎，將可協助企業建立良好之公司治理制度，以藉此提昇公司經營績效並創造公司價值。

關鍵字

公司治理 ； 董事會 ； 力霸集團 ； 台積電

並列摘要

What followed consequently after the bankruptcy of America’s Enron Corporation were the scandals of WorldCom Group, Xerox, and Merck enterprises, that had raised the worldwide attention, thus corporation management has become an important issue for the investors as well as a topic in academic discussion. However, the asset-stripping scandals still happened unexpectedly in many publicly traded corporations, such as companies which had existed at a quite early stage like Typhone Food Corporation, Donglong Hardware, Chinese Automobile as well as other newer companies like Pacific Electric Wire & Cable, Procomp, Infodisc Technology. At the end of 2006, the Rebar Group, whose asset was estimated to be 500 billion NT, suddenly announced bankruptcy and this had brought enormous impact over Taiwanese society.
In a brief, the bankrupt companies that have suffered from financial crises often have fraudulent issues in the superstructure of their operators and managers, and the mechanism of corporation management is now considered crucial in the operational structure of a well-managed corporation as well as an ultimate resolution for the best benefits of the corporations and their shareholders.
This essay will take the Rebar Group as an individual case of bankrupt company and TSMC as the case of the well-managed company, and it will also analyze the specific structural factors and makes comparisons between the boards of directors of these two companies to draft advices on how to build a well-structured company and these are also references for companies who aspire to construct an ideal managerial system.
From the analysis and comparisons made over various specific structural factors of the boards of directors in companies like Rebar Group and TSMC, we discover that the problems in the structure of the board of directors have great deal to do with the corporation’s bankruptcy, and we could tell a company’s well-being by examining the traits of the structure within the board of directors. If the structure of the board of directors has been steadily built, the company would have established a great foundation for its managerial system and this well-constructed managerial system would help the company to evolve its status and also create the substantial value for the company.

並列關鍵字

Corporation Governance ； Board of Directors ； Rebar Group and TSMC

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