企業財務危機對利害關係企業之傳染效果

Contagion Effects of Firms’ Financial Distress on Stakeholders

宋玉寶(Yu-Bao Sung)

指導教授 ： 楊淑玲

國立臺中科技大學/資訊與流通學院/流通管理系碩士班/碩士(2020年)

摘要

本研究以1987年至2019年間上市櫃之企業發生財務危機事件，探討財務危機對顧客、供應商、轉投資企業、關係企業與簽訂重要契約之企業，其財富效果的影響。結果顯示，危機企業的財務危機越嚴重、財務限制越高或處於越競爭的產業環境中，對利害關係企業的傳染效果就越大；此外，非任何危機型態都具有傳染性，只在危機企業發生重度危機時，才會將危機傳染給曝險程度較高、為顧客或供應商的利害關係企業。本研究也發現危機愈嚴重或財務限制愈高，利害關係企業的財務狀況愈容易因危機企業而不佳，導致違約風險提升，另外，本研究也對不同利害關係企業的影響進行分析，發現顧客與供應商的財務狀況易受重度危機企業的衝擊而健全度下降。

關鍵字

財務危機 ； 傳染效果 ； 利害關係企業

並列摘要

This paper examines the impacts on wealth effect to customers, suppliers, reinvestment companies, related companies and the companies that has signed an important contract, from different financial distress extents which listed company and over-the-counter company occurred from 1987 to 2019. Our results indicate that the contagion effect is stronger on the stakeholders when distress companies occurred heavier financial distress, had stricter financial constraints or was in the more competitive industry. Besides, it is not any types of financial distress can make the contagion effect. Only in the type of heavy financial distress, the distress companies can make the contagion effect on the stakeholders who have the higher exposure or who are the customers or the suppliers of the distress companies. Our findings also indicate that stakeholders’ financial status become worse when distress companies have heavier financial distress or stricter financial constraints. It leads to stakeholders’ counterparty risk increase. In addition, we also analyze the impact on different stakeholders’ financial status. We find that the financial status of customers and suppliers become unhealthier by distress companies who have heavy financial distress.

並列關鍵字

Financial distress ； Contagion effect ； Stakeholders

參考文獻

中文參考資料

台灣經濟新報社(民108年09月10日)。台灣一般產業版財務資料庫。取自:http://www.tej.com.tw/twisty/

李冠皓與陳惠玲(民101)。TCRI法論：違約狀態解除規則。貨幣觀測與信用評等，94，4-14。

英文參考資料

Acharya, V., Brownlees, C., Engle, R., Farazmand, F., & Richardson, M. (2013). Measuring Systemic Risk. In J. Fouque and J. Langsam (Eds.), Handbook on Systemic Risk (196-225). Cambridge: Cambridge University Press. doi:10.1017/CBO9781139151184.012