從財務報表分析與公司治理的角度談博達案之省思

Examine the Procomp Informatics Scandal from the View Point of Financial Statement Analysis and Corporate Governance

何苔麗(Tai-Li Ho)

《中華技術學院學報》 35期 (2006/12) Pp. 83-116

https://doi.org/10.7095/JCIT.200612.0083

摘要

恩隆(Enron)是美國知名的能源公司，以創新又複雜的會計手法隱藏負債、高估資產、美化財務報表，最後爆發震驚全世界的醜聞，終至破產無法收拾。2004年6月，台灣的高科技公司－博達也宣佈因無力償還即將到期的30.7億可轉換公司債，向士林法院申請重整，造成台灣金融市場的震撼。本文分析博達公司之財務報表、以公司治理的觀點來檢討博達公司發生弊端的原因及省思博達案中公司、投資人、債權人、會計師及政府應負之責任，提供建議希望能重新建立投資人對資本市場的信心。
根據博達公司最近五年財務報表，分析結果如下：
1.獲利率由盛而衰。
2.營業活動流入的現金減少，應收票據及帳款、存貨卻大增。
3.投資活動現金之流出多用於長短期投資及購買固定資產。
4.融資活動之現金流入來自於大量現金增資及發行長期負債。
5.流動比率與速動比率的提高，現金與應收票據及帳款的舞弊是很重要的原因。
在公司治理的部份，博達經營階層為了維護股價，遂採取兩種財務操作措施：
1.製造鉅額的不實銷貨，虛增業績、美化財務報表，舉借大量的長期負債。
2.透過國外交易，以大部份的現金移往國外等方式，套取公司的資金，進行其掏
空公司資產的目的。
關於博達案，我們可以從1.獨立董事制度2.投資人3.會計師4.金融機構5.主管機關6.公司的內控及財務會計人員六方面來省思。

關鍵字

博達公司 ； 財務報表分析 ； 財務比率 ； 公司治理 ； 獨立董事

並列摘要

Enron, one of the famous energy companies of U.S.A., hid its debt mostly by institutionalized, systematic, and creatively planned accounting fraud. The company over-evaluated its assets and modified its financial statement until finally the truth was exposed. The scandal has shocked the whole world-the company ended up with filing for bankruptcy and was unable to recover. In June, 2004 Procomp Informatics Ltd, a Hi-Tech company in Taiwan, announced its inability to pay its 3,070 million overdue ”Eurodollar Convertible Bond”; the company then applied for receivership from Shin-Lin District Court. This instance also caused the turbulence in the Taiwan financial market. From this research, we analyzed the financial report of Procomp Informatics Ltd. based on the concept of corporate governance. We examined the reason for Procomp's drawback and evaluated the responsibility which the company, investor, creditor, accountant and government should hold for. From this research, we also hope we can offer suggestions and help investors to regain confidence in the capital market. According to the financial statements for the latest five years of the company, the analysis results are as follows:
1. The profitability ratio is from prospering to declining.
2. Cash flow from operating reduced while notes and accounts receivable and inventory increased.
3. Outgoing cash flow from investing were mostly spent on long-term/short-term investments and capital expenditures.
4. Cash flow from financing were mostly from issuing large amount of stocks and long-term bonds.
5. Current ratio and Quick ratio (Acid-test Ratio) increased rapidly primarily resulted from false cash, notes and accounts
In order to maintain the substantial stock price, Procomp took two kinds of financial measures to operate:
1. Made up unreal large volume sales in order to inflate the company revenue; revamped financial statement by borrowing a large number of long-term debts.
2. Through international trade, transferred a large amount of cash to foreign countries and further extracted the fund of the company in order to squeeze company's assets.
We can examine Procomp's case from six aspects:
1. Independent director's system.
2. Investors.
3. The accountant.
4. Financial institutions.
5. Administrative authority.
6. Internal control and financial, accounting personnel in the company.

並列關鍵字

Procomp Informatics Ltd. ； financial statement analysis ； financial ratio ； corporate governance ； independent director