半導體產業－封裝測試公司重整個案研究

本研究以個案研究法，討論半導體元件產業公司之重整，以期幫助政府相關單位於未來對相關制度的參考、研擬並進一步深入探討重整成功的關鍵性因素與影響，進而能使「公司重整」發揮其應有之功能，降低各方損失，減輕社會衝擊，而維持社會安定與進步。研究結果顯示，藉著成功的財務重組，個案公司重整完成關鍵性因素，可歸納為以下各點：一、重整人、重整監督人應為專業之相關領域專家。二、新投資團隊與原有經營團隊共同以類似管理買下（management buyout）的方式重新經營公司使雙方利益一致化。三、新投資團隊豐富的債權協調經驗與專業。四、成功且可行的財務重組規劃。本研究建議我國未來應設立如美國之重整專庭及法官，以積累法官對重整議題、重整公司、債權人及新投資者之瞭解，並仿照其以聽證會方式，與各利害關係人及其他重整事務相關人員進行面對面的直接溝通，以發揮重整法院之積極功能，並縮短公司重整時間，創造更有公平合理之投資環境。

關鍵字

公司重整；財務重組

並列摘要

This case study is to research the current Taiwan corporate reorganization theoretically and practically by reviewing a semiconductor company which accomplished its reorganization process in 2009. By this case study, we are trying to explore what are the crucial factors and impact of reorganization accomplishment in Taiwan and also check out if the system works to lower losses of all related parties and maintain social stability and economy development. The study shows that a successful financial restructure and reorganization accomplishment can be concluded as followed: 1.Reorganization manager and Reorganization supervisor shall be professionals in related fields. 2.New investment team and original management team of reorganization company cooperate to run business through management buyout. 3.Interest conciliation made by new investment team with professional and proficient experience in negotiation with creditors. 4.Successful and feasible financial restructuring plan This study suggests a reorganization court and judges like USA should be built up to accumulate the understanding to reorganization issues, debtors, creditors and investors. Except for that, a public hearing which makes stakeholders and other related persons to directly communicate with each others in face to face should also be set up to make reorganization court actively well function, shorten the reorganization period and create a more faire and reasonable investment environment.