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  • 學位論文

瀕臨破產之中小企業危機處理之研析

The study of distressed SME's crisis management and procedure

指導教授 : 林霖
共同指導教授 : 張榮顯(Jung-hsien Chang)
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摘要


近年來世界經濟動盪不已,牽連許多企業相繼發生重大的財務危機事件。但能夠獲得企業再生機會能有多大? 若以公開發行股票或公司債之企業,或可向法院申請重整,獲得企業再生機會。而非公開發行股票之中小企業,連申請重整機會都沒有,只有依賴法院外協商或走向破產命運。因本人之前從事金融業企金業務及近年來執業企業經營管理顧問一職 ,期間常會協助處理財務危機、經營困難之企業機會。有感對於造成企業危機所牽涉層面既深又廣,一旦爆發往往帶來不小的社會動盪,不論公開發行公司或一般中小企業,對於面臨公司重整再生或協商處理之困難,其對員工、股東、債權人甚至整個社會經濟秩序皆有重大影響。 本論文的目的在於研析自由市場經濟體下。企業危機發生主要根源.型態及處理之道,並從這些分析中,以企業再生為價值目標,建立一套危機企業如何運用再生機制獲取重生機會之機制模式。然而,儘管公司財務危機處理此議題對國家來說如此重要,在過去卻並極少相關研究進行探討。過去關於財務危機和公司重整的研究論文,多著重在法律及財務等面向,較少針對中小企業探討如何將一間企業從財務危機的泥淖中拯救出來。因此,本研究期望透過個案法的方式,完整呈現國內中小企業在自救再生過程中所面臨到的問題和處境,同時歸納成功或失敗案例所實行的模式和要點供後人參考。 本研究首先針對企業聲請重整的法律程序及相關法令進行文獻回顧,接著簡介產生財務危機因素的特性以及企業重整再生成功因素的概述。除了進行文獻回顧外,本研究還探討,如何評估公司具有價值方法來進行公司企業再生方式,期望取得不同面向的觀點。研究中並以兩件實際本人操作案例,探討成功與失敗前因後果,作為瀕臨破產之中小企業危機處理步驟之印證。 最後本研究結論,將企業自救再生的過程分為四個時期,依序是危機潛伏期、急救期、安定期和轉手期。研究發現,在實務的再生程序中,公司員工為影響重整再生成敗的最大因素外。另其他再生成功的因素有,如:公司營運的能力、新資金挹注、債權銀行的支持等因素,都將是影響企業再生成敗的結果。

並列摘要


In recent years, the world economy has been swooning; it also has implicated many enterprises that have to undergo some major cases in the financial crises. But however, how many opportunities for accessing reorganization that the enterprises can have ? Therefore, the enterprises,having can public shares or bonds, may can apply to get the opportunity for the reorganization from the court ; but to the small and medium enterprises(SMEs) that can not public shares or bonds, they do not have any chance to apply the reorganization at all;, they only can rely on the consultation that can be dealed in the outside of court, or tend to the fate of bankrupt. Due to the experiences that I corporated with banking business in the financial industry before, and also being as a practical business management consultant recently, so during the period of my regular session, having many business opportunities to assist some enterprises in handling the financial crisis and to solve their operating difficulties . Deeply feeling that the level of crisis which involves enterprises' business can be deep and wide ; once if the problems outbreak, it has often brought a social unrest, and the power is not smalll; so whatever, to the SMEs or to the companies which can public shares or bonds; there is a significant when the enterprises have to face the difficulties in the impacts of reorganization and consultations; particularly, to the staff, shareholders, creditors and even the entire social and economic order . The purpose of this disertation is to analyze some major patterns and their crisis sources ; at the same time, also research the special methods for handling this kind of situation; particularly, when the enterprises are doing business under the condition of free-market economies. According to the analysis, being as a valuable target for the enterprise's reorganization, to establish a useful method for getting the opportunity of reorganization, particularly, it is under the condition of facing enterprises' crises. However, the issue, being about the company how to deal with their financial crisis, is so important to a nation, but the related reports are rarely to research in the past. During the period of past time, all the dissertation.being related with this issue-" the financial crisis and enterprises' reorganization", only emphasis on dealing with the law function and the financial factor--etc; meanwhile, the issue that is how to save the SMEs, which face the financial crisis. is really rarely discussed. Therefore, through my individual practical-cases, I hope this study can present the process of self-reorganization when the domestic SMEs face the difficulties or problems; at the same time, also to sum up the practical modes of successful and failure cases for offering some good references for the enterprises in the future. First, this study is to review the references which is related with the law through the process of law for the enterprises' reorganization; and it continues to introduce the characteristics of enterprises' financial risks and the summary of successful factors for the enterprises' reorganization. Besides overviewing the references, the research also contains the way how to value the modes of company's reorganization; and the study also expect to achieve many points from all the views of different factors. During the process of researching, two personal practical cases are to explore the successful and fail issues. It can be a proof for the SMEs, and also can offer the steps which are how to deal with the brink of bankruptcy and how to face the crisis. Finally, according to the conclusion of this research, the process of enterprises' self-help reorganization is divided into four periods; and the sequence is followed by the crisis of incubation, the period of emergency, the stable period and the period of passing on. During the process of practical reorganization, the study found that the company's employees can strongly influence the reorganization toward success or failure; of course, the other factors also can make the successful reorganization, such as the ability of operating company, the influx of new capital, the support from the creditor's-right banks --- and so on; all the mentioned factors are able to affect the results of enterprises' reorganizations, and further to make them present a result of success or failure.

參考文獻


一、中文部分
1. 文春生( 2002 ),「企業再造公司重整制度設計」,輔仁大學金融所碩士論文
2. 謝秀芬﹙2001﹚, 財務危機公司重整方式選擇之實證研究」,台灣大學財經所碩士論文
3. 丁金輝( 2001 ),「以公司重整再生機制重建企業價值之研究」,國立交通大學碩士論文
4. 白允宜 (2001),「企業發生異常徵兆之 37 個潛在因素」,會計研究月刊 176 期

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