企業重整成敗因素之探討—企業財務面及經營面

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Title:	企業重整成敗因素之探討—企業財務面及經營面
Other Titles:	The Elements Study in Success or Failure of Restructuring Companies-Business Finance and Operations
Authors:	黃鴻隆 Huang, HungLung
Contributors:	詹茂焜 Jhan, MaoKun 東海大學會計學系
Keywords:	重整監督;重整檢查;公司重整 reorganization supervision;reorganization inspection;corporate reorganization
Date:	2012
Issue Date:	2013-01-02T03:34:25Z (UTC)
Abstract:	所謂重整成功，指的是財務困難公司，經由法定重整程序，調整公司與債權人雙方可接受的償債條件；原股東在完成減資後，可以順利引進新資金，在新團隊的經營下，使得重整後公司的獲利與現金流量，足以正常營運、清償債務，並脫離重整法律保護傘，成為一個正常營運公司的過程；原係上市櫃公司者，並能順利重新返回資本市場。依法聲請重整並獲法院裁定准予重整者，以近20年（1991年?2010年）觀察，法院受理新發生的案件共計347件，可以明顯看出，西元2002年以後，聲請案件劇增，這跟亞洲金融風暴應該是脫不了關係。這20年間，終結件數（准許、駁回或撤回）共計346件，其中只有13.87％的比率，計48件經法院裁定准予重整。這48件准予重整的個案企業中，就只有東隆五金一家，在重整完成後又順利重新返回資本市場，成功率只有2%；若將已脫離重整法律保護傘，成為正常營運公司的其他未上市櫃的已公開發行公司以及重整後未返回資本市場的上市櫃公司，也列為重整成功個案，恐怕也不會超過兩成，仍然很低。本人多次親自參與個案企業之重整檢查以及個案企業重整工作之監督，所參與的公司有重整成功的、也有聲請重整但不獲法院核准的、更有重整後仍告失敗進入破產程序的，這些經驗，是引發本人以此為主題進行研究之主因。本論文運用個案分析法研究分析三個不同個案，針對影響企業重整如何成功進行研究，研究結果發現「財務問題易解；產業問題難解」；因此，除重整人及重整監督人領導有方，獲得信任外，(一) 公司組織員工向心力強、(二) 公司保有核心競爭力、(三)供應商的全力配合，是最重要的產業因素；而(四)獲主力債權銀行的高度支持、(五) 公司有新資金挹注，則是成功的財務因素，前提是有效解決產業問題。 The definition of a successful reorganization refers to a financially troubled company that adjusts and negotiates its debt-paying terms and conditions between the company and its creditors based on reorganization regulations. After the work of a capital reduction from the existing shareholders and more capital injections, a new management team is set up to run the restructured company aiming to make a profit, stabilize its cash flow, pay off its debts, come out of the umbrella protection from bankruptcy, and restore its business operation. If it is a publicly traded company, it returns to the capital market.From 1991 to 2010, the total number of reorganization cases approved by the court reaches 347. The number of applications has even increased dramatically since 2002 due to the Asian financial crisis. During the 20 years, the number of closed cases, including approved, rejected and withdrawn cases, totals to 346. Despite the growing number of reorganization applications, only 48 cases (13.87 percent) were approved for reorganization. Among the 48 cases, only Tong Lung Metal Industry Co., Ltd (東隆五金) successfully reorganized its company and returned to the capital market. In other words, the successful rate is merely two percent. Even if all the public companies that were removed from the protection from bankruptcy according to the law and whose stocks were not listed on a stock exchange nor traded on the over-the-counter market and all the successfully reorganized public companies which have not returned to the capital market are also combined and listed as successful cases, the successful rate is still lower than two percent. The motive for this study was the author’s participation in numerous cases of corporate reorganization and inspection work. Some of the companies succeeded while others failed to obtain the approval of reorganization or even went into bankruptcy even if they entered the reorganization phase. To discover the elements of successful reorganizations, a total of three cases were examined based on the case analysis method. One of the findings of the research is that financial problems, rather than industrial problems, can be solved easily. Therefore, the key to a successful reorganization is to solve industrial problems and elect a trustworthy and professional reorganization manager and a reorganization supervisor. Other important findings regarding a successful reorganization are listed as follows:1. A company’s employees can highly identify themselves with the company (Industrial Element).2. A company has to have core competitive edge (Industrial Element).3. A company has to win a full cooperation from its suppliers (Industrial Element).4. A company has to acquire great support from its major creditor banks (Financial Element). 5. A company has to have new capital injections (Financial Element).
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