資產管理公司興起對企業重建之影響

Abstract

立法院二０００年十二月通過「金融機構合併法」，使資產管理公司(asset management corporation,簡稱AMC)的成立及處理不良債權具有一定的法源基礎。二００二年三月第一銀行以公開標售方式出售一三二億元之不良資產予澤普世(Cerberus)下轄之資產管理公司起，國內之不良債權，處理速度即大幅加快，透過AMC公司處理的金額亦快速累積。 而AMC取得不良債權時，最主要的功能應該是分類及整合債權後，再分析其最佳的活化資產策略，如果能進一步促成不良債權中的財務危機的企業重建(turnaround)，免於解體或破產，回到具繼續經營價值的軌道上，AMC除了獲致商業上的利益外，更對維持社會、經濟的安定有莫大貢獻。 但一般而言，AMC目前購買不良資產，仍以債權中擔保品出售為主要考量。如不動產及股票的拍賣等，主因其為最快速及較有成效的債權處理標的。相關以AMC促成企業重建案例並不多。但利用AMC或其「特殊目的公司」(special purpose company，簡稱為SPC)等，種種可加使用的企業重建再造工程相關策略或方法，正隨著個案陸續成形及累積中，而這些方法未來將是各種企業重建方法中的一個重要課題。

On November, 2000 the Legislative Yuan passed ' The Financial Institutions Merger Act ', which provided the legal base for the establishment of asset management companies (AMC), and the non-performance loan (NPL) disposal in Taiwan. The first successful NPL public transaction was made between the First Bank and the AMC of Cyberlus on March, 2002, a deal of thirteen billion and two hundred million book value. After that, NPL was transacted either through bidding or negotiation, which was a prompt way of NPL disposal for the financial institutes. After obtained NPL, the main function of AMC should be the classification and conformity of NPL. Then AMC found its best disposal strategy. In addition, it would have the great contribution to the stability of society and economy if AMC could further facilitate the turnaround of the financially distressed enterprise, avoid the bankruptcy and recover the going concern value of the enterprise, besides AMC obtaining benefits itself. Generally speaking, concerning time and efficiency, AMC sill focused on the disposal of the pledged subjects, such as the real estates, common stocks and so on, which were linked to the NPL. There were not so many cases for AMC to facilitate the turnaround of enterprises, but using AMC or SPC (special purpose company) as the strategic tool to reconstruct the enterprise gradually formed. Those methods would be the important topic in future for the turnaround of enterprises.