法院審理重整案件考量因素之探討

Abstract

重整制度的存在，是希望讓仍有重建更生可能性的公司重回經營正軌。重整聲請的依據為公司法第兩百八十二條，為具有「重建更生之可能者」，而法院的裁定結果，是決定公司得否循重整機制解決財務危機的關鍵。本研究藉由財務面及非財務面因素的分析，試圖找哪些因素是法院在判斷公司是否具有「重建更生可能性」時最重視的因素。 研究結果發現，當公司固定資產比率愈高，法院愈傾向准許公司重整聲請；公司商業交易比率愈高，法院傾向准許公司重整聲請；當債權人不同意重整的比例越低，法院會傾向准許重整聲請。公司發生財務危機主要原因為業外投資管理不當者，法院也會傾向准許公司重整聲請。

The procedure of reorganization allows financial distressed firms an opportunity for survival. The firm files for reorganization should qualify the Company Act. Those should be with higher capability of recovery, and then the court permit the application. As such, the court judgment is the key point to decide whether the firm is accepted to be into the reorganization process. This study aims to distinguish the factors affecting the judgment of corporate reorganization by analyzing financial and nonfinancial aspects. Finally, we find out when fixed asset to total asset ratio is higher, court will tend to permit the application. When the rate of account payable to total debt is higher, court will lean to permit the application. With the debt holders’ support, court will also tend to approve the application. Court will also tend to grant the request when the firms’ financial crisis comes from wrong decisions of non-core business.