企業財務危機與公司經營績效關聯性之研究：以力霸企業集團事件為例

Abstract

1997年 (民國86年)亞洲發生金融風暴，後續的連鎖效應，幾乎衍生成為全球性金融危機。而民國87年國內許多上市櫃公司接連發生財務危機，引發一連串本土性金融風暴；民國95 (2006) 年力霸集團發生財務危機，這是近來臺灣最嚴重的金融風暴；臺灣的企業經營危機於民國77 (1988) 年開始引爆，然而財務危機的發生應與公司經營績效及公司監理制度的存在有著密不可分的關係。 再者，造成1997年亞洲金融危機發生的關鍵因素之一，即為公司經營績效與公司治理的問題；2001年底，美國發生有史以來最大的會計弊案安隆案後，接續又在2002年中發生世界通訊、全錄及默克藥廠等會計交易醜聞，造成美國股市與匯市的重創，企業界對會計師財務報表的公信力感到懷疑，投資人亦對企業經營產生疑慮，引發各界對公司治理的重視。 公司治理的功能主要在興利和除弊，公司治理機制的建立和落實執行，應可確保企業策略之執行、績效之達成，並透過其監督的功能，確保企業之利害關係人權益獲得應有之報酬與保障。 綜觀這些財務危機公司，不難發現這些個案都涉及經營者舞弊、人謀不臧，這些問題都係屬公司董監事功能不彰—公司治理之層次。然而要防止這些問題再度發生，必須對造成財務危機公司之成因與特性先有所瞭解，才能對症下藥及有效遏止。

In 1997, the Asian financial turmoil and the subsequent knock-on effect, derived almost become a global financial crisis. Many domestic listed companies in 1998, a spate of financial crisis, triggered a series of local financial turmoil; Rebar Group financial crisis occurred in 2006, which is recently the most serious financial turmoil; business crisis began in 1988 detonated. However, financial crises and corporate performance and corporate supervision system has a close relationship. Furthermore, a key factor in the 1997 Asian financial crisis caused by one of the company's operating performance and corporate governance; the end of 2001, the United States, the biggest ever accounting scandal Enron to continue in 2002 trading scandals of WorldCom, Xerox and Merck in accounting, resulting in the U.S. stock market and foreign exchange markets hit, the business doubts about the credibility of the accounting financial statements, investors have also been doubts about the business, causing all walks of life on corporate governance attention. The main function of corporate governance in the Hennessy and eliminating defects, corporate governance mechanism and implemented, should ensure the implementation of corporate strategy, performance achieved, and through its oversight function to ensure the interests of the interested party should pay and security. Looking at the financial crisis companies, is not difficult to find these cases involve the operators fraud, incomplete planning, these issues are the Department are company directors and supervisors dysfunctional - the level of corporate governance. However, in order to prevent these problems from happening again, we must first understand the causes and characteristics caused by the financial crisis companies can address the problem and effectively curb.