探討財務危機及企業重建之個案研究—以亞太電信為例

Abstract

本文以臺灣亞太電信為例，探析企業面臨財務危機後重建的策略與成功因素。本研究透過個案研究之方法，分析亞太電信其企業重建的計畫及執行過程。 本研究分析亞太陷入財務危機後企業重建的策略及計畫。本研究發現企業重建涵蓋的範圍不僅限於財務方面。亞太重建的策略主要包含三大構面:人事改組、財務重組、調整營運架構。除此之外，領導人特質、股東及債權人的支持、成功運用訴訟策略、適當的組織改組、全面性考量產業發展趨勢及公司本身的優、劣勢均是企業得以成功重建的關鍵因素。 亞太電信掏空及財務危機的過程，值得其他企業引以為戒。其成功反轉的經驗，值得其他陷入財務危機的公司參考及學習。

The paper takes Asia Pacific Telecom (APT) as example to introduce and analyze its corporate turnaround process. The paper uses case-study method to investigate the strategies and critical successful factors of the turnaround process. The paper analyzes the plan and strategies of the corporate turnaround of APT. The results reveal that the scope of corporate recovery is not limited to financial restructuring. The successful turnaround strategies of the case company included three main dimensions: personnel restructuring, financial restructuring, and operating restructuring. Moreover, the characteristic of leaders, the support by the shareholders and creditors, the successful application of litigation strategies, the restructuring of the corporate structure, the consideration of industrial development trend, and the comprehensive consideration of the advantages and disadvantages of the company were also the critical success factors in the turnaround process. The process of frauds and financial distress of APT can provide a lesson to other companies, and the process of corporate turnaround can be reference to companies ever experiencing finance distress.