公司重整過程與反轉策略之研究-以東隆五金股份有限公司為例

Abstract

企業成功不易，然而成功的企業也未必可以永續成長，企業常青。許多經營不善的公司因為財務困難而無法清償債務，公司聲請重整或直接宣告破產的家數也因而增加，影響台灣整個經濟的發展。 依照公司法的相關規定，財務困難的公司可以聲請重整，雖然台灣有許多聲請重整的公司，然而通過法律重整核定的公司很少，而通過重整後，反轉成功的公司至目前為止只有東隆五金一家公司。 本研究旨在探討財務困難之公司重整程序與反轉策略的內涵，並選擇東隆五金股份有限公司作為個案，深入地探討其重整的過程和各個反轉階段的執行，以及其背後的成功因素，期望可以提供給日後財務困難的公司做參考。 本研究結果顯示，財務困難的公司運用重整過程，應以重建企業價值為首要目標，而非規避責任。而該公司反轉成功主要是經歷了「改變管理團隊」、「評估階段」、「急救」、「穩定階段」和「復甦階段」，此外擁有許多可以處分的資產、公司的競爭力和產業前景亦是影響反轉成功與否的因素。

There are many successful companies in Taiwan. However, not allof them could grow and survive forever.Accordingly, the appealing cases for corporate reorganization or bankruptcy due to insolvency are increasing tremendously. As a result, these companies create economic problems. According to Corparate Law, these decline companies can apply reorganization. There were many firms applied reorganization in Taiwan. However, only few of them could pass the reorganization process let along those which can have positive turnaround outcome. This research was motivated by the concern and attempts to unravel the critical successful factors of turnaround case after reorganization appeals by undertaking a qualitative research approach. To achieve this research goal, we choose a seceeful turnaround company –Tong Lung Corparate.Through the reorganization research and turnaround process, we hope to find the key successful factors. This study found that the sharegholders’s commitement to restoring the financial viability of the financial disreessed company, not simply avoiding the creditor’s claiming is essential its reorganization result. The main stages of the company include changing in management team, evaluation stage, rescue stage, stemming stage and recovery stage. Besides, the main successful factors are many accessible assets, the company’s competitive, and the future of the industry, etc.