| dc.contributor.advisor | 林宛瑩 | zh_TW |
| dc.contributor.author (Authors) | 吳思嫻 | zh_TW |
| dc.creator (作者) | 吳思嫻 | zh_TW |
| dc.date (日期) | 2007 | en_US |
| dc.date.accessioned | 18-Sep-2009 20:04:58 (UTC+8) | - |
| dc.date.available | 18-Sep-2009 20:04:58 (UTC+8) | - |
| dc.date.issued (上傳時間) | 18-Sep-2009 20:04:58 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0095353058 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/36896 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 會計研究所 | zh_TW |
| dc.description (描述) | 95353058 | zh_TW |
| dc.description (描述) | 96 | zh_TW |
| dc.description.abstract (摘要) | 特別處理(special treatment，簡稱ST )制度是中國大陸針對營運產生問題的公司，所建立的一項下市緩衝機制。本研究以1998年至2007年曾實行特別處理的134家公司為研究對象，探討ST公司重返正常市場之策略作法及其效果。 單變量分析結果顯示，成功返回正常市場之樣本公司，採行調整營業效率以及調整營運架構作法之比率高於失敗組，採行調整經營階層以及調整財務結構作法之比率則略低於失敗組。探討策略性作為與是否成功返回正常市場關聯性之迴歸結果發現，策略性作為於控制變數之外，提供增額的解釋能力。其中，調整經營階層(異動董事長或總經理)、調整營業效率(降低成本、增加收入及出售固定資產)及調整營運架構(強化資訊系統與策略聯盟)有助於ST公司返回正常市場。至於調整財務結構策略則與預期不符，對公司返回正常市場有顯著負向的影響。 | zh_TW |
| dc.description.abstract (摘要) | Put listed companies under special treatment (ST) is a mechanism implemented in China capital market for suspending and terminating listed companies that suffer continuous losses. Based on a sample of 134 ST firms over the period of 1998 to 2008, this research investigates the types and their related effects of turnaround strategies employed by the China ST companies. The univariable anaysis shows that the turnaround ST firms are more inclined to adopt strategies associated with operating and asset restructuring activities, while the firms failed to recover are more likely to adopt strategies related to managerial and financial restructuring activities. In the regression analysis, the empirical results show that turnaround strategies have incremental explanatory power beyond the control variables. In addition, the findings also indicate that strategies related to managerial restructuring (changes in board directors or managers), operating restructuring (cost reduction, revenue generation and sales of fixed assets) and asset restructuring (improve information system and the relationship with strategic alliance) activities contribute most to successful corporate turnarounds. However, inconsistent with the expectation, the strategy related to financial restructuring activities is negatively associated with the ST turnaround. | en_US |
| dc.description.tableofcontents | 目錄圖目錄................................................................................................................. II表目錄................................................................................................................. II第壹章 緒論 1第一節 研究動機 1第二節 研究問題與預期貢獻 6第三節 論文章節架構 8第貳章 文獻探討 9第一節 大陸緩衝下市機制之沿革 9第二節 中國大陸實行特別處理公司之研究 12第三節 改善財務狀況之策略 14第參章 研究方法 18第一節 研究假說 18第二節 實證模型與變數衡量 26第三節 樣本選取與資料來源 39第肆章 實證結果分析 40第一節 樣本敘述與基本敘述性統計量 40第二節 單變量分析結果 54第三節 策略與返回正常市場關聯性之迴歸分析結果 58第四節 敏感性測試 66第伍章 結論與建議 76第一節 研究結論 76第二節 研究限制與建議 77參考文獻 79圖目錄圖2-1：特別處理制度規定歷年變動圖 11圖2-2：公司克服財務危機過程架構圖 15圖4-1：本研究樣本返回正常市場各年分布情形 44圖4-2：本研究單變量分析樣本分組情形 45表目錄表1-1：1998年至2007年大陸A股特別處理公司占總上市公司家數比例 2表2-1：退市風險警示與其他特別處理公司之認定標準 10表3-1：採行調整經營階層與調整營業效率策略之變數定義彙總表 36表3-2：採行調整營運架構策略之變數定義彙總表 37表3-3：採行調整財務結構策略之變數定義彙總表 38表3-4：本研究樣本篩選過程 39表4-1：1998~2007年間有特別處理記錄之公司產業分布 40表4-2：大陸特別處理公司(ST)樣本分布表 42表4-3：樣本公司於實行特別處理後兩年(第T+2年)之分布情形 45表4-4：策略性作為變數之分年敘述性統計量 48表4-5：策略性作為變數三年總和之敘述性統計量 50表4-6：策略性作為與返回正常市場關聯性實證模型變數相關係數表 52表4-7：關聯方支持對返回正常市場關聯性之實證模型變數相關係數表 53表4-8：策略採行差異性檢定結果 57表4-9：ST公司策略性作為與返回正常市場關聯性之實證結果 61表4-10：ST公司關聯方支持對返回正常市場關聯性之實證結果 65表4-11：樣本重分類之敏感性分析結果 69表4-12：刪除停止股利發放之敏感性分析結果 72表4-13：策略變數重分類之敏感性分析結果 75 | zh_TW |
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| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0095353058 | en_US |
| dc.subject (關鍵詞) | 中國大陸 | zh_TW |
| dc.subject (關鍵詞) | 特別處理制度 | zh_TW |
| dc.subject (關鍵詞) | 策略 | zh_TW |
| dc.subject (關鍵詞) | China | en_US |
| dc.subject (關鍵詞) | Special treatment | en_US |
| dc.subject (關鍵詞) | strategies | en_US |
| dc.title (題名) | 中國大陸特別處理公司重返正常市場策略效果之探討 | zh_TW |
| dc.title (題名) | The Effect of Turnaround Strategies on China Special Treatment Company | en_US |
| dc.type (資料類型) | thesis | en |
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