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題名 企業重整
Corporate Restructuring作者 龔宗惠
Kung, Tsung-Hui Handon貢獻者 郭維裕
Kuo, Wei Yu
龔宗惠
Kung, Tsung-Hui Handon關鍵詞 企業重整
債務處理
依績效支付酬勞
Corporate Restructuring
Debt Handling
Pay For Performance日期 2009 上傳時間 9-May-2016 15:19:39 (UTC+8) 摘要 企業重整乃是在企業經營循環中, 不論是自發或是被迫都必然要經歷的過程. 這個過程可以幫助公司成長成巨型的國際企業, 協助公司增加或轉換不同的商品或服務, 或是從危機中存活下來. 在今日的企管領域中, 有許多的工具可以協助企業能得到較好的重整結果. 當企業重整是因為財務危機而啟動時, 如何與債權人重新架構債務結構成為最重要且急需處理的事務. 在此之後, 一個依績效設計的獎勵制度會決定這個遭遇麻煩的公司, 會如何以及何時爬出財務困難的泥淖. 在本研究中會用一個臺灣上市公司宏達科技股份有限公司(股票代碼:3004), 來闡述重新架構債務結構, 和依績效設計的獎勵制度對公司重整的影響.
Corporate restructuring is a process that every enterprise will have to voluntarily or involuntarily go through in its life cycle in order to grow to a bigger company, to increase or change to different products or services, or to survive from a crisis. In today’s business world, there are many tools that can help the company to get a better result out of the restructuring process. When the corporate restructuring is initiated due to a financial distress, how to restructure the debt with creditors is the first and most important issue to be resolved. After that, a pay-for-performance system will decide the scale and the speed that a company can get out of the troubles. A Taiwan company, National Aerospace Fasteners Corporation (NAFCO) is used to better understand the impact of debt handling and pay-for-performance system.參考文獻 References 1. Gordon Donaldson, “THE CORPORATE RESTRUCTURING OF THE 1980S-AND ITS IMPORT FOR THE 1990s”, Journal of Applied Corporate Finance, Volume 6, Issue 4, Page 55, Cover Date Winter 1994 2. G. Bennett Stewart III and David M. Glassman, “THE MOTIVES AND METHODS OF CORPORATE RESTRUCTURING”, Journal of Applied Corporate Finance, Volume 1, Issue 1, Page 85, Cover Date Spring 1988 3. G. Bennett Stewart III and David M. Glassman, “THE MOTIVES AND METHODS OF CORPORATE RESTRUCTURING: PART II”, Journal of Applied Corporate Finance, Volume 1, Issue 2, Page 79, Cover Date Summer 1988 4. Michael Jensen, “The Takeover Controversy Analysis and Evidence”, Midland Corporate Finance Journal, Vol. 4 No.2, pp. 6-31, Summer 1986 5. D. C. Hambrick and S. M. Schecter, “Turnaround strategies for mature industrial-product business units”, Academy of Management Journal, 23(2), pp. 231-248, 1983 6. R. C. Hoffman, “Strategies for corporate turnarounds: what do we know about them?”, Journal of General Management, 46, pp. 46-66, 1989 7. W. Weitzel and E. Jonsson, “Decline in organizations - A literature integration and extension”, Administrative Science Quarterly, 34, pp. 91-109, 1989 8. V. L. Barker III and M. A. Mone, “Retrenchment: Cause of turnaround or consequence of decline”, Strategic Management Journal, 15, pp. 395-405, 1994 9. Sudi Sudarsanam & Jim Lai, “Corporate Financial Distress and Turnaround Strategies: An Empirical Analysis”, British Journal of Management, Volume 12, Issue 3, Page 183, Cover Date September 2001 10. Stuart C. Gilson, and Michael R. Vetsuypens, “CREATING PAY-FOR-PERFORMANCE IN FINANCIALLY TROUBLED COMPANIES”, Journal of Applied Corporate Finance, Volume 6, Issue 4, Page 81, Cover Date Winter 1994 11. Robert F. Bruner, “LEVERAGED ESOPS AND CORPORATE RESTRUCTURING”, Journal of Applied Corporate Finance, Volume 1, Issue 1, Page 54, Cover Date Spring 1988 12. Thomas H. Noe Michael J. Rebello , “The Role of Debt Purchases in Takeovers: A Tale of Two Retailers”, Journal of Economics & Management Strategy, Volume 15, Issue 3, Page 609, Cover Date Fall 2006 13. Gordon Donaldson, “VOLUNTARY RESTRUCTURING: THE CASE OF GENERAL MILLS”, Journal of Applied Corporate Finance, Volume 4, Issue 3, Page 6, Cover Date Fall 1991 14. Igor Filatotchev and Steve Toms, “Corporate Governance, Strategy and Survival in a Declining Industry: A Study of UK Cotton Textile Companies”, Journal of Management Studies, Volume 40, Issue 4, Page 895, Cover Date June 2003 15. Mike Wright and Ken Robbie and Steve Thompson , “CORPORATE RESTRUCTURING, BUY-OUTS, AND MANAGERIAL EQUITY: THE EUROPEAN DIMENSION”, Journal of Applied Corporate Finance, Volume 3, Issue 4, Page 47, Cover Date Winter 1991 16. Inder K. Khurana & Barbara Lippincott, “Restructuring and Firm Value: The Effects of Profitability and Restructuring Purpose”, Journal of Business Finance & Accounting, Volume 27, Issue 9&10, Page 1085, Cover Date November/December 2000 描述 碩士
國立政治大學
經營管理碩士學程(EMBA)
94932022資料來源 http://thesis.lib.nccu.edu.tw/record/#G0094932022 資料類型 thesis dc.contributor.advisor 郭維裕 zh_TW dc.contributor.advisor Kuo, Wei Yu en_US dc.contributor.author (Authors) 龔宗惠 zh_TW dc.contributor.author (Authors) Kung, Tsung-Hui Handon en_US dc.creator (作者) 龔宗惠 zh_TW dc.creator (作者) Kung, Tsung-Hui Handon en_US dc.date (日期) 2009 en_US dc.date.accessioned 9-May-2016 15:19:39 (UTC+8) - dc.date.available 9-May-2016 15:19:39 (UTC+8) - dc.date.issued (上傳時間) 9-May-2016 15:19:39 (UTC+8) - dc.identifier (Other Identifiers) G0094932022 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/95190 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 經營管理碩士學程(EMBA) zh_TW dc.description (描述) 94932022 zh_TW dc.description.abstract (摘要) 企業重整乃是在企業經營循環中, 不論是自發或是被迫都必然要經歷的過程. 這個過程可以幫助公司成長成巨型的國際企業, 協助公司增加或轉換不同的商品或服務, 或是從危機中存活下來. 在今日的企管領域中, 有許多的工具可以協助企業能得到較好的重整結果. 當企業重整是因為財務危機而啟動時, 如何與債權人重新架構債務結構成為最重要且急需處理的事務. 在此之後, 一個依績效設計的獎勵制度會決定這個遭遇麻煩的公司, 會如何以及何時爬出財務困難的泥淖. 在本研究中會用一個臺灣上市公司宏達科技股份有限公司(股票代碼:3004), 來闡述重新架構債務結構, 和依績效設計的獎勵制度對公司重整的影響. zh_TW dc.description.abstract (摘要) Corporate restructuring is a process that every enterprise will have to voluntarily or involuntarily go through in its life cycle in order to grow to a bigger company, to increase or change to different products or services, or to survive from a crisis. In today’s business world, there are many tools that can help the company to get a better result out of the restructuring process. When the corporate restructuring is initiated due to a financial distress, how to restructure the debt with creditors is the first and most important issue to be resolved. After that, a pay-for-performance system will decide the scale and the speed that a company can get out of the troubles. A Taiwan company, National Aerospace Fasteners Corporation (NAFCO) is used to better understand the impact of debt handling and pay-for-performance system. en_US dc.description.tableofcontents Table of Figures.. 8 Chapter 1. Introduction 10 1.1 Research Motives 10 1.2 Research Structure 12 1.3 Research Limitations 13 Chapter 2. Corporate Restructuring Strategies 15 2.1 Modern Corporate Restructuring 15 2.1.1 Corporate Restructuring in the USA 15 2.1.2 Corporate Restructuring in Europe 19 2.2 Corporate Structuring Motives 22 2.3 Methods for Voluntary Corporate Restructuring 23 2.3.1 Cash Disgorgement 25 2.3.1.1 Junk Bond 29 2.3.1.2 Repurchased Shares 29 2.3.1.3 Leveraged Share Repurchases 30 2.3.1.4 Partnerships 31 2.3.1.5 Leveraged Acquisition 32 2.3.1.6 Dividends 33 2.3.1.7 Partial Public Offerings 34 2.3.2 Incentives 34 2.3.2.1 Investor Incentives 35 2.3.2.1.1 Leveraged Buyout (LBO) 36 2.3.2.2 Incentives for Management & Employees 37 2.3.2.2.1 Wage, Defined Benefits & Pension 38 2.3.2.2.2 Profit Sharing 38 2.3.2.2.3 Employee Stock Ownership Plan (ESOP) 39 2.3.2.2.4 Leveraged ESOP 41 2.3.2.2.5 Leveraged Equity Purchase Plan 42 2.3.2.2.6 Leveraged Cash-Outs 44 2.3.2.2.7 The Extreme Incentives 48 2.3.3 Forced Sales 49 2.3.3.1 To Find a Fit 49 2.3.3.2 To Buy, Build, & Harvest 51 2.3.3.3 To Focus 51 2.3.3.4 To Bifurcate 52 2.4 Methods for Involuntary Corporate Restructuring 54 2.4.1 Managerial Restructuring 54 2.4.2 Operational Restructuring 55 2.4.3 Asset Restructuring 56 2.4.4 Financial Restructuring 58 2.4.5 Pay for Performance 59 2.5 Different Perspectives from Buyer & Seller 62 2.5.1 Seller’s Perspective 63 2.5.2 Buyer’s Perspective 64 2.6 Focused Areas in the Research 64 Chapter 3. Case Study on NAFCO 67 3.1 Introduction to Aerospace Industry 67 3.2 Introduction to Fastener Industry 71 3.3 Case Study Company - National Aerospace Fastener Corporation Ltd. (NAFCO) 73 3.3.1 Company introduction 73 3.3.2 Business Plan 78 3.3.3 Major Product, Sales and Production Policies 79 3.4 Company Restructuring Process 80 3.4.1 How Did the Financial Crisis Happen? 80 3.4.2 The First Restructuring Process 84 3.4.3 The Second Restructuring Process 90 3.5 Stock Price Performance during Restructuring Process 91 3.6 The Analysis and recommendations on Debt Handling for NAFCO 93 3.6.1 The first restructuring attempt from 2005 to 2007 93 3.6.2 The second restructuring attempt starting from 2008 106 3.7 The Analysis on Pay by Performance 107 3.7.1 The first restructuring attempt from 2005 to 2007 107 3.7.2 The second restructuring attempt starting from 2008 110 Chapter 4. Conclusion & Suggestion 111 4.1 Conclusions 111 4.1.1 NAFCO’s market position 111 4.1.2 NAFCO’s problems 112 4.1.3 Corporate restructuring methods 113 4.1.4 NAFCO’s restructuring approaches 115 4.1.5 Recommended approach and expected results 116 4.2 Suggestions 118 Appendix A 119 References 122 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0094932022 en_US dc.subject (關鍵詞) 企業重整 zh_TW dc.subject (關鍵詞) 債務處理 zh_TW dc.subject (關鍵詞) 依績效支付酬勞 zh_TW dc.subject (關鍵詞) Corporate Restructuring en_US dc.subject (關鍵詞) Debt Handling en_US dc.subject (關鍵詞) Pay For Performance en_US dc.title (題名) 企業重整 zh_TW dc.title (題名) Corporate Restructuring en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) References 1. Gordon Donaldson, “THE CORPORATE RESTRUCTURING OF THE 1980S-AND ITS IMPORT FOR THE 1990s”, Journal of Applied Corporate Finance, Volume 6, Issue 4, Page 55, Cover Date Winter 1994 2. G. Bennett Stewart III and David M. Glassman, “THE MOTIVES AND METHODS OF CORPORATE RESTRUCTURING”, Journal of Applied Corporate Finance, Volume 1, Issue 1, Page 85, Cover Date Spring 1988 3. G. Bennett Stewart III and David M. Glassman, “THE MOTIVES AND METHODS OF CORPORATE RESTRUCTURING: PART II”, Journal of Applied Corporate Finance, Volume 1, Issue 2, Page 79, Cover Date Summer 1988 4. Michael Jensen, “The Takeover Controversy Analysis and Evidence”, Midland Corporate Finance Journal, Vol. 4 No.2, pp. 6-31, Summer 1986 5. D. C. Hambrick and S. M. Schecter, “Turnaround strategies for mature industrial-product business units”, Academy of Management Journal, 23(2), pp. 231-248, 1983 6. R. C. Hoffman, “Strategies for corporate turnarounds: what do we know about them?”, Journal of General Management, 46, pp. 46-66, 1989 7. W. Weitzel and E. Jonsson, “Decline in organizations - A literature integration and extension”, Administrative Science Quarterly, 34, pp. 91-109, 1989 8. V. L. Barker III and M. A. Mone, “Retrenchment: Cause of turnaround or consequence of decline”, Strategic Management Journal, 15, pp. 395-405, 1994 9. Sudi Sudarsanam & Jim Lai, “Corporate Financial Distress and Turnaround Strategies: An Empirical Analysis”, British Journal of Management, Volume 12, Issue 3, Page 183, Cover Date September 2001 10. Stuart C. Gilson, and Michael R. Vetsuypens, “CREATING PAY-FOR-PERFORMANCE IN FINANCIALLY TROUBLED COMPANIES”, Journal of Applied Corporate Finance, Volume 6, Issue 4, Page 81, Cover Date Winter 1994 11. Robert F. Bruner, “LEVERAGED ESOPS AND CORPORATE RESTRUCTURING”, Journal of Applied Corporate Finance, Volume 1, Issue 1, Page 54, Cover Date Spring 1988 12. Thomas H. Noe Michael J. Rebello , “The Role of Debt Purchases in Takeovers: A Tale of Two Retailers”, Journal of Economics & Management Strategy, Volume 15, Issue 3, Page 609, Cover Date Fall 2006 13. Gordon Donaldson, “VOLUNTARY RESTRUCTURING: THE CASE OF GENERAL MILLS”, Journal of Applied Corporate Finance, Volume 4, Issue 3, Page 6, Cover Date Fall 1991 14. Igor Filatotchev and Steve Toms, “Corporate Governance, Strategy and Survival in a Declining Industry: A Study of UK Cotton Textile Companies”, Journal of Management Studies, Volume 40, Issue 4, Page 895, Cover Date June 2003 15. Mike Wright and Ken Robbie and Steve Thompson , “CORPORATE RESTRUCTURING, BUY-OUTS, AND MANAGERIAL EQUITY: THE EUROPEAN DIMENSION”, Journal of Applied Corporate Finance, Volume 3, Issue 4, Page 47, Cover Date Winter 1991 16. Inder K. Khurana & Barbara Lippincott, “Restructuring and Firm Value: The Effects of Profitability and Restructuring Purpose”, Journal of Business Finance & Accounting, Volume 27, Issue 9&10, Page 1085, Cover Date November/December 2000 zh_TW
