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題名 公司重整或暫緩清償之決策
The Choice Between Reorganization and Deferred Payment for Troubled Business
作者 蔡佩欣
貢獻者 王智賢
蔡佩欣
關鍵詞 財務危機
破產
公司重整
暫緩清償
finacial distress
bankruptcy
reorganization
deferred payment
日期 2007
上傳時間 18-Sep-2009 11:01:17 (UTC+8)
摘要 隨著經濟市場自由競爭和資本主義的高度發展,一個良好、健全的破產制度是維持國家金融秩序和經濟穩定的重要環節。實務上,當公司陷入財務困難時,通常在進入正式的破產程序前會要求與往來銀行協議非正式的暫緩還款安排。本文以探討小型企業為目標,藉由賽局模型的設定建立兩種制度,並用逆向求導法由最後一期開始求解。討論當企業發生財務危機時,優先與債權銀行協議暫緩清償,將還款日期延至一期投資計畫所需的時間結束之後,與直接進入破產程序,何者才是最適策略。
Through the free competition of the market and the highly development of capitalism, a solid and sound bankruptcy system is a crucial pillar to sustain the stability of economy and to preclude the financial market from serious crash as well. In practice, usually a firm in financial distress would negotiate with banks an informal arrangement of deferred payment rather than go into a formal bankruptcy process directly. In this paper we focus our study on small firms and set up two systems by means of building model of game theory. Furthermore, we utilize backward induction, which starts from the last period, to obtain the solution. More specifically speaking, we discuss the optimal strategy for distressed firms choosing between a debt negotiation in which the payment date is postponed for one period and going bankruptcy.
參考文獻 王文宇
  1999 〈我國公司重整法制之檢討與建議〉,《金融財務》
    4:59-70。
王南華
 2003 《參加OECD在泰國舉辦之「亞洲國家破產機制改革」研討會報告》,中央存款保險公司。
黃虹霞
  2002 〈公司重整制度之檢討」,《月旦法學雜誌》 85:
     193-210。
鄭憲成
  2004 〈公司重整法律現況與建議-兼論債權銀行應積極面對公司重整以提高債權回收效益〉,《台灣經濟金融月刊》 40(12):14-28。
劉紹樑
  2006 〈再造企業破產與重整法制-兼論聯合國立法原則〉,《經社法制論叢》 37:1-33。
謝易宏
  2004 〈從「倫敦模式」探討我國企業重整之法律佈局〉,《月旦法學》 106:56-72。
羅建勛
  1989 〈我國公司重整制度之檢討與建議〉,《經社法制論叢》 3:171-204。
Ayotte, K.
  2007 “Bankruptcy and Entrepreneurship: The Value of a Fresh
Start,” The Journal of Law, Economics, & Organization   23:161-185.
Armour, J. and S. Deakin
  2001 “Norms in private insolvency the London Approach to the resolution of financial distress,” Journal of Corporate Law Studies 1:21-51.
Armour, J., B. Cheffins and D. A. Skeel, Jr.
  2002 “Corporate ownership structure and the evolution of bankruptcy law: lessons from the UK,” Vanderbilt Law Review 55:1699-1785.
Berkowitz, J. and M. J. White
  2004 “Bankruptcy and Small Firms’ Access to Credit, ” RAND Journal of Economics 35(1):69-84.
Chatterjee, S., U. S. Dhillon and G. G. Ramirez
  1996 “Resolution of financial distress: debt restructurings via Chapter 11, prepackaged bankruptcies, and workouts,” Financial Management 25(1):5-18.
Gilson, S. C., K. John and L. H. P. Lang
  1990 “Troubled debt restructurings: An empirical study of   private reorganization of firms in default,” Journal of Financial Economics 27(2):315-353.
Povel, P. and R. Singh
  2007 “Sale-Backs in Bankruptcy, ” The Journal of Law, Economics, & Organization 23(3):710-730.
Yost, K.
  2002 “The Choice Among Traditional Chapter 11,Prepackaged Bankruptcy and Out-of-Court Restructuring,” Krannert Graduate School of Management, Purdue University working paper
描述 碩士
國立政治大學
財政研究所
95255028
96
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0095255028
資料類型 thesis
dc.contributor.advisor 王智賢zh_TW
dc.contributor.author (Authors) 蔡佩欣zh_TW
dc.creator (作者) 蔡佩欣zh_TW
dc.date (日期) 2007en_US
dc.date.accessioned 18-Sep-2009 11:01:17 (UTC+8)-
dc.date.available 18-Sep-2009 11:01:17 (UTC+8)-
dc.date.issued (上傳時間) 18-Sep-2009 11:01:17 (UTC+8)-
dc.identifier (Other Identifiers) G0095255028en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/34726-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財政研究所zh_TW
dc.description (描述) 95255028zh_TW
dc.description (描述) 96zh_TW
dc.description.abstract (摘要) 隨著經濟市場自由競爭和資本主義的高度發展,一個良好、健全的破產制度是維持國家金融秩序和經濟穩定的重要環節。實務上,當公司陷入財務困難時,通常在進入正式的破產程序前會要求與往來銀行協議非正式的暫緩還款安排。本文以探討小型企業為目標,藉由賽局模型的設定建立兩種制度,並用逆向求導法由最後一期開始求解。討論當企業發生財務危機時,優先與債權銀行協議暫緩清償,將還款日期延至一期投資計畫所需的時間結束之後,與直接進入破產程序,何者才是最適策略。zh_TW
dc.description.abstract (摘要) Through the free competition of the market and the highly development of capitalism, a solid and sound bankruptcy system is a crucial pillar to sustain the stability of economy and to preclude the financial market from serious crash as well. In practice, usually a firm in financial distress would negotiate with banks an informal arrangement of deferred payment rather than go into a formal bankruptcy process directly. In this paper we focus our study on small firms and set up two systems by means of building model of game theory. Furthermore, we utilize backward induction, which starts from the last period, to obtain the solution. More specifically speaking, we discuss the optimal strategy for distressed firms choosing between a debt negotiation in which the payment date is postponed for one period and going bankruptcy.en_US
dc.description.tableofcontents 1. 前言 1
2. 模型設定 5
2.1 制度一:在第 2 期進入破產程序 6
2.2 制度二:第 2 期暫緩清償 13
3. 制度效用比較 22
3.1 比較兩制度效用:以 的四個值為例 22
3.2 銀行的原始融資金額 28
4. 結論 30
附錄1.  32
附錄2.  34
附錄3.  35
附錄4. 36
參考文獻 39
zh_TW
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dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0095255028en_US
dc.subject (關鍵詞) 財務危機zh_TW
dc.subject (關鍵詞) 破產zh_TW
dc.subject (關鍵詞) 公司重整zh_TW
dc.subject (關鍵詞) 暫緩清償zh_TW
dc.subject (關鍵詞) finacial distressen_US
dc.subject (關鍵詞) bankruptcyen_US
dc.subject (關鍵詞) reorganizationen_US
dc.subject (關鍵詞) deferred paymenten_US
dc.title (題名) 公司重整或暫緩清償之決策zh_TW
dc.title (題名) The Choice Between Reorganization and Deferred Payment for Troubled Businessen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 王文宇zh_TW
dc.relation.reference (參考文獻)   1999 〈我國公司重整法制之檢討與建議〉,《金融財務》zh_TW
dc.relation.reference (參考文獻)     4:59-70。zh_TW
dc.relation.reference (參考文獻) 王南華zh_TW
dc.relation.reference (參考文獻)  2003 《參加OECD在泰國舉辦之「亞洲國家破產機制改革」研討會報告》,中央存款保險公司。zh_TW
dc.relation.reference (參考文獻) 黃虹霞zh_TW
dc.relation.reference (參考文獻)   2002 〈公司重整制度之檢討」,《月旦法學雜誌》 85:zh_TW
dc.relation.reference (參考文獻)      193-210。zh_TW
dc.relation.reference (參考文獻) 鄭憲成zh_TW
dc.relation.reference (參考文獻)   2004 〈公司重整法律現況與建議-兼論債權銀行應積極面對公司重整以提高債權回收效益〉,《台灣經濟金融月刊》 40(12):14-28。zh_TW
dc.relation.reference (參考文獻) 劉紹樑zh_TW
dc.relation.reference (參考文獻)   2006 〈再造企業破產與重整法制-兼論聯合國立法原則〉,《經社法制論叢》 37:1-33。zh_TW
dc.relation.reference (參考文獻) 謝易宏zh_TW
dc.relation.reference (參考文獻)   2004 〈從「倫敦模式」探討我國企業重整之法律佈局〉,《月旦法學》 106:56-72。zh_TW
dc.relation.reference (參考文獻) 羅建勛zh_TW
dc.relation.reference (參考文獻)   1989 〈我國公司重整制度之檢討與建議〉,《經社法制論叢》 3:171-204。zh_TW
dc.relation.reference (參考文獻) Ayotte, K.zh_TW
dc.relation.reference (參考文獻)   2007 “Bankruptcy and Entrepreneurship: The Value of a Freshzh_TW
dc.relation.reference (參考文獻) Start,” The Journal of Law, Economics, & Organization   23:161-185.zh_TW
dc.relation.reference (參考文獻) Armour, J. and S. Deakinzh_TW
dc.relation.reference (參考文獻)   2001 “Norms in private insolvency the London Approach to the resolution of financial distress,” Journal of Corporate Law Studies 1:21-51.zh_TW
dc.relation.reference (參考文獻) Armour, J., B. Cheffins and D. A. Skeel, Jr.zh_TW
dc.relation.reference (參考文獻)   2002 “Corporate ownership structure and the evolution of bankruptcy law: lessons from the UK,” Vanderbilt Law Review 55:1699-1785.zh_TW
dc.relation.reference (參考文獻) Berkowitz, J. and M. J. Whitezh_TW
dc.relation.reference (參考文獻)   2004 “Bankruptcy and Small Firms’ Access to Credit, ” RAND Journal of Economics 35(1):69-84.zh_TW
dc.relation.reference (參考文獻) Chatterjee, S., U. S. Dhillon and G. G. Ramirezzh_TW
dc.relation.reference (參考文獻)   1996 “Resolution of financial distress: debt restructurings via Chapter 11, prepackaged bankruptcies, and workouts,” Financial Management 25(1):5-18.zh_TW
dc.relation.reference (參考文獻) Gilson, S. C., K. John and L. H. P. Langzh_TW
dc.relation.reference (參考文獻)   1990 “Troubled debt restructurings: An empirical study of   private reorganization of firms in default,” Journal of Financial Economics 27(2):315-353.zh_TW
dc.relation.reference (參考文獻) Povel, P. and R. Singhzh_TW
dc.relation.reference (參考文獻)   2007 “Sale-Backs in Bankruptcy, ” The Journal of Law, Economics, & Organization 23(3):710-730.zh_TW
dc.relation.reference (參考文獻) Yost, K.zh_TW
dc.relation.reference (參考文獻)   2002 “The Choice Among Traditional Chapter 11,Prepackaged Bankruptcy and Out-of-Court Restructuring,” Krannert Graduate School of Management, Purdue University working paperzh_TW