| 摘要: | 企業經營環境瞬息萬變，台灣中小企業平均壽命僅七年，如何調整經營決策，以在殘酷的商業競爭環境中存活？而國內聲請財務困難重整公司多達360家，真正經法院判決重整成功者，僅兩家，超過80%以上重整聲請駁回或自行撤銷，不足兩成在進行中。對於這些財務困難重整進行中公司，如何梳理財務困境、調整經營策略，以順利完成重整，取得股東、債權人與員工多贏的結局，更是重中之重。台中精機廠（股份）有限公司曾是我國機械業的上市公司，曾獲國家、業界與股東的高度肯定，然在亞洲金融風暴時因護盤導致財務困難，進行重整。後於2013年05月10日向法院聲請重整完成，應屬台灣第三家重整成功企業。本研究針對台中精機重整成功因素進行探討，以深度訪談、文獻整理、財務分析等角度進行，研究結果顯示，影響台中精機重整成功主要因素有八點，分別為：（一）慎選重整人及重整監督人；（二）產業前景與企業本業經營良好，於重整期間穩定成長；（三）強化供應鏈管理，縮短前置期與提高存貨周轉效率；（四）持續推展「腳踏實地、厚道」的善性企業文化：（五）精簡人力、提升員工素質；（六）深耕客戶關係；（七）提高集團透明度，降低資訊不對稱，提高債權人、員工及客戶信心；（八）組織變革，推展同業結合，化競爭為競合；故不論是新設企業經營或財務困難公司聲請重整等，均可參酌台中精機重整成功因素，調整經營策略、提高透明度、形成善性企業文化，從而提高企業存活率／重整成功率。
The average life span of Taiwan’s small and medium enterprises is only seven years in the changing corporate environment. How do enterprises survive in the cruel and highly competitive environment by adjusting business decisions? At least 360 financial difficult companies in Taiwan file for restructuring, and yet only two companies are declared by the court as being successful. Over 80% of the restructuring proposals are dismissed or withdrawn while less than 20% are under process. It is absolutely important to help the companies under process to overcome the financial crisis, adjust business strategies, and complete the restructuring to create a multi-win situation among shareholders, creditors, and employees.
Victor Taichung Machinery Works Co. had been a listed company in Taiwan’s machinery industry till 1998 and is highly recognized by the country, industry, and shareholders. Yet to prop up the stock market during the Asian-financial-crisis, the company faced financial crisis and needed restructuring. On May 10, 2013, the company applies to the court for a declaration that the restructuring is completed, and it can thus be regarded as the third company successfully restructuring in Taiwan.
This study analyzes factors that lead to Victor Taichung’s restructuring success. Through an in-depth interview, literature review, and financial analysis, research results show that eight factors are involved as indicated as follows: (1) The reorganizer and reorganization supervisor are carefully selected
(2) The industry’s prosperity and well-managed company value stabilize the company’s development during reorganization
(3) Supply chain management is improved by shortening the lead time and strengthening the efficiency of inventory turnover
(4) The company continues to promote its benevolent corporate culture of “being down-to-earth and decent”
(5) The company is downsized and enhances employees’ quality
(6) The customer relationship is well managed
(7) The corporate transparency is improved and information asymmetry is reduced as confidence of creditors, employees, and customers is increased
(8) The organizational change has encouraged alliance within the same industry to replace competition with co-opetition.
Overall, the factors that determine a successful restructuring of Victor Taichung are worth considering for either a newly established enterprise or a financial crisis company that files for restructuring. The survival rate and reorganization success rate can be increased by adjusting business strategies, improving transparency, and establishing benevolent corporate culture. |
