『公司重整』一詞近年來時常出現於報章媒體之間，自民國八十七年底，歷經亞洲金融風暴後，國內一連串企業爆發財務危機，聲請重整的案件也頓時增加。
本研究試圖以國內的財務危機公司為研究對象，瞭解具備哪些特質的公司，在發生財務危機之後較容易與債權人私下進行協商，而又是哪些公司會與債權人談判破裂，必須依循法院程序進行重整。本研究選取自民國八十四年至八十九年發生財務危機、並透過私下與債權人協商或是法院程序聲請重整的公司做為研究對象，一共獲得49家樣本公司，其中24家公司是私下與債權人商討債務解決方式，另外，有25家公司是循法院程序進行重整。
研究結果發現在進入危機發生當年，法院重整公司的營運資金驟降，其短期借款、長期負債及總負債額度都劇增，導致其在這幾項財務變數的比較上出現與私下重整的公司顯著性的差異。此外亦發現公司的短期償債能力是解釋公司選擇重整方式的重要財務特徵，當公司的營運資金愈多時，公司愈容易與債權人協商成功，進行私下重整的動作。

With the proliferation of cases of financially distressed firms since the middle of 1998, there has been growing popular concern about the issues of the corporate restructuring. When enterprise financial distress occurs, it not only harms to its own business, but also directly affects the related business, investors, creditors, stockholders, government and so on. Therefore, a firm that must restructure the terms of its debt contracts to remedy or avoid default is faced with two choices; it can either file for formal restructuring in the court or renegotiate with its creditors privately.
This study compares the different financial characteristic of distressed firms to choose between private negotiation and formal corporate restructuring. We analyze a sample of 49 publicly traded companies that experienced severe financial distress during 1995-2000 in Taiwan. In about half of all cases, financially distressed firms restructure their debt outside of the court. The investigation yields a number of insights into the corporate debt restructuring decision. First, we discover that the more the working capital a financially distressed firm has, the easier the firm can obtain an unanimous consent of all creditors whose claims are in default and avoid the holdout problem. Second, we find firms that file for corporate restructuring in the court have relatively less working capital, more short-term and long-term liability than those who privately restructure their debt.

目錄
第一章 緒論 1
第二章 文獻回顧 5
第一節 國外文獻 5
第二節 國內文獻 8
第三章 研究設計 11
第一節 研究假說 11
第二節 樣本選取 12
第三節 研究方法 15
3.3.1 研究變數之定義 15
3.3.2 模型之建構 16
3.3.3 研究方法 17
第四章 實證結果 19
第一節 差異性分析 19
第二節 相關性分析 24
第三節 羅吉斯迴歸 26
4.3.1 Logistic Regression單變量分析 27
4.3.2 因素分析 38
4.3.3 Logistic Regression多變量分析 41
第五章 結論 43
第一節 研究結論 43
第二節 研究限制 44
圖表次
表1-1 法院受理公司重整案件統計表 1
表3-1 樣本公司彙整表 15
表4-1 危機發生當年度財務變數平均值及差異性分析 21
表4-2 危機發生前一年財務變數平均值及差異性分析 23
表4-3 當年度財務變數的相關係數矩陣 26
表4-4 前一年財務變數的相關係數矩陣 26
表4-5 羅吉斯迴歸模型的實證結果--危機當年度的財務資料 29
表4-6 羅吉斯迴歸模型的實證結果--危機前一年的財務資料 35
表4-7 主成份分析法相關係數矩陣特徵值表 39
表4-8 因素轉軸後標準化之因子負荷量矩陣 40
表4-9 修正後羅吉斯迴歸模型的實證結果 42
圖一 研究流程圖 18

參考文獻
一、英文部分
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二、中文部分
 黃政民，民國73年，「公司重整之研究」，國立台灣大學商學研究所碩士論文。
 封德台，民國77年，「財務危機企業救援策略之評估─台灣六家企業之個案研究」，國立交通大學管理科學研究所碩士論文。
 林國正，民國82年，「公司重整與股東財富效果─考慮不頻繁交易下之實證研究」，國立中央大學財務管理研究所碩士論文。
 曾婉如，民國82年，「公司重整制度之研究：兼論重整法院之輔助機關」，國立中興大學法律學研究所碩士論文。
 葉俊宏，民國84年，「我國艱困上市公司重整行為之實證研究」，私立中原大學企業管理研究所碩士論文。
 唐瑞麟，民國87年，「我國財務困難公司重整成功影響影響因素之實證研究」，國立成功大學會計研究所碩士論文。
 蔡佳玲，民國89年，「公司重整對股東財富影響之再探討─核准廠商駁回廠商與自行撤回廠商間比較之結果」，私立朝陽大學財務金融研究所碩士論文。