本文利用韋伯期間模型來分析艱困廠商聲請重整的期間長短。分別從個別廠商特性及總體經濟環境兩個層面出發，並加上非線性型態的考量，觀察其對整個期間的影響。在廠商特性變數方面，實證結果顯示廠商的金融債權、公司債、利息支出以及普通股股數等變數，皆對聲請重整的期間長短有著顯著的影響。而總體經濟變數方面則呈現出不顯著的結果，即對聲請重整期間的長短無任何影響。另外實證結果亦顯現出廠商重整聲請事件結束的機率與聲請期間的長短幾無關係存在。

Using the Weibull distribution model, this paper analyzes the duration of the distressed firms filing for reorganization. From micro and macro view, we observed the effects of various regressors in a nonlinear form. The results show that lots of firm-specific variables, such as financial debts, corporate bonds, interest expense, and the number of shares outstanding, have significant impacts on the duration. On the other hand, economy wide variables have insignificant effect on the duration. Additionally, we find that the instantaneous probability (hazard rate) of a firm’s exit from filing for reorganization is irrelevant with the length from filing for reorganization to final settlements, which is due to either the firm’s withdrawal or the court declaration.

第一章 緒論 1
第二章 文獻探討 3
第一節 重整議題概述 3
第二節 相關的實證文獻 9
第三章 期間模型 11
第四章 研究假說 16
第五章 樣本敘述及變數設定 20
第一節 樣本敘述 20
第二節 變數設定 23
第六章 實證結果 26
第一節 圖形分析 26
第二節 韋伯分配之期間模型 31
第七章 結論 35
參考文獻 36
附錄A 完整生命量表 38
附錄B 由OLS與韋伯期間模型所估計出的結果 40

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