臺灣博碩士論文加值系統

本研究探討在不同的生命週期下，企業面臨財務狀況惡化時是否影響重整策略的選擇，以1995至2015年間台灣上市櫃非金融公司資料進行實證分析。實證結果發現生命週期會影響企業在面臨財務狀況惡化時，對於重整策略的選擇。生命週期劃分為保留盈餘法判斷法最具顯著性。兩階段生命週期之結果，相較於成熟期或衰退期公司，萌芽期或成長期公司在面臨財務狀況惡化時，可能會選擇採取管理重整、營運重整或財務重整之策略。四階段生命週期之結果，相較於衰退期公司，萌芽期公司面臨財務狀況惡化時，可能採用撤換經理人、處分固定資產或進行增資作為重整策略；而成長階段的公司財務狀況惡化時，可能採用撤換經理人作為重整策略；成熟期的公司財務狀況惡化時，則適合透過權益面進行重整。

This study analyze whether firms confront financial distress will have impact on making the choices about restructuring strategies during different corporate lifecycle. Therefore this research applied empirical analysis to investigate the data of non-financial companies among Taiwan Stock Exchange during the period from 1995 to 2015.The result suggests the corporate lifecycle has impact on firms to make the choices about restructuring strategies when facing financial distress. Ratio of retained earnings for identifying lifecycle is the most significant. The result of two-phase corporate lifecycle shows that compare to mature or decline firm, when firm which is in birth or growth faces financial distress, it may adopt the strategies of managerial restructuring, operational restructuring, or financial restructuring. The result of four-phase corporate life cycle shows that compare to decline firms, when birth firms face financial distress, they may adopt a replacement of CEO, a disposal of fixed asset, or an increase of capital as their restructuring strategy. When growth firms face financial distress, their restructuring strategy may be a replacement of CEO, and when mature firms confront financial distress, they are better to restructure through equity.

摘要 I
ABSTRACT II
目錄 III
表目錄 V
圖目錄 VI
第一章 緒論 1
第一節 研究背景及動機 1
第二節 研究目的 3
第三節 研究流程 5
第二章 文獻探討及研究假說 6
第一節 生命週期理論 6
第二節 財務危機與企業重整策略 7
第三節 生命週期、財務危機及重整策略之關係 9
第三章 研究方法與模型 13
第一節 資料與變數定義 13
第二節 研究模型 20
第三節 敘述統計分析 22
第四節 相關係數分析 25
第四章 實證結果分析 29
第一節 管理重整 29
第二節 營運重整 30
第三節 資產重整 31
第四節 財務重整 33
第五章 結論與建議 45
第一節 研究結果 45
第二節 研究限制與建議 47
參考文獻 48

一、英文文獻
1.Adizes, I. (2004). Managing corporate lifecycles: Adizes Institute Publications.
2.Anthony, J. H., & Ramesh, K. (1992). Association between accounting performance measures and stock prices. Journal of Accounting and Economics, 15(2), 203-227.
3.Arogyaswamy, K., Barker, V. L., & Yasai‐Ardekani, M. (1995). Firm turnarounds: An integrative two‐stage model. Journal of management studies, 32(4), 493-525.
4.Atanassov, J., & Kim, E. (2009). Labor and corporate governance: International evidence from restructuring decisions. The Journal of Finance, 64(1), 341-374.
5.Barclay, M. J., & Smith, C. W. (2005). The capital structure puzzle: The evidence revisited. Journal of Applied Corporate Finance, 17(1), 8-17.
6.Barker, V. L., & Mone, M. A. (1994). Retrenchment: Cause of turnaround or consequence of decline? Strategic Management Journal, 15(5), 395-405.
7.Black, F., & Scholes, M. (1973). The pricing of options and corporate liabilities. Journal of political economy, 81(3), 637-654.
8.Black, P., & Wiliam, D. (1998). Assessment and classroom learning. Assessment in Education: principles, policy & practice, 5(1), 7-74.
9.Bowman, E. H., & Singh, H. (1993). Corporate restructuring: Reconfiguring the firm. Strategic Management Journal, 14, 5-14.
10.Brown, D. T., James, C. M., & Mooradian, R. M. (1994). Asset sales by financially distressed firms. Journal of Corporate Finance, 1(2), 233-257.
11.Bulan, L., Subramanian, N., & Tanlu, L. (2007). On the timing of dividend initiations. Financial Management, 31-65.
12.Chen, N., & Zhang, F. (1998). Risk and return of value stocks. The Journal of Business, 71(4), 501-535.
13.DeAngelo, H., & DeAngelo, L. (1990). Dividend policy and financial distress: An empirical investigation of troubled NYSE firms. The Journal of Finance, 45(5), 1415-1431.
14.DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2006). Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory. Journal of Financial Economics, 81(2), 227-254.
15.Denis, D. J., & Kruse, T. A. (2000). Managerial discipline and corporate restructuring following performance declines. Journal of Financial Economics, 55(3), 391-424.
16.Dickinson, V. (2011). Cash flow patterns as a proxy for firm life cycle. The Accounting Review, 86(6), 1969-1994.
17.Fitzpatrick, J., & Ogden, J. P. (2011). The detection and dynamics of financial distress. International Review of Finance, 11(1), 87-121.
18.Gilson. (1989). Management turnover and financial distress. Journal of Financial Economics, 25(2), 241-262.
19.Gilson. (1990). Bankruptcy, boards, banks, and blockholders: Evidence on changes in corporate ownership and control when firms default. Journal of Financial Economics, 27(2), 355-387.
20.Grabowski, H. G., & Mueller, D. C. (1978). Industrial research and development, intangible capital stocks, and firm profit rates. The Bell Journal of Economics, 328-343.
21.Haire, M. (1960). Biological models and empirical histories of the growth of organizations: University of California.
22.Hambrick, D. C., & Schecter, S. M. (1983). Turnaround strategies for mature industrial-product business units. Academy of Management Journal, 26(2), 231-248.
23.Hendel, I. (1996). Competition under financial distress. The Journal of Industrial Economics, 44(3), 309-324.
24.Hofer, C. W. (1980). Turnaround strategies. Journal of Business Strategy, 1(1), 19-31.
25.Hovakimian, A., Hovakimian, G., & Tehranian, H. (2004). Determinants of target capital structure: The case of dual debt and equity issues. Journal of Financial Economics, 71(3), 517-540.
26.Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329.
27.Jensen, M. C. (1989). Eclipse of the public corporation.
28.Jovanovic, B. (1982). Selection and the evolution of industry. Econometrica: Journal of the Econometric Society, 649-670.
29.Kang, J.-K., & Shivdasani, A. (1997). Corporate restructuring during performance declines in Japan. Journal of Financial Economics, 46(1), 29-65.
30.Koh, S., Durand, R. B., Dai, L., & Chang, M. (2015). Financial distress: Lifecycle and corporate restructuring. Journal of Corporate Finance, 33, 19-33.
31.Liou, D.-K., & Smith, M. (2006). Financial distress and corporate turnaround: A review of the literature and agenda for research.
32.Lohrke, F. T., Bedeian, A. G., & Palmer, T. B. (2004). The role of top management teams in formulating and implementing turnaround strategies: a review and research agenda. International Journal of Management Reviews, 5(2), 63-90.
33.Merton, R. C. (1974). On the pricing of corporate debt: The risk structure of interest rates. The Journal of Finance, 29(2), 449-470.
34.Miller, D., & Friesen, P. H. (1984). A longitudinal study of the corporate life cycle. Management Science, 30(10), 1161-1183.
35.Mueller, D. C. (1972). A life cycle theory of the firm. The Journal of Industrial Economics, 20(3), 199-219.
36.Murphy, K. J., & Zimmerman, J. L. (1993). Financial performance surrounding CEO turnover. Journal of Accounting and Economics, 16(1), 273-315.
37.Oler, D. K., & Picconi, M. P. (2014). Implications of insufficient and excess cash for future performance. Contemporary Accounting Research, 31(1), 253-283.
38.Osoro, P. M. (2014). The effect of financial restructuring on the financial performance of commercial banks in Kenya. University of Nairobi.
39.Park, J. (2014). Equity issuance of distressed firms.
40.Pashley, M. M., & Philippatos, G. C. (1990). Voluntary divestitures and corporate life-cycle: Some empirical evidence. Applied Economics, 22(9), 1181.
41.Pearce, J. A., & Robbins, K. (1993). Toward improved theory and research on business turnaround. Journal of Management, 19(3), 613-636.
42.Pástor, Ľ., & Pietro, V. (2003). Stock valuation and learning about profitability. The Journal of Finance, 58(5), 1749-1790.
43.Shleifer, A., & Vishny, R. W. (1992). Liquidation values and debt capacity: A market equilibrium approach. Journal of Finance, 47(4), 1343-1366.
44.Shumway, T. (2001). Forecasting bankruptcy more accurately: A simple hazard model. The Journal of Business, 74(1), 101-124.
45.Slatter, S. S. P. (1984). Corporate recovery: Successful turnaround strategies and their implementation: Penguin Books.
46.Spence, A. M. (1977). Entry, capacity, investment and oligopolistic pricing. The Bell Journal of Economics, 534-544.
47.Spence, A. M. (1979). Investment strategy and growth in a new market. The Bell Journal of Economics, 1-19.
48.Spence, A. M. (1981). The learning curve and competition. The Bell Journal of Economics, 49-70.
49.Sudarsanam, S., & Lai, J. (2001). Corporate financial distress and turnaround strategies: An empirical analysis. British Journal of Management, 12(3), 183.
50.Thietart, R. A., & Vivas, R. (1984). An empirical investigation of success strategies for businesses along the product life cycle. Management Science, 30(12), 1405-1423.
51.Wernerfelt, B. (1985). The dynamics of prices and market shares over the product life cycle. Management Science, 31(8), 928-939.
52.Whitaker, R. B. (1999). The early stages of financial distress. Journal of Economics & Finance, 23(2), 123.
53.Wruck, K. H. (1990). Financial distress, reorganization, and organizational efficiency. Journal of Financial Economics, 27(2), 419-444.
54.Yehning, C., Weston, J. F., & Altman, E. I. (1995). Financial distress and restructuring models. The Journal of the Financial Management Association, 24(2), 57-75.
二、中文文獻
1.林敬哲. (2015). 高階經理人撤換與公司生命週期. (碩士), 國立臺北大學, 新北市.
2.翁義成. (2006). 企業再生規劃與管理-以富微(廣鵬)科技為例. (碩士), 國立臺灣大學, 台北市.
3.陳吟愷. (2004). 企業生命週期與盈餘管理關聯性之研究. (碩士), 國立中山大學, 高雄市.
4.陳肇榮. (1983). 運用財務比率預測企業財務危機之實證研究. (博士), 國立政治大學, 台北市.
5.陳靜怡. (2000). 財務危機公司資本結構決定因素,資本結構與自發性重整行為聯立結構關係模式之研究. (碩士), 義守大學, 高雄市.
6.曾昭玲, &卓佳蓁. (2011). 企業融資決策與經濟附加價值之關聯性研究-以台灣半導體產業為例. 會計評論(53), 35-73.
7.楊朝旭、黃潔. (2004). 企業生命週期、資產組合與企業未來績效關連性之研究. 商管科技季刊, 5(1), 49-71.
8.劉奕孜. (2007). 從企業生命週期探討應計項目異常現象. (碩士), 中央大學, 桃園市.