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| 研究生： |
龔宗惠 Kung, Tsung-Hui Handon |
|---|---|
| 論文名稱： |
企業重整 Corporate Restructuring |
| 指導教授： |
郭維裕
Kuo, Wei Yu |
| 學位類別： |
碩士
Master |
| 系所名稱： |
商學院 - 經營管理碩士學程(EMBA) Executive Master of Business Administration(EMBA) |
| 論文出版年： | 2009 |
| 畢業學年度： | 97 |
| 語文別： | 英文 |
| 論文頁數： | 125 |
| 中文關鍵詞： | 企業重整 、債務處理 、依績效支付酬勞 |
| 外文關鍵詞： | Corporate Restructuring, Debt Handling, Pay For Performance |
| 相關次數： | 點閱：88 下載：46 |
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企業重整乃是在企業經營循環中, 不論是自發或是被迫都必然要經歷的過程. 這個過程可以幫助公司成長成巨型的國際企業, 協助公司增加或轉換不同的商品或服務, 或是從危機中存活下來. 在今日的企管領域中, 有許多的工具可以協助企業能得到較好的重整結果.
當企業重整是因為財務危機而啟動時, 如何與債權人重新架構債務結構成為最重要且急需處理的事務. 在此之後, 一個依績效設計的獎勵制度會決定這個遭遇麻煩的公司, 會如何以及何時爬出財務困難的泥淖. 在本研究中會用一個臺灣上市公司宏達科技股份有限公司(股票代碼:3004), 來闡述重新架構債務結構, 和依績效設計的獎勵制度對公司重整的影響.
Corporate restructuring is a process that every enterprise will have to voluntarily or involuntarily go through in its life cycle in order to grow to a bigger company, to increase or change to different products or services, or to survive from a crisis. In today’s business world, there are many tools that can help the company to get a better result out of the restructuring process.
When the corporate restructuring is initiated due to a financial distress, how to restructure the debt with creditors is the first and most important issue to be resolved. After that, a pay-for-performance system will decide the scale and the speed that a company can get out of the troubles. A Taiwan company, National Aerospace Fasteners Corporation (NAFCO) is used to better understand the impact of debt handling and pay-for-performance system.
Table of Figures.. 8
Chapter 1. Introduction 10
1.1 Research Motives 10
1.2 Research Structure 12
1.3 Research Limitations 13
Chapter 2. Corporate Restructuring Strategies 15
2.1 Modern Corporate Restructuring 15
2.1.1 Corporate Restructuring in the USA 15
2.1.2 Corporate Restructuring in Europe 19
2.2 Corporate Structuring Motives 22
2.3 Methods for Voluntary Corporate Restructuring 23
2.3.1 Cash Disgorgement 25
2.3.1.1 Junk Bond 29
2.3.1.2 Repurchased Shares 29
2.3.1.3 Leveraged Share Repurchases 30
2.3.1.4 Partnerships 31
2.3.1.5 Leveraged Acquisition 32
2.3.1.6 Dividends 33
2.3.1.7 Partial Public Offerings 34
2.3.2 Incentives 34
2.3.2.1 Investor Incentives 35
2.3.2.1.1 Leveraged Buyout (LBO) 36
2.3.2.2 Incentives for Management & Employees 37
2.3.2.2.1 Wage, Defined Benefits & Pension 38
2.3.2.2.2 Profit Sharing 38
2.3.2.2.3 Employee Stock Ownership Plan (ESOP) 39
2.3.2.2.4 Leveraged ESOP 41
2.3.2.2.5 Leveraged Equity Purchase Plan 42
2.3.2.2.6 Leveraged Cash-Outs 44
2.3.2.2.7 The Extreme Incentives 48
2.3.3 Forced Sales 49
2.3.3.1 To Find a Fit 49
2.3.3.2 To Buy, Build, & Harvest 51
2.3.3.3 To Focus 51
2.3.3.4 To Bifurcate 52
2.4 Methods for Involuntary Corporate Restructuring 54
2.4.1 Managerial Restructuring 54
2.4.2 Operational Restructuring 55
2.4.3 Asset Restructuring 56
2.4.4 Financial Restructuring 58
2.4.5 Pay for Performance 59
2.5 Different Perspectives from Buyer & Seller 62
2.5.1 Seller’s Perspective 63
2.5.2 Buyer’s Perspective 64
2.6 Focused Areas in the Research 64
Chapter 3. Case Study on NAFCO 67
3.1 Introduction to Aerospace Industry 67
3.2 Introduction to Fastener Industry 71
3.3 Case Study Company - National Aerospace Fastener Corporation Ltd. (NAFCO) 73
3.3.1 Company introduction 73
3.3.2 Business Plan 78
3.3.3 Major Product, Sales and Production Policies 79
3.4 Company Restructuring Process 80
3.4.1 How Did the Financial Crisis Happen? 80
3.4.2 The First Restructuring Process 84
3.4.3 The Second Restructuring Process 90
3.5 Stock Price Performance during Restructuring Process 91
3.6 The Analysis and recommendations on Debt Handling for NAFCO 93
3.6.1 The first restructuring attempt from 2005 to 2007 93
3.6.2 The second restructuring attempt starting from 2008 106
3.7 The Analysis on Pay by Performance 107
3.7.1 The first restructuring attempt from 2005 to 2007 107
3.7.2 The second restructuring attempt starting from 2008 110
Chapter 4. Conclusion & Suggestion 111
4.1 Conclusions 111
4.1.1 NAFCO’s market position 111
4.1.2 NAFCO’s problems 112
4.1.3 Corporate restructuring methods 113
4.1.4 NAFCO’s restructuring approaches 115
4.1.5 Recommended approach and expected results 116
4.2 Suggestions 118
Appendix A 119
References 122
References
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