Corporate Reorganization and Regeneration Mechanisms that Reconstruct Enterprise Value
洪 志 洋
Dr. Chih-Young Hung
|關鍵字:||公司重整;財務危機;企業再生;企業價值;價值重建;財務困難;Corporate Reorganization;Financial Crisis;Enterprise Regeneration;Enterprise Value;Value Reconstruct;Financial Distress|
Corporate Reorganization and Regeneration Mechanisms that Reconstruct Enterprise Value Student：Jin-Huei Ding Advisor：Dr. Chih-Young Hung Master Program of Management for Executives ABSTRACT A corporate falls into a chasm of business crisis and phases stall of business discontinuity will not only jeopardize the interests of stakeholders such as employees, shareholders, and creditors but may also sabotage the structure of the whole industry and increases the burden social cost. Jointing in WTO will bring Taiwan industry impacts on globalization and free trading. These impacts will make unhealthy corporate even more difficult to operate and may cause a Domino effect to sabotage seriously the whole business infrastructure of the country. The objectives of this paper is to study the processes and models within the reorganization mechanism that improves operation management for unhealthy corporate to overcome difficulties and to cross chasm in order to redevelop corporate value while corporate falls into crisis chasm and phases business discontinuation. The paper reviews related literatures, discusses financial crisis and success / failure reorganization cases and studies factors considered in approval / disapproval of corporate reorganization. With the support of the personal experiences on this subject and the experience survey of the expertise in this field, the study concluded as follows. 1.Prevention and prediction of financial crises. Prior to corporate falling into crisis chasm, there usually are a series of continuous and predictable events. This study sorts out 5 external and 26 internal factors that caused a corporate to fall into financial crisis. The best approach that a corporate can take to resolve crisis is to prevent crisis. 2.Isolation and control of crisis. The odds that a stalled corporate could redevelop its value through reorganization mechanism depend on how effective a corporate triggers the process to isolate and control crisis in order to have crisis effect demolished. 3.Implementation of redevelopment and reorganization mechanism. The odds that a stalled corporate could reorganize and escape from crisis chasm to redevelop corporate value depend on how success a corporate employs reorganization mechanism that can build reengineering system and process. With the help of outside expertise and internal reengineering, a stalled corporate may gain trust and support from stakeholders and society. It may have a better chance to be success.