Corporate Restructuring Plan And Management - An Example of ADDTEK Corporation

近年來，國內有許多重整之案例，但是多數的重整企業最後仍然是走向破產倒閉的結果，其倒閉的原因主要是由於重整企業並沒有重整價值，或者雖有重整價值，但是在重整的過程中，未確實且縝密的執行與落實重整計劃。重整的失敗對公司與社會大眾不但沒有經濟效益，反而會增加社會成本的負擔。企業重整的發生起因於公司發生財務困難，公司喪失了償還債務能力，使公司瀕臨宣告破產的窘境。企業聲請重整固然是持續經營的一種方式，但是重整的成功與否乃取決於公司是否有重整價值以及重整計劃的執行能力與成效。 財務困難公司再生規劃須經過縝密的事前評估找出真正的問題所在，並採用適當的再生策略來規劃整個再生計劃、且須慎選有經驗的重整人，並適當引入專業經理人來改善原有經營管理之問題，並確定整個重整計劃能依時程逐步完成。重整過程並非一蹴可及，需要面對之困難眾多，所以重整人與新經營團隊對重整成功的使命感及熱誠最為重要，並且須以公司價值與股東利益為最大目標。 富微科技公司擁有類比IC設計之核心技術，但是經營團隊沒有充分足夠的事業營運經驗，導致存貨的金額以及營運資金缺口過高，因而造成財務危機。在重整的過程中，引入有營運經驗的專業經理人，並專注於市場主流產品之研發、生產及銷售，同時將管理重點著重於財務資金運用極為重要之關鍵性指標--現金循環週期( Cash Conversion Cycle, C.C.C.)上，進而透過專業經理人模式提高公司重整中的財務及營運透明度，此舉將使股東、團隊產生較高的認同感及安全感，進而提高股東再投資的意願。 本案例預期得以成功之因素在於保留原來之核心技術，加上企業完整管理流程及執行，確實控管資金使用效率，特別是在營運資金週期上的控管，並有效地使用公司資源開發市場所需之產品。希望此個案之重整與再生管理，可以給予處境相同的個案更多正面的啟示。There were several restructuring cases in Taiwan in the latest several years. However, most restructuring corporations eventually still went bankruptcy and the main cause was that the restructuring corporations were not embedded with restructuring value or that the restructuring corporations did not implement the restructuring plan well and truly during the restructuring process. The failure of restructuring is a burden of society rather than beneficial to corporations and social public. Corporate restructuring often arises from the financial distress and the forfeit of debt-paying ability. Although the application of corporate restructuring is a way to keep running the business, whether the corporate restructuring is successful depends on the execution of restructuring plan and on whether the corporation is imbued with restructuring value. Before making the restructuring plan of corporations in financial distress, it is necessary to find what and where the problems are by an intensive ex ante evaluation. Moreover, it is important to adopt appropriate restructuring strategies to arrange the restructuring plan and it needs to choose sophisticated executives for the restructuring plan and hire professional managers to solve the management problem. The restructuring procedure is impossible to complete in a couple of days. It would face lots of difficulties and obstacles. Therefore, the executives’ and management group’s responsibility and enthusiasm for the success of restructure are the most important. Add Microtech Corporation owns the core technology for Analog IC design. However, the management team does not have sufficient business operating experience, and it results in overly high inventory and shortage of operating capital which cause the financial distress. In the restructuring process, hiring experienced professional manager, focusing on the R&D, manufacturing, and sales of the mainstream products, and paying attention to the management of Cash Conversion Cycle (C.C.C.) are very vital to increase the shareholders’ sense of safety and confidence toward the corporation. The factors of that this case expected is to be successful are retaining the original core technology, complete procedure and execution of business management, and the control over the efficiency of capital usage. It hopes that the case could offer some positive inspirations for some corporations suffering the same problems.第一章 緒論................................... 1 第一節 研究動機與背景................... 1 第二節 研究目的......................... 1 第三節 研究架構與流程................... 2 第二章 文獻探討............................... 4 第一節 國內外相關文獻................... 4 第二節 相關案例分析 – 東隆五金重整案例.. 10 第三節 文獻案例綜合評述................. 21 第三章 個案分析 - 以富微(廣鵬)科技為例........ 24 第一節 公司概況......................... 24 第二節 價值分析與重整決策............... 35 第三節 重整計劃......................... 45 第四節 執行方案與成效................... 50 第四章 論文個案綜合評述....................... 61 第五章 結論與建議............................. 64 參考文獻...................................... 6