The Study of Corporate Strategies for Firms in Financial Distress

[[abstract]]有關公司財務危機的探討，從財務危機預警到財務危機發生的原因以及爾後的重整行為等皆是重要的議題。本文以事後的觀點探討公司發生財務危機時所採取的反應策略會如何影響公司後續的發展，以及使得財務危機公司能浴火重生，進而能重新正常營運的關鍵策略。 本研究採用2000年至2012年共242家財務危機公司之樣本資料，除資料庫外，並以整理重大金融資訊及新聞的方式來獲得每一筆資訊，針對危機公司中的70家重生公司和106家下市公司探討其平均恢復時間和反應策略的追蹤與比較。 實證結果顯示，擴張政策(策略二)、改變經營策略(策略三)、改變行銷策略(策略四)、彌補虧損減資(策略十)和增資(策略十一)有1%的正顯著，表示採行這些政策有助於公司獲得重生。從財務危機轉而重生的公司中，平均恢復時間2.3年，而每家公司平均採用4個反應策略，包括緊縮策略、改變生產策略、改變雇用策略和彌補虧損減資等，且這些策略皆對恢復時間有顯著的影響，其中又以彌補虧損減資為使用最多的策略。當公司採用改變生產策略時，其恢復時間相對較短，而採用緊縮策略、改變雇用策略和彌補虧損減資則須相對較長的恢復時間才能回到正常營運。 本文貢獻為逐筆整理這些面臨財務危機公司所採行的反應策略，以幫助各公司在面臨財務危機時採行策略的參考方向，也有助於社會大眾和投資者判斷財務危機公司所採行的反應策略可能造成的後續發展。[[abstract]]About the dimension of corporate financial distress, the reasons why the likelihood of financial distress shows and restructuring behavior after are important issues. Taking post-event viewpoint, this study explores how does the strategy taken by firm when financial distress happen affect subsequent development for firm, as well as the key strategy that could make financial distress firm recover and operate normally. The data in this study are taken from 242 companies during 2000 to 2012. In addition, we sort important finance information and news to get messages needed. This study focuses on distress companies including 70 companies that recovered from financial distress and 106 companies that are delisted, discussing their average recovery time as well as track and comparison of their corresponding strategies. Empirically, expansion strategy (strategy 2), change in production strategy (strategy 3), change in marketing strategy (strategy 4), capital reduction to cover losses (strategy 10) and capital increase (strategy 11) are 1% significant, taking those strategies is useful to company recovery. For the company recovery from financial crisis, average recovery time is 2.3 years and average 4 strategies are used, deflation strategy, change in production strategy, change in employment strategy and capital reduction to cover losses are included. Those strategies have significant effect on recovery time and capital reduction to cover losses is the most used strategy. When the change in production strategy is used, recovery time is relatively shorter; when deflation strategy, change in employment strategy and capital reduction to cover losses are used, recovery time to operate normally is relatively longer. The contribution of the study is collating the reaction strategy the financial distress company used case by case, providing reference for each firm when financial distress happen. It’s also helpful for community and investor to determine the possibility of subsequent development according to which strategy the financial distress firm take