企業從創立之導入期，逐漸成長茁壯，進入成長期、成熟期、到衰退期，在其生命週期過程中的每一個階段，都必須面對內外環境急遽變遷的嚴酷考驗，及「適者生存、不適者淘汰」的殘酷事實挑戰。最能適應環境變化之企業，才有生存機會，否則將走入歷史之命運。 企業之突然崩潰、清算倒閉，其影響所及除股東、員工、客戶、供應商、債權人等關係人外，國家整體產業結構、經濟、及社會大眾亦難倖免，甚至全球各國都將遭受波，如2007年之美國次貸風暴，衍生為全球之金融海嘯，造成全球經濟大蕭條，其嚴重性，不可小覬。 企業發生財務危機，除因突發性之重大意外事故或災害外，都是經過日積月累過程所產生的結果。企業「財務危機的生命週期」可分為(1)醞釀之潛伏期、(2)爆發之發生期、(3)擴大之惡化期、(4)財務危機之處理期，及(5)經財務危機處理後之觀察期。 企業若能在「財務危機的生命週期」早期階段予以解決，對企業之傷害最輕。成功的財務危機處理，不僅能化解危機，甚至還能夠反敗為勝，利用危機創造利基，但依歷史資料觀察顯示，陷入財務危機之企業，後續能成功繼續存活者，畢竟仍為少數。 本研究以財務報表及財務比率等財務資訊，分析探討一家已營運三十餘年的老店何以發生財務危機之情事？其可能之徵兆或原因為何？該個案企業又如何面對？如何透過債務協商解決財務危機？於財務危機處理之債務重組與營運重組後之財務績效是否獲得改善？是否脫離財務危機之陰霾？ 本研究就個案之分析探討所獲結論：一、個案企業透過債務協商與處理之「債務重組」及內部控管與營運效能提升之「營運重組」後，應已脫離財務危機之風險。二、企業面臨財務危機時之債務協商與處理能否成功之重要因素：1.債務協商與解決的基本之道：(1)高階經營管理者及其團隊之誠信與誠懇度、(2)財務透明度、(3)產業或產品之能見度、(4)公平性－公平對待各債權人。(5)主動性、積極性與及時性。2.債務協商與解決的協助機制：(1)推請有舉足輕重之債權金融機構(債權人)出面整合、(2)善用政府、金融機構與公會輔導機制、(3)善用專家顧問之協助機制、(4)盡量整合各項不同債務成一，減少個案之要求與干擾。3.自助人助－加強內部控管及開源節流措施之營運重組：(1)提升本業營運效能，加速營運體質改善、(2)縮減支出，降低成本，提升獲利水準、(3)處分變賣不具效益或效益不佳或閒置之資產，回收資金、(4)檢視及爭取內部或外部可能之「續命仙丹」資源、(5)衡量本身營運與財務能力，主動提出還款計畫供協商。 / The business cycle is usually divided into four stages: build-up, expansion, maturity and recession. A business will inevitably encounter the severe tests in rapidly changing environment and need to deal with the challenges for “Survival” at every stage of the life cycle. Some can survive if well adapt to the change of environment, otherwise disappear. The collapse and bankruptcy of businesses will affect not only its related parties such as shareholders, employees, clients, vendors and debtors but also the national industrial framework, economy, society and even the whole world. For example, the sub-prime crisis of the United States in 2007 caused the worldwide spreading of financial storm and resulted in global recession. No one could slight such severity. It usually takes a long period of time for a company to dip into financial crisis unless there is a sudden occurrence of accident or catastrophe. The life cycle of business financial crisis can be described as follows: (1) the latent period, (2) the occurrence period, (3) the deterioration period, (4) the recovery period and then (5) the post-crisis observation period. A business will only get the lightest damage if problems can be solved at the early stage of life cycle of business financial crisis. The successful financial management can not only minimize the damage of financial crisis and in some cases can even turn defeat into victory. However, it is a very rare case according to the past records... This study, based on the financial information is to analyze and discuss how an over-30-year-old company dipped into financial crisis? What were the signs to reveal upcoming crisis or reasons to make it happened? How did the company deal with the crucial challenges and how did the company solve the financial problem through debt negotiation and settlement? Did the financial performance of the company improve after settlement of financial crisis? And did the company get away from the haze of financial crisis? The conclusions of this case study are summarized in two aspects. First of all, it is believed that the company has recovered from the financial crisis after completing the negotiation for debt restructure, reinforcing the internal control and enhancing operational efficiency through reorganization. Secondly, there are some important factors to make the debt negotiation successful. Fundamentally, it requires honest and sincere attitudes of top-management, financial transparency, visible industry future, fairness to respective debtors and aggressive initiative with timely response. In addition, a successful negotiation mechanism should also need a leading debtor to integrate the various opinions, the proper use of guidance and assistance mechanisms of government, financial institutions and industrial association, the proper use of guidance and assistance mechanisms of the specialists and consultants, and consolidation of debts and liabilities into one negotiation system to simplify the negotiation process. Finally, the company facing the financial crisis has to self-help first by taking all possible measures in achieving more effective internal control and cost saving through the operational restructure programs. The programs have to be able to improve the operational efficiencies, to reduce the expenditure and operational cost-down to lift up the profitability, to dispose idle or low-value asset for generating cash, to strive for the possible internal and external resources for sustainable operation and to initiate the repayment plan based on the financial capability.

近年來由於國民所得的提升、外匯增加，消費貸款相關法令鬆綁及政府政策刺激消費下，臺灣信用卡市場在外商銀行、新銀行的強力業務主導下，從1991年到2005年歷經了蓬勃發展、同業之間的激烈競爭、現金卡的發行加入競爭行列、整合型小額信用貸款的竄出，讓金融業以市場行銷為業務主導下，逐漸放鬆銀行的授信政策。在市場競爭及飽和下，消費者過度地消費和整體經濟持續低迷，終於引爆了嚴重的信用卡、現金卡逾期無法繳款的雙卡卡債問題。本研究欲從信用卡的成長、輔助現金卡的加入競爭行列，由各代表性的銀行發展中，探討出發生嚴重逾期放款的原因，再使用各銀行提供給金融監督管理委員會的重大資訊逐一分析，作為佐證之依據。 研究結果如下: 1. 銀行業為了業務成長，並未正確及適時地看待相關風險的控管，不斷的簡化辦卡程序、提高信用額度、增加信貸總額，以期增加信貸客戶數及客戶忠誠度。 2. 銀行業在擴張業務的同時沒有充分考慮到客戶的真實收入與負債比例，進而在發生嚴重的信貸危機時，違約比率不斷增加，銀行業亦承受了相當大打銷呆帳的金額。 3. 政府主導的統一債務協商機制，各銀行已逐漸從混亂中，走上標準作業，協商成功比率陸續提升中。未來卡片市場可否走向更健全：金融業、全民、主管機關都應更謹慎地處理消費者信用貸款的問題。 / Credit card market, driven by foreign banks and local new banks, had been boosting from 1991 to 2005 derived from GDP growth, hike of foreign exchange reserves, laws ease up, and government policies creating friendlier environment to boost consumer spending. In the same time, banks’ credit policies were loosened due to fierce competition among credit card issuers, issuances of cash card and integrated unsecured loan led by sales and marketing. Given the situation of over-banking and competition in credit card market, consumers overspent under the consistent economy recession triggered credit crunch for credit card and cash card, so called “Credit card and cash card lending crash”. This research intends to search for the root of this credit crunch by investigating the history of the growth of credit card business and issuance of cash card of major players in the market. Furthermore, this research also evidences the concluded root reasons by analyzing the important information reported to FSC by all the banks. The conclusions of the investigation are as follows: 1. Banking industry overemphasized on business growth so the related risks were not properly and timely controlled by simplifying application procedures and increasing credit lines hoping to enhance number of customers and strengthen customers’ loyalty. 2. Banking industry ignored the percentage of customers’ real income and liability while expanding their business rapidly. It further deepened the delinquency ratio and card issuers wrote off enormous amount of bad debts when credit crunch happened. 3. Debt Negotiation Plan (DNP) led by government enabled banks to set up “Standard Operation Procedures” (SOP) which helped banks to resume their card business back to normal. The success ratio of DNP is increasing gradually. The future of credit card market all depends on how banking industry, consumers, and government deal with the issues on consumer unsecured loans.