碩士 / 國立高雄科技大學 / 財務管理系 / 107 / After the shock of the 2008 global financial crisis, financial distress issues have received much wider attention. This study is using Logistic regression and multiple regression models to analyze what restructuring strategies seemingly irretrievable companies will adopt in order to get themselves back to the secondary market, as well as the changes in restructuring strategies used by the recovery companies and the delisting companies during the pre-crisis and post-crisis periods. Effective restructuring strategies and the impact of such strategies on a company are the focus of concern for managers and investors. This study defines a financial distress company as one that has been listed as a full-cash delivery stock for the five reasons on the Stock Exchange. During the study period from 2001 to 2018, we find 124 companies have resumed normal transactions and 125 companies were delisted from the Security exchange market and OTC. We employ a case-by-case method to collect financial information and news of the sample companies in order to get each piece of restructuring strategy.
The empirical results show that recovery companies adopt more diversified restructuring strategies than delisting companies. Especially during the post-crisis period, recovery companies employed more ambitious strategies to improve their status in order to grab an opportunity for quick recovery. Financial distress companies first choose short-term financial strategies that can generate cash flow quickly. If distress companies are still unable to return to the secondary market, then they will re-adjust their thinking and adopt long-term strategies of comprehensive reform to seek new opportunities to bounce back. Deflation, capital reduction, and capital increase policies are the most important strategies for the financial distress companies, giving them more time to fight for better recovery opportunities, while debt negotiation is a critical strategy for delisting companies. An expansion policy and a change of internal control can lengthen the survival time of a company during the pre-crisis period, help procrastinate the delisting time. Changing external control mechanisms can increase the recovery time during the post-crisis period, thus smoothly expanding its opportunity for recovery. Capital increase policy can extend the recovery time and survival time in the post-crisis periods.
This study provides company managers with accurate strategies to adopt when trying to find the right antidote during a financial recession, so that their firm can return to the secondary market and regain its competitive advantage. Moreover, this study provides investors with an approach to discriminate among firms that could possibly experience financial distress. It further allows investors to be more objective at analyzing and evaluating a company’s future value, thus reducing episodes of potential market panic as well as investment losses.
| Identifer | oai:union.ndltd.org:TW/107NKUS0305013 |
| Date | January 2019 |
| Creators | LIAO, LING-YEN, 廖翎雁 |
| Contributors | Wang, Ma-Ju, 王瑪如 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 51 |
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