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研究生：	林佩瑩 Lin, Pei-Ying
論文名稱：	研究影響全額交割股恢復正常交易主要因素 The study on the key factors of full-delivery stocks to recovery of normal trades
指導教授：	林軒竹 Lin, Hsuan-Chu
學位類別：	碩士 Master
系所名稱：	管理學院 - 財務金融研究所 Graduate Institute of Finance
論文出版年：	2010
畢業學年度：	98
語文別：	英文
論文頁數：	28
中文關鍵詞：	全額交割股、恢復正常交易因素
外文關鍵詞：	full-cash delivery stocks, factors of resuming normal trading
相關次數：	點閱：107 下載：0
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本研究以1999年至2008年，台灣上市、上櫃公司曾被列入『變更交易方法』之股票為研究對象。根據『臺灣證券交易所股份有限公司營業細則第49條』之規定，當公司出現淨值過低、跳票、紓困、繼續經營有疑慮與無法如期償還公司債等情形時，視為非突發性的財務危機。
然而並不是每間危機公司都能夠順利的從失敗中找到方法，重新找到企業的重生契機，究竟影響企業能否順利恢復正常交易的主要因素為何，實在值得探討。
以往關於再生研究的相關文獻，多著重在財務因素對企業能否重整成功之影響，故此研究以採用財務相關變數為主。
本文研究結果顯示資產報酬率越高與有發行現金增資，公司重新恢復正常交易之機率愈高。而總資產下降率越高、公司營運虧損嚴重、產業所屬景氣不佳，公司恢復正常交易之機率越低。

　　In this study, taking TSE & OTC listed companies which had been included in the altered trading method stocks from 1999 to 2008 as the research object. In accordance with 『the Article 49 of the Operating Rules of the Taiwan Stock Exchange Corporation』, when the company has any of following situations as the financial distress: net worth of less than one-half of its share capital stated, a negotiable instrument has been dishonored by a financial institution due to insufficient funds, any petition for its reorganization has been submitted to the court in its home country., the CPA-issued audit or review report indicates substantial doubt about the going-concern assumption and inability to redeem ordinary corporate bonds or convertible corporate bonds upon maturity or upon creditor request.
　　However, not every crisis companies are able to find a way from the failure to restructure successfully. Thus, what kinds of the main factors affect the altered trading stocks resume to the list of normal trading are worthy to research. Previous relevant literatures about the restructuring are more emphasis on discussing financial factors, so study variables used mainly finance related.
　　This research shows that if firms have the higher return on assets and to issue the Seasoned Equity Offerings, the probability to resume normal trading is higher. But, the total assets decline more, operating losses seriously, firms in business recession, the probability to resume normal trading is lower.

CHAPTER 1. INTRODUCTION	..................................1
1 RESEARCH BACKGROUND	..................................1
2 RESEARCH OBJECTIVE	..................................2
CHAPTER 2. LITERATURE REVIEW..............................3
1 THE DEFINITION OF FINANCIAL DISTRESS..................3
1.1 SHORTAGE OF CASH-FLOW...............................3
1.2 THE OCCURRENCE OF FINANCIAL CRISIS EVENTS...........3
1.3 THE LEGAL DEFINITION................................4
1.4 FAILURE PROCESS.....................................4
2 THE INTRODUCTION ABOUT STOCKS OF ALTERED TRADING        METHOD....................................................5
3 FINANCIAL CRISIS MANAGEMENT...........................5
3.1 CLASSIFIED BY RESTRUCTURING STAGES..................6
3.2 MANAGEMENT CONTROL..................................7
3.3 THE TURNAROUND COST ABOUT CAPITAL STRUCTURE.........8
3.4 THE RELATIONSHIP WITH DEBT-HOLDER...................8
CHAPTER 3. METHODOLOGY....................................10
1 THE ESTABLISHMENT OF RESEARCH HYPOTHESES..............10
2 DATA SELECTION........................................11
3 THE DEFINITION OF VARIABLES...........................11
4 MODEL DESIGN..........................................14
CHAPTER 4 EMPIRICAL RESULTS...............................15
1 MEAN DIFFERENCE BETWEEN THE FAILED AND SUCCESSFUL FIRMS.....................................................15
2 LOGISTIC REGRESSION...................................16
CHAPTER 5. CONCLUSIONS....................................19
REFERENCES................................................21
APPENDIX I-THE REGULATIONS ABOUT STOCKS OF ALTERED TRADING METHODS FROM THE ARTICLE 49 OF TWSE OPERATING RULES.......23
APPENDIX II-THE REGULATIONS ABOUT STOCKS OF RESUMING NORMAL TRADING FROM THE ARTICLE 49 OF TWSE OPERATING RULES.......26

                                    

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台灣證券交易所股份有限公司營業細則第49條.

校內：2020-12-31公開
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