劉啟群臺灣大學：會計學研究所熊文瑋Hsiung, Wen-WeiWen-WeiHsiung2007-11-282018-06-292007-11-282018-06-292004http://ntur.lib.ntu.edu.tw//handle/246246/61674以美國近幾年之經歷來看，破產倒閉不再是中小型公司之專利，大規模的企業聲請破產的比例也逐年升高，如世界通訊、安隆、聯合航空、K-mart等等，都是相當著名的例子。大型企業雇用之員工人數超過上萬人，公司資產與積欠債務亦達上百億美元，一旦破產將發生大批員工失業、生活失去依據等問題，甚而引起相關企業之骨牌效應，導致一連串破產事件，嚴重引起社會不安並且阻礙經濟之進步。故有公司重整制度之設，使得發生財務危機，但仍具有重建更生可能之企業，得以在法院監督下，調整債務人公司與其員工、股東、債權人間之權利義務關係，修正營運政策，以達清理債務以及維持企業之目的。 本論文乃以美國安隆企業為例，介紹分析其重整過程。重整的目的乃是為了將資產價值極大化，經過專家評估後，安隆積極處分最具價值的資產，包括天然氣與電力交易事業、管線事業及境外資產等，而部分未能順利出售的資產，則將所有權移轉至兩家新成立的控股公司CrossCountry Energy Corp.與Prisma Energy Inc.，由其分別負責經營管理國內與國外的事業單位。按照安隆之重整計畫，債務人將合併以分配現金和股票的形式償還債務，現金來源為處分資產與能源合約所得以及訴訟所獲之利益，股票則為兩家新成立控股公司之股票，依此分配，平均每位未擔保債權人每一元之債權可收回之比例大約兩成左右而已，償還債務之比例相當低。安隆於聲請破產重整後，歷經兩年多漫長的重整過程以及各個利害關係人多次之協商與妥協，共有一Ο七個等級的債權人同意重整計畫，僅七個等級的債權人拒絕此計畫，因此安隆有機會於二ΟΟ四年中，獲得法院認可重整計畫，開始依照重整計畫清償債務，脫離破產法第十一章之約束。During the past decade in America, we have witnessed that not only small and medium but also big enterprises might file bankruptcy. Among those famous cases are WorldCom, Enron, United Airlines and K-marts. Once big enterprises with enormous assets, liabilities and employees fall, the impact on the stability of society is immense: thousands of employees or investors losing their jobs or investments. Moreover, other related businesses may suffer great loss and then fall too. Therefore, corporate reorganization system was created for alleviating these consequences. The company facing financial crisis could file bankruptcy and choose chapter 11 for protection. Under supervision of bankruptcy court, the company could adjust the relationship among its employees, stockholders and creditors, and then revitalize business. This study takes Enron corp. as an example to introduce and analyze its reorganization process. The purpose of reorganization is maximizing the value of assets. By following this principle, Enron sold most of its valuable assets, including natural gas and electric trading business, pipelines business and overseas asset. As for other remaining valuable assets will be transferred to two new holding companies (i.e., CrossCountry Energy Corp. and Prisma Energy Inc.). CrossCountry Energy will hold Enron’s assets located in United States, and Prisma Energy will hold Enron’s international assets. According to Enron's plan of reorganization, Enron will sell all of its remaining assets and their creditors will receive cash mixing with stock. The recovery rates of every general unsecured creditor’s claims are around twenty percent on average. Since Enron filing bankruptcy, it has been taking more than two years to negotiate with its creditors for persuading them to accept the reorganization plan. Up to now, 107 classes of creditors agree to accept the plan, and only 7 classes of creditors reject the plan. After bankruptcy court confirming the reorganization plan, Enron can start to repay creditors’ claims, and emerge from bankruptcy.第一章 緒論...............................................1 第一節 研究動機.......................................... 1 第二節 研究目的.......................................... 2 第三節 研究方法與架構.................................... 4 第二章 個案公司－美國安隆企業之介紹.......................6 第一節 安隆公司之背景.....................................6 第二節 安隆事件簡介...................................... 7 第三節 安隆破產之影響....................................12 第三章 以法律面論重整制度................................15 第四章 以經濟面論重整制度................................28 第一節 重整制度之利弊分析................................28 第二節 艱困與破產企業之評價..............................30 第五章 安隆重整過程......................................38 第一節 資產重整過程......................................38 第二節 債務重整過程......................................57 第三節 權益重整過程......................................68 第四節 重整過程之分析....................................70 第六章 結論與建議.......................................100 第一節 結論.............................................100 第二節 建議.............................................104 參考文獻................................................105 附錄一 合併基礎計算下安隆債權人預計可獲得之分配表.......107 附錄二 我國之重整制度..................................108731514 bytesapplication/pdfen-US安隆破產重整Enronreorganizationbankruptcyotherhttp://ntur.lib.ntu.edu.tw/bitstream/246246/61674/1/ntu-93-R91722023-1.pdf