由泰國引發的「東亞金融危機」（East Asian Financial Crisis）使東亞各國均受重大打擊，而以外銷為導向的我國經濟也因此受到波及、一些知名上市、上櫃公司自前年（民國87年）開始紛紛傳出大額退票及違約交割事件，總計這些財務危機企業集團向銀行等金融機構貸款，金額高達新臺幣一千四佰億元以上，牽連之金融機構達六十家以上，其所衍生出來問題貸款金額之大以及牽涉金融機構範圍之廣，皆已創下國內金融史上空前之紀錄與現象。 本研究乃嘗試以個案研究之方式，從發生財務危機個案企業之公司概況、營運概況及財務概況等三個層面，做有系統的分析、比較與綜合探討，期魴將此次集團企業發生財務危機之原因及問題真貌呈現，本研究結果如下： 1. 利用收購上市公司股票，並取得其經營控制權（俗稱借殼上市）被視為是迴避股票上市規定，藉以成為股票上市公司最快之方式。 2. 在取得上市公司經營權後，借殼公司常利用改變或增加原上市公司營運項目鍋投資業務之方式以增加盈餘，製造獲利，其目的在辦理現金增資並擴充股本。 3. 以股票向金融機構質押借款之高財務槓桿融資公司，當景氣不振，質押股票持續下跌時，是造成其挪用公司資金護盤的主要原因之一。 4. 被借殼公司因「資產成長必然性」之結果，當金融或證券市場不景氣時，將使得借殼公司資金結構產生危機性。 期望本論文能作為從事高財務槓桿融資企業之警愓，及金融機構授信之借鏡，並喚起政府主管機關制定更週全完善之相關法令，以為規範。

　　　　　The research was to study the case and then to analyze, compare and synthesize the company backgrounds, operation and financial conditions. In addition, the paper was also to uncover the reasons that caused the crises of the enterprises and expose the problems behind. The conclusions are as follows: 1. Buying the shares of the listed companies to obtain the control right (going public under the guise of the listed company) is regarded as the best way to avoid the regulations of going public. 2. After obtaining the control right of a certain listed company, the "Figurative Company" would change or enlarge the operations or investment to increase the company's profits, the purpose of which is to expand the investment by cash and increase the shares. 3. The financially leveraged margin trading company that borrows money from the financial institute with shares may embezzle the company's capital to maintain its operation when the economy heads toward a recession and the hypothecation shares continue dropping. 4. The capital structure of the "Figurative Company" may be at risk due to the "necessity of asset growing" when the economic or security market slows down. I hope the results of this research can be warnings to the financially leveraged margin trading companies and the mirror of the financial institutions, and to draw the government's attention to establish sounder related regulations.