自恩隆案以降，公司治理問題受到世界各國之關注。我國公司法學界過往對於公司治理議題，並未以公司財務狀況正常或財務困難進入重整破產程序區別研究之。然公司財務狀況如何，將相當程度的影響公司利害關係人之利益衝突態樣，並將衝擊公司治理結構之設計。 本文首先詳細分析公司股東、經營團隊、債權人等利害關係人，在面臨公司財務困難時，其利害衝突有嚴重化之趨勢。個別利害關係人均有強烈動機最大化自身之利益，卻同時會造成公司整體利益之減損。再者，本文由法律經濟分析之角度，論述公司重整法制應有事前與事後促進公司價值之極大化之功能，任何以特定利害關係人之利益保護所建構之重整法制，事實上都會造成公司價值減損，甚至使欲保護之利害關係人權益受損。本文並同時分析，在我國資本市場結構下，應提升債權人於公司治理之功能。最後，本文比較分析不同財務狀況下，公司治理的外部與內部機制，同時指出重整中公司公司治理之基本方向。

Since Anron, legal issues regarding corporate governance drag the attention world widely. However, scholars in Taiwan have overlooked the role of financial condition of a company—financial sound or financial distress—in the context of corporate governance. This paper first argues that financial distress intensifies conflicts of interests among shareholders, creditors and managers. Individual has strong incentive to pursue his own interest by decreasing the value of a company. This paper then, in the perspective of economic analysis of law, suggests that the purpose of corporate reorganization law maximize the corporate value ex-ante and ex-post and benefit all participants in the market. This paper also analyzes the role of creditors in corporate governance under the current capital market of Taiwan. In conclusion, this paper sets forth the recommendations for improving the legislation and practice of corporate reorganization.