二次大戰後，日本人憑著認真、踏實的民族性與幾次的國際情勢契機，迅速發展經濟，在短短的20年內躍身國際，成為世界第二經濟大國。這樣的演變不但在國際上喧騰一時，也讓外國人開始去接觸、探求日本式經營。所謂的日本式經營中，最為人知的即為「終身雇用」「年功序列」。憑藉著這兩項制度，日本經濟快速竄升，對美國帶來極大威脅。 80年代後期，由於日幣升值，造成日本國內景氣高漲，政策的鬆綁與投機的經營模式，日本的經濟不斷攀升。大部分的企業也在此時大量向銀行貸款，轉投資、進行多角化活動、擴廠、大量擴充設備，企圖藉由熱絡的景氣一口氣擴大事業的範疇。不斷膨脹的景氣，終於像泡泡一樣禁不起過度膨脹而破裂，日本經濟開始跌落谷底。 90年代開始，日本進入史上最大的經濟黑暗期，在這「失落的10年」裡，日本政府與企業不斷的調整、改革，為的只是希望經濟能早日復甦，脫離不景氣。2002年底，由於政府的政策與企業的改革，日本經濟終於好轉，沉息已久的太陽終於又露出曙光。 本論文的重心在於檢視日本泡沫經濟瓦解後企業如何重整再生。先透過了解泡沫經濟瓦解的原因，與企業過度經營多角化失敗的理由，找出形成V字左邊，也就是衰退的契機。接著探討日本企業如何從谷底翻身，達成V字回復的成果。日本企業在泡沫經濟瓦解後，面臨了「人員、負債、設備」過剩的情形，此外由於高度成長期的繁盛，使得日本許多大企業都染上了「組織肥大化」、「訊息傳達不良」等大企業病，為了再度復興事業，企業首要之急就是削減三個過剩問題，然後重新調整、整頓組織，使笨重緩慢的企業變身為輕盈快速的企業，以迎合全球化時代的需求及市場。 V字回復所言即為短時間內的再興，達成V字回復最主要的方法即為事業重整。因此本論文將著重於企業重整的步驟與重心、方法及實行要點，探討達成V字回復的關鍵，並以Panasonic為案例，詳細說明Panasonic的V字回復的經過，分析V字回復的可行與日本企業未來可能面臨之問題。 After the Second World War, Japan has restructured its economy with Japanese hard working and honest attitude toward their economy. The Japanese economy has been affected by several international matters within 20 years of economic boom, but Japan still has become the second strongest economic nation in the world. This has brought a great impact to the world; it also leads many nations to explore and learn about the way of Japanese Management. The two of the most well known ways among Japanese Management are [Lifetime employment] and [Seniority]. With these two ways of managements, the Japanese economic boom has brought great threat to the United States of America. Towards the end of the 80’s, the appreciation of Japanese yen had caused great economic growth. The deregulation and speculative business operation led to further economic growth. At the same time, many organizations took huge from banks for investment, diversification, warehouse expansion and equipment upgrade, and then enlarged their businesses. This kind of bubble economic finally burst and Japanese economy tumbled all the way and finally brought Japan into economic depression. Since the 90’s, Japan has fallen into its economic dark age. During [The Lost Decade], Japanese government has worked together with business organizations towards improvement, and hope for early economic recovery. At the end of 2002, Japanese economy has finally improved. This thesis analyze the revolution of Japanese economy, the bubble economy and how Japanese government has worked together with the domestic businesses to improve Japanese economic to become a whole new country and to be on the top of global economy. The thesis will also analyze and discuss the way of V-Pattern Recovery, pin point the steps of how business restructure. The thesis will use Panasonic as a case study to study how the V-Pattern Recovery has affected Japanese organization.