| 摘要: | 本研究主要目的是以經濟附加價值做為分析指標，找出個案公司的優勢與劣勢，接著評估個案公司之經營績效，並藉此提出改善之建議。透過文獻探討來建立研究架構，接著採取個案研究方式，將策略面與財務面做結合，藉由經濟利潤法、現金流量折現法、MM模型、本益比法及股價淨值比法，計算企業存續價值評估個案公司之企業價值。研究結果顯示：以本益比預估之股價介於81.73~66.19，比較106年4月之均值股價為68.54落於區間內。另外，由敏感性分析得知土地及人工成本是影響最顯著的因子，本文最後提出結論與市場擴展策略面、財務面等構面的建議，以為個案公司經營參考。
Business valuation implementation has been a main tool in supporting business acquisitions and investment decisions of corporations. The relevant knowledge of embedding within the applications of business valuation is formatted basing on the logical concepts of accounting and business finance
The purpose of the study is to conduct the applications of business valuation techniques for developing the case analysis and report in Taiwan business practice. The case study for the selective target company is chosen, and the valuation time span is arranged from 2006 to 2015. The major business valuation methodologies including Free cash flow discounting approach. the Economic value added approach, The Modigliani and Miller hypothesis, the Market Multiplier (PE, PB, PEBIT, PS, the average of contribution of individual customer ).
In regarding to follow the disciplinary rule of determining the business value and equity value, first, we set up the basic assumptions with respect to of normal business conditions, second, we look into the basic financial reporting analysis, third, we calculate the free cash flow, fourth, we derive the cost of capital which is the discount rate for finding out the business value, fifth, we determine the constant growth rate (sustainable internal growth rate, sustainable external growth rate) for earning or dividend payout, sixth, we assign the intangible value or the goodwill value for various business scenarios, then last step, we apply the qualitative statements of business valuations in supporting the meaningful results and the reality of the target company in our case study.
The ending conclusive remarks have revealed the research limitations and further research suggestions, this can be referred for future studies in business accounting and financial economics. |
