本研究採取個案研究方式，以現金流量折現法（Discounted Cash Flow Model, DCF）評估N公司之企業價值。藉由敏感性分析以瞭解企業的價值驅動因子，並據以形成創造公司價值之策略。研究結果顯示，光學鏡頭產業主要價值關鍵因子為加權平均資金成本(WACC)、利潤率及平均銷售價格(ASP)，最後透過改善關鍵因子，對N公司未來之經營策略提出建議，如適度調整資本結構、降低資金成本，藉由與國際大廠合作關係以開拓新的技術領域與市場，與培養關鍵性技術及研發設計人才，以確保技術領先地位等，期能在激烈競爭環境下，提高企業價值。 This thesis is a case study adopting Discounted Cash Flow (DCF) model to assess the enterprise value of N-company. Meanwhile, we would like to identify the business' value drivers via sensitivity analysis, in order to bring out the creating value strategy for the company. The result of our research suggests that the key value drivers for Optical Lens industry are: weighted average cost of capital (WACC), margin rate and average selling price (ASP). Accordingly, we propose several business initiatives to manage and improve the company’s performance on its key value drivers by means of adjusting a target capital structure, reducing its cost of capital, collaborating with major international companies in industry to develop new techniques and explore new market, and building up their own fundamental technical and R&D team to maintain its leading-edge technology. So as to lift the company's value in today's highly competitive environment.
