探討台灣工具機產業之企業評價 - 以H公司為例

Tunghai University Institutional Repository > 管理學院 > 財務金融學系所 > 碩士論文 > Item 310901/25007

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Title:	探討台灣工具機產業之企業評價 - 以H公司為例
Other Titles:	Analysis of Corporate Valuation- A Study of H Company in the Machine Tool Industry
Authors:	梁詠貿 Liang, Yung-Mao
Contributors:	詹家昌 Chan, Chia-Chung 財務金融學系碩士在職專班
Keywords:	敏感度分析;情境分析;企業評價;經濟附加價值;現金流量折現法;關鍵價值驅動因子 Sensitivity Analysis;Scenairo Analysis;Business Valuation;Economic Value Added;Discounted Cash Flow Model;Key Value Drivers
Date:	2014
Issue Date:	2015-03-03T07:47:57Z (UTC)
Abstract:	本研究採取個案研究方式，使用企業評價中現金流量折現法(Discounted Cach Flow Model , DCF)及經濟附加價值(Economic Value Added , EVA)，並經由情境分析(Scenairo Analysis)，評估個案公司之企業價值；最後透過敏感性分析(Sensitivity Analysis)與拆解個案公司關鍵價值驅動因子，作為提供 H公司未來營運策略參考。本研究透過3種情境假設，並將個案公司預測期間分為2階段分析，個案公司每股權益價值在各種情境權益價值彙整後，研究結果顯示，預測個案公司每股權益價值為30.42元，依2012年度台股大盤電機機械類產業本益比為16.73，而個案公司最近五年平均每股稅後盈餘為2.21元，本研究預測個案公司之每股權益價值應尚稱合理。最後，由敏感性分析與龍捲風圖分析得知影響H公司的關鍵價值驅動因子主要為營業成本、行銷費用、管理費用、WACC等。本研究並藉此提出改善之建議，並對管理當局擬定一些價值創造策略建議方案，供個案公司經營參考，以提高企業價值，並提昇台灣工具機之品牌價值。 This study adopts a case study approach , using enterprise evaluation discounted cash flow method (DCF) and Economic Value Added (EVA), and analyzed (Scenairo Analysis) via context , the company 's business case assessment value ; finally dismantling the case with the key value drivers of the company through a sensitivity analysis (Sensitivity Analysis), as the company's future business strategy for company H.Through this study, three kinds of contextual assumptions , analysis is divided into two stages , the equity value per share of cases in various contexts equity value after collection , The result shows that the expected stock value of the case company is NTD30.42 , according to 2012 Electrical machinery in Taiwan stock market's PE ratio is 16.73 , while the case recently for the five-year average after-tax earnings per share were NTD2.21 , the equity value per share of the company 's case study forecasts still said to be reasonable.Finally, the sensitivity analysis with tornado diagram analysis that affect the company key value drivers of the company's operating costs are mainly in operating costs, marketing expenses, administrative expenses and so on. In this study, and to make recommendations for improvement , and develop management authorities of some value creation strategy proposal for the reference case company to enhance corporate value and enhance the brand value of Taiwan's machine tool.
Appears in Collections:	[財務金融學系所] 碩士論文

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