隨著生活品質的提升，消費者對於車輛功能需求日益增加，尤其是在安全、舒適與環保節能上的需求；各國政府亦採取積極方式，以法令制訂來要求標準配備內容與檢驗標準，為車用電子帶來了一股強大動能；而台灣具備資通訊產業與網際網路優勢，在汽車零組件供應鏈上具有相當的重要性。 本論文為了解該產業如何成功創造企業價值，採個案研究方式，以實務界廣泛使用之現金流量折現法與經濟利潤法，依據三種假設情境：樂觀、中立、悲觀等進行價值估算，並透過敏感性分析找出個案公司價值驅動因子。研究結果顯示，個案公司價值驅動因素主要為營業成本、營業費用與加權平均資金成本，故以此三項指標提出價值創造建議方向，以供經營者在未來決策參考建議。 As the quality of life is consistently improved, consumers’ demand for vehicle functions increased as well, especially the needs for the function of security, comfortability and environmental awareness. Moreover, governments from each corner of the world enact the laws voluntarily in order to meet the standard of equipments and examinations, which brings a great positive impact on vehicle electronics. We possess an advantage of advanced communication industry and high internet technology in Taiwan, and that is the reason why we are leading in the cars and auto parts assembly line. In order to understand deeply how the industry could succeed in creating the enterprise value, this study adopts the case study research as the study method. We utilise the Discounted Cash Flow Method and Economic Profit Model which are used usually in circles of practice. And we evaluate the value according to three different hypothetical situations: optimistic, neutral and pessimistic situation. After that, by adopting Sensitivity Analysis Method, we are able to discover the determinants of the valuation of the case enterprise. In conclusion, it shows that the determinants of the valuation of each enterprise mainly consist of operating costs, operating expenses and weighted average cost of capital (WACC). Therefore, to advise a value creation, these three elements are highly recommended to be taken into consideration when business owners make business decision in the future.
