企業評價是評估企業的真實價值，經營者瞭解企業真實經營的價值，方能透過投資決策及營運決策來增加及創造企業價值；相對投資人而言，則藉由企業評價了解股價是否偏離真實價值，藉以調整投資決策。本研究係採個案研究方式，以過去歷史財務資料為基礎，了解企業經營績效狀況，評估個案U公司之企業價值並推算出未來可能的財務狀況，擬定未來營運策略。本論文以U公司的財務報表為基礎，藉由現金流量折現法（Discounted Cash Flow Model, DCF）及經濟附加價值法(Economic Value Added, EVA)評價U公司之企業價值，並透過敏感性分析找出U公司關鍵價值驅動因子，作為U公司未來擬定營運策略之參考。本研究發現營業成本、營業費用、WACC及營業收入為提高U公司企業價值之關鍵價值驅動因子，根據關鍵價值驅動因子提出擬定經營策略的建議，創造U公司企業價值的最大化。 An enterprise valuation is a basis used to measure and present the true value of an enterprise. For management of an enterprise, an enterprise valuation can be increased or created by adjusting investment and operational strategies for better understanding the true value of the enterprise; for investors, the enterprise valuation is used to understand whether a stock price of the enterprise has deviated from the true value and further adjust their investment strategies. In this study, a case study method has been applied to understand business performance based on historical financial information. U Company's enterprise value is assessed and forecasted for potential financial outcomes to develop a future operation strategy.In this thesis, the historical information available in the financial statements of U Company (“U Company”) and discounted cash flow method (DCF) and Economic Value Added method (EVA) are used to value the enterprise value of the U Company. In addition, U Company’s key value drivers are to be identified through sensitivity analysis as U Company’s benchmark for future operational strategies to increase the value of the Company. This study has discovered that the key value drivers to increase the value of the U company are operating costs, operating expenses, WACC, and operating income. We provide operating strategies to maximize the enterprise value of the U company according to the key value drivers.
