本文利用個案研究方法，以台灣及全球知名自行車業M公司過去歷史財務資料為基礎，採取實務界經常使用的兩大方法：現金流量折現法（Discounted Cash Flow Model，DCF）與經濟附加價值法（Economic Value Added Model，EVA），假設悲觀、中立、樂觀三種情境分析（Scenario Analysis）來估算自行車產業M公司的企業價值；運用敏感性分析（Sensitivity Analysis）找出關鍵價值驅動因子（Key Value Drives）的影響程度。本文最後以評價的角度提出經營策略建議供參考，期許個案公司就如同其logo商標，以亮麗的綠色傳達永續生命、環保與希望，繼續創造並提升企業價值。 “Think Cycling, Think Taiwan!”
This study applies case study method, based on the historical financial data of M company which is well-known in Taiwan and global bike industry, adopts two methods which are frequently used by the practice fields: Discounted Cash Flow Model (DCF) and Economic Value Added Model (EVA), assuming three scenarios of pessimistic, neutral and optimistic (Scenario Analysis) to estimate the corporation value of M company in bike industry. In addition, through the Sensitivity Analysis to find the influences levels of Key Value Drives. At the end of this study, we put forward the suggestion of business strategy for reference from the perspective of evaluation. We hope that the case company will create and enhance corporation value continuously as its trademark which convey sustainable life, environmental protection and hope in bright green.
