本研究運用編製個案銀行的預測財務報表，推算股東權益自由現金流量與每股價值。本研究之結論如下： 依財務面的結論: 1、 購買彰銀的價格偏高: 依股東權益自由現金流量之彰銀普通股每股價值為12.09元，與發生日收盤價相較，溢價幅度達45.1%。雖然彰銀已經大幅打銷呆帳，且擁有全國各地的分行據點等無形資產。但是基於下列幾點理由，本研究認為彰銀購買價格偏高； ( 1 ) 彰銀經營結構未改善，資訊不對稱 ( 2 ) 銀行產業結構改變，眾多的分行不等於獲利保證 2、 存放款利差影響股價較大 依策略面的結論: 1、 銀行業有合併的趨勢或壓力 2、 太大以致不能倒Too-Big-To-Fail 3、 付出控制權溢價，解決代理問題 4、 利用可轉換特別股的發行，換取策略緩衝期

顯示器面板產業的高度景氣循環特性,往往讓投資人不易掌握投資時點.尤其面臨不確定性較高的總體環境及來自大陸紅色供應鏈的威脅,更讓廠商不易穩定獲利。但面板產業中專注在中小尺寸廠商卻異軍突起地獲利(如晶采、光聯、凌巨、久正、中日新、全台、眾福等)，然有別於大廠如友達、群創著墨於中、大尺寸之電視及監視器及瀚彩、華映著墨於中、小尺寸之手機等消費性電子產品；工控用之中小尺寸廠商則聚焦於工業控制用顯示面板,迴避競爭激烈的消費性電子產品之殺戮紅海,且其屬性為工業電腦之重要零組件，性質較接近工業電腦組群,但其投資PE卻被歸屬於具景氣循環特性之面板產業,以致於影響其投資價值。因此藉由本研究進行個案公司(晶采)之商業模式、競爭策略及財務比率分析來探討其投資價值,並與同業(全台公司)之狀況進行比較分析。 本研究擬以質性之個案法及歸納法來研究個案公司之歷年開發產品狀況、銷售狀況、營業代理商通路狀況、產品應用市場等基本資料，運用Alexander Osterwaider及Yevs Pigneur所提出之「商業模式圖」為分析架構，再運用司徒達賢教授所提出之「策略矩陣分析法」策略型態六大構面為分析基礎，藉策略矩陣的解構分析，來闡述創價流程及產業價值鏈與經營績效管理上的策略涵義及競爭優勢。並且利用ROE暨杜邦方程式(主要產品的銷售狀況、資產報酬率、權益乘數)及其他相關財務比率分析，來探討個案公司之經營績效、企業資源使用效率及報酬率。再綜合用以評價個案公司暨產業合理之投資價值。進而思考在面對全球景氣循環不佳環境下，面板產業競爭激烈，如何以商業模式、競爭策略來創造其市場價值與市場定位。

中國，最近幾年每年都是以9-10%經濟成長在成長著， 經濟學者們對中國的經濟成長，仍然預測未來10-15年，中國仍然將以每年9-10%的持續高成長，則內需市場亦將持續擴大；從行銷上來看，中國正由“世界的工廠”走向到“世界的市場”，因為中國內需市場的高成長率，已經成為世界主要的高成長消費市場之一。 然而在高成長的市場，市場佔有率是品牌發展的著重點，大多數品牌在中國的行銷管理上尤其著重於佈局渠道的發展與管理；而其中渠道管理更是重點中的重點。因而本論文中將探討的是，如何運用渠道銷售數據來制定市場決策，提升及優化市場行銷的效益。 本研究將以某中國品牌為例，透過其零售點的POS數據，分析並與發現其市場議題，協助市場決策的的制定及行銷策略的擬定。在數據分析上將涵蓋：總體銷售（進/銷/存）分析、零售分析、銷售結構分析，零售點價值分析等四大部分，以銷售數據實際列舉其市場議題，瞭解其現況，並探究其可能的行銷解決方案和市場決策。 / China has been enjoying an annual economic growth of 9–10% in recent years. Economists are predicting that China will continue its growth at 9–10 % per year in the next 10–15 years. In addition, domestic demands will also keep growing. Such a prediction can be interpreted in Marketing terms into the fact that China is transforming from "World's Factory" into "World's Market". China's domestic market has become one of the major consumer markets with high growth in the world. In a market of high growth rate, market shares of a brand are the focus of brand marketing. Most brands in China focus its marketing efforts on the development and management of channels. Of the two, management of channels is more important. This thesis, therefore will discuss how to determine marketing strategies for their utmost efficiency with the sales statistics gathered from all channels. This research will be based on the statistics gathered from the POS of a certain brand in China. It will analyze the numbers and discovers points of interests to plan for the strategies for markets. The analysis of the statistics include: Overall Sales Analysis (Purchase/Sales/Inventory), Retail Analysis, the Analysis of sales structures, Analysis of Value at the POS. With these analyses, point of interests, current status can be discovered, marketing solutions and strategies can be made.

要創造顧客價值，首先需瞭解顧客。顧客是企業最重要的資產，企業應掌握該資產之性質與經濟意涵。本研究自此觀點出發，對個案公司之顧客資產提出四大問題：1.可能長期/短期往來客戶分辨及探討可能長期往來客戶是否一定是好客戶2.各區隔客戶的主要消費型態3.各區隔顧客與企業之獲利關係4.各區隔顧客之理財型態。本研究藉由此四大問題，串連時間、獲利與經濟行為構面進行分析與探討。本研究之資料取自某銀行信用卡部門二年期之月顧客資料。 　　本研究之發現說明如下： 　　1.以獲利與時間兩構面為區隔，發現長期往來之客戶不一定是好客戶。可能短期往來客戶亦有極佳之獲利潛能，但可能因為企業未能滿足需求或客戶有交換使用各家信用卡之行為、預算分配情況的影響，致使此類客戶未能成為忠實客戶，管理當局應深入調查這些顧客的行為，以利策略之擬定。 　　2.各區隔間有鮮明之行為特質。各區隔之所注重的消費層次不同，關心的議題可能不同，因此企業在行銷上注重的層面理應不同。 　　3.大多數之客群對獲利有顯著貢獻，顯示出大多數客戶是具有潛在利潤的客戶。 　　4.「一般交易需求者」為個案銀行之主要客戶，屬於極少拖欠帳款，或者是有支出預算之消費者，銀行只能自手續費獲利，因此，日常營運成本可能是關心重點，企業應力求成為此類顧客的主要銀行。 / Customer valuation is becoming a critical element in strategy development. It is built on the notation that the customer is the primary asset of the firm. The firm has a protfolio of customer assets that should be analyzed economically to determine their value to the firm. The four issues in this study relate to (1) identifying possible long-lived or short-lived customers and if those possible long-lived customers are necessarily profitable customers or not; (2) investigating consuming behavior of each segment; (3) understanding the profit relationship between the firm and customers; (4) establising financing behavior of each segment. This study is based on a monthly data from a large retail bank for two years. 　　Bellows are the illustation of the empirical findings in this study： 　　 1. Duration and customer profitability are two good dimensions of segmentation. Long-lived customers are not necessarily profitable customers. Short-lived customers have great potential in profitability, too. The firm may not fulfill their needs. Those customers may be butterflies, i.e., they like to use different banks’credit cards. On the other hand, some customers may have budget for their spending. The firm must investigate this phenomenon deeply, so as to plan their marketing strategy. 　　 2. Each segment concerns about different issues because they have distintive consuming behavior. So, the firm must have different marketing strategies for each segment. 　　 3. There is positive association between customers and the firm's profitability in most of the segments. This reveals that most customers are profitable. 　　 4. Tansistors are the domain customer type of the firm. They usually pay bills in time. Maybe, they have spending budget. The firm receives transation fees only. Under this condition, operation excellence is the key point. The firm must pay great efforts to become the domain bank of their customers.