企業價值評估是企業管理和企業投資的熱門問題，半導體產業又是高科技發展的關鍵。所以本文就台灣半導體產業的兩個晶圓代工企業之價值評估問題進行對比討論，分別用實質選擇權與自由現金流折現模型來對台積電和聯電進行價值評估。分析中發現實質選擇權方法在評價中比較能充分考量到企業投資決策的彈性，卻對於企業在行業中的領先地位比較難把握；而自由現金流折現模型對於財務報表的數據十分敏感，關於增長率的估計比較難把握，從而使企業價值評估的波動性較大，所以可以綜合兩個方法來進行評價，則可以減少估計誤差。本文的後半部分主要是基於半導體的產業狀況，對台積電與聯電兩家晶圓代工企業的經營策略進行分析，得出科技企業的經營收益與對技術研發的投入呈正相關，也與管理層的理念與穩定性以及上下游產業鏈穩定性密切相關。 / Business Valuation is an important issue for business management or business investment. The semiconductor industry is also an important part for high-tech development. Therefore, this paper focuses on the valuation of two foundry companies in semiconductor industry in Taiwan. Respectively, this paper uses the real option and the discounted cash flow models to assess the values of TSMC and UMC. The analyses find that the real option approach can consider the flexibility of enterprise investment strategy better than the discounted cash flow approach, while it is difficult to grasp the leadership of the company in the industry. The data from the financial statements is too sensitive for the discounted cash flow approach, and the uncertainty about the growth of a company contributes the volatility of the business valuation; therefore, by considering both approaches can reduce the valuation errors. The other part of this paper is based on the semiconductor industry analysis. With the comparison of the corporate business strategies of TSMC and UMC, we find that the operating income of scientific and technological enterprises is positively correlated with business investment in R&D, meanwhile it is closely related to the concept and stability of the manager, as well as the stability of the upstream and downstream supply chain.

根據環保署統計得知92年平均每人每日垃圾產生量為0.901公斤，該年垃圾總產量約為736萬公噸，清除處理廢棄物的方法，除了過去在各鄉鎮設置垃圾掩埋場，將廢棄物當地掩埋外，還有就是興建垃圾焚化廠來替代垃圾掩埋場，以減少取得垃圾掩埋場用地的困難。雖然傳統的公營、民營的一般掩埋場與衛生掩埋場則逐年減少，但仍高達了千座以上，全台各鄉鎮幾乎皆可看見。 因為垃圾處理設施的存在，令人覺得居家週遭的生活環境不寧適。廢棄物與其他環境介質之聯結有很大的相關性，單純針對廢棄物本身所造成的污染損害進行質損估算，是困難度較高的工作。但是垃圾處理設施本身所造成不寧適感受的損害並不包含在這些相關帳表中，而可以使用損害評估法的方式加以估算表示，因此本研究之目的在於調查垃圾處理設施帶給人們不寧適感受的質損。 此種不寧適的污染損害與賠償並不存在市場交易，無法藉由市場上的供給與需求來反應民眾所遭受的質損，因此本研究採用假設市場價值評估法(contingent valuation method)之問卷的方式，調查民眾願意改善環境品質的願付價值(willingness to pay)與願意接受環境惡化的情況下，願意接受的補償價值(willingness to accept)，民眾的WTP/WTA可視為受損害的環境價值，即為廢棄物處理設施所可能產生的質損。 / The producing amount of the one’s rubbish was 0.901 kilograms every day in 2003 according to the statistics in the Environmental Protection Administration. Total output of rubbish is about 7,360,000 metric tons that year. The method of cleaning the rubbish is building landfills and incinerators in every county. But now it is hard to get the specific land to build landfill, and the government policy is that an incinerator substitute for the all landfills in a county. Though the public and private landfills decrease gradually every year, it still had several thousand landfills in Taiwan. Because of the existence of the rubbish treatment facilities, it always makes the living environment of the surrounding area at home not feel peaceful and lose amenity. The purpose of this research lies in investigating the damage that the rubbish treatment facilities cause non-amenity to people. These kinds of pollution damage and compensation do not exist the market. We can’t use the supply, demand and price in the market to response the non-amenity damage of the feeling of Residents. So our research takes the survey to investigate how much resident would be willing to pay for improving the environment amenity and willing to accept for worsening the environment amenity. The people's WTP/WTA can be regarded as the value of the environmental damage from the rubbish treatment facilities.