本文企圖剖析連接器產業以何種財務策略取得穩健之資金來源，及適量的自由現金流量水準來維持企業之成長機會。實證結果發現，國內上市櫃連接器公司多數以保有營運活動所產生的高現金部位成長機會較高，建議業者應減少舉債降低利息支出，並利用充裕現金進行研發及具生產性的投資計畫，加強公司競爭能力帶動公司未來盈餘成長，進一步提高公司的價值。 / This article attempts to analyze the connector industry to obtain the steady capital by financial plan, and the appropriate of free cash flows to maintain the growth of opportunity in the enterprise. The analysis discovered that the listed connector company most holds the high operational cash flow to keep higher growth, therefore, we suggest they should reduce loans to lower the interest expenses, and carries on the research and development and the production plan by using the abundant cash. It will strengthen competitive ability of the company to lead the growth of profit and enhance company's value in the further.

台灣ODM網路通訊業的規模從2000年開始急速成長，以正文科技為例，2000年年營收為5億新台幣，在2004年已經達到123億新台幣，年平均成長率達到125%，然而接下來四年的平均年營收成長率僅約15%。近年來電信業者不斷地將其所佈建的網路系統深入一般終端消費者，使得終端零售市場逐漸萎縮，迫使台灣ODM網路通訊業必須轉進電信市場。電信市場是以國家為單位，且在部分國家針對進口的電子商品課徵較高的關稅，藉以保護該國國內的廠商，使得台灣業者處於相對不利的態勢。本研究先針對電信市場進行分析，找出對進口電子商品課徵高額關稅且較具規模的電信市場，並以此探討台灣ODM網路通信公司面對這樣的市場，所應採取的策略，是透過內部成長，直接在巴西當地設立加工廠，還是透過外部併購，併購當地廠商，藉以取得當地生產的能力。本研究選擇的廠商為正文科技，選擇的市場是巴西，藉由法律可行性的分析，探討國內及巴西當地法律對於內部成長與外部併購兩種可行方案的差異；藉由財務可行性的分析，依據公司自由現金流量(FCFF)的觀念，透過DePamphilis (2009)的Discounted Cash Flow Valuation (DCF)定價模型，分別計算正文科技在做出兩種可行方案決策後的市場評估價值。研究結果建議正文科技應以外部併購的方式，透過併購當地企業，進入該市場。 / The Taiwan ODM network companies took a growth rapidly since 2000. The annual revenue of Gemtek Technical Co. in 2000 is only 500 millions NTD, and 12.3 billions NTD in 2004.The average growth rate of annual revenue was up to 125% during these 4 years. However, in the next 4 years it was only around 15%. During the previous years, the telecom service providers went deeper and closer to the end user market and coused the shrinking in retail market.This also forces the Taiwan ODM network companies to consider the telecom market. However, the telecom market is country oriented, and in some countries, they would charge higher custom rate to protect their local industry.First of all, this research will figure out what are the markets with this behavior and what is the solution to enter these markets, by building a factory in the local side or through M&A to get the production capability.This research takes Gemtek Co. and Brasil as an example to discuss in both laws and financial points of view. From the laws point of view, try to figure out the difference the two possibile solutions.From the finance point of view, according to the FCFF concept and the DCF model by DePamphilis (2009), calculate the price of Gemtek company after making the decision with the two solutions. According to the result, it should go in M&A way.

本研究之主要目的在於探討公司自由現金流量與其過度投資之關聯性，並設法瞭解內外部機制是否有助於減緩公司過度投資之代理問題。此外，本研究亦探究公司自由現金流量與債務控制之關聯性，以及債務控制與公司之其他監督機制間之關聯性。本研究發現，公司自由現金流量愈大時，愈可能有過度投資之現象，且此種現象較集中於自由現金流量為正之公司。此外，相較於高成長公司，低成長公司自由現金流量之代理問題較為嚴重，更傾向於過度投資。而在減緩代理問題之機制上，管理階層及機構投資人之持股並無法有效減緩代理成本，或抑制公司過度投資之現象，但或許可藉由債務控制減緩過度投資之問題。再者，本研究推論過度投資之公司可能會傾向於提前適用資產減損之會計處理，以認列其投資損失。最後，公司代理問題愈嚴重時，並不一定會藉由債務控制方式減緩過度投資。而在降低代理成本的作用上，管理者持股、機構投資人持股與債務控制之間具有明顯的互補關係。 / The main purpose of this study is to examine the association between a firm’s free cash flows and its overinvestment. In addition, I also examine the interrelationships between free cash flow, managerial ownership, institutional investors, and debt .The empirical results suggest that overinvestment is concentrated in firms with higher levels of free cash flows and lower opportunities for growth. Further tests find that a firm’s managerial ownership, institutional investors’ ownership may not effectively mitigate its overinvestment. However, debt appears to control overinvestment. Besides, I infer that firms with overinvestment may choose to adopt the accounting standards for asset impairment earlier to recognize their investment losses. Finally, I find evidence that firms may not be using debt control to mitigate their overinvestment, and a firm’s managerial ownership, institutional investors’ ownership and debt may serve as substitutes in controlling its agency costs.

對於企業評價通常需要採取四個重要的步驟。首先是了解公司的實質營運狀況，包括對於公司的產業、競爭地位與公司策略。這些產業的資訊會結合公司的財部報表去推斷未來的公司營運。其次是根據過去的來估公司盈收能力以及財務狀況。第三，因為在台灣缺乏夠多的相似公司來做比較所以本研究採取自由現金流量折線模式來做股東權益的評價。如果對於公司能夠有深入的了解可以幫助評價的品質。最後是根據產業分析以及企業評價作出經營或是投資的決定，以增加個案公司未來的價值。 在本論文中提出一企業評價架構，而個案公司以此一架構來驗證其正確性。共有六個關鍵的區塊來實踐此一架構，其中包含了產業分析、會計報表分析、財務分析、競爭策略分析、預測未來營運以及企業評價等。值得注意的事，這六個區塊彼此相互影響。 本研究的企業評價最主要的應用為選擇股票，股票分析師在市場中，希望根據本身公司股價或是其他相似公司的股價，找出被正確、高估或是低估的股票。企業評價的工具更可以用來評估公司的重大營運決定，例如購併、收購、部門撤資、部門分割、管理買下以及槓桿買下。此外一個關心股東權益價值最大化的公司也可以利用此一評價工具評估其他的策略替代方案。 / For business valuation, there are four necessary steps to undertake. These steps include that the underlying business of the firm must be understood comprehensively first. This involves evaluating industry prospects, competitive position, and corporate strategies. The information is used together with financial statement analysis to forecast performance. Next, company earning power will be estimated based on historical performance and adopted strategy within the competitive environment including forecasts of sales, earnings, and financial position. Third, in this study the DCF model is chosen to evaluate the equity value due to lack of similar companies available in Taiwan. An in-depth understanding of the business and an ability to forecast the performance of a company help determine the quality of valuation efforts. Finally, based on the analysis of industry and business valuation, some investment or business decisions can be undertaken to improve the future values of the case company. The architecture of implement the business valuation is proposed in this study. The case company is employed to verify the validity of this architecture. There are six major function block to construct this architecture, including industry analysis, accounting analysis, financial analysis, competitive strategy analysis, forecasting prospective performance and business valuation. It is noted that these function blocks influence one anther. Industry analysis is the beginning of valuation in this architecture. Stock selection is the primary application of the business valuation presented in this study. Equity analysts attempt to identify securities as fairly valued, overvalued, or undervalued in the market, relative to either their own market price or the prices of comparable securities. Valuation tools can be used to assess the impact of corporate events such as mergers, acquisitions, divestitures, spin-offs, MBOs, or LBOs. In addition, the company concerned with maximizing shareholder value must evaluate the impact of alternative strategies on share value.

企業營運績效通常是以會計報表上的數字為參考，例如，資產報酬率(ROA)、每股盈餘(EPS)、股東權益報酬率(ROE)與資本報酬率(ROC)等，但這些數字通常受制於許多會計規範，且忽略股東資金成本，若只觀察這些會計數據可能無法忠實呈現一間公司的實際價值與績效。1995年由紐約Stern Stewart & Co.財務顧問公司所提出一個結合會計及經濟之觀念的財務績效衡量指標，現在已廣被使用作為企業價值的衡量工具。能夠以目前會計報表裡的資訊運用若干公式原理而更能充分的呈現在原始會計報表無法獲取的有用的訊息，而更能夠以投資者的角度觀察企業經營者所制定之決策是否以股東之權益為優先考量。本研究係採個案研究方式，分析經濟附加價值，並應用企業評價中自由現金流量折現法，經由三種假設情況下的情境分析，評估個案公司企業價值；最後透過敏感性分析拆解選取關鍵驅動因子，作為提供個案公司未來營運策略與方針之參考。 / The measurement of the firm’s performance usually rely on a lot of normal accounting statements, for example assets rate of returns (ROA ) , per share surplus (EPS ) , stockholder's equity rate of returns (ROE ) and rate of returns of capital (ROC ) ,etc. Those numbers have to follow the Generally Accepted Accounting Principles（GAAP）and ignore the cost of equity. If only observe those accounting numbers, it is hard to faithfully expressing the real value and performance of an enterprise. The Economics Value Added (EVA) concept was proposed in 1995 by the New York Stern Stewart & Co. financial adviser company. It combination of accounting and economic concepts based on financial performance measures. It can show some primitive useful message that accounting statement can't be obtained abundant at present. This concept has been widely be used as a measure of corporate value tool. Our research, which applies case study method, attempts to analyze the EVA value and determine the value of company S by using the discounted free cash flow model under three hypothetic scenarios. In addition, we conduct sensitivity analysis model to find the key value-driving factor of the company, which will be considered in planning future operating strategy.

興櫃股票是指已經申報上市（櫃）之公開發行公司的普通股股票，一般而言興櫃股票的流動性小、股本小，因此短線投資人多以即將掛牌上櫃的公司為主，至於中長線的投資人則以長期價值的觀點來投資，投入資金後必須等待一段時間，待上市（櫃）後，才能獲取較好的投資報酬率。長期投資須以自有資金投入，進一步瞭解該公司產業狀況及基本面表現後，應用適合未上市公司的評價模式，來做為投資的依據是很重要的。 本研究以興櫃市場中的半導體產業中的廣穎電通股份有限公司作為研究對象，以自由現金流量法為評價模型，並針對未上市公司在參數估計困難的部分作調整，使評價未上市公司時有一套可依循的流程，並加入考量未上市公司股票因流動性不足，所造成之流動性折價，以提升在評價上的合理性及正確性。 實證結果顯示，以2011 年年報來估計相關參數，運用現金流量折現法的每股理論價值為39.24 元。若考量流動性折價，以上市股票市場資料推估所得之流動性折價，廣穎電通之每股理論價值將為39.05 元；以興櫃股票市場資料推估所得之流動性折價，廣穎電通之每股理論價值將為37.93 元。

本篇論文主要探討股利支付率與未來獲利能力成長的關聯性。過去相關文獻專注在股利變化率與未來盈餘成長的關係，股利支付率的文獻則較少。本研究以1991至2016年台灣上市、上櫃公司為樣本，利用固定效果模型來進行分析，實證結果發現股利支付率與未來獲利能力成長的關係呈顯著正相關。本研究根據文獻在迴歸模型中加入成長機會代理變數來檢驗股利支付率與未來獲利能力成長的正向關係是否能以自由現金流量假說解釋，實證結果與文獻一致，說明當成長機會愈低，台灣上市櫃公司之股利支付率與未來獲利能力成長之關聯性愈強，透過將剩餘的自由現金流量以股利發放的形式返還予股東，能減少公司之代理成本，市場上的投資機會未受到市場的競爭而使報酬率高於預期，因此出現公司股利支付率愈高，未來獲利能力成長愈高的現象。 / This study examines the relationship between dividend payout ratio and the growth of future profitability. Previous literatures mainly focused on the relationship between dividend change rate and future earnings growth instead of dividend payout ratio. The sample of this study includes companies listed on Taiwan Stock Exchange and the OTC market from 1991 to 2016. Results of the fixed effect model shows that there is a significantly positive relationship between dividend payout ratio and the growth of future profitability. Proxy variables for growth opportunities are used in the　fixed effect model to further verify whether the positive relationship can be explained by free cash flow theory. Our results support the explanation, indicating that the positive relationship between dividend payout ratio and the growth of future profitability is stronger when growth opportunities are low. Companies can reduce agency costs by paying out dividends to shareholders, and the returns of investment opportunities on the market are unaffected by competition force, which results in the counter-intuitive phenomenon of higher dividend payout ratio and subsequent growth of future profitability.

過去研究多將焦點集中在增加高階經理人薪酬，將可促使高階經理人為公司股東的權益努力，為此探討提昇股東權益包含高階經理人獎酬與公司績效間的關聯，卻忽略了其與風險間的關係。高階經理人員可能因為獎酬的激勵，從事對公司有利且風險較低的計畫，也可能會為了提高自身的權利，將風險轉嫁給公司，因此激發出探討高階經理人員獎酬與公司風險間的關係的研究動機。 本研究以KMV模型之預期違約率作為公司風險之參數，探討高階經理人之 薪酬、自由現金流量、KMV信用風險之關係，同時瞭解公司規模是否影響高階 經理人薪酬、自由現金流量及公司績效與公司KMV信用風險間的關係。 研究結果顯示，公司高階經理人的薪酬與公司違約風險呈負相關，即高階經理人薪酬的提高，確能降低公司的違約風險，但此現象僅在大規模公司才能發現。此外，就自由現金流量而言，小規模公司之自由現金流量愈多，存在較高的風險，惟有提高公司營運績效，方能減緩公司風險的承擔。另一方面，對於高階經理人薪酬的提升，雖然在小規模公司並沒有效果，但係有助減緩自由現金流量帶來的負向衝擊。最後，前述小結僅存在於小規模公司群體，這可能是因為，大公司擁有較高的政治成本，因此為了避免社會的關注，大公司較小公司有較好的公司治理機制，因此管理當局較不可能基於自利的動機來影響公司的風險。 / Many past researches focused on senior manager will be able to work hard for raising shareholder’s equity because of higher compensation. Many researches of raising stakeholder’s equity explored the relation between senior manager compensation and financial performance, but ignored the relation with credit risk of company. Senior managers maybe perform lower or higher risk project for themselves benefit due to some higher compensation motivation. Thus this researching will refocus on exploring the relation between senior manager compensation and company credit risk. This study will discuss the relation among senior manager compensation, FCF and KMV company credit risk by EDF of KMV model as a parameter of company credit risk. And to understand the scale of company weather influence the relation among senior manager compensation, FCF and KMV company credit risk? The results of this research show that the senior manager compensation is negatively correlated with company credit default risk. On the other hand, higher senior manager compensation will reduce the risk of company credit default, but this phenomenon can be found only in lager companies. In addition, as far as small company's FCF, the more FCF, the more there is a higher risk. Increase company's operating performance, the company credit risk can be slow down. On the other hand, in small company there is no effect on raising senior manager compensation, but it will help mitigate the negative impact of FCF. Finally, the foregoing summary is just only in small company groups, may be because larger companies have higher political cost, so in order to avoid the concern of society, larger companies have better corporate governance than small companies, thus senior manager will not be able to influence the company’s credit risk for their self-interested motivation.

本研究以財報重編為財報品質之代理變數，探討自由現金流量是否對內部股權結構與財報品質的關係具有調節效果，期望藉助對於自由現金流量調節效果之了解，以利報表閱讀者更適當地解讀財報訊息，瞭解財報之品質。 實證結果顯示，自由現金流量對內部股權結構與財報品質間確實具有顯著的調節效果，尤其是董、監持股率與董事兼任經理人這兩項因素對於財報品質之關係，很受到自由現金流量之影響。自由現金流量本身與財報重編呈顯著負相關，自由現金流量愈高，財報重編的可能性愈低。但自由現金流量所引發的代理問題，反而可能對董、監持股率、董事兼任經理人與財報品質間的關係產生負面的調節效果，即財報重編的可能性顯著提高。但自由現金流量對於經理人持股率與財報品質間的關係不具有顯著的調節效果。 / This study examines whether free cash flow has the moderating effect on the relation between ownership structure and financial reporting quality, using financial restatements as a proxy for financial reporting quality. This study tries to interpret earnings information more appropriately through more understanding on the moderating effect of free cash flow. The study shows that free cash flow exactly has the moderating effect on the relation between ownership structure and financial reporting quality, especially for stocks holding ratio by directors and supervisors and CEO duality. Firms having more free cash flow are less likely to restate statements. However, free cash flow might trigger agency problem, which might having negative moderating effects, causing higher possibilities to restate statements. Otherwise, the finding of this study shows that there is no significantly moderating effect on the relation between managerial ownership and financial reporting quality.

因應全球化時代之來臨，為提升會計資訊的透明度及跨國間之可比較性，國際財務報導準則(IFRS)已然成為全球資本市場共通的會計語言。我國為提升企業與資本市場國際競爭力及降低企業赴海外籌資成本，將自2013年起分階段直接採用（Adoption）IFRS。 針對無活絡市場公開報價之權益商品公允價值衡量議題，本研究目的擬以投資者的立場，透過IFRS與我國現行財務會計準則間之主要會計原則差異，探討對自由現金流量折現法評價模型及評價步驟之影響，以提供未來投資者於應用自由現金流量折現法進行企業評價時之參考。 本研究顯示在IFRS與我國現行財務會計準則並存適用下，不論於進行同公司跨期間或不同公司同期間之分析比較時，需先辨識重大會計差異所帶來之潛在影響，並掌握因衡量方法的改變、IFRS 1各項豁免選擇、抑或表達上的重分類等，對財務報表資訊內涵所產生之影響，進而衡酌對自由現金流量評價模式的參數設定調整，以及可能改變對未來現金流量金額、時點及不確定性之預期，如此，方能獲致IFRS所帶來之提升財務資訊可比較性及高透明度等效益。 / With economic globalization, International Financial Reporting Standards(IFRS) is becoming the single set of globally accepted accounting principles to increase the transparency and comparative of financial statements. In keeping with international trends and to increase competitiveness, companies as the 1st phase in Taiwan will adopt IFRS in 2013. In this study, from the investor point of view, discussed the major differences between IFRS and ROC GAAP, which impact on the discounted free cash flow model and the evaluation steps. To provide the reference for investors when evaluating the company with the discounted free cash flow model. This study shows that under IFRS and ROC GAAP coexist, it must recognize the potential impact of the significant accounting differences firstly whether in the analysis of the inter-period of the same company or different companies during the same period. Due to control the impact of the information content of financial statements from the change of measurement、how to use exemptions provided by IFRS1 or expression on the re-classification, in consideration of adjusting the parameters of the discounted free cash flow model, and may change the expected amount of future cash flows , point and uncertainties. And then, we will attain the benefit such as enhance comparative and transparency of financial information from adopting IFRS.