京都大学 / 0048 / 新制・課程博士 / 博士(経済学) / 甲第18760号 / 経博第511号 / 新制||経||273(附属図書館) / 31711 / 京都大学大学院経済学研究科経済学専攻 / (主査)教授 椙山 泰生, 教授 日置 弘一郎, 教授 武石 彰 / 学位規則第4条第1項該当 / Doctor of Economics / Kyoto University / DGAM

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.