碩士 / 國立臺灣科技大學 / 財務金融研究所 / 102 / Taiwan’s petrochemical industries face two major difficulties after Y2008 financial crisis. The cost of crude oil reached highest level and the new naphtha cracker plant is prohibitted to build by the environmental issues. Except Taiwan's CPC and Formosa Petrochemical these two upstream manufcaturers, creating corporate value is very important for middlestream and downstream manufcaturers to keep growing and competitive in the world. I take the middlestream and downstream manufcaturers, Chang Chun Plastics Co., Ltd.(“CCP”), as a case study to analyze the process of value creation about high-value and overseas expansion with EVAOE (Economic Value-Added On Equity).
This case would show how to separate EVAOE into six factors like DuPont formula. Because CCP is not an exchange listed company, this study would demonstrate public traded companies information of Eternal Chemical Co., Ltd. and Taiwan Prosperity Chemical Corporation as the comparable cases. Furthermore, exploring the optimal capital structure of CCP is another research focus of this study.
As the result shows, CCP’s significant capital expenditures for overseas factoriesin recent years causes CCP’s EVAOE is lower and turns to negative trend. CCP could change this situation soon by raising the availability of the equipments, increasing sales volume and accelerating high-value process. This study suggests that the current capital structure of CCP could increase the debt ratio from 50% to 60% and would take advantage of the tax shield effect to reduce the weighted average cost of capital in order to maximize the valueof the company. As for financial supporting, CCP may not get the optimal cost of debt by issuance of corporate bonds. Due to the low interest rates in the financial market, CCP could finance from banks directly.
| Identifer | oai:union.ndltd.org:TW/102NTUS5304028 |
| Date | January 2014 |
| Creators | Ying-piao Hu, 胡英標 |
| Contributors | Joseph C.P. Shieh, 謝劍平 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 41 |
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