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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/128826


    Title: 企業評價之應用-某食品公司為例
    Business Valuation-A Food Company Case
    Authors: 呂柏君
    Lu, Po-Chun
    Contributors: 郭維裕
    呂柏君
    Lu, Po-Chun
    Keywords: 企業評價
    Date: 2020
    Issue Date: 2020-03-02 11:07:52 (UTC+8)
    Abstract: 近幾年來，台灣觀光相關產業的經營，隨著兩岸關係而產生大幅波動，企業為了追求永續經營會找尋許多有利標的予以併購，以發揮財務綜效，拓展營業項目與範圍。本文採取個案研究方式，以伴手禮公司併購其上游餡料廠「某食品公司-A公司為例」，透過垂直整合達成其經營策略。
    進行企業評價時，利用乘數法、現金流量折現法與剩餘價值法之理論基礎，進而使用企業評價使用之市場法、收益法與資產法，評估A公司之整體價值。本個案藉由可類比公司的市場乘數、加權平均資金成本(Weighted Average Cost of Capital,WACC) 與A公司財務預測及辨認個別資產負債，得出A公司的企業整體價值。而收益法評估出來的價值較能反映A公司的價值，所以採用收益法計算出來的企業價值。
    In recent years, the operation of tourism-related industries in Taiwan has fluctuated significantly with cross-strait relations. In order to pursue sustainable operations, companies search for favorable targets for mergers and acquisitions to give full play to financial effectiveness and expand business projects and scope. This thesis conducts a case study in which a Taiwanese gift company employs various business valuation methods to estimate the acquiring price of its upstream filling factory and achieves its business strategy through vertical integration. In particular,
    when conducting enterprise evaluation, we use the multiplier method, the discounted cash flow method and the residual value method to evaluate the overall value of the upstream filling factory. In this case, based on the market multipliers, weighted average cost of capital (WACC) of comparable companies, and the filling company’s financial forecasts and identification of individual assets and liabilities, the overall value of the company is derived. We find that the value evaluated by the income method can better reflect the enterprise value of the acquiring target company.
    Reference: 1.王淑芬(2015)，企業評價(二版)，台北，華泰文化。
    2.游明德(2014)，企業併購策略與最佳實務(二版)，台北，財團法人資誠教育基金會
    3.陳品蓉(2017)，企業併購案例分析：以Tesla併購Solarcity為例，未出版之碩士論文，政治大學，企業管理研究所，台北。
    4.張幼蓮(2010)，併購價格的實證研究-以凱基證券入主台証證券為例，未出版之碩士論文，政治大學，經營管理碩士學程，台北。
    Description: 碩士
    國立政治大學
    經營管理碩士學程(EMBA)
    107932025
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0107932025
    Data Type: thesis
    DOI: 10.6814/NCCU202000185
    Appears in Collections:[經營管理碩士學程EMBA] 學位論文

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