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| Title: | 股價評估模式的選擇--以台灣科技公司台達電為例
A case study of how to choose the fittest model to value a company--Delta electronic company |
| Authors: | 胡華盛
Hu, John |
| Contributors: | 周行一
Chow, Edward H.
胡華盛
Hu, John |
| Keywords: | 評價
資產訂價
本益比
競爭優勢期間
自由現金流量
附加經濟價值模型
相對價值模型
台達電
valuation
CAPM
relative pricing
competitive advantage period
pe
economic value added
free cashflow
pb |
| Date: | 1998 |
| Issue Date: | 2016-04-22 10:20:21 (UTC+8) |
| Abstract: | 本研究從了解台達電公司的背景，整體環境，產品的前景與市場獲利，公司結構和近來動向，技術合作生產方面，重要轉投資活動，達電與上下游廠商之間的關係和在產業中的優劣勢分析出發，對公司的背景有了透澈的了解後，開始以既有的財務報表 (民國76~87年) 為基礎對達電預估民國88~92年的財務報表，並且以學術的評估公司價值理論套用進來，如資產評價模型 (CAPM)，競爭優勢期間 (Competitive advantage period)，股利折現模型 (Gordon model)，附加經濟價值模型 (EVA)，修正附加經濟價值模型 (REVA)，自由現金流量法 (Free cash flow)，指標盈餘法 (indexed earnings)，本益比 (P/E)、市價淨值比 (P/B) 和市價銷售比法 (P/S) 等，以了解這些模型對達電的適用性，並對上述的模型提出其是否適用的原因，作為日後評價類似台灣科技產業的參考。
There are many valuation models, such as CAPM, competitive advantage period model, Gordon dividend discount model, economic value added model, revised economic value added model, free cash flow model, and relative pricing models such as P/E, P/B and P/S, etc… But what is the fittest model for the high-tech stocks in Taiwan? In my thesis I picked Delta electronic company for my case study because it is one of the fastest growing corporations that is representative of the industry on this island. I started with understanding the fundamentals, strategy, strength, weakness, opportunity and the threat of Delta by analyzing its industry, structure, products and its affiliates domestically and abroad. On the basis of the existing financial statements of the past 12 years (1987~1998), I built the next 5-year ones (1999~2003). Then I applied the valuation models to find out the intrinsic value of Delta based on the information from my analysis, magazines, the internet, the library and other resources. |
| Reference: | 國內文獻部份：
1. 陳奉珊，企業評估模型有效性之實證研究，國立政治大學財務管理研究所出版之碩士論文，民國87年
2. 張賢智，自由現金流量假說─以台灣上市公司為例，國立東華大學國際經濟研究所出版之碩士論文，民國87年
3. 陳志瑋，台灣上市公司自由現金流量代理問題探討，國立中央大學財務管理研究所出版之碩士論文，民國86年
國外文獻部份：
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2. Barnes, P. F. , A real-world focus in calculating terminal values, Merger & Acquisitions, July/August 1996, 24-26
3. Benning, S. , Financial modeling, 1997, 18-27
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16.Narayanan, R. , Essays on insider trading and its regulation and the agency costs of free cash flow，Thesis (Ph. D. )--New York University, 1993
17.O`Byrne, S. F. , EVA and shareholder return, Financial practice and Education, spring/summer，1997, 50-54
18.Ohlson, J. A. , A synthesis of security valuation theory and the role of dividends, cash flows, and earnings
19.Szewczyk, S. H. , G. P. Tsetsekos, and Z. Zantout, The valuation of Corporate R&D expenditures:evidence from investment opportunities and free cash flow, Financial management, 25, 1, spring 1996, 105-110 |
| Description: | 碩士
國立政治大學
金融研究所
g86352001 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#B2002001424 |
| Data Type: | thesis |
| Appears in Collections: | [金融學系] 學位論文
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