企業評價模型運用於營建業之研究與實證

An Empirical Research of Valuation Models for the Construction Industry

曾惠斌(Hui-Ping Tserng) ； 荷世平(S. Ping Ho) ； 宋秋緯(Chiu-Wei Sung) ； 蔡榮根(Lung-Ken Tsai) ； 楊宜軒(Yi-Hsuan Yang)

《中國土木水利工程學刊》 21卷3期 (2009/09) Pp. 275-284

https://doi.org/10.6652/JoCICHE.200909_21(3).0004

摘要

傳統企業評價模型常用於評價成長性較高的產業及公司，營建業易受經濟不景氣的影響而發生財務困境，其評價方式極少見於前人之研究文獻中。本文針對五種傳統評價模式加以修正，以期能適用於營建業的評價。並利用預測績效指標找出營建業中對權益證券市價最具解釋能力的評價模式，同時以個案公司實例加以實證。結果顯示營建業之最適評價模式為市價淨值比法；營收成長較邊際利潤率成長對提升公司價值貢獻較大；在不景氣期間，增加目標投資率不但無法讓公司成長，反而降低現金流量進而降低公司價值。

關鍵字

評價模型 ； 營建業 ； 財務困境 ； 公司價值

並列摘要

Traditional valuation models are often used to evaluate companies with high growing potentials. However, the construction industry is vulnerable to the influence of an economic downturn and might result in a financial distress, and the traditional valuation models are inadequate in such situations. Since valuation models for the construction industry are rarely studied by researches and scholars, the five traditional valuation models are discussed and modified in this paper as future references of construction industry. In addition, the index of performance is employed to identify the best explanatory valuation model for predicting the equity market price for the construction sector. With supports from case studies, the result shows that the best valuation model is the price to book value ratio. Compared to profit margin, revenue growth has a more significant contribution to the corporate value. During an economic downturn, increasing investment would not encourage the company growth but lower the cash flow, which as a result depreciates the value of the corporate.

並列關鍵字

valuation model ； construction industry ； financial distress ； company value