上市(櫃)公司長期股價低於淨值及面額之現況及
其經營策略分析:以愛之味食品公司為例

長期以來股票市場一直是許多投資大眾關心的投資標的之一，股票價格的高低通常與該公司的經營績效有關，並隨著該公司的獲利能力而起伏波動。在過去許多文獻上亦指出低股價淨值比的公司通常擁有較高的股票報酬率，投資在低股票淨值比或股價低於面額的公司，其獲得的超額報酬較可觀。因此本研究希望以上市食品產業公司為例，探討其公司的經營績效及策略關係。探討分析其公司市場現況、未來發展策略與股價的關係，及家族企業的長期發展。隨著人民健康意識抬頭、生活品質的提升，我國食品零售通路業者之地位日趨重要，預期未來主要銷售動能將集中於健康鮮食產品領域。根據過去的文獻探討以及個案分析內容，在產品開發、產品行銷、海外市場拓展、家族企業經營，本研究提出下列結論與建議，個案公司調整公司策略，保留核心技術，建立家族憲章。

關鍵字

股價低於淨值；核心技術；家族企業；食品產業

並列摘要

Stock market has long been one of investment targets for investors, while the stock price is usually closely related to operation performance of a company and fluctuates with a listed company’s profitability. According to literatures of the past, companies with low PBR (Price-Book Ratio) usually have a higher ROI. The excessive return of companies which invest in firms with low PBR or stock price below par value will be more considerable. This research focuses on a case study on relations between a listed food company’s operation performance and its strategy. This study also delves into the status quo of the company’s, relations between its future development strategy and stock, and long-term development of family business. In view of people's growing health awareness and the enhancement of their life quality, the standing of food channel retailers in Taiwan is becoming increasingly important. It is anticipated that the main sales dynamics will center on the realm of fresh and healthy foods in the future. In accordance with literature reviews of the past and case study analysis of product development, product marketing, expansion of overseas market and operation of family business, this study concludes with suggestions given below: the case company regulates its business strategies, retains its core technology and creates a family constitution.