台灣食品公司個案企業評價分析(未上市公司實例)

The case study of Business valuation of the unlisted food corporation in Taiwan

李素華(Shu-Hua, Li)

指導教授 ： 顏信輝

淡江大學/商管學院/會計學系碩士在職專班/碩士(2017年)

https://doi.org/10.6846/TKU.2017.00963

摘要

本研究主要目的以經濟附加價值(Economic Value Added,簡稱EVA)及自由現金流量法(Free Cash Flow ,簡稱 FCF)，作為分析指標，以2006年至2015年之財務報表評估個案公司之經營績效，將策略面與財務面做結合，藉由經濟附加價值、自由現金流量折現法、MM模型及加權平均資金成本計算個案公司企業存續價值。
結果研究顯示：自由現金流量折現OCF可創造股價84.104元，個案公司的每股期望價值在48元，以本益比預估之股價介於41~45元 ，P/B股價介於48~58元，雖各種評價方法會出現不同股價高低存在其差異性，但就個案公司而言雖未上市，對未來股票上市均有其參考價值。

關鍵字

經濟附加價值 ； 自由現金流量法 ； MM資本結構理論 ； 加權平均資金成本 ； 資本成長率

並列摘要

Business valuation implementation has been a main tool in supporting business acquisitions and investment decisions of corporations. The relevant knowledge of embedding within the applications of business valuation is formatted basing on the logical concepts of accounting and business finance.
The purpose of the study is to conduct the applications of business valuation techniques for developing the case analysis and report in Taiwan business practice. The case study for the selective target company is chosen, and the valuation time span is arranged from 2006 to 2015. The major business valuation methodologies including Free cash flow discounting approach. the Economic value added approach, The Modigliani and Miller hypothesis, the Market Multiplier (PE, PB, PEBIT, PS, the average of contribution of individual customer ).
In regarding to follow the disciplinary rule of determining the business value and equity value, first, we set up the basic assumptions with respect to of normal business conditions, second, we look into the basic financial reporting analysis, third, we calculate the free cash flow, fourth, we derive the cost of capital which is the discount rate for finding out the business value, fifth, we determine the constant growth rate (sustainable internal growth rate, sustainable external growth rate) for earning or dividend payout, sixth, we assign the intangible value or the goodwill value for various business scenarios, then last step, we apply the qualitative statements of business valuations in supporting the meaningful results and the reality of the target company in our case study.
The ending conclusive remarks have revealed the research limitations and further research suggestions, this can be referred for future further studies in business accounting and financial economics

並列關鍵字

Economic Value Added ； Free Cash Flow ； Modigliani-Miller Proposition ； ROC

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