依企業評價理論探討資源配置與股東權益價值關連性－以台積電及聯電為例

公司價值，一直是企業經營者、投資人以及學術研究者最關心的主題之一。企業評價就是評估企業的真實價值，對投資人而言，若能籍由推估而得知道股價是否偏離企業真實價值，便可透過買低賣高，獲得報酬；對企業經營者而言，瞭解影響企業真實價值的關係因素，才能透過投資與營運決策，設法增加或創造企業價值；對員工而言，若其報償建立在企業價值提昇上，其所作所為才能符合公司利益，減低發生圖利自己的可能性；對創業投資基金管理者而言，可藉企業評價，選擇有潛力的投資對象，或透過企業重組手段，快速提昇企業價值。因此，企業評價有利於創造企業價值或增加個人財富，是企業經營或個人理財不可或缺的一門學問。晶圓代工業是台灣經濟奇蹟的功臣，而台積電與聯電更是此產業的龍頭，雖然競爭策略不盡相同，但在技術層次、人力資源、投資成本、成品良率及資金調度上都各有獨特的看法及理念，因此本研究將兩家公司的財務報表區分九大資源，再佐以策略分析及前景分析來評估公司價值；不僅推估未來年度得週轉率、獲利率及銷貨外，另預測公司市價與帳面價值之間的關係，希望提供報表使用者另一種分析評價工具。

關鍵字

企業評價理論；公司價值；財務分析

並列摘要

Corporate value, as always, represents one of the top concerns in the eyes of enterprise operators, investors as well as academic researchers. Enterprise evaluation represents an effort to evaluate the genuine value of an enterprise. To an investor, he/she should be able to gain profit by buying low and selling high if he/she could accurately tell whether an enterprise’s stock price strays from the genuine value through estimation. To an enterprise operator, he/she must understand all factors linked up with genuine value of the enterprise before he/she can try to augment or create the entrepreneurial value through policies in investment and business operation. To an employee, if his/her reward is built upon the boost of the entrepreneurial value, all his/her efforts made to the corporation would be able to live up to the corporate interests and, meanwhile, minimize the possibility to benefit himself/herself. To the management of venture capital, they may choose promising targets of investment by means of enterprise evaluation, or may promptly boost the entrepreneurial value by means of enterprise reorganization. In summation, therefore, enterprise evaluation is constructive to an enterprise to create the entrepreneurial value or to augment personal fortune and is virtually indispensable to business management or personal wealth. Wafer foundry service has played the pivotal role behind the miracle of Taiwan economy. In Taiwan, Taiwan Semiconductor Manufacturing Co., Ltd. and United Microelectronics Corporation have been the flagships in wafer foundry industry, demonstrating respective and unique philosophies and viewpoints in technological levels, human resources, investment costs, yield in finished products and capital management amidst the respective competition strategies which might not necessarily identical. In the present study, therefore, the financial statements of the two firms were classified into nine major resources coupled with strategic analysis and prospect analysis to estimate the corporate values. The estimate covers not only the revolving rates, profitability and sales performance of the upcoming years. It further predicts the market-to-book interrelationship in the hope to offer financial statements users with another handy tool for analysis and evaluation.