營運策略與企業評價之實證研究-以台灣光學鏡頭產業為例

The Empirical Study of Operating Strategies and Business Valuation- A Case Study of the Optical Lens Industry in Taiwan

戴瑞君(Jui-Chun Tai)

指導教授 ： 林哲群

國立清華大學/科技管理學院/經營管理碩士在職專班/碩士(2013年)

摘要

本研究以個案研究法與企業評價方法，針對光學鏡頭產業中的領導者大立光與玉晶光進行營運策略分析與企業價值評估，進一步了解台灣光學鏡頭廠商之產業現況、產品技術與競爭力。
企業評價方法分別以銷售導向現金流量折現法(DCF)與盈餘導向現金流量折現法(DCF)來評價企業合理價值，並推導現階段股價所隱含的投資率與成長率等對於企業價值的影響，此外，透過敏感性測試，歸納出價值驅動因子。
實證結果發現，大立光的關鍵驅動因子為盈餘成長率，即包含投入資本報酬率(ROIC)，此外，銷售成長率也具有相當的影響力，與本研究之策略分析的結論相符，建議大立光保護核心技術與人才，增加多樣性的產能，不淪為削價競爭，加上高自動化製程與彈性生產的成本效益，強化現有的競爭力。玉晶光主要關鍵驅動因子也是盈餘成長率，該項指標的敏感度較大立光更高，由於長期為負的超額報酬，建議玉晶光可針對內部事業按產品別、客戶別及地區別來判斷高報酬的事業群，增加投資，利潤偏低的部門須評估投資的必要性，若長期無法改善負報酬，應進行內部改組重整措施或是進行外部改善；針對資金缺口，可進行財務創新以減少資金成本，有助於降低玉晶光之經營風險。

關鍵字

光學鏡頭產業 ； 企業評價 ； 現金流量折現法 ； 關鍵驅動因子

並列摘要

This study adopts case study method and enterprise evaluation method for optical lens industry leader Largan Precision Co., Ltd. and Genius Electronic Optical Co., Ltd. to analyze operating strategies and business valuation, also to gain further insight into the industry status, product technology and competitiveness of the Taiwan's optical lens manufacturers.
The enterprise evaluation methods are Sales Driven DCF Method and Earning Driven DCF Method to evaluate the reasonable value and the shares that may be implied sales growth rate and earnings growth rate to affect the value of an enterprise. In addition, we conduct sensitivity analysis to figures out the value driving factors.
The results of empirical evidence presents that key value driving factor of Largan is the growth of earnings (ROIC included). In addition, the sales growth rate also has considerable influence, and strategic analysis of this study is consistent with the conclusion. I suggest that Largan can protect the core technology and talent, increase a variety of production capacity, and do not focus on the price competitions, cost effectiveness of the highly automated and flexibility production process which should be strengthening the existing competitiveness. The key driving factor of Genius is also earnings growth rate; the indicator’s impact of sensitivity analysis is bigger than Largan. As long as the negative excess return, my suggestion is that Genius can focus on internal careers by product, customer and region to determine the high margin business group to increase investment, and non-profit sectors to estimate the need to invest. If not improve the long-term negative returns, Genius should apply an internal restructuring or external improvements, and against funding gap may do the financial innovations to reduce the cost of capital, all of these can helps to reduce operational risks of Genius.

並列關鍵字

Optical lens industry ； Business Valuation ； Discounted Cash Flow Model (DCF) ； Key value driving factor

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