背光模組產業之企業評價-以上櫃某甲公司為個案研究

The Business Valuation of Back Light Unit Industry – A case study of A Company in Taiwan OTC Market

游慶忠(Ching-Jung You)

指導教授 ： 詹毓玲

國立臺北大學/商學院/企業管理學系/碩士(2011年)

摘要

台灣液晶顯示器面板(TFT LCD)產業，隨著政府致力於推動「兩兆雙星」政策開始，即飛快迅速發展，與國際大廠間激烈競爭日益擴大。在這一股資本密集投資與產業群聚的潮流當中，其重要的關鍵零組件－背光模組(Back Light Unit)，對於未來發展與市場主流，就顯得相對的重要。

然而，過去針對背光模組產業之相關研究文獻中發現，大多著重探討產業優勢、技術設計、市場行銷等方面，實證上甚少進行企業評價之探討。在本研究希望能夠藉由單一產業個案分析，探討該企業的真實內涵價值(Intrinsic Value)，並檢視國內創新高科技產業之營運成效，乃至於整體供應鏈體系之發展參考。

本研究嘗試以市價盈餘比法(P/E比法)、市價帳面價值比法(P/B比法)、市價銷售額比法(P/S比法)、市價現金流量比法(P/C比法)，以及現金流量折現法(DCF法)等五種企業評價模式，分別進行實證分析，探討企業評價與股價相關性之分析。研究發現，市價現金流量比(P/CF比法)對於個案某甲公司而言，為適用性較佳之評價方法。

另一方面，探討企業評價對策略規劃分析的影響。經由對某甲公司進行個案分析的過程中，同步展開SWOT分析與Porter五力分析，分析其四大層級之策略規劃與作法，希望透過探討以提供給個案某甲公司經營者未來策略擬定的參考依據。

關鍵字

背光模組、企業評價、策略規劃

並列摘要

As the government is committed to start promote the policy "Two Trillion, Twin Stars", Taiwan LCD panel (TFT LCD) industry is developing rapidly, and is in the fierce competition with international companies. In this trend of capital-intensive investment and industrial cluster, the key component - BLU (Back Light Unit), becomes relatively critical for the future development and the market mainstream.

However, the past related literature of BLU industry was focused on mostly of industrial advantages, technical design, marketing, etc., not so much of empirical research on enterprise business evaluation. In this study, we hope to discuss the true value of the enterprise (Intrinsic Value), by analyzing case study in single industry and review the operating results and effectiveness of domestic innovation and high-tech industries, and even learn the development of the whole supply chain.

This study try to adopt five business evaluation models in Price Earnings Ratio method (P/E ratio method), Price Book Value ratio method (P/B ratio method), Price Sales ratio method (P/S ratio method), Price Cash Flow ratio method (P/CF method), and the Discounted Cash Flow method (DCF method), to process the empirical analysis and discuss whether or not the differences between evaluation results and current share price. The result found that the Price Cash Flow ratio method (P/CF method) is the best applicability of evaluation methods for Case A Company.

As the result, we also try to analysis the influence of business evaluation on strategic planning. According to the process of case analysis on A Company, we adopted simultaneously SWOT analysis and Porter's Five Forces Analysis to analyze the four levels of strategic planning and practices, and hope to provide the reference data to A Company for their future strategic management.

並列關鍵字

Back Light Unit, Business Valuation, Strategic Planning

參考文獻

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