- 學位論文
企業評價─以台灣上市(櫃)公司之實證研究
Business Valuation ─ An Empirical Study of Taiwan Public Firms
摘要
本研究係首篇分別以自由現金流量法之盈餘、自由現金流量法之營收、本益比、股價淨值比、股價銷售額比與Black-Scholes模式，來進行台灣股票市場上市(櫃)公司之企業評價。本研究首先針對整體台灣上市(櫃)公司進行評價，並進一步分別對上市公司、上櫃公司、電子產業、非電子產業、金融產業與非金融產業進行評價分析。 研究結果顯示對整體台灣上市(櫃)公司而言，本益比法之解釋力與預測準確性優於其他五種評價模式，另外，針對上櫃公司、電子產業與非金融產業而言，本益比評價法之解釋力與預測準確性均優於其他五種評價模式，而上市公司與非電子產業之實證結果則顯示本益比評價法之解釋力最高，而股價淨值比評價法之預測準確性為最佳，就金融產業而論，則以Black-Scholes評價法之解釋力最高，股價淨值比評價法之預測準確性為最佳。
並列摘要
This study is the first paper to employ the price-to-earnings (P/E) ratio, price-to-book ratio, price-to-sales amount ratio and the Black-Scholes valuation models for free cash flow sales and free cash flow earnings, respectively, to conduct valuation of companies listed on the Taiwan Stock Exchange (TAIEX) or OTC-traded companies. This study first focuses on the valuation of TAIEX-listed or OTC-traded companies as a whole, and continues with the analysis of the valuation of TAIEX-listed companies, OTC-traded companies, the electronics industry, non-electronics industries, the financial industry and non-financial industries. The results show that for TAIEX-listed or OTC-traded companies as a whole, the P/E ratio approach provides better explanatory power and predictive accuracy than the other five valuation models. In addition, for OTC-traded companies, the electronics industry and non-financial industries, the explanatory power and predictive accuracy of the P/E ratio valuation method also provides better explanatory power and predictive accuracy than the other five valuation models. On the other hand, the empirical results for TAIEX-listed companies and non-electronics industries show that the P/E ratio valuation method provides the highest explanatory power, while the share price-to-net worth ratio valuation method has the best predictive accuracy. As for the financial industry, the Black-Scholes valuation method provides the highest explanatory power while the share price-to-net worth ratio method gives the best predictive accuracy.