企業價值的提升,就是促進公司競爭力提升的表徵;而企業價值是決定於未來的預期現金流量而非過去,因此評估公司價值,須就未來的現金流量進行預測再以適當的折現率加以折現。企業價值的創造與管理者品質及銷貨成長率、稅前利息前淨利、現金支出的營利事業所得稅、營運資金、資本支出、加權平均資金成本、競爭優勢維持時間等七項價值動因息息相關。 本研究選取以對電子業提供製程設備零組件之精密洗淨及專業再生處理之二家公司企業價值分析為研究對象,資料來源主要來自公司年報、台灣經濟新報資料庫,以現金流量折現法進行評價。結論如下: 一、世禾公司主要價值動因為:銷貨成長率、營運資金成本、資本資出率、加權平均資金成本。 二、榮眾公司主要價值動因為:營業淨利成長率、營運資金成本、資本資出率、加權平均資金成本。 三、世禾公司依自由現金流量折現法評估的企業價值為:每股股價53.82元。 四、榮眾公司依自由現金流量折現法評估的企業價值為:每股股價18.36元。 關鍵字:企業評價、管理者品質、價值動因、企業價值、自由現金流量折現法
The enhancement of enterprise value is to promote the competitive characteristics of companies. The enterprise value is to be determined by the future expected cash flows rather than in the past. Therefore, to assess the company value is required to predict future cash flows and discounts it at an appropriate rate. The seven value drivers comprising creation of corporate value, quality of management and sales growth rate, earnings before interest and tax growth, Tax rate, working capital, capital expenditures, the weighted average cost of capital, competitive advantage period is closely related. This study selected two companies which are providing the service of precision clean and professional reborn treatment of manufacturing equipment parts for the electronics industry. The main information sources were from the company's annual report and the Taiwan Economic Journal database. Discounted cash flow method was the methodology to conduct corporate evaluation. Conclusions are as follows: 1. The major value drivers of Shin Her Technology Inc. are sales growth rate, the cost of working capital, capital expenditure ratio, weighted average cost of capital. 2. The major value drivers of Ares Green Technology Co. includes operating net income growth rate, the cost of working capital, capital expenditure ratio, weighted average cost of capital. 3. The corporate value of Shin Her Technology Inc. according to the assessment of discounted free cash flow method is 53.82 NTD per share. 4. The corporate value of Ares Green Technology Co. according to the assessment of discounted free cash flow method is 18.36 NTD per share. Keywords: Business Valuation、Quality of Management、Value Driver、Enterprice Value、Discounted Cash Flow method