本研究藉由台灣政府2010年調降營利事業所得稅稅率,稅率由25% 調降至17%的重大變革,檢測企業經營者和決策者瞭解政府租稅法令改變對企業評價之影響。為探討稅率對企業實質價值之影響,在不同產業中價值動因是否不同,本研究選取台灣上市之高科技產業-安全監控產業及傳統產業-橡膠產業各一家公司,為企業價值分析研究對象,以自由現金流量折現法進行公司評價,評估公司的實質價值,並分別就企業價值的創造與銷貨成長率、營業淨利成長率、現金支出的營利事業所得稅、營運資金、資本支出、加權平均資金成本等項價值動因進行分析,以達創造最大的企業價值。 研究結論如下: 一、高科技產業之晶睿公司主要價值動因為:(1)負債比(2)研發費用比率(3) 現金支出的營利事業所得稅(4)營運資金-存貨週轉率(5)銷貨成長率。 二、傳統產業之鑫永銓公司主要價值動因為:(1)資本支出率(2)銷貨成長率(3)營運資金-存貨週轉率(4)研發費用比率(5)現金支出的營利事業所得稅。 三、高科技產業之晶睿公司依自由現金流量折現法評估的企業價值為:每股股價 73.96元。 四、傳統產業之鑫永銓公司依自由現金流量折現法評估的企業價值為:每股股價 88.20元。 台灣政府為扶植高科技產業,2010年以前企業的租稅優惠及減免,主要集中於強調創新、研發的高科技產業,傳統產業無法享受到租稅優惠,2010年所得稅法及產創條例修法後,現金支出的營利事業所得稅對高科技產業之晶睿公司企業實質價值影響力較大。
Taiwan government is down the income tax of profit-seeking enterprise from 25% to 17% on 2010. This research is focused on the difference of manager’s decision and the business valuation when the income tax of profit-seeking enterprise is changed. In order to understand how the income tax influence on the firm’s value and its difference between high-tech and traditional industry, we selected the CCTV industry and the rubber industry to be our valuation’s companies. We used DCF method to evaluate the two companies’ intrinsic value and to analysis of the value drivers. My research conclusions as follows: 1、The main value drivers of VIVOTEC: (1)debt-to-equity ratio (2) R&D ratio (3) Tax Rate (4) inventory turnover ratio (5) sale-growth rate. 2、The main value drivers of HSIN YUNG CHIEN:(1) capital expenditure (2) sale-growth rate. (3) inventory turnover ratio (4) R&D ratio (5) Tax Rate. 3、According to the assessment of discounted free cash flow method,the intrinsic value of VIVITECH Inc. is NTD 73.96 per share. 4、According to the assessment of discounted free cash flow method, the intrinsic value of HSIN YUNG CHIEN Inc. is NTD 88.20 per share. Taiwan government provided the tax preference of high-tech industry before 2010 but the traditional industry cannot have this advantage. Taiwan government revised the tax laws on 2010 and showed the high-tech industry had to be more influenced than the traditional industry.