企業經營目標以為股東創造最大利益,因此,企業價值的評價,以提升股東權益價值為主。本文企業價值的評估方法以現金流量法為之,並透過敏感度分析瞭解價值動因差異性。創造的企業價值與管理者品質評估,並與銷貨成長率、營業淨利成長率、現金支出的營利事業所得稅、營運資金─應收帳款週轉率、營運資金─存貨週轉率、資本支出、加權平均資金成本、競爭優勢期間等價值動因息息相關。 本研究選取二家不動產營建業之建設公司為研究對象,以各公司網站、年報、台灣經濟新報資料庫、公開資訊觀測站、政府部門統計資料為來源,透過現金流量折現法進行評價。結論如下: 一、京城建設公司主要價值動因為:加權平均資金成本、營業淨利成長率、營運資金─存貨週轉率、銷貨成長率。 二、興富發建設公司主要價值動因為:加權平均資金成本、營業淨利成長率、銷貨成長率、營運資金─存貨週轉率。 三、京城建設公司依自由現金流量折現法評估的企業價值(intrinsic valu e)為:每股價值34.45元。 四、興富發建設公司依自由現金流量折現法評估的企業實質價值為:每股價值115.17元。 由本研究了解企業之管理意涵如下: 一、不動產建設公司,以大量舉債的方式經營企業,易受經濟景氣影響。 二、企業銷貨成長影響股東權益價值,建設公司在增加銷貨成長率之際,仍應重視營業淨利能持續成長,為股東創造競爭優勢。 三、建設公司資金成本很重要,依目標資本結構中各要素成本所得之加權平均資金成本(WACC),為衡量企業財務槓桿及承受經營風險程 度,對企業實質價值影響甚大。
Abstract The most important thing of business management is that creating the equity’s value. We focused on how to create equity’s value when doing business valuation and by the sensibility analysis to understand the difference of value drivers. The business value can be affected by many factors which are included the quality of management, Sales Growth, Earnings Before Interest and Tax Growth, Income Tax Rate, Working Capital, Capital Expenditure, WACC, Competitive Advantage Period and so on. This research selected two construction companies. According to financial statement, TEJ, Taiwan M.O.P.S as our research data, we used DCF method to evaluate two companies’ intrinsic value and to analysis of the value drivers. This research’s conclusions as follows: 1、The main value drivers of KINGTOWN:WACC、earnings before interest and tax sales growth 、working capital. 2、The main value drivers of HIGHWEALTH:WACC、earnings before interest and tax, sales growth 、working capital . 3、The intrinsic value per share of KINGTOWN is $34.45. 4、The intrinsic value per share of HIGHWEALTH is $115.17. This research’smanagerial implications are as follows: 1. The value of construction companies are easily affected by outside economics and the debt ratio policy. 2. The equity’s value are affected by sale-growth rate but the companies are need to focus on the number of net income first. 3. The WACC is very important and is a benchmark to evaluate the business’s risk of operation.