農產品大宗物資企業價值及其動因之比較研究-以大成長城 v.s.大統益公司為例

A Comparative Study of Valuation and Value Driver in the Bulk Commodity Firms - Dachan Great Wall Group v.s. TTET Union Corporation

陳宛珍(Wan-Chen Chen)

指導教授 ： 黃德舜

國立中正大學/管理學院/企業管理學系/碩士(2015年)

摘要

企業價值量化的基礎在於營運能力所展現之成果，且價值之衡量乃取決於未來而非過去績效表現，本研究衡量企業價值之指標是以台灣兩家上市企業:大成長城企業及大統益為研究標的，採個案研究法、自由現金流量法，對個案公司進行價值評估、敏感度分析及價值動因分析。研究結果如下：
一、影響大成長城企業(股)公司每股股東權益價值最顯著的價值動因依序為(1)營業毛利率；(2)營業淨利率；(3)資金成本率(WACC);(4)資本支出率。
二、影響大統益(股)公司每股股東權益價值最顯著的價值動因依序亦為(1)營業毛利率；(2)營業淨利率；(3)資金成本率(WACC);(4)應收帳款週轉率。
三、 大成長城股東權益價值為13,798,665仟元，流通在外股數683,500仟股，每股股價10.66元。查詢該公司2015年6月15日股價為21.5元，在上述假設及資料條件之下，顯示股價反應超過公司真實價值。
四、大統益股東權益價值為3,537,531仟元，流通在外股數159,975仟股，每股股價47.46元。查詢該公司2015年6月15日股價為75.6元，在上述假設及資料條件之下，顯示股價反應超過公司真實價值。
雖然兩家公司的最主要的價值動因均為營業毛利率，但背後反映的核心能力卻大不相同，大成長城在多角化及垂直整合之經營策略下，以動物營養與禽畜生產相關技術及產品發展為建構公司核心競爭力之基礎，非但成功轉型，更確保競爭優勢與企業成長。大統益則深耕所專精之黃豆加工領域，從透過技術研發，提升產品經濟價值及競爭力，此亦大統益能成為亞洲最大黃豆油廠商之重要因素。

關鍵字

大宗物資 ； 企業價值 ； 價值動因 ； 個案研究法 ； 自由現金流量法

並列摘要

The operating capacity has a positive and significant impact on a company’s value. Here, the key drivers in a company’s valuation is justified based on its future growth and not its past performance., This study is to study two listed companies in Taiwan: Dachan Great Wall Group and TTET Union Corporation. By adopting research approaches of case study and free cash flow model, this paper presents a series analysis of a company’s value, sensitivity, and value drivers. The conclusions of this study are as follows:
1.The most striking and influential factors of identifying Dachan Great Wall Group’s value drivers for shareholders equity include: (1) Gross Profit Ratio,(2) Earnings Before Interest and Tax Growth；(3)WACC,(4) Capital Expenditure。
2. The most striking and influential factors of identifying TTET Union Corporation’s value drivers for shareholders equity include: (1) Gross Profit Ratio, (2) Earnings Before Interest and Tax Growth；(3)WACC,(4) Accounts Receivable Turnover Ratio。
3. The shareholder’s equity value of Dachan Great Wall Group has NT$13,798,665 thousand dollars, 683,500 thousand outstanding shares, and the intrinsic value is NT$10.66 dollars per share. According to the all hypothesis and conditions, share value is NT$21.5 dollars per share in 15th June, 2015, we can find the price of share is over Dachan Great Wall Group’s intrinsic value.
4. The shareholder’s equity value of TTET Union Corporation has NT$3,537,531 thousand dollars, 159,975thousand outstanding shares, and the intrinsic value is NT$47.46 dollars per share. According to the all hypothesis and conditions, share value is NT$75.6 dollars per share in 15th June, 2015, we can find the price of share is over TTET Union Corporation’s intrinsic value.
Although, the key value driver of these two companies is same gross profit ratio, their core competencies remain very different. Dachan Great Wall Group focuses on multidimensional operations and vertical integration. The core competencies lie in the technologies and products drived from animal nutrition and livestock production. This transformation assures long term business growth, and also creates a competitive advantage for the enterprise. TTET Union Corporation penetrates with soybean processing. It aims at technical research and development that allows an enterprise to create economic value. This demonstrates the reason why TTET Union Corporation is the largest soybean processor in Asia.

並列關鍵字

Commodity ； Enterprise Value ； Value Drivers ； Case Study ； Free Cash Flow Model

參考文獻

查詢日期:2015/04/15。

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