企業重要財務規劃之探討：以國巨為例

Discussion on important financial planning of enterprises: taking YAGEO Cor. as an example

李雅雯(Ya-Wen Lee)

指導教授 ： 李建興 ； 晏揚清

義守大學/管理學院/管理碩博士班/碩士(2021年)

摘要

本研究以個案探討，國巨（股票代號2327）執行『現金減資』與『併購』二項重要的財務規劃所獲的營運績效變化。本研究主要之研究結論如下：
現金減資分析結論：1.將國巨與華新科進行財務比率分析結果顯示，國巨在股東權益報酬率、每股盈餘及毛利率的表現皆優於華新科。2. 現金減資後三年市值平均值較現金減資前三年提高7倍、每股營收提高11倍。3.現金減資後三年股東權益報酬率平均值較現金減資前三年提高4倍，每股盈餘及年均股價分別39倍及36倍。4.現金減資對投資人的稅負較發放現金股利最多可節稅29.91％。
公司實施員工認股權主要目的是為了留才，而國巨掌權的大股東及理監事們因為兼具員工身份而增加持股股數，產生的結果是：1.取得股票成本較低，可從中獲得較高利潤。2.現金減資後再執行員工認股產生控制權較一般股東大幅增加。
併購分析結論：1.國巨併購基美後提高MLCC市占率，排名世界第三。2.併購基美和普思雖然都是溢價購買，但本益比介於6.8倍~16.9倍，併購價格非常便宜。3.併購普思及基美可為國巨貢獻EPS3元及EPS7.8元。
本文研究建議：1.當投資人在觀察投資標的時，若企業正在執行減資必需確認減資的型式，實資減資的風險較型式減資風險低。2.當企業的保留盈餘或是閒置資金過多時，可執行現金減資來調整資本結構，好處可提升企業財務指標及股東即可退回現金又有節稅效果。
國巨自2013年至2017年之間共執行4次現金減資，讓股本成功瘦身並將公司價值極大化；另自2016年起進行多次併購，藉由併購，獲得資源、技術及通路，成功強強聯手，擴大生產規模及市場占有率，證明國巨財務規劃可供有志之士及投資人做為參考。

關鍵字

國巨 ； 財務規劃 ； 現金減資 ； 併購 ； 員工認股權

並列摘要

This research uses a case study to explore the changes in operating performance achieved by Yageo (stock code 2327) in implementing two important financial plans: "cash capital reduction" and "mergers and acquisitions". The main conclusions of this study are as follows:
Conclusions of cash capital reduction analysis: 1. The financial ratio analysis of Yageo and Huaxinke shows that Yageo's performance in return on equity, earnings per share and gross profit margin is better than Huaxinke. 2. The average market value of the three years after the cash reduction is 7 times higher than the three years before the cash reduction, and the revenue per share has increased by 11 times. 3. The average return on shareholders' equity in the three years after the cash capital reduction has increased by 4 times compared with the three years before the cash capital reduction. The earnings per share and the average annual stock price are 39 times and 36 times respectively. 4. The tax burden of cash capital reduction on investors can be up to 29.91% less tax than cash dividends.
The main purpose of the company's implementation of employee stock options is to retain talents, and the major shareholders and supervisors in power of Yageo increased the number of shares held because of their status as employees. The results are: 1. The cost of acquiring stocks is lower and can be obtained from them. Higher profits. 2. After cash capital reduction, execution of employee stock subscriptions produces a significant increase in control rights compared to ordinary shareholders.
M&A analysis conclusions: 1. Yageo increased the market share of MLCC after the acquisition of Kemei, ranking third in the world. 2. Although the acquisitions of Kemei and Pusi are both purchased at a premium, the P/E ratio is between 6.8 times and 16.9 times, and the acquisition price is very cheap. 3. The acquisition of PULSE and KEMET can contribute EPS＄3 and EPS NT＄7.8 to Yageo.

The research recommendations in this article: 1. When investors are observing the investment target, if the company is implementing a capital reduction, the type of capital reduction must be confirmed. The risk of actual capital reduction is lower than that of the type of capital reduction. 2. When the company has too much reserved surplus or idle funds, cash reduction can be implemented to adjust the capital structure. The benefits can improve the company's financial indicators and shareholders can return cash and have tax-saving effects.
Yageo executed a total of 4 cash reductions from 2013 to 2017, which successfully reduced the equity and maximized the company’s value. In addition, it has carried out multiple mergers and acquisitions since 2016. Through mergers and acquisitions, it has obtained resources, technology and access, and has successfully strengthened The strong cooperation to expand the scale of production and market share proves that Yageo’s financial planning can be used as a reference for people with lofty ideals and investors.

並列關鍵字

Yageo ； financial planning ； cash capital reduction ； mergers and acquisitions ； employee stock options

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