摘 要 追求股東價值極大化是公司經營的目標,然而受產業狀況、總體經濟環境、公司內部營運流程、資源分配整合、經營者的管理品質…等影響,逐漸使公司重新思考衡量以永續經營來取代追求股東價值的極大化。因此如何創造公司價值、提昇公司價值、以及永續發展成為公司經營者最重要的課題。 本研究針對機電工程業之S公司、漢唐集成股份有限公司、亞翔工程股份有限公司、帆宣系統科技股份有限公司、千附實業股份有限公司等5家公司,以2002~2006年之財務報表各項相關資訊,分別採用(1)傳統財務指標之股東權益報酬率與資產報酬率、(2)現金流量評價法、(3)經濟附加價值法等法,分析之主要結果如下: 1.在評價方法中現金流量評價法,在機電工程業有較佳的解釋能力。 2.在股東報酬率部分, 5家研究對象中,以S公司表現最佳。 3.在資產報酬率部分, 5家研究對象中,以S公司表現最佳。
Abstract The pursuit of shareholder value maximization is the goal shared by many companies. However, due to industry situation, the overall economic environment, the management flow within the companies, the allocation and integration of resources, as well as the management quality of the companies, many companies have started to reconsider pursuing sustainable management instead of shareholder value maximization. Therefore, the most important issue for management is to create company value, promote company value and sustainable development. This research focuses on 5 companies, including United Integrated Services Co., Ltd., L&K Engineering Co., Ltd., Marketech International Corp., and Chen Full International Co., Ltd. The financial statements and other relevant data during 2002-2006 are analyzed through (1) Return on equity (ROE) and Return on assets (ROA) which are under the category of Traditional Financial Index; (2) cash flow valuation techniques; (3) Economic Value Added (EVA). The main analysis findings are as follows: 1. Among all the valuation techniques, cash flow valuation techniques have better explanatory power in the field of electrical engineering. 2. Regarding ROE, S has the most outstanding performance among the 5 companies in this research. 3. Regarding ROA, S has the most outstanding performance among the 5 companies in this research.