企業評價個案研究-以玉山金控為例

An Analysis of Corporate Valuation-The E.SUN Financial Holdings

賴桂芳(KUEI-FANG LAI)

指導教授 ： 陳建宏

朝陽科技大學/管理學院/財務金融系/碩士(2009年)

摘要

摘　要
　　本研究以玉山金控近五年的財務報表為基礎，透過股東權益現金流量法預測玉山金控的股價，同時求算出玉山金控超額報酬率及經濟附加價值，並對玉山金控作簡易財務分析。
　　本文以股東權益現金流量評價模式算出玉山金控2009年之企業價值約為每股18.06元，同時研究發現股價受權益資本成本率所影響，且權益資金成本率與股價呈反向變動關係，故權益資金成本率愈大則股價愈小。

關鍵字

評價 ； 股東權益現金流量法 ； 權益資金成本率

並列摘要

Abstract

This research is carried out by using Case Study Method. The corporate　valuation by Equity Cash Flow Method (ECF) is based on the recently five　year’sfinancial statements of “E.SUN Financial Holdings”. At the same time, by　analyzing the company’s simple financial reports to calculate Excess Return　Rate and Economic Value Added.

By using the Equity Discounted Cash Flow Method, the research valued the　shares of the company at NT18.06 per share in 2009. This showed that the　valuation model was affected by the equity cost of capital. The　equity cost of capital has an inverse relationship to the stock price, We find the higher the equity cost of capital , the lower the stock price of the company.

並列關鍵字

equity cost of capital ； Valuation ； Equity discounted cash flow method

參考文獻

　　1.玉山金融控股公司(2008)。年報。玉山金控。

灣大學會計學研究所。

1. Arnold, T. and J. James, (2000), “ Finding Firm Value without a Pro Forma Analysis”, Financial Analysts Journal, 56(2), 77-84.

　　3. Copeland T., T. Koller, and J. Murrin, (1994), Valuation：Measuring and Managing the Value of Companies, 2nd, ed., Wiley.

4. Copeland, T., T. Koller, and J. Murrin,（2000）, Valuation: Measuring and Managing the Value of Companies, 3rd ed., Wiley.