超商業股權價值評估—統一超VS.全家

A Valuation of Chain Store Industry Equity – 7-Eleven vs. Family Mart

黃鼎洲(Ting-Chou Huang)

指導教授 ： 張寶光

淡江大學/商管學院/會計學系碩士在職專班/碩士(2016年)

https://doi.org/10.6846/TKU.2016.00418

摘要

近年來，連鎖便利商店不僅提供給消費者時間、距離及服務上的便利，更不斷的推陳出新，來滿足消費者多樣化的需求，成為國人日常生活中不可或缺的一環。
然而，超商業與別的行業不同，具有其特殊性收現性極高及對客戶地位較高產業、有能力選擇客戶，自然可要求較嚴苛的還款期限，因此盈餘品質良好且穩定，且獲利波動不大，而且容易估計，很適合作為長期投資的標的。
因此，本論文是以統一超及全家便利商店二家超商業者在2001年至2015年(共15年)歷年資料做為評價對象，採用巿場基礎法的本益比法與股價淨值法二種評價模型所估算出來的股價，最能與當時(現時)的股價較為相近，並彌補現有文獻之不足與探討。

關鍵字

超商業 ； 股權價值評估

並列摘要

In recent years, chain convenience stores not only provide convenience to the consumer time and distance service on a more continuous innovation, to meet the diverse needs of consumers, people become an integral part of daily life ring.
However, the Chain Store Industry and other industries, the income has its particularity is now extremely high and higher status industrial consumers, have the ability to select a consumer, a natural claim to the repayment period the more demanding, so good and stable earnings quality, and the volatility is not profitable, and easy to estimate, it is suitable as a subject of long-term inversments.
Therefore, this paper is based on a 7-Eleven and Family Mart two Chain Store Industry business from 2001 to 2015(15 years) to be evaluated as 1 calendar information, using the net share price earnings ratio method and market method based on the ratio of Act II species Assessment model estimated share price, most tend to be similar with then (now) shares, in oeder to compensate for the lack of existing literature and discussion.

並列關鍵字

A Valuation of Chain ； Store Industry Equity

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