公司價值評價 -以宸鴻光電科技股份有限公司為例

本研究報告的發想是假設顯示器製造廠商或是其他同業觸控面板廠商如果想要與宸鴻光電科技股份有限公司洽談投資合作時，宸鴻光電科技股份有限公司的公司價值該如何評價？以及從哪些方面來加以評估？自從蘋果公司在西元2007年推出第一代iPhone智慧型手機後，整個手機產業發生巨大的變化，即觸控面板在智慧型手機上的運用。幾乎所有手機一線大廠驚覺觸控面板的運用將造成手機市佔率的大洗牌，因而在智慧型手機的中高階新產品研發上將觸控面板列為必要規格，而這種需求也造成了觸控面板供應廠商像雨後春筍般的大量出現及競爭。第一代iPhone智慧型手機的出現就配置投射式電容玻璃觸控面板，由於專利的問題，觸控面板廠一開始是由電阻式觸控面板急起直追，再進階到投射式電容薄膜觸控面板及投射式電容玻璃觸控面板。而市場的需求與供給，也造成了觸控面板供應廠商因為手機大廠的選擇而逐漸崛起與隕落。然而，從西元2013年起觸控面板的市場競爭也因顯示器製造廠商推出內嵌式觸控面板後，市場競爭由原有的觸控面板廠商寡佔轉變為與顯示器製造廠商各自領軍搶奪市佔率。

關鍵字

自由現金流量；稅後資金成本(加權平均資金成本) ；企業價值；經濟附加值； EV/EBITDA估值法(企業價值倍數) ；本益比估價法

並列摘要

This dissertation is an assumption that display manufactures or touch panel manufacturers might want to invest TPK Holding Co., Ltd for cooperation. How can they evaluate TPK Holding Co., Ltd? Ever since Apple Inc. introduced the first generation iPhone in AD 2007, the entire mobile phone industry changed dramatically due to the application of touch panel in smartphones. Almost all 1st-tier mobile phone makers were shocked and realized that touch panel application would be a major factor of success in the market of mobile phone. Thus, they modified their new product development for both middle- end and high-end smartphones those must be applied with touch panel as a necessary specification. As a result of market demand, there were many touch panel companies established several years ago and created a competitive market in touch panel industry. The first generation iPhone was with the configuration of projective- capacitive touch panel. Due to the patent issues, touch panel manufacturers began to provide customers from resistive touch panel then switched to projective-capacitive touch panel that includes either PET or glass material. Business of touch panel has been going up and down caused by mobile phone makers’ choices. However, the competition was getting tough continuously with more players from AD2013 when display manufacturers introduced in-cell and on-cell in the market. Nowadays, it is being a stage of both touch panel manufacturers and display manufacturers grab market share of touch panel for mobile devices.