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  • 學位論文

視訊監控企業之價值及其動因比較研究 -以陞泰 vs 晶睿公司為例

A Comparative Study of Valuation and Value Driver in the Taiwan CCTV Surveillance Industry – AVTECH Co., Ltd. vs. VIVOTEK Co., Ltd.

指導教授 : 黃德舜
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摘要


視訊監控產業(CCTV Surveillance Industry)興起於2001年美國911事件之後,各國政府為保障國土、行政機構與人民財產安全而投入資源於安防產業之發展。「視訊監控」屬安全防護產業中的一環,其產品廣泛應用於行政機關、教育機構、道路安全、工安維護、居家照護…等領域中,以監控、維護生命及財產安全為目的。「視訊監控」產業約佔台灣安防產業中六成以上總產值,屬台灣新興產業中的一支。惟自2009年以降,受到金融風暴與各國競爭者的削價競爭,使台灣視訊監控產業之經營環境愈趨窘迫,在惡劣的經營環境之下,管理階層是否重視「價值管理」---思索如何改善企業績效與資源使用效率以貢獻於企業價值之提升,便顯得愈來愈重要。故本研究藉由自由現金流量折現法(Discounted Cash Flow Method,DCF)為二個案企業進行評價,以所計算得之真實價值(Intrinsic Value)作敏感度分析與核心能力比較分析,以找出二個案企業影響其價值創造之關鍵驅動因子為何,並據以提出管理改善之建議。其研究結果如下: 一、研究結果指出,影響陞泰科技(股)公司每股股東權益價值之價值動因(Value Driver)較顯著正相關者,依序為(1)資金成本(2)毛利率(3)營收成長率。 二、研究結果指出,影響晶睿通訊(股)公司每股股東權益價值之價值動因(Value Driver)較顯著正相關者,依序為(1)資金成本(2)毛利率(3)應收帳款週轉率。 三、核心能力比較方面,陞泰科技(股)公司以其代工經驗之累積所形塑之成本控管能力見長,而晶睿通訊(股)公司則以其產品可廣泛應用及具有行銷全球通路之品牌「VIVOTEK」取勝。 根據本研究之結論,可以得知直接貢獻二個案企業之價值動因及其核心能力為何,管理階層若能重視「價值管理」,便能把資源花在必要之處,如強化自身核心能力、立基於與企業價值直接相關之因素上發展,其對於提升企業效率、效能與正確管理策略之擬定將能有更進一步的助益。

並列摘要


CCTV Surveillance Industry was booming from September 11 attacks of the United States in 2001, the government of each country investd resources in the development of security industry to protect territory, government and citizens. CCTV Surveillance is included one segment of security industry, and the products of CCTV Surveillance are applied to governmental organizations, educational organizations, road safety, industrial safety, home care services, etc. Moreover, the goal of CCTV Surveillance is to monitor, protect lives and secure property. The output value of CCTV Surveillance Industry accounts for sixty percent of total security industry in Taiwan. Recently, CCTV Surveillance Industry turned into one of emerging industry. However, business environment of CCTV Surveillance Industry has become harder because of financial tsunami and price competitor since 2009. Under such difficult business environment, it is matter that whether managers take value management seriously and how to improve corporate performance and efficientcy of resources use for increasing corporate value.Thus, in this study we used discounted cash flow method (DCF) to value cases of two corporations. Then, we used Intrinsic Value to proceed with sensibility analysis for comparing the core capability of two corporations. The purpose of this study is to find out for two corporations what critical Value Drivers affect creating Corporate Value. According to the finding, we addressed some suggestions of management. The result as showed: 1. For AVTECH Co., Ltd., there were three value drivers which influenced the intrinsic value of stockholders' equity: Cost of Capital, Gross Margin and Revenue Growth Rate. 2. For VIVOTEK Co., Ltd., there were three value drivers which influenced the intrinsic value of stockholders' equity: Cost of Capital, Gross Margin and Accounts Receivable Turnover Ratio. 3. According to the view point of the core capability, AVTECH showed greater cost control because of accumulated experience from original equipment manufacturing. VIVOTEK showed a variety of products and its famous brand. Intergrating the findings from this study, we could understand what reasons would contribute to Value Driver and core capability of two corporations. Moreover, if managers could take value management seriously, they may use resources effectively. For example, managers could enhance core capability; focus on those factors which are related corporate value. In case of that, it is beneficial to increase corporate efficiency, effectiveness and Strategy Development further.

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