最佳衡量企業價值之指標，除了需考量企業之經營特性外，也需因應時代及環境變遷而有所改變，一般所認為當期淨利或經常損益等會計帳列金額較大的企業就較有價值，或是認為運用較少的資本創造出相同利潤的企業就較有價值，所以也使得企業每股盈餘（EPS）、股東權益報酬率(ROE)及總資產報酬率(ROA)等財務比率評估深受重視，但這些指標之共同缺點是，僅能表示過去的績效，無法反映企業未來的發展狀況。 企業價值的創造，應是根據企業未來創造的超額報酬率與穩定的成長或投入的策略為基礎所衡量。根據許多企業價值相關實證研究，經濟附加價值(EVA)衡量指標對企業市場價值之關係最為密切且具高度解釋力。本研究首先探討經濟附加價值在台灣車輛產業之適用性，然後再以智慧資本及企業價值動因之觀點，探討研究個案企業主要影響企業價值創造之因子。研究內容係蒐集台灣車輛產業之國內上市公司為樣本，研究個案公司對象為「信通交通器材股份有限公司（SENTEC E&E CO.,LTD）」，研究期間為1999年至2008年，共10年。 本研究主要研究結論為： 1.經濟附加價值衡量指標適用於台灣車輛產業。 2.經濟附加價值比傳統績效評估（EPS、ROE、ROA）更能解釋台灣車輛產業之經營績效。EVA指標優於傳統會計衡量指標有兩個主要原因，第一是EVA同時考慮了負債及權益的資金成本，其次為EVA是透過對約當權益項目的調整來降低會計上的扭曲，不受一般公認會計原則所約束。 3.研究個案信通公司之智慧資本因子對其經濟附加價值具解釋能力。其中以員工附加價值及淨利與研發費用比兩項因子對EVAst呈高度正相關影響，企業經營管理者可藉由管控該二項因子達到提昇企業價值效果。 4.研究個案信通公司之價值動因因子對其經濟附加價值具解釋能力。其中以稅前息前淨利成長率及競爭優勢期間兩項因子影響EVAst程度最高，且呈現正相關，企業經營管理者可藉由提升該二項因子來改善增加企業價值。 ;The index of enterprise value measured company mainly operation, even consider to met inquiry from environment and worldwide. Meanwhile, the investor consideration that the valuation of company best performance has been looked the high net profit of income statement and the low capital within high revenue in investment. Also, there are three ratios that include Earnings Per Share (EPS), Return on Equity (ROE) and Return on Assets (ROA) are deeply important in financial evaluation. But the defect that is the index only can express the company performance in the past and can't show up the company development in the future. The creation of enterprise's value should be based on valuation business by over return ratio, stable growth and stable investment strategy. According to the positive relative research of valuation in many enterprises, the Economic Value Added (EVA) is key point index to address highly explaining strength and most close relation between market value added in enterprise. First of all, this research talks about the suitable EVA in Taiwan Automobile Industry. The secondly, the point view talked about Intellectual capital and Value driver to effective other mainly points of enterprise creative value in host. This research bases on the Taiwan automobile listed companies in stock and one case study is SENTEC E&E CO., LTD to collect the data base for study valuation around 10 years during is 1999 to 2008. This main research conclusion of research is: 1.The additional value (EVA ) of economy weighs the index and is suitable for the vehicle industry of Taiwan. 2.The EVA is better than EPS, ROE, ROA to explain the enterprise operating performance in Taiwan automobile industry. There are key points in this research. One is EVA method considers the capital investment of liability and equity. The other is EVA method adjust the equivalent equity that is different valuation against traditional accounting method without limited generally principle. 3.Base on the intelligence capital factor of SENTEC E&E CO that addresses that capability of explaining in EVAst. There are two positive and highly key factors which are relative with EEVst and PRDst . The host operator should use two factors to increase the valued effective into enterprise. 4.Base on the intelligence capital factor of SENTEC E&E CO that addresses that capability of explaining in EVAst. There are two positive and highly key factors which are relative with EBITGst and CPAst. The host operator should use two factors to increase the valued effective into enterprise.
