但此種方式是否有創造企業價值則需要進一步分析，故本研究以現金流量折現模型(Discounted Cash Flow Model；DCF)中由Rappaport提出之銷售導向DCF法，對S-T公司、S-W公司兩家公司進行企業評價，經過評價後認為當初兩家公司之換股比率尚在合理範圍內，其兩家公司吸收合併，以小併大方式對於股東權益是有利的。
;This thesis is based on the approach of case study, to analyze and research that the small company merge the big company from S Group’s strategic integration by the theoretical basis and method of strategic analysis and business evaluation. Is analysis and study of its strategy formulation reasonable? Whether to create business value? Analysis and verification,first carries on the achievements analysis to S-T company and the S-W company by (1) to exceed profit of the earnings return rate analysis (2) the earnings quality analysis (3) the finance decision analysis three parts to carry on the analysis, were analyzed in the overall operating performance of the company is better S Group. a subsidiary of SW.
Another analysis of the S Group's strategy to adopt (1) External Environment: PEST analysis method, the overall environment, (2) industrial structure and corporate compensation: The Porter's Five Forces analysis method, S Group, the value chain, to find out the product a competitive advantage, ( 3) Internal environment: to SWTO analysis method, S Group's products and product lines, financial structure, human resources, intangible assets, through the three-part analysis for strategic planning, after the strategy analysis thought firmly lets the enterprise achieve three main purposes (1) business large-scale , (2) integration of Group resources , (3) to achieve the optimal financial structure, the two companies in a strategic merger are necessary , and will innovate the merge way to manage the achievements good S-W subsidiary company to merge the S-T parent company way to carry on the merge.
However, whether this approach to create business value requires further analysis, so this study, discounted cash flow model (Discounted Cash Flow Model; DCF), proposed by the Rappaport sales-oriented DCF method , to S-T Corporation, the S-W Corporation company carry on business evaluation, after undergoing evaluation of the two companies, thought initially splitoff of ratio still at reasonable scope in two company, its absorption of the merger of the two companies ,small company merge big company, is beneficial for the shareholder's equity.
After S group merge, already two-and-a-half years, after merge achievements of the S-W Corporation carry on the analysis and verification, found that achievement, as expected, no increase in business value ,except the financial storm has the huge change besides in 2008 to the enterprise, after the merger should be further re-adjustment of capital structure in an analysis of its, therefore gives the S group in the sixth chapter of conclusion to suggest that for must be re-adjustment of capital structure,and then through the business side generated by large-scale merger and industry under the premise of increased competitiveness, will create the enterprise value again by the time.