| dc.description.abstract | In this study, four semiconductor upstream, midstream and downstream companies were selected for upstream design: Lianyang, midstream manufacturing: TSMC, UMC, and downstream packaging and testing: Chaofeng as an example. Through the industry and the 2020 financial statements, the four companies will continue to operate and continue to operate in the future. Growth makes assumptions. Use discount method, price-to-earnings ratio method, market price-to-net value ratio method, market price-to-sales ratio method, and cash dividend yield evaluation method to calculate the reasonable price range of enterprise value, and compare it with the average closing price of the Taiwan Stock Exchange in May 2021. The research results show that each method has its inherent assumptions and limitations, and the value of the enterprise is easily affected by external market factors. The environment and advantages and disadvantages of each company cannot be quantitatively evaluated. Each evaluation method can only be used as a single company’s Price reference, cannot be applied uniformly to all companies. | en_US |