本文主要以提供LED產業製程設備之A公司進行個案研究，試圖以企業價值估計方法及產業分析，以公司財務預測相關資料進行企業價值估算。本個案主要採用現金流量折現方法評估個案公司的企業價值，並進行敏感性分析及情境分析，接著考慮未來增建研發中心的可能，最後提供如何增加企業價值的建議。 本個案研究結果發現，個案公司每股權益帳面價值為NT$40.51元，依同業平均股價淨值比及平均本益比推估預期每股股價為NT$42.28元至NT$56.81元。敏感性分析的結果顯示影響企業價值的主要原因營收成長率，情境分析則顯示在悲觀假設條件預期發生機率下，則期望權益帳面價值較基準情境低。至於建置研發中心計劃，預期會為權益帳面價值帶來正向效果。 本研究對個案公司提出營運建議，如：準確掌握市場商機提供性價優良產品、建立完善供應鏈、及採用現金流量折現方法作為未來財務規劃的基礎。本研究基於營運策略面及財務面的合理假設推導出個案企業預期權益價值，應有助於個案公司據以回應市場需求，提高營運績效，進而提升企業價值。然而，本個案所推導結論，無法涵蓋總體市場景氣驟然變化，或企業內部經營爭議如權益代理問題等情況。;This thesis mainly focuses on the case study of Company A, an equipment manufacturer for the LED industry, aiming to perform valuation for the company based on valuation methods, industry analysis as well as information relevant to the financial projection of the company. The case study adopts the discounted cash flow method to evaluate the enterprise value of company A. In addition, sensitivity analysis and scenario analysis was performed and suggestions to increase enterprise value were proposed. The result showed that the book value per share is NT$40.51 while the P/B ratio and P/E ratio based on the industry average estimate the value per share to be NT$42.28 and NT$56.81. In order to prevent overly optimistic valuation, sensitivity analysis was conducted. It was discovered that the main factors affecting enterprise value is revenue growth rate. The scenario analysis shows that under the expected probability of pessimistic assumptions, the expected book value of equity is lower than the baseline situation. As for the establishment of the R&D center plan, it will bring positive effects to the book value of equity. Some operational suggestions were proposed for Company A. For example, provide valued and quality product by seizing business opportunities, establish a comprehensive supply chain and use discounted cash flow method as the basis for future financial planning. This study estimated the expected equity value of the company based on reasonable assumptions financially and operationally. This should assist the company to respond to market demand, improve operational efficiency and hence increasing the enterprise value. However, the conclusions drawn from this case study cover neither drastic changes in the overall economic outlook nor internal operational disputes such as equity agent issue.
