新上市LED公司企業價值評估研究

Abstract

企業評價是門嚴肅且專業的課題，企業評價結果的可靠性高，對資本市場之健全發展深具意義。對投資人而言，利用企業股價與真實價值的價差，有機會賺取資本利得。對即將上市(櫃)掛牌公司及欲從事併購活動企業而言，企業評價更是不可忽視之重點課題。本研究嘗試以新上市LED個案公司為企業評價案例，以不同評價方法計算個案公司之企業價值，並與其上市承銷價及後續股價表現作簡單比較分析。 研究結果顯示： 1、以自由現金流量折現法對個案公司進行評價結果之每股價值區間低於個案公司上市承銷價格，亦低於上市掛牌後之股價表現區間。 2、與個案公司承銷價格比較，本研究使用之以下評價方法所推算股價較貼近承銷價格： (1)市價淨值比法下，推算之平均股價與最高股價間。 (2)市價營收比法下，推算之最低股價與平均股價間。 3、與掛牌後之股價表現作比較分析，市價營收比法推算之股價區間，較接近個案公司上市後之股價表現區間。

Business valuation is a serious and professional subject. Business valuation with high quality is important for the good development of the capital market. Investors may take profit for the spread between of the enterprise’s intrinsic value and its stock price. Business valuation is also important for the enterprises planning to go listing in the stock market or in an attempt to merger or acquire other enterprises. This study tries to provide different approaches to valuate one company of LED industry. Compare and analyze the valuation results with the IPO price of the LED company and its stock performance after listing on the Taiwan’s stock market. The valuation result of discounted free cash flow approach is lower than the IPO price of the company and its stock performance after listing on the Taiwan’s stock market. The valuation result falling in the average and highest stock price under P/B valuation approach and the lowest and average stock price under P/S valuation approach came closest to compare to the IPO price of the company. The valuation result under P/S valuation approach came closest to the stock performance of the LED company after its listing on the Taiwan’s stock market