企業評價過程輔以分析網路程序法的應用：以台灣薄膜電晶體液晶顯示器產業為例

Abstract

企業評價模型中，有甚多設定值需要主觀判斷，且評價公司所依據的資訊越完整，評價效率越高，反之則不然。評價過程中，有一套完整的作業程序，包括蒐集、分析及評估企業資訊，分析資訊的目的在於將公司及其經營環境的展望，轉換為預測公司未來財務績效，再將預期財務績效，轉換為公司價值。然而，究竟如何將「公司及其經營環境的展望」較順利的移轉至評估企業的價值，往往取決於評價人員的經驗及其對公司所處經營環境的瞭解程度。 本文採分析網路程序法(Analytic Network Process)，分析網路程序法(ANP)係用以決策準則之間內部和外部相依、回饋的方法，用於本文可得出「公司及其經營環境的展望」和「企業價值」之間的影響關係，以利評價人員在主觀的評價過程中，客觀的求得外部環境對公司價值的影響。 本文並以目前台灣新興重要策略性產業之一的TFT-LCD產業五家廠商（A、B、C、D、E公司），作為企業評價的例證，同時分析五家公司經營績效。

In Business Valuation Model, there are many variables needed subjective judgment. And the more complete the information that the valuated companies stand on, the higher their evaluative efficiency, but when reversed it is not necessarily consequential and tenable. In the process of valuation, there is one integrated operation process including collecting, analyzing and evaluating the information of business, whose goal is to convert the view of business and its operating environment to forecast the future financial achievements then convert them into the value of the business. However how to transfer from “the view of business and its operating environment” to the value of the evaluated business is usually decided by the analysts’ experience and how much the degree of their understanding of the operating environment where the business is positioned. The research uses the Analytic Network Process (ANP) as the research method, which decides the internal and external-dependence and feedback among the decision criteria. And this research, it can find the relation between the view of business and its operating environment and the value of the evaluated business, so that the analysts can obtain how the external environment influences the business value in the subjective evaluating process. The research also uses five TFT-LCD (one of the burgeoning strategic industries in Taiwan) firms (which are called company A, B, C, D, E respectively) as the examples of business evaluation, and analyzes their operation efficiency simultaneously.