應用經濟附加價值及廻歸方法探討個案公司經營績效分析- 以正達光電為例

Abstract

如何正確評估企業營運績效及其經濟價值，一般是以財務報表作為其診斷的第一步。本研究應用經濟附加價值(EVA)與傳統財務獲利指標相比(ROA/ROE/EPS)，以廻歸方式找出對個案公司股價解釋能力最高的指標。利用其公式建立對股價最佳預測模型，再帶入數據驗證模型精準度及股價預測。最後再對照產業趨勢說明個案公司價值驅動因素及與產業類似廠商比較。 本研究個案選擇正達國際光電，主因其由傳產發跡不斷提升技術力且跨產品領域、主打高毛利市場等有別於一般光電業單一型態產品且低毛利的特性。以這類在高科技業中特殊定位的公司，對其經營績效的財務評價指標及其在未來產品策略的佈局是否可建立模型預測，是筆者挑選為個案研究的動機。

We used to use the traditional financial index to evaluate the operating performance of a company. In this study, I will apply the new index: EVA which had been used in America for a long time to compare with traditional ones (ROE, ROA, and EPS) and find out the most robust regression model to predict price of GTOC. After verifying the accuracy of the model, I will discuss the value-driven factors and strategy of GTOC and compare with the other companies in the industry. The reason why I chose GTOC is due to its special position across both traditional glass and optoelectronics industry and focus on high profit product which is different with other companies in optoelectronics industry. I would like to find out a better evaluation model on this special position company through the empirical study.