二次鋰電池產業各國企業評價與經營績效分析~以新加坡、香港、韓國、美國上市公司為例

Abstract

研究者選擇美國Nasdaq上市之Valence公司、韓國上市之SKC、香港上市之BYD及新加坡上市之GP公司，透過這些在不同地區以不同發展策略之上市公司，探討及運用自由現金流量(FCFF)折現評價模式及經濟附加價值(EVA)等理論，了解、分析這些不同國藉/地區的鋰電池公司的營運績效，並藉由實際股價與由FCFF及EVA折現評價模式所得出的股價間差異，做分析比較及初步探索主要投資者對同產業且不同地區公司的企業評價的差異性。 觀察這幾家國外的二次鋰電池上市公司，多由於下列因素造成評價結果與實際結果有所差異： (1) 當地的無風險利率及公司股價Beta值，若比率過高，會形成較高的WACC，也會造成超額報酬率為負值，評價結果會較實際股價為低或根本無法適用。 (2) 獲利能力的高低及成長趨勢，為企業評價的關鍵因素。其中稅後純益率成長率較稅後純益成長率更能適切表達公司獲利能力及價值的成長狀況。 (3) 付息負債金額的大小。過高的付息負債金額，會造成整體公司價值的降低，評價的結果一般會較實際股價為低或根本無法適用。

The researcher chooses four listed rechargeable lithium-ion batteries (LIB) companies which are Valence in American Nasdaq, SKC in Korea KOSPI, BYD in Hong Kong Heng Seng and GPB in Singapore Straits Times. These companies are in the different region with different development strategy. To analyze and study these companies’ stock price with Free Cash Flow to Firm(FCFF) and Economy Value Added(EVA) DCF models and try to find out the evaluation difference of these companies in different country. We observe these evaluation differences and conclude with below three points. 1. High risk-free rate and beta value will cause a negative (ROIC-WACC) value. This will result a lower stock price or even can not apply the model. 2. NSRGR is the better g value for evaluating total company value with the company profitability’s growth factor. 3. Big amount of debt with interest will cause a lower value in company or even can not apply.