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標題: 企業評價之應用-以私募企業個案為例
An Application of Corporate Valuation:Case Study of a PrivateCompany
作者: 張東照
Chang, Tung-Chao
出版社: 高階經理人碩士在職專班
引用: 中文部分 1. 王泰允(民84 ),「企業購併實用:基本概念/ 本土實務/ 在美須知/ 行動指南」,遠流出版 2. 伍忠賢(民91),「企業併購:理論與實務:全球投資觀點」,新陸書局 3. 克布蘭 (Kaplan, Robert S.)/諾頓 (Norton, David P.)/陳正平譯(民93),「策略地圖」,臉譜出版 4. 吳佳晉(民91),「企業評價方法之應用—以個案公司為例」,銘傳大學管理科學研究所在職專班碩士論文 5. 吳啟銘(民89),「企業評價-個案實證分析」,智勝出版社 6. 李青峰(民93),「國內電信業購併之價格決定一以遠傳、和信合併案為例」,國立中興大學高階經理人碩士在職專班財務金融組碩士論文 7. 沈一中(民93),「TFT-LCD產業之企業評價與價值創造策略之研究-以友達、華映、廣輝為例」,清華大學企業管理研究所未出版碩士論文 8. 汪海粟編(民94),「企業價值評估」,復旦大學出版社 9. 周佳穎(民91),「企業評價模式在半導體產業之應用」,東吳大學企業管理研究所未出版碩士論文, 10. 邱建欽(民89),「台灣地區上市公司股票評價模式之研究-以機電業為例」,政治大學企業管理研究所碩士論文 11. 洪美慧(民89),「台灣地區上市公司股票評價模式之研究-以電器電纜業為例」,政治大學企業管理研究所碩士論文 12. 徐俊明(民94),「財務管理-理論與實務」,雙葉書廊有限公司 13. 馬克斯 (Marks, Mitchell Lee)/莫維斯 (Mirvis, Philip H., 1951- )/林麗寬譯(民88),「企業力結合:企業購併&聯盟教戰手冊」,中國生產力 14. 陳沂爭(民90),「負盈餘公司評價之問題」,輔仁大學金融研究所未出版碩士論文 15. 陳怡倫(民86),「台灣高科技產業上市公司股票評價模式之研究」,政治大學企業管理研究所未出版碩士論文 16. 陳隆麒譯(民93),「科技評價-研發與財務的對話」,華泰書局 17. 湯珮妤、羅月璟編(民89),「企業價值分析精華篇-上市個案分析」,鼎茂圖書 18. 葉宜生(民89),「我國電子產業與非電子產業評價模式之比較」,中原大學企業管理系未出版碩士論文 外文部分 1. Campbell, J. Y. and R. J. Shiller (1998),“Valuation ratios and the long-run stock market outlook,” Journal of Portfolio Management 24, 11-26. 2. DePamphilis, D. M. (2003),“Mergers, acquisitions, and other restructuring activities :an integrated approach to process, tools, cases, and solutions”, Academic Press. 3. Feldman, Stanley J.(2005),“Principles of private firm valuation” , John Wiley & Sons, Inc. 4. Francis, J., P. Olsson, and D. R. Oswald (2000), Comparing the Accuracy and Explainability of Dividend, Free Cash Flow, and Abnormal Earnings Equity Value Estimates,” Journal of Accounting Research, 45-70 5. Hall, B., Jaffe, A. and Trajtenberg, M., 2000, “Market Value & Patent Citation: A First Look, ” NBER Working Paper. 6. Hertzel, M. and R. L. Smith, (1993), “Market Discounts and Shareholder Gains for Placing Equity Privately,” Journal of Finance, 48, 459-485. 7. Kaplan, S. N. and R. S. Richard. (1995),“The valuation of cash flow forecasts, An empirical analysis” , The Journal of Finance. 50. 1059-1094 8. Kang Jun-Koo and Anil Shivdasani (1997) , "Corporate Restructuring during performance declines in Japan" [J].Journal of Fiancial Economics ,46, 29-65 9. O’Bryne S(1996), “EVA and Market Value”, Journal of Applied Corporate Finance, Vol. 9(Spring), pp.116-125 10. Peavy, J. (1990). “Return on initial public offerings of closed-end funds,” Review of Financial studies 3, 695-708. 11. Reilly, R. F. and R. P. Schweihs (1997). “Valuation Accounting Practices”, John Wiley & Sons 12. Silber, W. L., (1991), “Discounts on Restricted Stock: The Impact of Illiquidity on Stock Prices,” Financial Analysts Journal, 47, 60-64. 13. Wiese, R. F. (1930), “Investing for True Value, ” Barron''s , 5.

This research provides a value and strategy analysis of a private company that sold part of equity to its buyer. I employ the net-asset-value, market-comparative, and discounted-cash-flow approaches to value the case company. The results show that the theorectical (or imputed) price is higher than the actual transaction price, implying its price is undervalued. However, taking illiquidity and no controllability over the private company into account, the transaction price is reasonable. I also provide profiles for the problems that the case company faces and further give suggestions how the company should act.
其他識別: U0005-1107200708484600
Appears in Collections:高階經理人碩士在職專班

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