The Difference of Valuation Models Between Electronic and Non-Electronic Industry in Taiwan

碩士 === 中原大學 === 企業管理學系 === 88 === Abstract This research is based on rapid growth of electronic industry (high cash flow) and recedes, mature state of non-electronic industry(low cash flow)in Taiwan, and we compared different industries with different valuation model. The samples co...

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Main Authors: I-sheng Yeh, 葉宜生
Other Authors: Hai-chin Yu
Format: Others
Language:zh-TW
Published: 2000
Online Access:http://ndltd.ncl.edu.tw/handle/72347378938342030610
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spelling ndltd-TW-088CYCU01210082015-10-13T11:50:52Z http://ndltd.ncl.edu.tw/handle/72347378938342030610 The Difference of Valuation Models Between Electronic and Non-Electronic Industry in Taiwan 我國電子產業與非電子產業評價模式之比較 I-sheng Yeh 葉宜生 碩士 中原大學 企業管理學系 88 Abstract This research is based on rapid growth of electronic industry (high cash flow) and recedes, mature state of non-electronic industry(low cash flow)in Taiwan, and we compared different industries with different valuation model. The samples contained 61 listed electronic firms before 1997 and 61 non-electronic firms, based on their asset size , which add up to 122 sample firms, and we use FCFF, FCFE, EVA, P/E, P/B, P/S and OPM to evaluate the samples true value between 1997 to 1999, and state the differences of these results. We can conclude this research as the following results: 1.DCF(FCFF,FCFE and EVA) (1)DCF conclude that electronic industry are high profit, high risk and high growth, and non-electronic industry are low profit, low risk and low growth. (2)FCFF, FCFE and EVA have no statistically significant at the 5% level between electronic and non-electronic industries. 2.Relative valuation (P/E, P/B, P/S) (1)P/E has no statistically significant at the 5% level between electronic and non- electronic industries. (2)P/B and P/S have statistically significant at the 1% level between electronic and non- electronic industries. 3.Option Pricing model has no statistically significant at the 5% level between electronic and non-electronic industries. 4. If we take the average of forecasted industry difference value as our bench mark, we can find out that FCFF is more precise in evaluation of electronic sectors, EVA is the second precise, and P/E the third, however these valuation model''s pricing are all lower than the real share price. If we take the variables of forecasted industry difference value as our stable value, than we find out that P/S is more stable than EVA and FCFF. FCFE, OPM and P/BV are not suitable in evaluation of electronic industry. 5.If we take the average of forecasted industry difference value as our bench mark, we find at that P/S is more precise in evaluation of non- electronic sectors, EVA the second, and OPM the 3rd. If we take the variables of forecasted industry difference value, than we find out that P/SALE is more stable, OPM the second, and EVA the 3rd. FCFE, FCFF, and P/E are not suitable in evaluation of non-electronic industry. 6.FCFE are not suitable in both industrys. 7.High Quantitative evaluation does not guarantee better result. This research shows the result varies by different situation. Hai-chin Yu 俞海琴 2000 學位論文 ; thesis 147 zh-TW
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language zh-TW
format Others
sources NDLTD
description 碩士 === 中原大學 === 企業管理學系 === 88 === Abstract This research is based on rapid growth of electronic industry (high cash flow) and recedes, mature state of non-electronic industry(low cash flow)in Taiwan, and we compared different industries with different valuation model. The samples contained 61 listed electronic firms before 1997 and 61 non-electronic firms, based on their asset size , which add up to 122 sample firms, and we use FCFF, FCFE, EVA, P/E, P/B, P/S and OPM to evaluate the samples true value between 1997 to 1999, and state the differences of these results. We can conclude this research as the following results: 1.DCF(FCFF,FCFE and EVA) (1)DCF conclude that electronic industry are high profit, high risk and high growth, and non-electronic industry are low profit, low risk and low growth. (2)FCFF, FCFE and EVA have no statistically significant at the 5% level between electronic and non-electronic industries. 2.Relative valuation (P/E, P/B, P/S) (1)P/E has no statistically significant at the 5% level between electronic and non- electronic industries. (2)P/B and P/S have statistically significant at the 1% level between electronic and non- electronic industries. 3.Option Pricing model has no statistically significant at the 5% level between electronic and non-electronic industries. 4. If we take the average of forecasted industry difference value as our bench mark, we can find out that FCFF is more precise in evaluation of electronic sectors, EVA is the second precise, and P/E the third, however these valuation model''s pricing are all lower than the real share price. If we take the variables of forecasted industry difference value as our stable value, than we find out that P/S is more stable than EVA and FCFF. FCFE, OPM and P/BV are not suitable in evaluation of electronic industry. 5.If we take the average of forecasted industry difference value as our bench mark, we find at that P/S is more precise in evaluation of non- electronic sectors, EVA the second, and OPM the 3rd. If we take the variables of forecasted industry difference value, than we find out that P/SALE is more stable, OPM the second, and EVA the 3rd. FCFE, FCFF, and P/E are not suitable in evaluation of non-electronic industry. 6.FCFE are not suitable in both industrys. 7.High Quantitative evaluation does not guarantee better result. This research shows the result varies by different situation.
author2 Hai-chin Yu
author_facet Hai-chin Yu
I-sheng Yeh
葉宜生
author I-sheng Yeh
葉宜生
spellingShingle I-sheng Yeh
葉宜生
The Difference of Valuation Models Between Electronic and Non-Electronic Industry in Taiwan
author_sort I-sheng Yeh
title The Difference of Valuation Models Between Electronic and Non-Electronic Industry in Taiwan
title_short The Difference of Valuation Models Between Electronic and Non-Electronic Industry in Taiwan
title_full The Difference of Valuation Models Between Electronic and Non-Electronic Industry in Taiwan
title_fullStr The Difference of Valuation Models Between Electronic and Non-Electronic Industry in Taiwan
title_full_unstemmed The Difference of Valuation Models Between Electronic and Non-Electronic Industry in Taiwan
title_sort difference of valuation models between electronic and non-electronic industry in taiwan
publishDate 2000
url http://ndltd.ncl.edu.tw/handle/72347378938342030610
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