| Summary: | 碩士 === 立德管理學院 === 科技管理研究所 === 92 === There are many methods of business valuation for the moment, every method has itself advantage and fault, and there are different valuated result depending on its conditions. Based on the key factors of each model, these model could be classified into the following four types：
1) Asset Appraisal Model–based on the cost of company’s assets to estimate the company’s value.
2) Discounted Cash Flow Model–based on the company’s profitability.
3) Market Comparative Appraisal Approach and Market Appraisal Approach–based on the market price of company's stock and some multipliers to estimate the company's value.
4) Option Pricing Model–treating company's equity security as a call option.
This research try to explore those often used valuation approaches and compares the discrepancy between the potential value calculated by various valuation approaches and the actual stock value. In addition, we consider the unique industrial characteristics from upper-stream, middle-stream, and down-stream of the IC industry. We expect to find out the best forecasting valuation approach for upper-stream, middle-stream, and down-stream of the IC industry.
The five corporate valuation approaches that this research would adopt are as follows：1) Free Cash Flow Discounted Method; 2) Net Income Discounted Method; 3) Price/Sales Ratios Method; 4) Price/Book Value Ratios Method and 5) Option Method. This research would apply the
above-mentioned method to calculate the potential value of 18 listed companies from IC industry during the estimated period.With regard to the performance analysis, Theil’s U value (the smaller the better) is used to find out the best valuation method.
The findings suggest that Price/Book Value Ratios Method would be the most suitable valuation method for upper-stream and down-stream of the IC industry. Price/Sales Ratios Method would be the most suitable valuation method for middle-stream of the IC industry. The discounted cash flow model can't explain well why it happens because of the fast changing trend in the IC industry during the estimated period which caused unstable cash flow and accounting income.
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