An Analysis of Corporate Valuation— The Case Study of Yuanta Core Pacific Security

• Main Authors: Pei-lan Kuo, 郭佩蘭
• Other Authors: Ming-Chin Lin
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/30628551209306252310

碩士 === 朝陽科技大學 === 財務金融系碩士班 === 95 === This thesis is based on the approach of case study. We use the financial statements of “Yuanta Co.” to discuss the topic of corporate valuation. By using the discounted cash flow method, our results showed that the valuation model was affected by growth rate and weighted average cost of capital. Since these two factors have an inverse relationship, we find the higher the weighted average cost of capital, the lower the value of company; the higher the growth rate, the higher the value of company. The outcome of the research valued the shares of the company at NT25.87 per share. This research suggests that there are many uncertainties which may affect the value of company and a sensitivity analysis should be performed to take into account these factors. The result merely provides several implications for investment decision making purposes.