| Summary: | 碩士 === 國立成功大學 === 高階管理碩士在職專班 === 96 === Research this is it combine most intact E-TON SOLAR and technology for case of studying to visit from head to foot with solar cell industry.
With a new line of environmental consciousness, the signing of Kyoto Protocol, the industrial country must reduce the emission of carbon dioxide year by year, and the oil price will rise continuously in recent years, that are as to solar energy effective with become more and more important. In recent years, the industries of the solar cell grow up more than 30% equally every year, and bring up the star in the 21st century industry.
Business Valuation Model has major impact to the Investment Decision. At the same time Electronic Decision makes deeply influence for Business Evaluation. For recently years, many investigation of Business Valuation go with the high-tech manufacturing industry advances.
This research adopts the Discounted Cash Flow Method, Accounting-Base Valuation Discounted Method, Continue Interests law, Price / Book Value Ratios and Ohlson Model are estimate E-TON SOLAR from the past to the present value and corresponding stock price.
According to the empirical results, we found out Price to Book Value ration is the most influence factor of stock price. Hi-Tech industries possess high Price to Book Value ration generally which has relation to Characteristics of growing industry in the past. E-TON SOLARTECH.CO. LTED is the one of the solar energy industry which provides with more powerful account than the other way.
Assumed , as rapidly business variation of solar energy industry result in industry showed greatly instable so that it hardly to completed interpret the value of Discounted Cash Flow Method, and Accounting-Base Valuation Discounted Method .Using continue interests law is more accurate than Discount Valuation Approach because of influence of non-operating revenue and Fixed assets Depreciation. Ohlson Model is the highest precise of corporation value consideration which evaluated corporation value and stock price less than Discounted Cash Flow Method and Accounting-Base Valuation Discounted Method ,but more similar to traditional industry stock price . Assumed ,traditional industry dividend、gross profit 、cost compare with solar energy industry are equal to magnification or minification the proportion .However, the solar energy industry was affected by the investor anticipant psychology.
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