Evaluation and Anaylsis of Optical Glasses Industry - A Case Study of F Corporation

• Main Authors: Tsai, Shih-Fu, 蔡世福
• Other Authors: Chan, Chia-Chung
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/36jf4z

碩士 === 東海大學 === 財務金融學系碩士在職專班 === 100 === The enterprise evaluation is to evaluate a true value of one corporation. For the managers of enterprises, understand the true business value will help them to determine which investment and operating decisions can be used, and can try to increase or create more enterprise value. For investors, they will do some investment decisions through whether the enterprise value will bias from true value or not. Therefore, for investors, corporate managers, corporate shareholders, the enterprise evaluation will benefit for the creation of enterprise value or increase personal wealth. In this paper, we use the financial statements of Formosa-Optical Co., we compile all data to investigate the enterprise value through the financial condition of sample firm. On the other hand, we adopt the discounted cash flow mode (Discounted Cash Flow Mode; DCF) to evaluate the enterprise value of our sample firm. In addition to understand the value of sample firm, we also find out some important factors that can increase firm’s value, and form the company's strategy which will enhance enterprise value. Our empirical result shows, when we adopt the cash flow valuation model to estimate the enterprise value, the Formosa-Optical Co. will influenced by the growth rate and the weighted average cost of capital. The weighted average cost of capital and the enterprise value exist negative relationship. Otherwise, the average ROIC of Formosa-Optical Co. is 26.68%, the average operating income is 4.18%, the average asset turnover rate is 725,48%, and the average ROE is 17.85%. Finally, evaluation involves many uncertain matters of this paper, so we suggest that investors have to consider the influence when estimate parameters of enterprise value changes, and use the range of possible value, so investors can use them as investment measurements.