Business Valuation Approach Applied in Taiwan 50 Index

• Main Authors: Chi Jung Chu, 朱紀蓉
• Other Authors: Ping Chen Lin
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/70479647460030887538

碩士 === 國立高雄應用科技大學 === 金融資訊研究所 === 101 === This study is used the Capital Cash Flow (CCF), Free Cash Flow (FCF) Adjusted Present Value (APV),Economic Value Added (EVA) of Discounted Cash Flow Model and Price Bookvalue Ratio (PBR), Price Sales Multiples (PSR), Price EBITDA (PCR), Price Earnings Ratio (PER) of Relative Valuation Model. We will examines different methods of corporate valuation, an estimate reasonable stock price for sample, we compare it with the actual market. The use predicts error and investment return for the based, measure the relative merits of THE Discounted Cash Flow Model and Relative Valuation models. The empirical results show that the prediction error, Relative Valuation Model are better than the Discounted Cash Flow Model (DCF). But the different ways of calculating, and pros and cons of enterprise evaluation method. Economic value added model (EVA) regarded as the most stable valuation models, because its prediction result the accurate degree is higher. In terms of return, Relative Valuation Model are better then the Discounted Cash Flow Model (DCF). By all accounts, the Price Sales Multiples (PSR) is in making a profit ability although better than other ways, have no significant differences.