The Summary of Valuation Multiples under Market Approach for Taiwan’s Industries and the Discrepancy Adjustment

• Main Authors: Jing-Wen Yang, 楊景雯
• Other Authors: Yeh-Ning Chen
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/50202166122800335928

碩士 === 國立臺灣大學 === 財務金融學研究所 === 101 === 　　This thesis primarily estimates the minimum variance industry valuation multiples by the Markov Chain Monte Carlo (MCMC) Gibbs sampling method and suggests that the harmonic mean is a better estimator compared to simple average, which incorporates much more valuation desperation. Furthermore, the thesis discovers that entity valuation multiples are more appropriate than equity valuation multiples, indicating that we should consider and measure the whole enterprise value to include the different capital structure effects on valuation. And the book value multiples are the best multiples for most industries, but the sales multiples are the worst in the mature industries. 　　Finally, the thesis quantifies the deviation between the individual firm’s valuation multiple and the industry average MCMC simulated valuation multiple based on the regression model that contains three dimensions factors: growth opportunity, profitability, and risk degree. The regression model helps capture and explain the financial and structural differences between the target firm and the industry average and provides a benchmark of adjustment.