| Summary: | 碩士 === 亞洲大學 === 財務金融學系碩士在職專班 === 103 === This study adopted methods of Market Approach and Income Approach to assess enterprise value of two samples in auto-lamp industry; financial data from 2008 to 2013 were analyzed to measure the business valuation, and to compare with their market price of the base date—December 31, 2013, to comprehend whether the market value was overestimated or underestimated. Sensitivity Analysis Method was conducted to comprehend the effect of each value driver to the promotion of enterprise value. Conclusions and suggestions were provided for future research, case companies’ reference in management policies determination, also for investors’ reference in capital investment decision.
Six adopted assessment methods are Price to Earning Ratio, Price to Book Ratio, Price to Dividend Ratio, Price to Sales Ratio, Discounted Cash Flow Method, and Market Value Added. According to the results, conclusions of this study were as follows:
1.The average of the computation of six assessment methods was slightly different from the market value of the
assessed base date; yet to average out multi assessments could prevent the circumstances of overestimated or
underestimated situation while single assessment method was conducted.
2.The key value drivers affect Depo AUTO LAMP CO. LTD stockholders’ equity were listed in sequence of importance:
the rate of Weighted Average Cost of Capital, Sales Growth Rate and Capital Expenditure Rate.
3.The key value drivers affect TYC Brother Industrial Co., Ltd were listed in order of importance: the Capital
Expenditure Rate, R&D Expenses Rate, and Gross Profit Ratio.
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