| Summary: | 碩士 === 國立中正大學 === 企業管理學系碩士在職專班 === 105 === Abstract
The enhancement of enterprise value is to promote the competitive characteristics of companies. The enterprise value is to be determined by the future expected cash flows rather than in the past. Therefore, to assess the company value is required to predict future cash flows and discounts it at an appropriate capital cost rate. The seven value drivers comprising creation of corporate value, include sales growth rate, earnings before interest and tax growth, Tax rate, working capital, capital expenditures, the weighted average cost of capital and competitive advantage period closely related.
This study selected two companies which are primary manufacturing for the functional food . The main information sources were from the company's annual report and the Taiwan Economic Journal database. Discounted cash flow method was the methodology to conduct corporate evaluation. Conclusions are as follows:
1.The main value drivers of Syngen Biotech.Co., Ltd. include sales growth rate, the cost of working capital, capital expenditure ratio and weighted average cost of capital.
2.The main value drivers of TCI Co., Ltd. include operating net income growth rate, the cost of working capital, capital expenditure ratio and weighted average cost of capital.
3.The corporate value of Syngen Biotech.Co., Ltd. according to the assessment of discounted free cash flow method is NT$ 70.21~332.55 per share.
4.The corporate value of TCI Co., Ltd. according to the assessment of discounted free cash flow method is NT$ 32.36~376.25 per share.
Keywords: Business Valuation、Value Driver、Enterprice Value、Discounted Cash Flow method
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