A Comparative Study of Value-based Management and Valuation of the Taiwan 3C Electronic Distributors – Tsannkuen Co., Ltd. vs. Elifemall Co., Ltd.

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题名:	A Comparative Study of Value-based Management and Valuation of the Taiwan 3C Electronic Distributors – Tsannkuen Co., Ltd. vs. Elifemall Co., Ltd.
作者:	Chen, Hung-Yin
贡献者:	財務金融學系碩士在職專班
关键词:	Value-based Management Valuation、Value Driver Discounted Free Cash Flow
日期:	2014-07-14
上传时间:	2014-09-04 03:05:59 (UTC+0)
出版者:	Asia University
摘要:	Due to the invention and the advancement of technology, the 3C products become an essential for our daily life. With the 3C industry boom in recent decade, the market has grown into the period of maturity heading toward a competitive market; and it cannot be underestimated at the trend of Taiwan 3C electronics distribution industry in the near future. Making good of Value-based Management can enhance the value of the enterprise. The analysis gives a clue for the administrator to select the best operational decision; therefore, the investors, shareholders and employees get their best return. Will the stock price really show an enterprise’s real value? The business valuation thus plays an important key. This study aims to find the enterprise value management of Taiwan 3C electronic distributors with two case studies of Tsannkuen Co., Ltd. and Elifemall Co., Ltd. Use the method of P/E、P/B、P/S、MVA、FCF to assess the fair value of the case company. A sensitive analysis is taken to identify the driving factors of value management at each case company. Then, the study may make strategic suggestions for the enterprise operational management. The research results are as follows: 1.The intrinsic value of Tsannkuen Co., Ltd. was $60.89 per share on Dec. 31, 2012. The intrinsic value of Elifemall Co., Ltd. was $64.64 per share on Dec.31, 2012. 2.The Value Driver factors of Tsannkuen Co., Ltd. : (1) Revenue Growth Rate ; (2) Gross Margin ; (3) The number of days on Accounts Receivable. The Value Driver factors of Elifemall Co., Ltd. : (1) Cost of Capital ; (2) Revenue Growth Rate; (3) Gross Margin.
显示于类别:	[財務金融學系] 博碩士論文

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