本研究採取個案研究方式，探討自由現金流量折現模式、本益比法與股價淨值比法，所得出的公司價值與巿場價值間差異，針對特定類型的企業，探討較簡單且有效的評價模型，以利投資人進行評估，並做為企業長期經營方向的參考。 本研究結果，本益比法與股價淨值比法較貼近實際股價，且此二種方法簡單易懂，對於投資人而言是最容易上手的評估模型，而本益比法評估之價值區間較大，可能不利於投資人實際操作選擇入場時機，故建議與股價淨值比法併用考量，可獲得較完整之價值建議。 自由現金流量在半導體這個資本密集產業，是觀察一家企業資本支出之效益的重要指標，然以個案公司的評估結果而言，以自由現金流量折現法評估之價值明顯低於巿場價值，恐難以做為投資人評估之有效方法，但可提供該個案公司做為未來營運策略之參考。;This study takes a case study approach to explore the Discounted Free Cash Flow Model, the Price-Earnings Ratio and Price-Book Ratio method, and their difference between the corporation value and the stock price. For a specific type of enterprise, explore a simple and effective evaluation model. The model is used by investors and serve as a reference for the enterprise. According to the results of this study, the PE and PB ratio model are closer to the stock price, and these two models are simple and easy to understand for investors. The value range of the coporation evaluated by the PE ratio model is relatively large. It’s not good for investors decide the timing of admission, so recommended to use the PB ratio model in consideration, get more complete advice. In semiconductors, free cash flow is an important indicator for observing the effectiveness of a corporation ’s capital expenditures. However, according to the evaluation results of the case corporation, the value valued by the free cash flow discount model is significantly lower than the stock price. It is difficult to be an effective method for investors, but it can provide the corporation as a reference for future operating strategies.
