本研究選擇四家半導體上中下游公司，分別為上游設計：聯陽，中游製造：台積電、聯電，下游封測：超豐為例，經由產業及2020年財務報表對四家公司未來繼續經營及成長做出假設。使用折現法、本益比法、市價淨值比法、市價銷售額比法、現金股利殖利率評價法計算企業價值合理價格區間，與2021年5月份臺灣證券交易所平均收盤價格做比較。研究結果顯示每種方法都有其先天假設及限制條件，且企業價值易受外部市場因素影響，每間公司所處環境與優劣勢不同無法量化評估，每一評價方法只能做為單一公司的價格參考，無法統一適用所有公司。;In this study, four semiconductor upstream, midstream and downstream companies were selected for upstream design: Lianyang, midstream manufacturing: TSMC, UMC, and downstream packaging and testing: Chaofeng as an example. Through the industry and the 2020 financial statements, the four companies will continue to operate and continue to operate in the future. Growth makes assumptions. Use discount method, price-to-earnings ratio method, market price-to-net value ratio method, market price-to-sales ratio method, and cash dividend yield evaluation method to calculate the reasonable price range of enterprise value, and compare it with the average closing price of the Taiwan Stock Exchange in May 2021. The research results show that each method has its inherent assumptions and limitations, and the value of the enterprise is easily affected by external market factors. The environment and advantages and disadvantages of each company cannot be quantitatively evaluated. Each evaluation method can only be used as a single company’s Price reference, cannot be applied uniformly to all companies.
