臺灣博碩士論文加值系統

股市巨幅波動,公司的真實價值何在?本研究採用三種評價模型-DCF法,APV法及
本益比法來觀察市價是否有偏離真實價值的現像存在,若有便進行低買的投資
行為,並進一步比較依評價結果所建立的投資組合是否有較大盤及共同基金為
佳的表現?實證結果發現,三種評價模型所評估出的價位與市價間的卻有差異性
存在,而依據DCF法,APV所組成的投資組和不僅表現較本益比法為佳,甚至遠較
大盤及前25%的共同基金為佳.

This paper discusses three business valuation models,including DCF,APV
and P/E ratio.The first step is computing the true value (model price)
belong to the stockholder.Then compare the true value with the market
price.If the difference is really large enough,form a "buy and hold"
investment portfolio for half an year and one year.Finally test whether
the portfolios forming base on valuation models can beat the market and
most of the mutual fund.
The empirical evidence is,the DCF,APV methods not only outperform the
P/E ratio but also the market and the first 25% of the mutual fund.