臺灣博碩士論文加值系統

在全球汽車零件業的榮景及高度變化的環境下，台灣業者在持續成長中也同時面臨挑戰。本研究將對台灣汽車零件業者在策略實施的成功有深入的探討。同時也評估企業價值以做為投資和購併的參考。

產業分析理論、企業內部分析理論、策略、預測和評估理論以及評估模型都會應用在本研究中。專案研究中的目標公司將用產業分析、策略分析、財務及評估模型做深入的剖析。

本研究將會以數據來驗證目標公司策略實施的有效性。對於投資與購併也會做出建議。對於進一步的研究，也會做出建議。

Given the globally recent prosperity and the volatility of the auto parts industry, suppliers in Taiwan are thriving and facing challenges at the same time. The research will give an insight into the successes of the Taiwanese auto parts suppliers in respect of their strategy implementation. Meanwhile, the value of the business will be gauged in order for reference of investment and acquisition.
Theories of industrial analysis, internal analysis, strategy, forecasting and valuation will be demonstrated in the literature review along with an employment of valuation models. In terms of case study, the target company will be studied by means of industrial analysis, strategic analysis, accounting, finance and valuation models as well.
The study will come out with the target firm’s effectiveness of the strategy implementation alongside its performance evidence. Regarding investment and acquisition, a recommendation will be made as well. Likewise, suggestion to the further study will be available at the end of the research.

Table of Content

Abstract I
中文摘要 II
致謝 III
Table of Content IV
Table Content VI
Figure Table VII
1. Introduction 1
2. Literature Review 3
2.1 Industrial Analysis-Related theory 3
2.1.1 Porter’s Five Basic Forces 3
2.2 Internal Analysis Theory 5
2.2.1 Definition of Resources and Capabilities 5
2.2.2 Two Critical Assumptions of the Resourced-Based View 6
2.2.3 The VRIO Framework 6
2.2.3.1 The Question of Value 6
2.2.3.2 The Question of Rarity 6
2.2.3.3 The Question of Imitability 7
2.2.3.4 The Question of Organization 7
2.2.3.5 Applying the VRIO Framework 8
2.3 Prospective Analysis 8
2.4 Valuation 9
3. Sample and Methodology 10
3.1 Sample 10
3.2 Method 10
3.2.1 Strategy Implementation 10
3.2.2 Forecasting 11
3.2.3 Valuation 11
4. Research and Analysis 13
4.1 Background Analysis 13
4.2 Industrial Analysis 14
4.3 SWOT Analysis 17
4.4 Accounting Performance Analysis 18
4.4.1 Revenue and Earnings Analysis 18
4.4.2 Costs Analysis 19
4.4.3 Inventory Analysis 20
4.4.4 Account Receivable Analysis 20
4.4.5 Accounts Payable Analysis 21
4.4.6 Debt Analysis 22
4.4.7 DuPont Analysis 22
4.5 Intrinsic Value Analysis 23
4.5.1 Prospective Analysis 23
4.5.2 Intrinsic Value 24
5. Conclusions 27
References 29


Table Content
Table 1 The VRIO Framework 8
Table 2 Background of Firm A 13
Table 3 Product Lines of Firm A 14
Table 4 Stream of AM Market Supply Chain 15
Table 5 Value of Output of the Vehicle industry in Taiwan 15
Table 6 The Amount and Growth Rate for Taiwan Auto Parts Export 16
Table 7 Top 3 Importers of Taiwanese Auto Parts 17
Table 8 SWOT Analysis 18
Table 9 Revenue Analysis 19
Table 10 Earnings Analysis 19
Table 11 Operating Costs Analysis 19
Table 12 Inventory Analysis 20
Table 13 Account Receivable Analysis 21
Table 14 Account Payable Analysis 21
Table 15 Debt Analysis 22
Table 16 DuPont Analysis 23
Table 17 Prospective Analysis 23
Table 18 The Calculation of Cost of Equity Capital 24
Table 19 The Calculation of Abnormal Earnings. 24
Table 20 The Intrinsic Value under Discounted Cash Flow Method (DCF) 25
Table 21 The Intrinsic Value under Discounted Abnormal Earnings Method (DAE) 25


Figure Table

Figure 1 Lamp Manufacturing Process 14

Wang, B.C., 2008, The Study of Global Logistics and Logistics Hub for Automotive Industry, Industrial Technology Research Institute Working Paper.
Berger, P.G. and E. Ofek, 1995, Diversification's effect on firm value. Journal of Financial Economics 37: 39-65.
Baker, M.J., 2000, Marketing Strategy and Management, London: Macmillan Press
Palepu K.G., Healy P.M. and Peek E., 2913, Business Analysis and Valuation IFRS Edition, Singapore: Seng Lee Press.
Barney J.B. and Hesterly W.S., 2012, Strategic Management and Competitive Advantage, US: Pearson.