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研究生:黎懷南
研究生(外文):Hoai Nam Le
論文名稱:利用調整式現值模型評估工程現金流-以越南公司為例
論文名稱(外文):APPLICATION OF ADJUSTED PRESENT VALUE MODEL IN CASH FLOW VALUATION FOR VIETNAM''s CONSTRUCTION COMPANIES
指導教授:曾惠斌曾惠斌引用關係
指導教授(外文):Hui-Ping Tserng
口試委員:郭斯傑陳柏翰
口試委員(外文):Sy-Jye GuoPo-Han Chen
口試日期:2015-06-27
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:土木工程學研究所
學門:工程學門
學類:土木工程學類
論文種類:學術論文
論文出版年:2015
畢業學年度:103
語文別:英文
論文頁數:112
中文關鍵詞:Weight Average Cost of CapitalCapital Cash FlowsAdjusted Present Valuecash flow valuation
外文關鍵詞:Weight Average Cost of CapitalCapital Cash FlowsAdjusted Present ValueCash flow valuation
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Cash flow always plays an important role in investment activities because of its characteristics
of showing the profitability, the value and the risk that a company or a project will have and face.
Moreover, considering and calculating a project’s cash flow becomes more and more complicated
and difficult in a present market, including many changes, especially in construction industry
where exists much more risk than other industries. Therefore, the effective cash flow valuation
method is very necessary, and the aim of this study is finding a proper method to apply for
Vietnam’s construction companies.
Methods stated throughout this study are: Weight Average Cost of Capital (WACC), Capital
Cash Flows (CCFs) and Adjusted Present Value (APV). While WACC is the method used popular
in Vietnam today, CCF method is more proper than WACC method in the situation of happening
the changes in capital structure. However, APV method, with its flexibility, is the most
appropriate method in comparison with two other methods mentioned above.
Three models will be applied for 36 construction companies listed in Vietnam’s stock market.
The results are analyzed through paired samples T-Test to show that three methods will have
the equivalent results in the same condition of capital structure and financing effects. However,
the research proves the advantages of APV method, then suggests that this method deserves to
be applied in cash flow valuation for Vietnamese firms.

ACKNOWLEDEGEMENT ........................................................................................................ I
ABSTRACT ............................................................................................................................... II
TABLE OF CONTENTS ......................................................................................................... III
LIST OF FIGURES .................................................................................................................. VI
LIST OF TABLES .................................................................................................................. VII
CHAPTER 1: INTRODUCTION .............................................................................................. 1
1.1. Background ..................................................................................................................... 1
1.2. Motivation ....................................................................................................................... 2
1.3. Research objectives ......................................................................................................... 3
1.4. Limitations....................................................................................................................... 4
1.5. Thesis structure................................................................................................................ 4
CHAPTER 2: LITERATURE REVIEW ................................................................................... 6
2.1. Weight Average Cost of Capital (WACC) ...................................................................... 6
2.1.1. Discounted Cash Flow.............................................................................................. 6
2.1.2. Weight average cost of capital (WACC) .................................................................. 7
2.1.3. The value of interest tax shield................................................................................. 8
2.1.4. Capital Asset Pricing Model (CAPM)...................................................................... 9
2.1.5. The Betas (β) – the systematic risk ........................................................................ 10
2.2. Capital Cash Flows ........................................................................................................ 11
2.3. Adjusted Present Value (APV)...................................................................................... 12
CHAPTER 3: RESEARCH METHODOLOGY...................................................................... 14
3.1. Framework..................................................................................................................... 14
3.2. Adjusted Present Value (APV)...................................................................................... 15
3.2.1. Calculate the Free Cash Flow (FCF) of the firm .................................................... 16
3.2.2. Estimation of unlevered cost of capital .................................................................. 17
3.2.3. Add the value of interest tax shield ........................................................................ 18
3.3. Weight average cost of capital (WACC) ....................................................................... 20
3.3.1. Leverage ratio (D/(D+E)) ....................................................................................... 21
3.3.2. Cost of debt capital (Kd) and cost of equity capital (Ke) ........................................ 21
3.3.3. Process of WACC approach ................................................................................... 22
3.4. Capital Cash Flows (CCFs) ........................................................................................... 22
3.5. Comparison ................................................................................................................... 24
3.6. Results analysis methodology ....................................................................................... 29
3.7. Summary ....................................................................................................................... 29
CHAPTER 4: DATA COLLECTION AND RESULTS ANALYSIS..................................... 30
4.1. Data collection ............................................................................................................... 30
4.2. Results ........................................................................................................................... 33
4.3. Results analysis ............................................................................................................. 35
4.3.1. Data analysis........................................................................................................... 35
4.3.2. Results analysis ...................................................................................................... 36
4.3.3. Summary ................................................................................................................ 36
CHAPTER 5: CONCLUSIONS AND SUGGESTIONS......................................................... 38
5.1. Conclusions ................................................................................................................... 38
5.2. Suggestions .................................................................................................................... 39
REFERENCES ......................................................................................................................... 41
APPENDIX .............................................................................................................................. 43

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