企業權益價值之市場法與收益法比較－以康師傅公司為例
企業權益價值之市場法與收益法比較
－以康師傅公司為例
謝美緞
慈濟技術學院會計資訊系
摘要
本研究從股權價值衡量方式著手，融合財務與會計觀點，採用市場基礎法（市價對
各項營（或盈）收比法）與收益基礎法（現金流量折現法）來做比較。在繼續經營假設
下，總體經濟、政治、投資環境等外部情況與公司管理當局及專業經營團隊之業務活動
等內部情況，無重大變動下，對公司評估權益價值。因不同評價目的、不同假設基礎、
不同評價基準，會對評估價值產生影響，於瞭解公司目前經營現況、資產與負債情形外，
應關注公司未來獲利能力，經參考目前公開交易市場對產業之重視，以收益基礎法中未
來經濟效益之權益現金流量折現的方式，所估算結果較為合理，期提供業界評價或投資
之參考。
關鍵字：股權價值、市場基礎法、收益基礎法
Study on Equity Value from Market Method
and Revenue Method
Mei-Tuan Hsieh
Department of Accounting Information Tzu Chi College of Technology
Abstract
To provide the enterprise equity-value measure more accurately, I synthesize the
measurement methods with finance and accounting viewpoints of equity value. This research
refers to marketing method (price to sales) and income method (discounted cash flow). To go
concern assumption, I consider economics, politics, invested environment and so on. The
evaluation will be affect from the different purpose, assumption and standard. For the business
value, I have to understand enterprise management, assets, liabilities and profit ability in the
future. This valuation model was recommended for who required the information of equity
value more quicky and effective for the business strategy. Finally, I get the equity value from
using the discount of equity cash flow.
Keywords：equity value, market method, income method
