TFT-LCD Merger Simulation Modeling--A Study of Between AUO & QDI
碩士 === 國立中山大學 === 財務管理學系研究所 === 91 === After semiconductor industry, TFT-LCD technology has become the other valuable technique for Taiwan to play an important role in the world. Both government and investors have already spent lots of effort to make it grow during last decade. To be able to incre...
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ndltd-TW-091NSYS53050582016-06-08T04:14:00Z http://ndltd.ncl.edu.tw/handle/02158932675228441745 TFT-LCD Merger Simulation Modeling--A Study of Between AUO & QDI TFT-LCD產業的合併模擬--以友達光電與廣輝電子為研究對象 Shen-Jen Wang 王聲仁 碩士 國立中山大學 財務管理學系研究所 91 After semiconductor industry, TFT-LCD technology has become the other valuable technique for Taiwan to play an important role in the world. Both government and investors have already spent lots of effort to make it grow during last decade. To be able to increase the competitive, we are looking forward to merge the TFT-LCD manufactories. This paper focuses on the market expectation of merge of TFT-LCD industry in Taiwan. This paper has use two stock market public corporate, A.U.O. and Q.D.I, as our study and observation models and by applies the L-G model from Kermit D. Larson and Nicholas J. Gonedes, we will be able to prove the concept and examine our observation cases. On the other hand, I use the free cash flow model from Damodaran to evaluate the capital value for both companies. In particular, we examine them in three different scenarios to analysis their firm-value and use them as the ratio for future stock merge between both companies. By simulate our observation models and experiment for their fair market value; we will be able to demonstrate the L-G model is appropriate in this particular circumstance. According to the result and demonstration of cases study, it can provide the new prospective of Taiwan TFT-LCD industry in the future. Kuo,chau-jung 郭照榮 2003 學位論文 ; thesis 96 zh-TW |
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碩士 === 國立中山大學 === 財務管理學系研究所 === 91 === After semiconductor industry, TFT-LCD technology has become the other valuable technique for Taiwan to play an important role in the world. Both government and investors have already spent lots of effort to make it grow during last decade. To be able to increase the competitive, we are looking forward to merge the TFT-LCD manufactories. This paper focuses on the market expectation of merge of TFT-LCD industry in Taiwan. This paper has use two stock market public corporate, A.U.O. and Q.D.I, as our study and observation models and by applies the L-G model from Kermit D. Larson and Nicholas J. Gonedes, we will be able to prove the concept and examine our observation cases. On the other hand, I use the free cash flow model from Damodaran to evaluate the capital value for both companies. In particular, we examine them in three different scenarios to analysis their firm-value and use them as the ratio for future stock merge between both companies. By simulate our observation models and experiment for their fair market value; we will be able to demonstrate the L-G model is appropriate in this particular circumstance.
According to the result and demonstration of cases study, it can provide the new prospective of Taiwan TFT-LCD industry in the future.
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author2 |
Kuo,chau-jung |
author_facet |
Kuo,chau-jung Shen-Jen Wang 王聲仁 |
author |
Shen-Jen Wang 王聲仁 |
spellingShingle |
Shen-Jen Wang 王聲仁 TFT-LCD Merger Simulation Modeling--A Study of Between AUO & QDI |
author_sort |
Shen-Jen Wang |
title |
TFT-LCD Merger Simulation Modeling--A Study of Between AUO & QDI |
title_short |
TFT-LCD Merger Simulation Modeling--A Study of Between AUO & QDI |
title_full |
TFT-LCD Merger Simulation Modeling--A Study of Between AUO & QDI |
title_fullStr |
TFT-LCD Merger Simulation Modeling--A Study of Between AUO & QDI |
title_full_unstemmed |
TFT-LCD Merger Simulation Modeling--A Study of Between AUO & QDI |
title_sort |
tft-lcd merger simulation modeling--a study of between auo & qdi |
publishDate |
2003 |
url |
http://ndltd.ncl.edu.tw/handle/02158932675228441745 |
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