A Probe into the Interrelationship between Placement of Resources and the Value of Shareholders’ Equity by Means of Enterprise Evaluation Rational－Taking TSMC and UMC for Instance

• Main Authors: Yun-hua Fu, 傅韻華
• Other Authors: Tsai-Yen Chung
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/35288531460603363137

碩士 === 元智大學 === 管理研究所 === 95 === Corporate value, as always, represents one of the top concerns in the eyes of enterprise operators, investors as well as academic researchers. Enterprise evaluation represents an effort to evaluate the genuine value of an enterprise. To an investor, he/she should be able to gain profit by buying low and selling high if he/she could accurately tell whether an enterprise’s stock price strays from the genuine value through estimation. To an enterprise operator, he/she must understand all factors linked up with genuine value of the enterprise before he/she can try to augment or create the entrepreneurial value through policies in investment and business operation. To an employee, if his/her reward is built upon the boost of the entrepreneurial value, all his/her efforts made to the corporation would be able to live up to the corporate interests and, meanwhile, minimize the possibility to benefit himself/herself. To the management of venture capital, they may choose promising targets of investment by means of enterprise evaluation, or may promptly boost the entrepreneurial value by means of enterprise reorganization. In summation, therefore, enterprise evaluation is constructive to an enterprise to create the entrepreneurial value or to augment personal fortune and is virtually indispensable to business management or personal wealth. Wafer foundry service has played the pivotal role behind the miracle of Taiwan economy. In Taiwan, Taiwan Semiconductor Manufacturing Co., Ltd. and United Microelectronics Corporation have been the flagships in wafer foundry industry, demonstrating respective and unique philosophies and viewpoints in technological levels, human resources, investment costs, yield in finished products and capital management amidst the respective competition strategies which might not necessarily identical. In the present study, therefore, the financial statements of the two firms were classified into nine major resources coupled with strategic analysis and prospect analysis to estimate the corporate values. The estimate covers not only the revolving rates, profitability and sales performance of the upcoming years. It further predicts the market-to-book interrelationship in the hope to offer financial statements users with another handy tool for analysis and evaluation.