An Analysis of Corporate Valuation-The E.SUN Financial Holdings

• Main Authors: KUEI-FANG LAI, 賴桂芳
• Other Authors: Chien-Hung Chen
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/85262099844009198104

碩士 === 朝陽科技大學 === 財務金融系碩士班 === 97 === Abstract This research is carried out by using Case Study Method. The corporate　valuation by Equity Cash Flow Method (ECF) is based on the recently five　year’sfinancial statements of “E.SUN Financial Holdings”. At the same time, by　analyzing the company’s simple financial reports to calculate Excess Return　Rate and Economic Value Added. By using the Equity Discounted Cash Flow Method, the research valued the　shares of the company at NT18.06 per share in 2009. This showed that the　valuation model was affected by the equity cost of capital. The　equity cost of capital has an inverse relationship to the stock price, We find the higher the equity cost of capital , the lower the stock price of the company.