Discussion on the Evaluation of Taiwanese Non-listed Companies-Taking non-public Taiwanese companies as example

• Main Authors: Yi-Chun Chang, 張藝錞
• Other Authors: Tai-Hwa Chow
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/kt2zfe

碩士 === 國立中山大學 === 企業管理學系研究所 === 106 === In response to the official enactment of the International Financial Reporting Standards (IFRS9), unlisted and non-over-the-counter shares held by the financial industrialists must be to subject to fair value accounting. As unlisted and non-over-the-counter shares have not been circulated in the market previously, there have been no so-called market prices for the fair value assessment and accounting by the financial industrialists. Thus, they are all recorded at the original costs. However, as IFRS9 is officially enacted, the accounting method based on the costs is not accepted. Therefore, this study will evaluate the unlisted and non-over-the-counter stocks using the market approach, the free cash flow method and the economic value added method. This study finds that if the company subject to valuation have certain attributes, some valuation methods may not be suitable. Therefore, the appraisers can first observe whether the evaluated company has the above-mentioned situation before valuation. When selecting the valuation methods, they can first filter out unsuitable valuation models to obtain a more reliable corporate value. The most troublesome part is that the above three valuation methods may not be suitable for certain industries (e.g. The bills industry) at first glance. If this does occur, the appraisers shall further understand the characteristics of the company and select the relatively suitable valuation model. The parameters of the model can then be adjusted on the valuation results of the other two methods until the appraisers believe that they have obtained a more reliable corporate value. Finally, this study organizes the applicability of each valuation method to each case industry and provides the results that can be referenced by subsequent appraisers.