本論文主要在衡量企業之價值，以「現金流量折現法」與「本益比法」，估算矽品之每股股票價格，從而驗證2015年日月光兩次收購矽品股權之價格，是否有其合理之依據。
經由實證分析後，可以得知，以現金流量折現法求得矽品之企業價值，易受加權平均資金成本(weighted average cost of capital, WACC)與自由現金流量(free cash flow to the firm, FCFF)成長率(g)之影響，故加入WACC與g的敏感度分析。計算所得到的股價範圍，包含了日月光收購矽品之價格，可見，現金流量折現法在實務上是成熟的企業評價模式。而本益比估價法，以六家類似企業之平均本益比求出矽品之股價，亦與實際收購價格相去不遠，足見估價之可靠度，不因評價方法之繁複或簡易，而有其好壞之分。本研究結果證實，日月光對矽品的收購邀約，其價格有合理性的依據。
最後，研究發現，日月光與矽品之EVA (economic value added) spread均為正值，如果維持高投資率，則成長所創造的企業價值會更高。2015年5月26日，兩家企業宣布將共組產業控股公司，日後是否能發揮綜效，創造更高的企業價值，則有待後續追蹤研究。

In this thesis, the major purpose focuses on estimating the value of an enterprise. The price per share of SPIL stock is evaluated with "discounted cash flow (DCF) method" and "price-to-earning ratio method" by reference to the public financial data. The calculated prices will be compared with the prices that ASE purchased stakes of SPIL in 2015. Based on the analyses, the reasonableness of price in the case of ASE-SPIL takeover bid will be checked up in the research.
According to the result, it was quite obvious that the value of an enterprise is susceptible to weighted average cost of capital (WACC) and FCFF growth rate "g" when DCF method was adopted. The two parameters "WACC" and "g" are taken into consideration for a subtle analysis. Finally, the share price range calculated by DCF method includes the real price that ASE offered. It is thus clear that DCF method is practical for making an evaluation of a corporate. Additionally, another approach being employed in this study, "price-to-earning ratio method", averaged the P/E values of six similar companies and computed SPIL stock price. The calculated price is quite close to the purchase price. It is perceived that "price-to-earning ratio method" is a useful method even though it is very simple one to be applied. These analyses had proved that in the case of ASE-SPIL takeover bit, the matter of price is reasonable.
Moreover, it is found in this study that the EVA spread of these two companies are both positive. If the two corporations consistently make a considerable investment, the growth will lead to a larger profit. On May 26, 2016, ASE and SPIL had reached an agreement to set up a holding company. The further discussion in this thesis would be centred on the issue that whether or not the synergy could be achieved, from which immense benefit is expected to be brought after ASE and SPIL work in close collaboration.

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網站部分:
1. IC Insights，http://www.icinsights.com/data/articles/documents/823.pdf
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