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研究生: 許翡珊
Hsu, Cheri
論文名稱: 企業評價與經營績效分析-集合成環保科技股份有限公司
Business Evaluation and Performance Review of Gi He Chen Environmental Technology Co., Ltd.
指導教授: 劉助
Liu, James
學位類別: 碩士
Master
系所名稱: 商學院 - 國際經營管理英語碩士學位學程(IMBA)
International MBA Program College of Commerce(IMBA)
論文出版年: 2013
畢業學年度: 102
語文別: 英文
論文頁數: 92
中文關鍵詞: 企業評價經營績效分析
外文關鍵詞: Business Evaluation, Performance Review
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  • This thesis combines the fundamental teachings of the IMBA program that are critical to the success of running a business: market research, accounting, corporate finance, and strategic management. The purpose of the study is to analyze Gi He Chen Environmental Technology Co. Ltd.’s performance in the past years and provide suggestions to its investors on the company’s health and growth potential. The research was done by interviewing with Gi He Chen’s Managing Director, Taiwan car recycling market research, literature reviews, comparing the company’s financial statements with a Taiwan IPO listed recycling company Super Dragon Technology Co. Ltd., and last but not least, Professor James Liu’s teaching of profit models.

    1. Introduction 1
    1.1. Purpose of the Study 1
    1.2. Methodology 1
    1.3. Research Limit 1
    1.4. Car Recycling Overview 1
    1.5. The Government Subsidized Program 3
    2. Overview of Gi He Chen Environmental Technology Co., Ltd. 5
    2.1. History 5
    2.2. Gi He Chen’s Business and Products 5
    2.3. Gi He Chen’s Main Source of Income from Recycled Material 8
    2.4. Gi He Chen’s Benefit from Government Subsidized Program 10
    2.5. Gi He Chen in the Taiwan Market 12
    2.6. Ge He Chen’s SWOT Analysis 15
    2.7. Ge He Chen’s Internal Structure 16
    2.8. Meeting Minutes from Ge He Chen Annual Share-holder Meetings 17
    3. Overview of Super Dragon Technology Co., Ltd 24
    3.1. About Super Dragon (9955 on TSE) 24
    3.2. Super Dragon’s Business and Products 25
    4. Data Analysis and Results 28
    4.1. The 17 Numbers from Financial Reports 28
    4.2. Gross Profit Comparison (Value Creation) 30
    4.3. Gross Margin Profit Comparison 33
    4.4. Operating Profit Margin Comparison 34
    4.5. Net Profit Margin Comparison 34
    4.6. Internal Management Efficiency Comparison/Operation Efficiency 35
    4.7. ROE Comparison 36
    4.8. Competitiveness in the Market Comparison 36
    4.9. Shares Comparison 37
    4.10. EPS Comparison 37
    4.11. The 4 Formulas Generated from the 17 numbers 38
    4.12. △Q Comparison 39
    4.13. Operating Cash Flow Comparison 39
    4.14. Free Cash Flow Comparison 40
    4.15. Financial Activity Comparison 42
    4.16. Cash Flow Comparison 42
    4.17. Investment Ratio Comparison 43
    4.18. Return of Resources Comparison 44
    4.19. Economic Value of Company Comparison 45
    4.20. EV/Share Comparison 45
    4.21. Dividend Pay Out Comparison 46
    5. Summary and Suggestions 48
    5.1. Suggestions for Investors Interested in Gi He Chen 48
    5.2. Suggestion for Gi He Chen Management 48
    References 50
    Appendix: Financial Reports of Gi He Chen and Super Dragon 52

    1. Institute of environment and resources: Title: Guanyin waste motor vehicles crushing classified the plant commissioned supervision working jobs plan.[Online] Available: http://www.ier.org.tw/modules/sections/index.php?op=viewarticle&artid=17
    2. The scholars monograph: Recycling of waste motor vehicles [Online] Available: http://recycle.epa.gov.tw/epa/rpaper/9806/epaper98050104.html
    3. L.A. Hart, CPA. 2006. Accounting Demystified, McGraw-Hill,
    4. S.C. Weaver and J.F. Weston. 2001. Finance and Accounting for Nonfinancial Managers, McGraw-Hill.
    5. R.A. Brealey and S.C. Myers and F.Allen. 2011. Principles of Corporate Finance Global Edition, Tenth Edition
    6. Super Dragon Technology Co. Ltd. Consolidated Financial Report. [Online] Available: http://www.sdti.com.tw/en/services-for-investors/financial-information/consolidated-financial-report.html
    7. Super Dragon Technology Co. Ltd. Business and Products. [Online] Available: http://www.sdti.com.tw
    8. Vehicle recycling [Online] Available: http://en.wikipedia.org/wiki/Vehicle_recycling
    9. Scrap and containers recycling statistics [Online] Available: http://recycle.epa.gov.tw/Recycle/result/QP09-T2206-86-101.xls
    10. Difference between Iron and Steel [Online] Available: http://www.differencebetween.net/object/difference-between-iron-and-steel/#ixzz2iygPhgIY
    11. Cheng Ho Hsing Heavy Industries Co., LTD. [Online] Available: http://www.chhm.com.tw/index.php
    13. Automotive shredder residue [Online] Available: http://en.wikipedia.org/wiki/Automotive_shredder_residue
    14. Excerpts translated from Money DJ. [Online] Available: http://www.moneydj.com/kmdj/report/ReportViewer.aspx?a=6abd7c6d-296e-47bf-b4d0-2f6767615732#ixzz2kK0pqe3i
    15. Investopedia explains 'Gross Profit'. [Online] Available: http://www.investopedia.com/terms/g/grossprofit.asp
    16. How to Calculate Gross Profit, March/31/2013. [Online] Available: http://www.entrepreneur.com/article/226158
    17. Free Cash Flow: Free, But Not Always Easy, March 08 2010. [Online] Available: http://www.investopedia.com/articles/fundamental/03/091703.asp

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