近幾年來，台灣觀光相關產業的經營，隨著兩岸關係而產生大幅波動，企業為了追求永續經營會找尋許多有利標的予以併購，以發揮財務綜效，拓展營業項目與範圍。本文採取個案研究方式，以伴手禮公司併購其上游餡料廠「某食品公司-A公司為例」，透過垂直整合達成其經營策略。
進行企業評價時，利用乘數法、現金流量折現法與剩餘價值法之理論基礎，進而使用企業評價使用之市場法、收益法與資產法，評估A公司之整體價值。本個案藉由可類比公司的市場乘數、加權平均資金成本(Weighted Average Cost of Capital,WACC) 與A公司財務預測及辨認個別資產負債，得出A公司的企業整體價值。而收益法評估出來的價值較能反映A公司的價值，所以採用收益法計算出來的企業價值。

In recent years, the operation of tourism-related industries in Taiwan has fluctuated significantly with cross-strait relations. In order to pursue sustainable operations, companies search for favorable targets for mergers and acquisitions to give full play to financial effectiveness and expand business projects and scope. This thesis conducts a case study in which a Taiwanese gift company employs various business valuation methods to estimate the acquiring price of its upstream filling factory and achieves its business strategy through vertical integration. In particular,
when conducting enterprise evaluation, we use the multiplier method, the discounted cash flow method and the residual value method to evaluate the overall value of the upstream filling factory. In this case, based on the market multipliers, weighted average cost of capital (WACC) of comparable companies, and the filling company’s financial forecasts and identification of individual assets and liabilities, the overall value of the company is derived. We find that the value evaluated by the income method can better reflect the enterprise value of the acquiring target company.

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