Title page for etd-0624116-123957


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URN etd-0624116-123957
Author Wen-pin Chiang
Author's Email Address No Public.
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Department Finance
Year 2015
Semester 2
Degree Master
Type of Document
Language zh-TW.Big5 Chinese
Title The Business Valuation for PChome Online Corporation.
Date of Defense 2016-07-04
Page Count 102
Keyword
  • Reasonable Range of Value
  • Alibaba E-commerce
  • PChome Online
  • Free Cash Flow(FCF) Method
  • Valuation Models
  • Abstract Abstract
    With the development of E-commerce in the last 20 years, the E-commerce market of Taiwan has reached a considerable scale and lead in many creative ideas of E-commerce in the world. As the largest E-commerce company in Taiwan, PChome, founded in 1997, generated NT$22.88 billion of revenue. However, compared with the revenue of Alibaba, which is $12.293 billion (about NT$399.5 billion), the revenue of PChome is almost NT$3,766.5 billion less than it. Alibaba, founded in 1999, has grew to be the biggest E-commerce company in China with its market capitalization over $200 billion (about NT$65 trillion), while PChome, founded earlier than Alibaba, has only about NT$342.5 billion of market capitalization, which is less than 0.1% of Alababa’s market capitalization. As we know, the Internet lnfrastructure and IT industry supply chain of Taiwan are relatively full-fledged and the environment of commercialization in Taiwan is more densely. Therefore, the E-commerce industry of Taiwan, theoretically, should have a more rapid development than that of mainland China. Unfortunately, the results, as shown above, are totally beyond common analysis.
    To figure out the reason why the E-commerce industry of Taiwan didn’t achieve great success, our study choose the PChome as the representative of the E-commerce companies in Taiwan and hope to find out what results in the gap between PChome and Alibaba through a full range of comparison of them. Then, based on the results of the comparison, our study focus on the discussion of the status of the E-commerce industry PChome faces and the possible development direction and innovation in the coming future. In addition, to carry out more quantitative and comprehensive research, this paper also apply the Free Cash Flow(FCF) method and other valuation models, combined with the analysis of the E-commerce industry of Taiwan and the opportunities and challenges that PChome are confronted with, try to obtain the reasonable range of value of PChome. Finally, our study put forward a few of advices through our comprehensive analysis of the E-commerce of Taiwan and PChome, hoping to provide the policymakers and the E-commerce companies in Taiwan with some inspiration and direction.
    Advisory Committee
  • Fen-Hui Lin - chair
  • Jen-Her We - co-chair
  • Fen-Hui Lin - co-chair
  • Der-Ming Lieu - advisor
  • Files
  • etd-0624116-123957.pdf
  • Indicate in-campus at 5 year and off-campus access at 5 year.
    Date of Submission 2016-07-24

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