本課程教學大綱已提供完整英文資訊（本選項僅供統計使用，未提供完整英文資訊者，得免勾記）【Provide information of course syllabus in English.(This is for statistical use only. For those who do not provide information of course syllabus in English, do not check this field.)】
1)上課講義；Introduction to Security Valuation PPT, Introduction to Valuation PDF,「Damodaran」：第 1,2,3 章； 2) 安永股權價值分析報告 3) Valuation Approaches and Metrics： A Survey of the Theory and Evidence Aswath Damodaran,Stern School of Business,November 2006 第二課 Valuation Approaches 閱讀進度：上課講義；「Damodaran」：第 1-5 章 「KGW」: Part1 Valuation Approaches 第三課 DCF Valuation: Estimating Parameters 閱讀進度：上課講義；「Damodaran」：第 7-12 章;KGW, Part2 Pablo Fernandez,(2020) The most common error in valuations using WACC Damodaran (2020)A Do-It-Yourself (DIY) Valuation Of Tesla: Of Investment Regrets And Disagreements https://seekingalpha.com/article/4322357-diy-valuation-of-tesla-of-investment-regrets-and-disagreements 第四課 DCF Valuation: Valuation Examples 閱讀進度：上課講義；「Damodaran」：第 13-16,21-23 章;KGW,Part2 第五課 超額盈餘評價法(1) 閱讀進度：上課講義:EBO Model簡介:如何以EBO評價衡量股票的真正價值； PHP：ch. 7 第六課 超額盈餘評價法(2):實作練習與討論 閱讀進度：上課講義；PHP：ch. 8 第七課 Relative Valuation(1) 閱讀進度：上課講義；「Damodaran」：第 17-20 章； 第八課 Relative Valuation(2) 閱讀進度：上課講義；PHP：ch. 7,「Damodaran」：第 17-20 章； Relative 第九週 期中考 第十課 Equity Security Analysis 閱讀進度：上課講義；PHP：ch. 9,「Damodaran」：第 25 章； 第十一課 產業分析與競爭力分析 閱讀進度：上課講義；PBP, chap. 8, 9 第十二課 如何估計成長率 閱讀進度：上課講義；「Damodaran」：第 11 章；PHP, chap. 8, 9; 「KGW」:Part4; Growth and Growth Patterns 第十三課 證券分析與企業評價之應用 閱讀進度：上課講義；「Damodaran」：第 17-20 章；PHP, Part3; 「KGW」:Part4 第十四課 Value Enhancement : EVA, CFROI and Other Tools 閱讀進度：「Damodaran」：：第 31&32 章 第十五課 結論&Valuation Approaches and Metrics： A Survey 閱讀進度：上課講義；「Damodaran」：第 35 章；PBH, chap. 12 第十六課 Other Valuation Issues Readings:The Dark Side of Valuation;The Value of Transparency;The Value of Control 第十七課 Final Exam
課程目標 Objectives
本課程主要在教導學生如何做產業分析並對企業的合理價值作評估，以便投資者能作正確的證券投資決策，亦可使企業經營者創造更高的附加價值，並帶領同學針對大中華經濟圈的廠商行為、產業結構與經濟績效作實際應用。當購買公司的股票時，理性的投資者應該要問「什麼是股票的合理價格？」「什麼是企業的內涵價值？」本課程將教導學員如何藉由分析有關的金融資訊來回答企業評價的問題。 In a science, if you get the inputs right, you should get the output right. The laws of physics and mathematics are universal and there are no exceptions. Valuation is not a science. In an art, there are elements that can be taught but there is also a magic that you either have or you do not. The essence of an art is that you are either born a great artist or you are not. Valuation is not an art. A craft is a skill that you learn by doing. The more you do it, the better you get at it. Valuation is a craft. Also action speaks louder than words. So If you value something, you should be willing to act on it. □ Pragmatism, not purity: The end game is to estimate a value for an asset. I plan to get there, even if it means taking short cuts and making assumptions that would make purists blanch. □ Do you believe? To act on your valuations, you have to have faith in. In your own valuation judgments. Also In markets: that prices will move towards your value estimates. That faith will have to be earned. Prerequisite for the Class □ Accounting: The raw material you need to value a company comes primarily from accounting statements. Understanding how to read a financial statement and where to find the information need is critical. □ Statistics: Statistics is designed to help us make sense of data that is large and contradictory. That is exactly the problem we face in valuation. □ Finance: There are tools that we draw on in valuation extensively. □ Risk and return models: Present value; Corporate finance:
授課方式 Teaching methods
本課程必須涵蓋的教材相當多，因此本課上課之節奏相當快，學員上課前務須預習指定教材以便上課時參與討論，學員上課討論之品質為平時成績之主要依據。此外學員應熟習電腦軟體Microsoft Excel，以便作實證研究與作業。 no laptops, cell phones are permitted on exams or on classes Class Participation is Mandatory! College courses are meant to advance knowledge. Learning on the college level requires that you connect yourself with information and materials and actively participate in class □ Be here and please be on time: Some class will start with a pre-class test (which will lay the basis for the class but will not be graded) in the first 5 minutes. □ Bring your lecture note packet with you □ If you do miss a class, catch up with your teammates or classmates.
參考書/教科書/閱讀文獻 Reference book/ textbook/ documents
〔請遵守智慧財產權觀念，不可非法影印。教師所提供之教材供學生本人自修學習使用,不得散播及做為商業用途〕
No copies for intellectual property rights. Textbooks provided by the instructor used only for self-study, can not broadcast or commercial use
序號
作者
書名
出版社
出版年
出版地
ISBN#
No.
Auther
Title
Publisher
Year of publish
Publisher place
ISBN#
1
Damodaran, Aswath
Investment Valuation
Damodaran, Aswath, 2004, “Investment Valuation”, Second Edition, John Wiley & Sons
2012(3rd edition)
New York
978-1-118-01152-2
2
Palepu Krishna G., Paul Healy and Erik Peek
Business Analysis and Valuation IFRS:,2nd Edition
Intl Thomson Business
2016
New York
9781473722651
3
Tim Koller, Marc Goedhart and David Wessels
Valuation—Measuring and Managing the Value of Companies, Fifth Edition
John wiley & Sons, Inc.
2015(fifthe edition)
New York
978-1-118-87373-1
4
洪志洋
企業評價:原理與實務
新陸書局
2010
Taipei
978-986-6333-20-0
彈性暨自主學習規劃 Alternative learning periods
本門課程是否有規劃實施學生彈性或自主學習內容（每1學分2小時）
Is any alternative learning periods planned for this course (with each credit corresponding to two hours of activity)?
否：教師需於「每週課程內容及預計進度」填寫18週課程進度（每1學分18小時之正課內容）。 No：The instructor will include an 18-week course plan in the weekly scheduled progress (each credit corresponds to 18 hours of instruction)
是：教師需於「每週課程內容及預計進度」填寫16週課程內容（每1學分16小時之正課內容），並於下列欄位填寫每1學分2小時學生彈性或自主學習內容。 Yes：The instructor will include a 16-week course plan in the weekly scheduled progress (each credit corresponds to 16 hours of instruction);the details of the planned alternative learning periods are provided below (each credit corresponds to two hours of activity).
學生彈性或自主學習活動 Alternative learning periods
勾選或填寫規劃內容 Place a check in the appropriate box or provide details
時數 Number of hours
學生分組實作及討論 Group work and discussion
參與課程相關作業、作品、實驗 Participation in course-related assignments, work, or experiments
參與校內外活動（研習營、工作坊、參訪）或競賽 Participation in on- or off-campus activities (e.g., seminars, workshops, and visits) or competitions
課外閱讀 Extracurricular reading
線上數位教材學習 Learning with online digital learning materials
其他（請填寫規劃內容） Other (please provide details)
每週課程內容及預計進度 Weekly scheduled progress
週次
日期
授課內容及主題
Week
Date
Content and topic
1
2020/02/27~2020/02/29
Introduction to Fundamental Analysis
2
2020/03/01~2020/03/07
The Method of Comparables; Stock Screening(Valuation of a Savings Account
3
2020/03/08~2020/03/14
Discounted Cash Flow Analysis
4
2020/03/15~2020/03/21
Pricing Book Values
5
2020/03/22~2020/03/28
Pricing Earnings
6
2020/03/29~2020/04/04
Building Analysis Engines
7
2020/04/05~2020/04/11
Analysis of the Statement of Shareholders' Equity
8
2020/04/12~2020/04/18
The Analysis of Operating and Financing Activities
9
2020/04/19~2020/04/25
期中考試Midterm
10
2020/04/26~2020/05/02
Analysis of Cash Flows
11
2020/05/03~2020/05/09
Analysis of Profitability
12
2020/05/10~2020/05/16
Analysis of Sustainable Growth
13
2020/05/17~2020/05/23
Enterprise Valuation
14
2020/05/24~2020/05/30
Simple Forecasting and Valuation
15
2020/05/31~2020/06/06
Full Pro forma Analysis
16
2020/06/07~2020/06/13
專題報告Special Topic
17
2020/06/14~2020/06/20
專題報告Special Topics
18
2020/06/21~2020/06/24
期末 報告Final Report
課業討論時間 Office hours
時段1 Time period 1: 時間 Time：星期一 地點 Office/Laboratory： 時段2 Time period 2： 時間 Time：星期三 地點 Office/Laboratory：
系所學生專業能力/全校學生基本素養與核心能力 basic disciplines and core capabilitics of the dcpartment and the university
系所學生專業能力/全校學生基本素養與核心能力 basic disciplines and core capabilities of the department and the university
課堂活動與評量方式 Class activities and evaluation
本課程欲培養之能力與素養 This course enables students to achieve.
紙筆考試或測驗 Test.
課堂討論︵含個案討論︶ Group discussion (case analysis).
個人書面報告、作業、作品、實驗 Indivisual paper report/ assignment/ work or experiment.
群組書面報告、作業、作品、實驗 Group paper report/ assignment/ work or experiment.
個人口頭報告 Indivisual oral presentation.
群組口頭報告 Group oral presentation.
課程規劃之校外參訪及實習 Off-campus visit and intership.
證照/檢定 License.
參與課程規劃之校內外活動及競賽 Participate in off-campus/ on-campus activities and competitions.
課外閱讀 Outside reading.
※系所學生專業能力 Basic disciplines and core capabilities of the department
1.財務管理專業能力 1. Financial ethic ability.
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2.創新能力 2. Global perspective.
3.國際觀能力 3. Innovation ability.
4.財務倫理之能力與社會責任實踐 4. Innovation ability.
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※全校學生基本素養與核心能力 Basic disciplines and core capabilities of the university
1.表達與溝通能力。 1. Articulation and communication skills
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2.探究與批判思考能力。 2. Inquisitive and critical thinking abilities
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3.終身學習能力。 3. Lifelong learning
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4.倫理與社會責任。 4. Ethnics and social responsibility
5.美感品味。 5. Aesthetic appreciation
6.創造力。 6. Creativity
7.全球視野。 7. Global perspective
8.合作與領導能力。 8. Team work and leadership
9.山海胸襟與自然情懷。 9. Broad-mindedness and the embrace of nature