中文摘要
隨著東協國家區域經濟的統合，企業為追求價值極大化，提高企業的市場佔有率，紛紛前往投資或併購，成為中國以外台灣最大的貿易夥伴；東協國家中的越南更成為台商喜愛投資的國家之一，近年更吸引大型煉鋼廠爭相進駐該國。
本文即透過對越南經濟發展探討與越南電爐產業的市場調查、分析標的企業採用市場價值比較法，比較同業財務指標及運用淨資產價值法進行財務、稅務之審查，最後編製調整後的擬制性淨資產報表，作為併購價值決策依據。
本論文個案公司位於富美工業區II，地理位置緊鄰散裝與貨櫃二大港口，停靠大型船舶沒有問題；工業區內水、電設施供應充足，對外又有51號公路連接南北，可以利用陸運及海運交通網絡將產品行銷至全越南；特別是個案公司已經獲得越南政府核准繼續投資下游產業之執照，此執照之價值在於可以讓併購方立即對於上、下游產業作有效整合，為併購方提供了最有利的經營基礎。
本論文之結論與建議，期能提供台灣相關產業前往越南投資之參考。
關鍵詞 : 企業價值；併購；越南電爐煉鋼；淨資產價值法

英文摘要
With the integration of ASEAN regional economic, enterprises pursuit of value maximization, for increase their market share purposes, have access to investments or mergers and acquisitions。ASEAN region to become except China the Taiwan's largest trading partner; Vietnam one of the ASEAN members has become the favorite Taiwanese of investment, in recent years to attract more large-scale steel mills competing stationed in the country.
This paper is by Vietnam Economic Development discussion and electric arc furnace industry market research and analysis of the target enterprise uses market value comparison , compared with financial indicators the similar scale company of the industry and financial review of taxation using the net assets value method, the final preparation of the pro forma adjusted assets report, the value of mergers and acquisitions as a basis for top management decision making.
In this paper, the case company is located in Phu My Industrial Zone II, The geographical position close to two ports can loading and discharging bulk cargos and containers respectively, These ports can accommodate large vessel also; The industrial zones domestic waters and electricity power supply sufficient, but also the external connection Highway 51 north and south, can take advantage of land and sea traffic network marketing products to the whole of Vietnam; in particular cases company has received Vietnamese government approval to continue to invest downstream industries of the license, the value of this license within that allows the acquirer immediately for the upstream and downstream industries for the effective integration of the acquirer to provide the most favorable business foundation.
Conclusions and suggestions of this paper, the terms can refer to the related industries provide Taiwanese investment in Vietnam.
Keywords: enterprise value; mergers and acquisitions; Vietnamese electric arc- furnace steelmaking; the net asset value method

目錄
目錄 VI
圖目錄 VII
表目錄 IX
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機 6
第三節 研究目的 7
第四節 企業評價流程、架構與研究限制 8
第二章 企業評價模式與選定 11
第一節 企業價值定義與評價模式 11
第二節 評價方法之選定 16
第三章 評估架構與分析 17
第一節 越南經濟發展概況 17
第二節 產業分析 19
第三節 個案分析 32
第四章 結論與建議 51
第一節 結論 51
第二節 建議 55
參考文獻 57

參考文獻
一、中文文獻：
李妍，企業價值評估應用研究-基於萬科企業股份有限公司.2009
吳晉嘉，企業評價：台灣半導體上市公司之實證研究，2003
周筠梅，關於併購中目標企業價值評估方法的探尋.商業經濟.2005年第3期
姚蕙芸，企業併購類型、評價方法、及綜效之探討，台北商技術1期學報
二、英文文獻：
Tuller ,Lawrence W.,"Small Business Valuation Book Massachusetts, Bob Adams,Inc. 1994
Palepu, K. G., Bernard, V. L. and Healy, P. M., Business Analysis and Valuation,2nd, South Western College Publish, 2000.