台灣LED產業發展迄今已逾三十餘年，完整的產業鏈則是近十年來才建構完成。隨著LED應用面之擴大，經濟部於2007年提出台灣LED產業目標，LED照明光電產值將從2006年產值210億元、全球市場占有率10%，提升至2010年930億元、市占率達14%，在2015年增至5,400億元，在世界市場佔有率更可提升至23%。由於政府的重視及整體產業的前景可期的狀況下，投資大眾也不斷的投以關注的眼光。到底LED各家公司企業價值為何是引發本篇研究最主要動機。
本研究利用一般學術界或實務界所採行之評價模式，如折現價值評價模式中的會計盈餘折現法、自由現金流量折現法及常續性利益折現法，與相對評價法中的本益比法、股價淨值比法及股價對銷貨收入比法六種評價方法，並以目前LED上市櫃公司為研究範疇，進行樣本公司股價試算，再應用Theil’s U值檢定上述六種評價模式之績效，進而導出最適合LED產業的企業評價模式。藉以提供投資大眾及企業經營者一個能判斷企業價值的模式，使能正確了解企業價值而進行正確決策，也能使投資大眾能了解企業價值是否合理。
從研究結果可以發現股價淨值比法結果較能適用於LED產業，而常續性利益折現法次之。

LED has been developed in Taiwan more than thirty years. However, the completed supply chain has been set up already in the recent decade. Because of the enlargement of the LED application, Ministry of Economics Affairs, R.O.C. announced the two goals of Taiwan LED industry in Y2007. One was that the productivity should be raised from NT$21,000,000,000 in Y2006 to NT$93,000,000,000 in Y2010 and finally, to NT$540,000,000,000 in Y2015. The other goal was that the market share in the global market should be raised form 10% in Y2006 to 14% in Y2010 and finally, 23% in Y2015. Because of the emphasis of our government and the optimistic development in LED industry, investors recently are getting more interested in LED. What’s the real value of LED enterprises was the incentive for the author to make this study.
Six valuation methods were adopted in this study, including Discounted Net Income Valuation Approach, Discounted Free Cash Flow Valuation Approach, Discounted Recurring Income Valuation Approach, P/E Valuation Approach, P/B Valuation Approach, and P/S Valuation Approach. The author took some LED enterprises in Taiwan Stock Market as samples and got the commom stock prices of the samples in this study. Then, by the adoption of Theil’s U, the author found the most efficient valuation method in Taiwan LED industry. The aim of this study is to provide the best valuation method not only to the investors for themselves to make good investment, but also to the entrepreneurs that they may realize the true value of their business and make perfect decisions.
Based on this study, P/B Valuation Method was considered as the best valuation method for LED enterprises, and Dicounted Recurring Income Valuation method was the second consideration.

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