本研究目的是以TFT LCD產業為例，探討如何增進公司價值。利用TFT LCD產業鏈中具代表性公司財務資料進行分析，本研究分析發現同在TFT LCD產業鏈下，營運槓桿度低，獲利能力、創造自由現金流量能力及經營效率較好的驅動IC產業，其公司價值也高。此結果顯示在TFT LCD產業鏈中要增進公司價值，資本支出並非是唯一選項，尤其在TFT LCD產業逐漸進入穩定成長期之際，TFT LCD產業廠商應以提升獲利能力、創造現金流量能力及經營效率來提昇公司價值，而對於政府產業政策的制定而言，也不應再以投資規模及產業產值為唯一政策考量，也應考量重點發展的產業是否可持續獲利、長保競爭力。

The purpose of this case study is to explore how to enhance firm value in TFT LCD industry, we analysis the financial data of main company in TFT LCD industry chain. Our results indicate that the Driver IC industry with lower degree of operating、more profitability、more ability to create free cash flow and more efficiency of operating has more firm value. The result also shows capital spending is not only one option to enhance firm value in the TFT LCD industry. The life cycle of TFT LCD industry turn to stable growth gradually, the firm pay more attention on profitability、free cash flow and efficiency will have more firm value. Industry policy setters not only consider industry scale but also continuous profitability.

中文文獻
1.王文科，1998，教育研究法，四版，台北市：五南書局。
2.白錦門，1994，「個案法之研究」，教育研究方法論文集，台北市：台灣書店。
3.俞海琴(2001)，「價值投資法於台灣股市適用性之研究—電子產業與非電子產業之配對比較」，風險管理學報 第三卷 第一期，頁99-121
4.許乃立（2001），「台灣半導體產業經濟附加價值之研究」， 國立台灣科技大學管理研究所未出版碩士論文。
5.陳佐銘，2000，「企業實行標竿管理以提升營運績效之研究－以長谷建設公司為例」，國立中山大學企業管理研究所未出版碩士論文。
6.葉重新，2001，教育研究法，初版。台北市：心理出版社。
7.黃德舜(1998)，「企業財務分析-企業價值的創造及評估」，台北：華泰文化事業股份有限公司。
8.薛富井 王蘭芬 楊政峰(2001), 智慧資本對經濟報酬與會計報酬關聯之研究－以IC 設計和軟體業為例,2001會計理論與實務研討會
9.羅筱靖(2002) ，「應計項目、現金流量與公司價值」，私立中原大學會計學研究所碩士論文。
10.謝安田，1989，企業研究方法，台北：自版。
11.謝劍平(1994)，「資本支出宣告對股東財富之影響－Jensen閒餘現金量與Tobin’s Q兩架說之驗證」，中國財務學刊，第一卷第二期，頁37-52。
12.謝劍平(2009)，財務報表分析，再版，智勝文化事業有限公司
13.謝劍平(1999)，財務管理：新觀念與本土化，再版，智勝文化事業有限公司

英文文獻
1.Aaker, D.A.(1992) The Value of Brand Equity, Journal of Business Strategy,13(4). pp.27-32.
2.Aaker, D.A.(2003) The Power of Branded Differentiator, MIT Sloan Management Review,45(1). pp.83-87.
3.Amihud, Y. and B. Lev(1981), Risk reduction as a managerial motive for conglomerate mergers, Bell Journal of Economics 12, pp.605-617.
4.Ansoff, H. Igor (1965),Corporate Strategy, McGraw-Hill Book Company.
5.Ball, R. and P. Brown.(1968) An Empirical Evaluation of Accounting Income Numbers. Journal of Accounting Research. Autumn. ,pp. 159-178.
6.Barth, M., W. Beaver, and M. Wolfson. (1990). Components of Earnings and the Structure of Bank Share Prices, Financial Analysts Journal, 46(May):pp.53-60.
7.Berry, C. H.(1975) Corporate Growth and Diversification, Princeton University Press.
8.Booz, Allen and Hamilton (1985) Diversification: A Survey of European Chief Executives. Booz, Allen and Hamilton Inc., New York.
9.Breen, W.J., & Lerner, E.M. (1973).Corporate Financial Strategies and Market Measures of Risk and Return. Journal of Finance,28(2),pp.339-351
10.Chen, S. S., K. W. Ho, C. F. Lee, & G. H. Yeo, (1999), Investment opportunities, free cash flow and market reaction to international joint ventures. Journal of Banking and Finance, 24(11): pp.1747-1765.
11.Cheng, C., J. Cheung, and V. Gopalakrishnan. (1993). On the Usefulness of Operating Income, Net Income and Comprehensive Income in Explaining Security Returns, Accounting and Business Research, 23:pp.195-203.
12.Clinch, G., B. Sidhu, and S. Sin. (2002).”The usefulness of direct and indirect cash flow disclosures”, Review of Accounting Studies 7, pp.383-404.
13.Copeland, T., T. Koller and J. Murrin, (2000), Valuation: Measuring and Managing the Value of Companies, 3rd ed., Mckinsey & Company Inc.
14.Cornell, Bradford, (1993), Corporate Valuation: Tools for Effective Appraisal and Decision- making, Mcgraw Hill.
15.Donaldson, Gordon, (1985),”Financial Goals and Strategic Consequences”, Harvard Business Review, pp.57-66.
16.Dorothy Leonard-Barton(1990), ”A Dual Methodology For Case Studies：Synergistic Use Of A Longitudinal Single Site With Replicated Multiple Sites ”,Organization Science,Vol.1 NO.3,pp248-266
17.Eisenhardt, K. M. (1989), ”Building Theories from Case Study Research,” Academy of Management Review, 14 (4): pp.532-550.
18.Fama, E.F. and M.H. Miller (1972)The Theory of Finance, New York: Holt,Rinehart and Winston.
19.Gahlon, J.M., & Gentry J.A. (1982). On the Relationship between Systematic Risk and the Degree of Operating and Financial Leverage. Financial Management ,11(2),pp.15–23
20.Hamada, R.S. (1972). The Effect of the Firm's Capital Structure on the Systematic Risk of Common Stocks. Journal of Finance,27(2),pp.435-452
21.Izak Benbasat ＆David K. Goldstein ＆Melissa Mead(1987), ” The Case Research Strategy in Studies of Information Systems ”, MIS QuarterlSeptember,pp.369-386
22.Jensen, Michael C.,(1986), Agency Costs of Free Cash Flow: Corporate Finance and Takeovers, American Economic Review 76(2),pp.323-330.
23.Kee H. Chung and Stephen W Pruitt, (1994),”A Simple Approximation of Tobin’s q”,Financial Management, Vol.23, No.3, Autumn pp.70-74
24.Lev, B. (1974).On the Association between Operating Leverage and Risk. Journal of Financial and Quantitative Analysis,9(4),pp.627-642
25.Lindenberg, E. B., & S. A. Ross, (1981), Tobin’s q ratio and industrial organization.Journal of Business, 54(1): pp.1-32.
26.Mason, S. P., and R. C. Merton, (1985), “The Role of Contingent Claims Analysis in Corporate Finance”, Recent Advances in Corporate Finance, Homewood, IL:Richard D. Irwin, pp.7-54
27.Mathews, J. A. (2005) Strategy and the crystal cycle. California anagement Review. 47, 2, pp.6-32.
28.McConnell, John J. and Muscarella, Chris J. ,(1985),” Corporate capital expenditure decisions and the market value of the firm” , Journal of Financial Economics,14,pp.pp.399-422
29.McConnell, John J. and Henri Servaes, (1990), “Additional Evidence on Equity Ownership and Corporate Value,” Journal of Financial Economics 27(2) , October, pp. 595-612.
30.Morck, R., Shleifer , A.,& Vishny, R., (1988),”Management ownership and market valuation: an empirical analysis”. Journal of Financial Economics, 20, pp.293-315.
31.Myers, S. C.,( 1977), “Determinants of Corporate Borrowing”. Journal of Financial Economics, 5, pp.147-145.
32.Myers, S. C. and M. S. Majluf, (1984), “Corporate Financial and Investment Decisions When Firms Have Information That Investors Do Not Have”. Journal of Financial Economics, 13, pp.187-221.
33.More, Roger A. (1992),“ Managing New Technology Adoption.”Business Quarterly, 56, No. 4, pp.69-74.
34.Ohlson, J. A.(1995) Earnings, Book Value and Dividends in Equity Valuation. Contemporary Accounting Research. 11(2). , pp661-667.
35.Pinegar, J. Michael and Wilbricht, Lisa, (1989), “What Manages Think of Capital Structure”, Financial Management. Winter, pp.82-91.
36.Pitts ,R.A.., and Hopkins ,H.D. (1984) Firm Diversity: Conceptualization And Measurement, Academy of Management Review, 7,pp.620-629.
37.Ramakrishnan, R., and J. Thomas. (1991). Valuation of Permanent, Transitory and Price-irrelevant Components of Reported Earnings, Working Paper, Columbia University.
38.Ryan, S.G., “A Survey of Research Relating Accounting Numbers to Systematic Equity Risk, with Implications for Risk Disclosure Policy and Future Research”, Accounting Horizons, Vol. 11 No.2（June 1997）, p.p. 82 – 95.
39.Rayburn, J., and R. Jennings. (1986). “The association of operating cash flow and accruals with security returns.” Journal of Accounting Research 24, pp.112-133
40.Rubinatein, M. E. (1973). A Mean-Variance Synthesis of Corporate Financial Theory. Journal of Finance,28(1),pp.167-181
41.Sharpe W.F. (1964). Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk. Journal of Finance,19(3),pp.425-442
42.Shleifer, A. and R. W. Vishny(1992), LiquidationValues and Debt Capacity: a Market Equilibrium Approach, Journal of Finance, Vol. 47,pp.1346-1366
43.Smith, C. W. and R. L. Watts, (1992), “The Investment Opportunity Set and Corporate Financing, Dividend and Compensation Polices’, Journal of Financial Economics, 32, pp.263-92.
44.Suzuki, K.(1993) R&D Spillovers and technology transfer among and within vertical Keiretsu groups: Evidence from the Japanese electrical machinery Industry. International Journal of Industrial Organization 11(December),pp.573-591.
45.Ross, Stephen A. & Westerfield, Randolph W. & Jordan, Bradford D. (2006),Corporate Finance Fundamentals,7th ed., New York, McGraw-Hill Companies, Inc.,
46.Titman, S. and R. Wessels, (1988), “The Determinants of Capital Structure Choice, Journal of Finance”, Vol. 43, pp.1-19.
47.Yin, R. K. (1989). Case study research: Design and methods, Rev. ed, Newbury Park,CA: Sage.
48.Yin, R. K., (1994), Case Study Research ：Design and Methods, London：Sage Publication.