1

1.

2.

DCF ROIC WACC

3.

2

1.

1.1 1

1.2 2

1.3 3

2.

2.1 4

2.1.1 4

2.1.2 4

2.1.3 4

2.1.4 5

2.2 6

2.2.1 7

2.2.2 7

2.2.3 8

2.2.4 9

3.

3.1 11

3.1.1 11

3.1.2 12

3.1.3 13

3.1.4 14

3.2 17

3.2.1 17

3.2.2 19

3.2.3 23

3

3.3 31

3.3.1 31

3.3.2 32

3.3.3 33

3.3.4 34

3.4 35

3.5 36

4.

4.1 37

4.1.1 38

4.1.2 39

4.2 41

4.2.1 41

4.2.2 47

4.2.3 50

4.3 52

4.4 53

5.

5.1 55

5.1.1 55

5.1.2 56

5.1.3 57

5.1.4 58

5.2 59

5.2.1 59

5.2.2 59

5.2.3 60

5.3 61

5.3.1 61

5.3.2 62

5.3.3 64

5.3.4 66

4

5.4 67

5.4.1 67

5.4.2 67

5.4.3 68

5.4.4 69

5.4.5 69

5.5 69

6.

6.1 71

6.2 72

6.3 72

73

75

5

3.1 16

3.2 18

3.3 19

3.4 20

3.5 20

3.6 20

3.7 21

3.8 28

4.1 38

4.2 87 91 ROIC42

4.3 KeKd 42

4.4 87 91 WACC42

4.5 87 91 ROICWACC43

4.6 87 91 ROIC 46

4.7 87 91 ROIC47

4.8 87 91 48

4.9 87 91 48

4.10 49

4.11 87 91 50

4.12 87 91 51

4.13 87 91 51

4.14 92 101 52

5.1 57

5.2 61

5.3 62

5.4 62

5.5 63

5.6 64

5.7 65

5.8 66

6

5.9 67

5.10 68

5.11 69

76

7

3.1 22

3.2 22

3.3 23

3.4 89 26

3.5 90 26

3.6 91 27

4.1 40

4.2 ROICWACC43

4.3 ROIC 45

4.4 87 91 ROIC46

4.5 87 91 ROIC47

4.6 49

4.7 92 101 52

8

1

1.1

9

1.2

87~91

1.

2.

3. 87~91

10

1.3

11

2

2.1

2.1.1

2.1.2

( Fair Market ValueFMV )

Higgins 1955pp.332-333

2.1.3

(1).

( Restructuring )

( Spin-off )( Strategic

Buyer ) ( Management Buyout ) ( Liquidation )

12

(2).

( Value-Based Management SystemVBMS )

(3).

(4).

2.1.4

( 89)

().

().

13

().

().

Copelan, T., Koller, T. & Murrin, J.

1 .

2 .

3 .

4 .

5 .

Copeland

Copeland

2.2

P/E(P/B)

(P/S)(DCF)(90 89 )

14

2.2.1

(1).

(2).

(3).

(1).

(2).

(3).

(4).

(5).

(6).

2.2.2

P/S P/S

(1).P/SP/S

(2).

(3).P/S P/EP/S

(4).

15

P/S

2.2.3 Price to Book ValuePBV

1

12

13

1

(1).

PBV

(2). PBV

(3). PBV

(1).

(2). IC

(3).

PBV

16

2.2.4The Discounted Cash Flow Model, DCF

(1).

(2).

(3).

(4).

(5).

(6).

(7).

(1).

(2).

(3).

(4). DCF

(5).

//

gWACC

FCFV

= 10

22

1

11 10 )1(

1)1( gWACC

FCFWACCWACC

FCFV nn

n

ii

i

++

+= +

=

17

33

1

211 21 10 )1()1(

1)1()1( gWACC

FCFWACCWACCWACC

FCFWACCFCF

V pnpnp

njj

jn

ii

i

+++

++

+= +

+==

,

18

3

3.1

3.1.1

123

4

19

3.1.2

1

2 3

().

1 .

2 .

3 .

().

1 .

2 .

3 .

().

1 .

2 .

3 .

4 .

5 .

20

3.1.3

().

().

21

().

1

2

3.1.4

().

(Ryokan) Tatami (

1994)( 1908 )

(TELSUDO HOTEL)

(2001)

().

(1999)

()

1 .( 33-52 )

45

22

2 .( 53-62 )

95

3 .( 62-72 )

62-65

69-72

().

(

)

1 .( 72 78 )

().

1 .( 79 )

12

23

3.1

1. 2.

3.

1.

1. 2. 3. 4.

1.

2.

3.

88 -

24

3.2

3.2.1

().

1 .

2 .

3 .

4 .

5 .

87

(2).

62

71

73 Nikko80 HyattRegent

90

25

3.2

()

()

Hilton 62

Hyatt 79

Sheraton 70

Nikko

73

88

81

Inter-continental 56

SRS

53

90

70

The Leading Hotels of the World

68

56

The Leading Hotels of the WorldPreferred Hotels

79

()

The Westin Hotels & Resorts

88

The Westin Hotels & Resorts

82

Crowne Plaza Hotels

74

83

73

84

85

86

79

87

88

85

58

71

26

3.2.2

8.4

8.23%

10.64%

0.26%

3.84%

91 84

().

3.3 87 91

3.3

87 88 89 90 91

62.88% 61.62% 64.85% 62.02% 61.62%

-0.86% -1.26% 3.23% -2.83% -0.40%

89 91

27

3.4

1 87.53% 6 77.66%

2 83.13% 7 77.53%

3 79.99% 8 77.42%

4 78.42% 9 76.65%

5 77.93% 10 76.25%

().

3,066

3.5

87 88 89 90 91

3,057 3,066 3,109 3,072 3,025

69 9 43 -37 -47

()

3.6

3.6 ()

89

3,451 2,145 2,501 2,255 3,450 2,045 2,257

90

3,528 2,063 2,415 2,141 3,248 2,355 2,378

91

3,438 2,025 2,282 2,154 3,462 2,616 2,668

28

().

707,205

1.12 423,783

104,594 53,693 48,749

34,321 24,232 17,833

319,707

193,850 119,096 72,643

(4).

97,615,653,920

84

3.7 89 91

3.7 )

89 8,563,632,561 1,189,209,500 711,261,835 346,246,152 1,035,039,049 456,018,405

90 8,192,048,023 1,158,062,932 657,537,371 376,185,686 1,047,788,537 565,230,197

91 7,774,707,308 1,135,269,282 630,968,275 433,479,691 1,184,123,149 622,223,271

89 11,498,035,039 2,172,232,864 1,181,618,580 348,259,218 602,711,906 370,817,225

90 9,912,758,988 1,773,379,069 960,350,513 307,446,045 588,608,325 535,471,691

91 9,245,796,352 1,745,231,399 927,877,149 342,683,642 613,212,557 612,015,100

89 24,454,504,537 3,977,454,578 2,237,374,418 751,887,142 1,963,733,362 1,043,282,659

90 21,864,593,256 3,456,359,838 1,918,119,070 754,623,054 1,915,628,360 1,439,592,288

91 20,310,057,776 3,320,864,054 1,882,736,354 843,811,839 2,106,848,561 1,548,184,764

29

(

86,533,495

120,360,865

352,603,795

247,900,737

248,125,239

538,961,714

391,171,320

425,570,461

1,009,256,229

2%

4%

9%

5%

3%

10%

67%

3.1

3.1

2%

3%

4%

2%

13%

7%

69%

3.2

3.2

30

69%

2%

4%

6%

2%

6%

11%

3.3

3.2.3

() 53

68

70

71 72

31

74 82

31 82

89

()

TCE-Total Customer Experience

TCE

81

32

()

870

79 9 21

--

204

38 60 22 18

118

(4)

41

46

57

507

33

87

91

89

15.68%

33.35%

12.32%

38.65%

3.4 89

90

37.21%

16.43%

13.15%

33.22%

3.5 90

34

91

16.56%

33.35%

36.70%

13.40%

3.6 91

3.4 3.5 3.6

89~91 91 36.70% 33.35%

16.56% 13.40%

35

3.8

20,340 79.21% 4,638 94,326,818 91,477,909

13,447 83.31% 4,444 59,761,362 80,062,423

14,621 80.42% 3,724 54,444,000 66,442,000

10,865 85.82% 5,198 56,476,357 60,387,580

10,590 72.19% 3,135 33,203,459 64,413,339

7,164 82.92% 5,119 36,672,516 49,785,201

9,063 70.58% 3,333 30,203,988 48,479,920

8,644 83.28% 4,571 39,512,618 25,448,853

4,779 87.05% 3,500 16,724,350 43,219,204

17,108 75.33% 1,611 27,558,829 26,471,816

6,006 80.08% 2,382 14,305,159 35,983,422

8,767 42.60% 3,055 26,782,620 13,778,612

7,873 68.16% 2,683 21,122,379 30,116,897

6,216 77.31% 3,268 20,311,125 27,913,167

5,003 79.79% 3,777 18,894,423 21,724,784

5,010 82.67% 3,610 18,088,140 17,730,960

5,202 77.07% 3,196 16,623,195 14,715,727

4,350 65.91% 2,595 11,286,326 16,435,802

5,838 68.04% 2,540 14,829,866 11,323,415

5,786 85.34% 1,993 11,533,164 12,341,652

4,978 77.90% 2,144 10,673,550 12,949,323

3,911 75.36% 1,367 5,346,070 746,085

5,314 72.89% 2,618 13,913,699 6,363,420

7,160 83.16% 1,738 12,444,417 6,149,216

4,995 72.39% 1,718 8,583,617 8,670,255

3,317 73.71% 2,605 8,641,560 6,731,447

6,160 67.54% 1,272 7,834,634 6,039,220

2,287 68.07% 3,022 6,910,514 4,918,130

()

36

4,281 71.00% 1,566 6,702,060 6,259,624

3,814 82.55% 1,332 5,080,791 70,628

2,063 61.40% 1,471 3,035,470 0

1,086 36.94% 2,211 2,401,016 394,380

922 45.20% 1,505 1,387,841 159,580

11,484 69.60% 2,242 25,745,751 47,711,828

11,177 62.93% 2,233 24,963,713 32,799,343

7,860 61.50% 1,944 15,279,327 26,703,391

6,985 81.13% 2,239 15,642,000 16,591,000

8,331 86.24% 1,878 15,643,584 17,769,880

6,552 73.29% 1,103 7,226,995 12,325,539

4,873 59.50% 1,414 6,890,830 2,767,381

5,493 82.48% 2,399 13,176,633 19,259,438

() 8,488 79.92% 2,527 21,449,041 22,974,759

4,847 54.58% 1,773 8,596,142 15,303,449

4,159 82.52% 2,391 9,944,585 13,231,013

4,870 71.20% 1,478 7,195,435 9,195,970

890 23.73% 905 805,530 1,674,113

8,212 71.28% 3,641 29,897,000 15,376,000

6,890 66.96% 2,717 18,719,351 11,325,936

6,682 82.49% 1,610 10,757,177 7,114,128

() 4,335 65.38% 1,587 6,879,437 6,022,606

1,220 24.35% 1,175 1,433,209 295,089

1,067 33.24% 953 1,016,765 0

8,612 70.88% 2,507 21,587,893 8,173,009

2,329 80.87% 8,326 19,392,075 9,804,348

3,606 66.04% 3,990 14,388,417 7,053,190

4,513 74.11% 2,795 12,613,409 7,251,900

4,918 66.91% 3,211 15,791,953 5,591,927

2,046 63.74% 1,757 3,595,038 13,658,511

37

3,442 57.08% 1,676 5,768,686 4,558,103

2,068 37.67% 2,703 5,589,900 2,542,181

1,465 46.51% 2,784 4,078,880 1,232,142

897 63.62% 4,635 4,157,622 2,582,766

1,201 65.63% 2,319 2,785,002 731,181

562 27.55% 1,425 800,685 201,099

296 18.27% 3,166 937,135 25,018

390 71.23% 1,270 8,318,036 10,584,684

208 71.63% 2,723 12,524,604 12,171,075

208 59.29% 3,168 11,722,307 11,722,226

257 74.14% 3,536 17,199,019 20,209,395

222 90.53% 2,289 12,987,594 13,800,650

121 84.27% 2,137 6,784,672 6,535,984

116 64.14% 2,447 4,289,766 5,460,651

7,758 84.51% 2,695 20,904,856 30,296,889

3,710 81.36% 1,677 6,223,240 16,091,142

() 2,432 57.90% 2,534 6,162,108 12,286,790

3,128 37.78% 2,994 9,365,026 6,474,163

2,597 68.70% 2,383 6,187,893 6,481,139

2,008 40.08% 2,501 5,022,119 265,100

465 19.87% 902 419,510 0

316 20.26% 640 202,174 0

40 0.17% 5,000 10,000 0

2003 12

38

3.3

IT IS

3.3.1

().

().

65

66

28

72

().

39

3.3.2

().

(loyalty)

(Brand name)

().

().

().

(loyalty)

40

().

3.3.3

().(Brand name)

().

().

().

Hyatt

41

3.3.4

().(Focus)

email

Hyatt

().(Brand Proliferation)

(Holiday

Inn)

().

().

().

42

3.4

89 86

21690 45

10000

know-how

43

3.5

91 84

87

44

4

-- 87-91

DCF

4.1

51 53

67

77 89 ISO9002

90

45

4.1.1 () 4.1

89 428 111,243 71.18% 3,282 365,086,571 527,950,550 71,517,229 964,554,350 77.52%

90 428 108,812 69.82% 3,396 369,488,761 500,075,440 62,040,100 931,604,301 77.51%

91 428 99,558 63.88% 3,336 332,128,676 505,446,292 58,734,320 896,309,288 79.48%

89 457 74,764 63.50% 2,055 153,633,901 315,390,564 45,940,771 514,965,236 77.52%90 457 76,483 56.42% 2,012 153,853,215 278,768,982 37,557,516 470,179,713 77.51%91 457 72,148 53.85% 2,033 146,706,453 285,495,707 31,107,303 463,309,463 79.48%

89 254 216 7.73% 2,132 460,506 2,835,857 12,000,657 15,297,020 77.52%90 254 35,287 38.06% 3,755 132,499,364 204,687,040 156,379,848 493,566,252 77.51%91 254 63,710 68.72% 3,901 248,503,867 276,168,024 169,515,515 694,187,406 79.48% 89 91

46

4.1.2

--

47

4.1

48

40

4.2

4.2.1

().(ROIC)

ROIC ROIC

(NOPLAT)

91 NOPLAT

1 . 91 2,070,461

465,362 1,605,099

1,448,445 220,702

2 . 88,384 170,837 25%

-20,613 4,392

-20,613 25,005

3 . 220,702 25,005

-4,124 NOPLAT199,821

4 . 91

298,157 756,951

-458,794

5 . 8,542,039-269,012

91 7,814,233

(NOPLAT) NOPLAT

ROIC 91 NOPLAT

199,821 89 7,814,233 91

ROIC 2.66%

NOPLATROIC 4.2 4.2

ROIC 87~90 91

4.2 87 91 ROIC

87 88 89 90

NOPLAT -67,691 -92,405 -1,777 -220,444

5,205,984 5,287,625 6,261,246 7,524,261

ROIC -1.15% -1.77% -0.03% -3.52%

)

() 90 5

().(WACC)

4.3 4.4

89 Beta 1.13 Ke

WACC

4.3 KeKd

1. KeKd

87 88 89 90

Rf (Current)

5.17% 4.52% 4.67% 3.40%

Rm-Rf 7.50% 7.50% 7.50% 7.50%

Beta 0.86 0.69 1.13 0.37

Ke 11.63% 9.72% 13.16% 6.20%

Kd 0 0 6.95% 4.00%

Rf Rm-Rf 7.5%

Beta K

CAPM Kd 89 6.75%

91 4%

4.4 87 91 WACC

87 88 89 90

WACC 9.16% 6.04% 9.39% 4.82%

II

(

91

199,821

7,814,233

2.66%

91

1.98%

7.50%

0.50

5.71%

4.14%

e

7%90

91

4.82%

().ROIC

1 .

(ROIC)(WACC)

4.5 87 91 ROICWACC

4.5 4.2 87

89 4%

ROIC WACC

ROIC

()

4.2 ROICWACC

4.5 87 91 ROICWACC

87 88 89 90 91

ROIC -1.15% -1.77% -0.03% -3.52% 2.66%

WACC 9.16% 6.04% 9.39% 4.82% 4.82%

ROIC-WACC -10.31% -7.81% -9.42% -8.34% -2.16%

ROICWACC

-5%

0%

5%

10%

15%

87 88 89 90 91

WACC

ROIC

4.2 ROICWACC

III

2 .

4.3 ROIC ROIC

(ROS)

( ROS)(

)

IV

4.3 ROIC

91 22.48% 87-89 21.30% 88-90 21.65% 89-91 21.83%

87-91 21.77% 91 16.95%

87-89 10.28% 88-90 12.02% 89-91 15.60%

87-91 13.10%

91 69.96% 87-89 78.68% 88-90 77.69% 89-91 75.22%

87-91 77.24%

91 -9.38%87-89 -10.26%88-90 -11.36%89-91 -12.65%

87-91 -12.11%

91 -12.99% 87-89 -13.64% 88-90 -12.23% 89-91 -11.97%

87-91 -12.98%

91 -24.48% 87-89 -68.66% 88-90 -93.03% 89-91 -74.26%

87-91 -58.52%

91 26.66%87-89 25.81%88-90 25.96%89-91 25.67%

87-91 26.02%

91 412.57% 87-89 470.72% 88-90 491.40% 89-91 476.30%

87-91 456.52%

91 2.66%87-89 -0.98%88-90 -1.77%89-91 -0.30%

RO

IC

87-91 -0.76%

V

20%

87 90

70%~80%

90

91

4.6 87 91 ROIC

87 88 89 90 91

-17.09% -5.51% -8.19% -20.40% -9.38%

ROIC -1.15% -1.77% -0.03% -3.52% 2.66%

ROIC v.s.

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

87 88 89 90 91

ROIC

4.4 87 91 ROIC

24

27 ROIC87 -1.15%

91 2.66%

90 -3.52%

911 91

VI

4.7 87 91 ROIC

87 88 89 90 91

25.54% 27.52% 24.37% 25.99% 26.66%

ROIC -1.15% -1.77% -0.03% -3.52% 2.66%

ROIC v.s.

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

87 88 89 90 91

ROIC

4.5 87 91 ROIC

4.2.2

GAP

().

4.88791

4.8 89

90 91

91

VII

90 91

4.8 87 91

=-Sales revenue 87 88 89 90 91 -0.19 -0.23 0.55 -0.1 -0.15=Change in A/R-Change in Sales revenue 87 88 89 90 91 0.06 -0.03 0.44 -0.01 -0.16

=Change in Sales-Change in gross profit 87 88 89 90 91 -0.01 0 -0.02 0.02 0.01=Change in -Change in Sales 87 88 89 90 91 0.06 -0.03 -0.06 0.06 -0.12

().

87 88 91

90

91 90

87

87

87

91 -1.11

4.9 87 91

87 88 89 90 91 87,777 -21,860 38,823 -133,157 224,267 95,590 -77,325 -57,056 -287,208 -82,453 33,858 -67,006 3,170 -338,113 74,201

282.33% 115.40% -1799.87% 84.94% -111.12%

()

VIII

().GAP Analysis

4.10

87 89

88 90

89 91

4.10

87 88 89 90 35,049 -70,082 3,170 -332,4(+) 168,030 90,765 185,344 338,7(-) -1,641,609 -1,327,133 -900,300 892,5 1,844,688 1,347,816 1,088,814 -886,2GAP 1,809,639 1,417,898 1,085,644 -553,8

GAP

-1,500,000

-1,000,000

-500,000

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

87 88 89 90 91

()

4.6

IX

() 91

13 69,80950 350,84599 680,95862 -260,30449 -330,113

().

4.11 87 91

11-24 88 89

88 89

90

90 91

87 88 89 90 91 10.56 8.31 10.89 9.76 9.08 1 1

2 2 2

19.06 6.33 19.05 9.29 17.7 7.75 12.57 17.22 8.54 3.56 1.87 12.07 12.72 0.51 3.22

.2.3

91

88 10510%,

()

4

().

4.12

88 10510%

89 631%

X

8788 8990

90

1354% 91 116%

87 91

4.12 87 88 89 90 91

(1)=(2)+ -52 17 1,15 1,60 64

(3)+(4) 0,938 2,406 8,965 1,765 0,817

(2) -1 -1

2

](4)

100,3 -1,6 183 118 550

PLAT(6) -

(1)(5) -5 -1051 6 13 1

,604,284 ,288,463 -890,120 1,077,094 554,263

(3) 1,081,726 1,457,249 ,030,348 552,377 145,569

[ 1,620 3,620 18,737 -27,706 -59,015

(5)=(6)+(7) 39.11 40.32 ,567.19 ,306.41 ,665.74

NO -67,690.89 92,405.32 -1,776.81 -220,443.59 199,820.74

(7) 168,030 90,765 185,344 338,750 350,845

(8)= 19.18% 0.48% 31.36% 53.91% 16.37%

ROIC-WACC -10.31% -7.81% -9.42% -8.34% -2.16%

).91

(

4.13

4.13 87 782,342

4

90 44.33% ROIC 8790

91 2.42%

4.13 87 91

87 88 89 90 91 5,41 5,48 6,44 7,734,258 8,080,632 8,653 3,537 3,245 -

()

()

782,342 -115,916 -927,771 1,247,080 -259,372(%) 21.37% 28.76% 41.53% 45.02% 43.03%

XI

ROIC 0.00% 0.00% 0.00% 2.42%

4.3

iscounted Cash Flow

4.14

01

DCF92

101 4.14

92 ~101 92~101 92~101 92~1 92~101

3% 5% 7% 9% 11%

15 16 16.3 17

11.1 13.2 15.9 19 22.9

.9% .9% % .0%

0

5

10

15

20

25

3% 5% 7% 9% 11%

4.7

87~91

()

7% 7% 2 3%5%7%

9%11%

10 WACC

XII

4.7 3%

.4

ROIC WACC

11.1 11% 22.9

3%~5% 2 15.9%

2% 16% 5%

7%9%11% 2%

16.9%16.3%17.0%

4.7

,

4

ROIC WACC

87 89

,

91

-1.11

9091

XIII

86 21.37% 90 45.02% 91

43.03% 4.13

ROIC 91 2.42%

DCF

3%5%7%9%11%

8%

ROIC WACC

XIV

5

5.1

5.1.1

(1).

(2).

SRS SRS

(3).

(4).

XV

(5).

(6).

8.36

5.1.2

(1).

1 .

SRSUtell SRS

2 .

3 .

XVI

4 .

(2).

5.1.3

5.1

()

()

()

427 45.73% 2,639 33,112,448 53,640,813 397 297 61.81% 1,845 18,203,986 30,620,955 283 254 56.35% 4,031 19,252,468 50,859,158 319 92 6

XVII

5.1.4

(1).

IDD

(2).

8 10

1.5 9

85 4

MASTERMASTER

XVIII

5.2

5.2.1

2001 5 10

15 254

145 11

5.2.2

(1).

4.1

XIX

(2).

1 .U

2 .

3 .

4 .

5 .

(3).SRS

SRSSUN

SRS

SRS

SRS

5.2.3

929

()

104

2.94(6.97)

(32.994)415.95

35.844.55%92917,887

(3.44%)38.9793018.80

XX

20.17

5.3

5.3.1

ROIC ROIC

ROIC

5.2

87 88 89 90 91 ROIC -1.15% -1.77% -0.03% -3.52% 2.66% WACC 9.16% 6.04% 9.39% 4.82% 4.82% ROIC-WACC -10.31% -7.81% -9.42% -8.34% -2.16%

87 88 89 90 91 ROIC -15.10% 71.53% 149.49% 87.98% 90.96% WACC 5.70% 5.92% 2.81% 3.31% 5.12% ROIC - WACC -20.80% 65.61% 146.68% 84.67% 85.84%

87 91 91 52%

10%

69.96%

40%

XXI

79% 26%

1 5.3

87 88 89 90 91 21.43% 21.94% 20.52% 22.49% 22.48% 83.16% 77.36% 75.54% 80.18% 69.96% -17.09% -5.51% -8.19% -20.40% -9.38% 24.07% 25.99% 23.15% 24.78% 25.30%

87 88 89 90 91 61.46% 57.75% 54.67% 54.61% 51.95% 12.52% 11.77% 10.85% 9.79% 9.69% 20.15% 43.37% 37.20% 37.76% 38.24% 91.86% 93.16% 101.99% 94.85% 79.10%

5.3.2

(1).

5.4

88 89 90

27.19

5.4

()

87 88 89 90 91 10.56 8.31 10.89 9.76 9.08 19.06 16.33 19.05 19.29 17.7 7.75 12.57 17.22 8.54 3.56 21.87 12.07 12.72 20.51 23.22

87 88 89 90 91 16.70 16.35 14.62 14.51 13.08

XXII

12.73 11.59 12.98 13.01 11.56 0.18 0.22 0.26 0.28 0.22 29.25 27.72 27.34 27.24 24.42

(2).(GAP)

5.5 5.5

87 89

88 27.89%

89 42.13 40.82%90

44.39( 17.63 22.46

4.30) 42.05% 90

91

,

5.5 ()

87 88 89 90 91 35,049 -70,082 3,170 -332,413 69,809(+) 168,030 90,765 185,344 338,750 350,845(-) -1,641,609 -1,327,133 -900,300 892,599 680,958

1,844,688 1,347,816 1,088,814 -886,262 -260,304

GAP 1,809,639 1,417,898 1,085,644 -553,849 -330,113

87 88 89 90 91 -166,946 562,736 897,839 705,330 688,214(+) 150,898 -329,753 -70,890 -50,739 2,625(-) -176,557 34,499 -101,703 -29,833 466,664

160,509 198,484 928,652 684,424 224,175

GAP 327,455 -364,252 30,813 -20,906 -464,039

(3).

8789 91

88

XXIII

89

5.6 ()

87 88 89 90 91 87,777 -21,860 38,823 -113,157 224,267 95,590 -77,325 -57,506 -287,208 -82,453 33,858 -67,006 3,170 -338,113 74,201/ 2.82 1.15 -18.14 0.85 -1.11

87 88 89 90 91 -62430 660878 1081602 910221 883803 -740709 -125929 175872 67101 26,207 -71,018 653,714 1,076,195 904,850 881,630/ 10.43 -0.19 0.16 0.07 0.03

5.3.3

(1).

5.7

88 -212% 89 12% 88

89

XXIV

5.7

()

88 89 90 91

(1)+(2)+(3) 172,406 1,158,965 1,601,765 640,817

(1) -1,288,463 -890,120 1,077,094 554,263(2) 1,457,249 2,030,348 552,377 145,569[](3)

3,620 18,737 -27,706 -59,015

(4)+(5) -1,640 183,5674 118,306 550,666 NOPLAT(4) -92,405 -1,777 -220,444 199,821(5) 90,765 185,344 338,750 350,845 -10510.48% 631.36% 1353.91% 116.37%

88 89 90 91

(1)+(2)+(3) -440,797 107,383 -83,752 -40,246

(1) -59,093 -51,568 -5,473 78,210(2) -432,120 -144,119 -103,573 -111,315[](3)

50,416 303,070 25,294 -7,141

(4)+(5) 207,582 886,116 669,367 714,943 NOPLAT(4) 537,335 957,006 720,106 712,318(5) -329,753 -70,890 -50,739 2,625 -212.35% 12.12% -12.51% -5.63%

(2).

5.8

8791 91

5

XXV

5.8

87 88 89 90 91 21.38% 28.76% 41.53% 45.03% 43.03%

87 88 89 90 91 20.33% 18.06% 13.52% 13.11% 17.86%

5.3.4

SARS 911

87 90 89

90 25.01% 91

8.38%

20.40%

90

5.9

87 88 89 90 91 5.96% 6.55% -0.19% -47.67% 3.09% -8.23% 8.65% 4.61% 25.01% 8.38%

87 88 89 90 91 -151.64% 17.94% -11.44% -5.44% -0.50% -0.63% 2.06% -9.87% -5.22%

XXVI

5.4

5.4.1

90 91

5.4.2

()

2.66

()

XXVII

Prego

7-11

5.4.3

()

5.10

88 89 90 91

-10510.48% 631.36% 1353.91% 116.37%

88 89 90 91

XXVIII

-212.35% 12.12% -12.51% -5.63%

5.4.4

5.11

() 5.11

87 88 89 90 91 187,579 87,129 26,280 22,828 88,384 91,989 164,454 83,336 310,036 170,837

95,590 -77,325 -57,056 -287,208 -82,453

5.4.5

5.5

IDD

XXIX

SRS

ROIC

ROIC

ROIC

91 91

-1.11%

XXX

6

6.1

91 84

87 91

ROIC ROICWACC

ROIC

DCF

ROIC WACC

XXXI

6.2

6.2.1

6.2.2

6.2.3

(1).

(2).

()

(3).

(4).

6.2.4

6.3

6.3.1

6.3.2

XXXII

(1991)

(2000)Business Valuation: Case Study Analysis

(2003)(3)

(1999)

(2001)-

(2002)

(1999)

(1999)---

Palepu, Bernard, & Healy(1999)Introduction

to Business Analysis & Valuation

(2000)

(1999)

(1999)

(2001)

XXXIII

(1995)

(2002)

(2000)

(1998)

(2001)

http://newmops.tse.com.tw/

http://www.sfi.org.tw/newsfi/

http://www.ambassador-hsinchu.com.tw/frontend/index.htm

87~90

http://www.fuhwa.com.tw/IService.htm

http://www.capital.com.tw/Stock/quote.asp

http://www.chinabiz.org.tw/maz/InvCina/homepage.htm1998/08

http://www.new7.com.tw/weekly/

92/03

http://www.chb.com.tw/news/html/industry_report/09203/09203_hotels.html

http//www.finairport.com/2002/10/17

2002

SFI

http://www.sfib.com.tw/sfi/new/industry/report/report-19.htm

Taipei Times2003/8/26

XXXIV

http://mops.tse.com.tw/http://newmops.tse.com.tw/http://tw.rd.yahoo.com/referurl/search/b/1/3/*http:/www.sfi.org.tw/http://www.sfi.org.tw/newsfi/http://www.ambassador-hsinchu.com.tw/frontend/index.htmhttp://www.fuhwa.com.tw/IService.htmhttp://www.capital.com.tw/Stock/quote.asphttp://www.chinabiz.org.tw/maz/InvCina/199808-054/199808-095.htmhttp://www.chinabiz.org.tw/maz/InvCina/homepage.htmhttp://www.new7.com.tw/weekly/http://www.chb.com.tw/news/html/industry_report/09203/09203_hotels.htmlhttp://www.sfib.com.tw/sfi/new/industry/report/report-19.htm

1.

51 12

6

53 12

67 09

67 11

68 09

70 12

71 11

77 09

82 12

85 11

88 11 88 11 358312500

89 02 ISO9002

89 12

90 05

XXXV

2.

()

()

(%)

()

NTD 697,056 17,887 3.44 697,056 LCM NTD 94,270 9,427 37.86 48,837 NTD 280 0.40 280 NTD 230,246 60.00 NTD 299,940 29,994 99.98 51,746 NTD 0.00 5,440 NTD 13,452 1.41 13,452 NTD 94,270 9,427 47.37 35,161 NTD 299,940 29,994 99.98 259,825 NTD 27,000 2,700 18.00 27,000 NTD 299,940 29,994 99.98 50,084 NTD 5,783 657 0.09 5,783 NTD 12,256 2,014 9.01 1,554 2003/9

XXXVI