Based on EVA model to analyse the value driver for TFT-LCD industry

面板產業的高度景氣循環特性讓面板廠本身不易掌握產業脈動做出最佳的資本支出決策也讓投資人在股價上下波動之中不易獲得好的報酬。本研究希望能透過以EVA評價模式研究台灣面板業之長期價值因子以提供面板廠及投資人作為投資時的參考。本研究經由過去之相關文獻與面板業之行業特性，選擇了六個全球面板產業創造價值之動因，計有現金轉換週期、淨固定資產週轉率、平均銷售單價、全球LCD市占率、產能競爭力與銷售退回與折讓/營收等六個研究變數，針對整體面板廠商進行多元迴歸，得到以下之結論。 以整個面板產業來說，淨資產週轉率與全球LCD市占率對經濟附加價值（EVA）皆有正向之影響且具顯著性。According to the relevant theses in the past and the special characteristics of the panel industry, I selected six value-creating factors about the global panel industry, including Cash Conversion Cycle, Net Asset Turnover, ASP（Average Selling Price）, the Global LCD Market Share Rate, and Sales Return and Allowance to Sales. Meanwhile, I made a regression analysis for the whole panel industry, and consequently obtained the conclusion as following. In terms of the whole panel industry, Net Asset Turnover, and the Global LCD Market Share Rate are the substantial factors in regression analysis. Among them, Net Asset Turnover, and the Global LCD Market Share Rate had positive correlations with EVA