一般而言，經理人的決策能力決定了企業是否經營成功的最重要關鍵，然而決策若仰賴直覺或紙上的評估論述，將使決策成功的機率大為降低，也無法瞭解此決策的真正風險所在。本課程目標將提升經理人的決策能力，透過完整投資評估架構介紹，使學生透過實例的演練瞭解實質投資背後的風險所在，從瞭解風險到如何避免風險。在評估的過程當中，也讓學生尋找如何增加投資價值的策略。為企業做出最具價值的實質投資決策是當今經理人必須具備的能力之一。本課程歡迎同學以本身公司的投資為例進行評估報告，以有利顯著提升未來投資決策品質。為了使學生能夠精準掌握決策的方法，將對與本課程有關的財務領域內容，重新講解一次，使學生沒有財務工具缺乏的困擾。本課程將介紹兩個公司財務重要的主題，都與如何提升公司價值有關。第一部份，課程將介紹如何對公司資本投資進行評估，如何決定是否投資。所謂單一投資包括新產品研發評估，擴廠投資評估，展店效益評估，人員擴充的評估等。因為投資是公司成長的動力，好的投資將增加公司價值，不好的投資將降低價值，再加上公司投資具不可復原之特性，因此錯誤的決策將對公司產生非常不利的深遠影響，寧可事前予以詳細評估後決定是否投資，也不要事後討論如何處理後續。第二部分，本課程將從整個公司的層次，介紹公司價值的產生與創造價值的管理，由於過去大部分的公司皆以追求利潤為首要目標，與以價值為導向的管理有很大的差異。最大的不同將是前者將重視短期成本與費用的管控，而後者則牽涉到資本的長期最適配置的問題。將公司塑造成產生利潤的機器，將可能無法達到創造公司極大價值與股東財富目標，更重要的是造成的資源扭曲，而使公司無法永續經營。此部分將分析企業如何從事事業單位的管理，如何形成創造價值的文化，與以價值為基礎的績效管理。學生經過本課程將對價值有深刻的體會，並對如何選擇有利的單一投資價值以創造公司整體價值上，有完整的概念與作法。

Generally speaking, the decision-making ability of a manager determines the most important key to the success of a company. However, if the decision-making relies on intuition or paper evaluation discussions, the probability of success of the decision will be greatly reduced, and the real risks of the decision will not be understood. The goal of this course is to enhance the decision-making ability of managers. Through the introduction of a complete investment evaluation framework, students can understand the risks behind real investments through practical examples, from understanding the risks to how to avoid them. During the evaluation process, students are also asked to look for strategies on how to increase investment value. Making the most valuable substantive investment decisions for the enterprise is one of the abilities that today's managers must possess. This course welcomes students to use their own company's investment as an example to make evaluation reports, which will help significantly improve the quality of future investment decisions. In order to enable students to accurately master decision-making methods, the financial content related to this course will be re-explained so that students will not be troubled by the lack of financial tools. This course will introduce two important topics in corporate finance, both related to how to increase company value. In the first part, the course will introduce how to evaluate a company's capital investment and how to decide whether to invest. The so-called single investment includes new product research and development evaluation, factory expansion investment evaluation, store expansion evaluation, personnel expansion evaluation, etc. Because investment is the driving force for a company's growth, good investments will increase the company's value, while bad investments will reduce the value. In addition, company investments are irreversible, so wrong decisions will have a very negative and far-reaching impact on the company. It is better to make a detailed evaluation before deciding whether to invest than to discuss how to deal with the follow-up afterwards. In the second part, this course will introduce the generation of company value and the management of value creation from the level of the entire company. Since most companies in the past have pursued profit as their primary goal, it is very different from value-oriented management. The biggest difference will be that the former will focus on the control of short-term costs and expenses, while the latter involves the issue of long-term optimal allocation of capital. Shaping the company into a profit-generating machine may not achieve the goal of creating great company value and shareholder wealth. More importantly, it will cause resource distortion, making the company unable to operate sustainably. This part will analyze how enterprises engage in management of public institutions, how to form a culture of value creation, and value-based performance management. After this course, students will have a deep understanding of value and have complete concepts and practices on how to choose a single favorable investment value to create the overall value of the company.

本課程將介紹公司投資分析的理論與實務，透過基本的架構與分析，學員除了可作為將來投資決策的依據外，最重要的是可以瞭解決策的形成過程與改善的策略，更瞭解投資的成功關鍵因素與產生價值的動因所在。

This course will introduce the theory and practice of company investment analysis. Through the basic structure and analysis, students can not only use it as a basis for future investment decisions, but most importantly, they can understand the decision-making process and improvement strategies, and better understand the key factors for investment success and the drivers of value generation.

1.上課講義
2.陳隆麒著，科技評價，華泰書局，民國90年。
3.吳啟銘著，企業評價-個案實證分析，智勝書局，民國99年3月。

1. Class handouts
2. Chen Longqi, Science and Technology Evaluation, Huatai Book Company, 1990.
3. Wu Qiming, Enterprise Evaluation-Empirical Analysis of Cases, Zhisheng Bookstore, March 1999.