在ROIC大於WACC擁有超額報酬率的前提下，企業應採增加投資支出，擴充高報酬率之事業部門，創造企業價值。從表33再投資率與超額報酬率分析表觀察檢視，我們可以得知研究個案之再投資率93年及94年較高，主要係為了達到客戶在品質上要求，大立光電積極投入資本資出購入相關配套設備，使得再投資率相對較高，近三年來再投資率可謂呈現相對走低之情形，95年~97年三年平均值為8.42%。針對再投資率組成因子分析，主要組成因子為資本支出再投資率。其中可以發現該研究個案本業獲利增加，而再投資率逐年走低，係因淨營運資金中現金變動增加。因此，扣除現金後，淨營運資金再投資率為-23.26%，同前盈餘品質分析所述，此處又得以相互印證，該研究個案具有良好之盈餘品質。而本研究個案低再投資率之特性，而能夠賺取正的超額報酬，顯示出本研究個案屬傑出表現之。然而低再投資率可能也反應了研究個案對未來展望可能趨向保守，而維持低再投資率且能持續高盈餘成長之企業畢竟不易多見。低再投資率而持有較多之現金，從正面觀察而言，為營運風險小、融資壓力輕；從負面觀察而言，係資金運用效率較差，未來成長性可能受到壓抑，經營者可審慎評估。而97年資本支出再投資率提高，係由於光學元件在應用範圍及市場逐漸擴大下，研究個案成功開發應用於汽車、監視器(IP)及手提電腦(NB)之鏡頭，為擴充產能，購入台中精密機械園區土地，並於投入興建新廠房，透過大幅的設備投資與鑽研於技術能力之提昇，充分滿足客戶的品質要求，顯示經營者仍為提昇其競爭優勢，對未來持有較樂觀的態度。

Futures education center provide various futures teaching software and training. In futures teaching software, the virtual exchange system provides the trading environment close to the market. But the system is limit to use in certain place. It only can be the use for training purpose but can not be able to meet the long term operating users’ expectation. In order to server more and more users and use essential more efficient of the virtual exchange system, we hope to develop and reinforce the existing system into online futures virtual trading platform by implementation of the ubiquitous characteristic of Internet (free the limitation of time and space).
The study reviews the relevant literature of online learning and analyzes the functions of domestic and foreign online futures virtual trading platform first. Then it discusses the functionalities of online futures virtual trading platform. Not only the function of trading, clearing, and account, but we also found the online futures virtual trading platform should provide the relevant functions of multimedia courseware and virtual trading competition. These functions also should be integrated to make the online learning function becomes more and more perfect.
In this study, because of the online futures virtual trading platform is free the limitation of time and space, the users can evaluate investment performance properly. The platform also can implement multimedia courseware to replace a part of courses in the futures education center. If using the platform effectively, the users will avoid trading mistake in the real trading due to misunderstanding trading process. If competition on the platform, it will eliminate the unreasonable bid price and rank by performance. It also can stimulate prospects and promote products and mechanism.

1.吳啟銘，企業評價-個案實證分析，智勝文化事業，民國95年。
2.沈一中，TFT LCD產業企業評價與價值創造策略之研究─以友達、華映、廣輝為例，清華大學科技管理研究所碩士論文，民國94年。
3.邱建欽，台灣地區上市公司股票評價模式之研究─以機電業為例，政治大學企研所碩士論文，民國89年。
4.洪美惠，台灣地區上市公司股票評價模式之研究─以電線電纜業為例，政治大學企研所碩士論文，民國89年。
5.范生平，企業價值評估與創造策略之研究—以百略公司為例，政治大學經營管理研究所碩士論文，民國91年。
6.陳俊良，企業價值評估與創造策略之研究—以統一超商為例，政治大學經營管理研究所碩士論文，民國91年。
7.黃俊嘉，NB樞紐產業企業評價與價值創造策略之研究-兆利、新日興個案實證研究，成功大學高階管理研究所碩士論文。
8.葉宜生，我國電子產業與非電子產業評價模式之比較，中原大學企研所碩士論文，民國89年。
9.賴俞今，台灣地區國聯光電公司企業評價之綜合分析，朝陽科技大學財務金融研究所碩士論文，民國95年。
10.中央銀行全球資訊網，http://www.cbc.gov.tw/
11.公開資訊觀測站，http://newmops.tse.com.tw/
12.台灣經濟新報資料庫，http://www.tej.com.tw/
13.Digitimes電子時報網站，http://www.digitimes.com.tw/
14.拓墣產業研究所網站，http://www.topology.com.tw/
15.Strategy Analytics，科技政策研究與資訊中心—科技產業資訊室，民國98年。
1.Aswach Damodaran(1994)，investment valuation.
2.Copeland, T., T., Koller, and J., Murrin(2000), Valuation ”Measuring and Managing the Value of Companies”, John Wiley and Sons, Inc.
3.Damodaran, Aswath(2000), “The Dark Side Valuation: Firm with no Earning, no History, no Comparables Can Amazon.com be Valued”, Stem School of Business.
4.Francis , Jennifer, Per Olsson and Dennis R. Oswald(2000), Comparing the Accuracy and Explainability of Dividend, Free Cash Flow, and Abnormal Earnings Equity Value Estimates, Journal of Accounting Research 38(1),45-70.
5.Lie, Erik and Heidi J. Lie(2002), Multiples Used to Estimate Corporate Value, Financial Analysts Journal 58(2), pp.44-54.
6.Palepu, K. G., Bernard, V. L. and Healy, P. M.(2000),Business Analysis and Valuation, 2nd, South Western College Publish.
7.Park, Young S., Jung-Jin Lee(2003), An Empirical Study in the Relevance of Applying Relative Valuation Models to Investment Strategies in the Japanese Stock Market, Japan and the World Economy 15, 331-339.
8.Plenborg, Thomas(2002),Firm Valuation: Comparing the Residual Income and Discounted Cash Flow Approaches, Scandinavian Journal of Management 18,303-318.
9.Kaplan & Ruback(1994), “The Valuation of Cash Flow Forecasts：An Empirical Analysis”, Working Paper No.4724.
10.Rappaport, Alfred(1986), Creating Shareholder Value: The New Standard for Business Performance, Free Press.
11.Timothy A. Luehrman(1997)，“What’s It Worth? A General Manager’s Guide to Valuation”, Harvard Business Review,Vol.75,No.3,May-June
12.Westerfield(1989)，“Market Value and Stock Returns”，Journal of Financial，Mar.