本研究採雙途徑雙個案研究法，針對光學鏡頭產業中的大立光與亞光兩家公司進行企業價值評估。分別以市場途徑法與收益途徑法為導向，推導現階段股價所隱含的投資率對企業價值的影響，不僅兼具實用性，法人及投資人也可利用雙途徑應用研究作為參考，以降低投資誤判。由於亞光長期為負的超額報酬，應進行內部改組重整措施或是進行外部改善；針對資金缺口，可進行財務創新以減少資金成本，有助於降低亞光之經營風險。

We valuated Largan Precision Co. and Asia Optical Co. with two research approaches. Combine market approach and income approach could induce the impact of investment rate of return for both institute investors and individual investors. Due to the negative extra premium, Asia Optical Co. should rearrange company structure or apply outward amendment. Furthermore, it is necessary to do some financial innovation to decrease capital cost and business risk.