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標題: 企業生命週期對品牌價值攸關性之影響
The Impact of Business Life Cycle on Value Relevance of Brand Value
作者: 蔡志銘
Tsai, Chih-Ming
關鍵字: brand value
value relevance
business life cycle
Ohlson model
出版社: 會計學研究所
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摘要: 在現代知識經濟下,企業無形資產占企業價值的比重逐漸增高,而企業品牌價值亦為一項公司未入帳的重要無形資產。企業品牌價值之價值攸關性在我國先前之研究仍未被廣泛探討,因此本文將探討企業品牌價值與股價之關聯性,並額外加入企業生命週期因素來探討公司處於不同生命週期階段時的品牌價值攸關性是否有差異。 本文以台灣Interbrand網站2003年至2011年公布的台灣國際品牌公司為研究樣本,並利用Ohlson模型來測試品牌價值之攸關性,最後再參考Anthony and Ramesh (1992)對生命週期的劃分方法將樣本分群。實證結果顯示,企業品牌價值與公司股價具有顯著正向關聯,而在加入生命週期因素後發現,處於成長期階段的公司品牌價值攸關性高於成熟期及衰退期公司,而處於成熟期階段與衰退期階段公司的品牌價值攸關性則未發現顯著差異。
In the modern knowledge economy, intangible assets has become the high proportion of enterprise value, brand value is also an unrecorded intangible assets. Value relevance of corporate brand value in Taiwan, previous studies have not yet been discussed extensively. Therefore, this study examines the association of the brand value and stock price, and additional consider the corporate life cycle factors to investigate whether the value relevance of brand value at various stages of life cycle is different. This study use the Taiwanese international brands company as sample, released by Taiwan Interband website from 2003 to 2011, and this paper use Ohlson model to test the value relevance of the brand value. Finally, this study employ the Anthony and Ramesh's (1992) method to divide sample to different corporate life cycle stage. The empirical results show that there is a significant positive relationship between brand value and share price. After considering the life-cycle factors, the value relevance of brand value at the growth phase higher than the maturity and recession stage. However, the value relevance of brand value was no significant different between mature and recession stage.
其他識別: U0005-1106201223391100
Appears in Collections:會計學系所



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