Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/92430
標題: 品牌效果對投資組合績效之影響─以奢侈品品牌為例
The Effect of Brands on Portfolio Performance- A Study of Luxury Brnads
作者: Lin, Jen-Yu
林貞妤
關鍵字: 品牌、無形資產、奢侈品、Interbrand、BrandZ、媒體關注;brand, intangible assets, luxury, Interbrand, BrandZ, media attention
引用: 一、 中文部分 圖書 1. 曾光華,《行銷學原理》 2. 鄭華清,《行銷管理》 期刊論文 1. 林志堅與徐龍志,「奢侈品及其消費行為研究」,管理科學文摘 2. 朱美俞(2014),「從國際品牌價值鑑價機構分析日本企業品牌價值」,國立政治大學日本研究研究所碩士論文 3. 徐維中(2009),「社會情境對消費者合理化其奢侈品購買的影響」,國立交通大學運輸科技與管理學系研究所碩士論文 4. 康淑君(2007),「產業品牌資產與企業價值績效指標之關聯性研究」,國立台北大學會計系研究所碩士論文 5. 袁郁淳(2005),「研究品牌價值模型之探討─日本HIROSE品牌鑑價模型為例」,東吳大學會計系研究所碩士論文 官方報告書 Interbrand,「品牌價值評估方法及品牌排名的意義」 網路資源 1. 2012/05/31新華網,「一樁盜竊案引發的奢侈品行業暴利爭議」<http://big5.xinhuanet.com/gate/big5/ah.xinhuanet.com/news/2012-05/31/content_25327487.htm> 2. 亞洲無形資產建價有限公司網站,「Interbrand品牌評估法評介」 二、 英文部分 官方報告書 'Best Global Brands 2001,'Interbrand 'Best Global Brands 2002,'Interbrand 'Best Global Brands 2003,'Interbrand 'Best Global Brands 2004,'Interbrand 'Best Global Brands 2005,'Interbrand 'Best Global Brands 2006,'Interbrand 'Best Global Brands 2007,'Interbrand 'Best Global Brands 2008,'Interbrand 'Best Global Brands 2009,'Interbrand 'Best Global Brands 2010,'Interbrand 'Best Global Brands 2011,'Interbrand 'Best Global Brands 2012,'Interbrand 'Top 100 Most Powerful Brands 2006,'BrnadZ 'Top 100 Most Powerful Brands 2007,'BrnadZ 'Top 100 Most Powerful Brands 2008,'BrnadZ 'Top 100 Most Powerful Brands 2009,'BrnadZ 'Top 100 Most Powerful Brands 2010,'BrnadZ 'Top 100 Most Powerful Brands 2011,'BrnadZ 'Top 100 Most Powerful Brands 2012,'BrnadZ Interbrand's Brand Valuation Methodology Brandz Top 100 Methodology,by WPP 期刊論文 1. Barber, Brad, and Terry Odean,(2008), All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors, Review of Financial Studies 21, 785-818. 2. Dubois, B. and P. Duquesne(1993), The Market Luxury Goods: Income versus Culture, European Journal of Marketing, 27(1), 35-44. 3. Dzinkowski, R. (2000), The measurement and management of intellectual capital: An introduction, Management Accounting, 78, 32-36. 4. Gur Huberman and Tomer Regev,(2001),Contagious Speculation and a Cure for Cancer:A Nonevent that Made Stock Prices Soar, Journal of Finance 56, 387-396. 5. Keller, K. L., D. R. Lehmann.(2003). The brand value chain: Optimizing strategic and financial brand performance. Marketing Management (May/June) 26-31. 6. Leibenstein, Harvey(1950), 'Bandwagon, Snob, and Veblen Effects in the Theory of Consumers' Demand,' Quarterly Journal of Economics, 64(2), 183-207. 7. Stephen H. Penman(1991), An Evaluation of Accounting Rate-of-return, Journal of Accounting, Auditing & Finance 6, 233-255. 8. S.Basu(1977),Investment Performance of Common Stocks in Relation to Their Price-Earning Ratios: A Test of the Efficient Market Hypothesis, Journal of Finance 32, 663-682. 9. Zhi Da, Joseph Engelberg and Pengjie Gao(2011), In Search of Attention, Journal of Finance 66, 1461-1499.
摘要: 
近年來「無形資產」的觀念興起,其中又以「品牌」最受到重視,這使得越來越多國際機構開始投入對品牌價值的評鑑。每年發布的評鑑報告受到全球各地的矚目,可能會影響企業的形象、獲利能力或是股價表現。
本研究蒐集Interbrand與BrandZ兩大品牌評鑑報告歷年全球百大品牌排名,並取得每年排行榜之公司股價資料,進行投資組合選取,檢視品牌排名差異是否會對持有報酬率產生影響。從檢定結果發現,歷史相較悠久且知名的Interbrand選取後面排名的品牌公司報酬率較佳,而BrandZ選取前面排名的品牌公司報酬率較佳。推測這樣的結果主要是因為媒體關注程度不同所造成。
另外,就無形資產對企業的重要性而言,奢侈品產業可謂是最依賴品牌價值的產業。本研究依據四項指標進行奢侈品品牌公司投資組合選取,發現其超額報酬率顯著,並且比其他品牌投資組合有更優異的績效表現。

In recent years, the notion of intangible assets began popular, and people pay most attention on brands. It makes international institutions start to engage in brands valuation. The valuation reports that published each year catch people's attention and may affect the reputation, the profitability, and the stock price performance of companies.
Our sample contain the stock price data of the companies that listed in two brand-valuation reports, Interbrand and BrandZ, which reports the top 100 brand companies around the world each year. We use our sample to form portfolios to study whether the difference of brand ranking will affect the portfolio returns. We find that under the companies listed in Interbarnd, whose reports is more famous and have longer report history, the portfolio formed by bottom ranking companies has higher returns. Under the companies listed in BrandZ, the portfolio formed by top ranking companies has higher returns. The results may derive from the different level of media attention.
Besides, for the importance of the intangible assets on company, we can say that luxury industry is the industry that the growth most dependent on brand value. We form luxury companies portfolio by four indicators. We find that its excess returns are significant and higher than other brand portfolios' returns.
URI: http://hdl.handle.net/11455/92430
其他識別: U0005-2306201418021800
Rights: 不同意授權瀏覽/列印電子全文服務
Appears in Collections:財務金融學系所

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