企業生命週期對商標權價值攸關性之影響

The Impact of Firm Life Cycle on the Value Relevance of Trademarks

曹壽民(Shou-Min Tsao)；紀信義(Hsin-Yi Chi)；陳光政(Guang-Zheng Chen)

商標權 ； 企業生命週期 ； 價值攸關性 ； Trademarks ； Firm life cycle ； Value Relevance

企業管理學報

69期（2006 / 06 / 01）

39 - 72

繁體中文

本研究旨在探討在不同的生命週期階段，資本市場對商標權價值是否有不同評價。本文使用Anthony & Ramesh (1992)的方法尋求生命週期的替代變數，並修正Seethamraju (2003)模式估計商標權市場價值。實證結果顯示，考慮不同的生命週期階段後，發現處於成長期階段公司商標權的評價係數大於處於成熟期與衰退期的公司。

This study intends to explore that whether the value of trademarks is determined variously at different life cycle stages. Following Anthony & Ramesh (1992), we determine the proxy for life cycle. We also revised Seethamraju's (2003) model to estimate the market value of trademarks. The empirical results indicate that the valuation coefficients of trademarks at the growth stage are greater than those at the mature and stagnant stages after different life cycle stages taken into consideration.

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