品牌價值高的公司有比較好的股權價值嗎？

Do Companies with Higher Brand Values Have Higher Stock Values?

邱素麗(Su-Li Chiou)；沈沛璇(Pei-Hsuan Shen)；薛文捷(Wen-Chieh Hsueh)；趙文瑄(Wen-Xuan Zha)

品牌價值 ； 股價淨值比 ； 國際品牌顧問公司 ； brand value ； price to book ratio ； Interbrand

美和學報

36卷2期（2018 / 05 / 01）

1 - 13

繁體中文

品牌經營是相當重要的議題，然而針對品牌價值與股權價直關係的本土研究仍相當缺乏。因此，本研究利用迴歸模型分析股權價值與品牌價值的關聯性。在迴歸模型中，我們以股價淨值比做為股權價值的代理變數，以是否入圍「台灣十大國際品牌」來判定品牌價值。研究結果發現，品牌價值與股價淨值比有顯著正向關係。平均而言，入圍「十大國際品牌」企業的股價淨值比較未入圍企業高出約11%。本研究結果可以做為品牌投資決策之一項參考準則。

Brand operation is a critical issue. However, there is insufficient research on the relationship between the brand value and stock value of Taiwanese companies. Therefore, we used a regression model to analyze the relationship between brand value and stock value. In this regression model, we utilized the stock price to book ratio as a proxy for stock value, and used the ＂Taiwan's top ten international brands＂ prize as a proxy for brand value. The results revealed that the brand value and price to book ratio have a significant positive relationship. Generally, firms that are awarded prizes for ＂Taiwan's top ten international brands＂ have a higher stock price to book ratio than those that are not; the winners' stock price to book ratios were approximately 11% higher than those of non-winners. This result can provide a reference for brand investment decisions.

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