台灣企業品牌價值與股價報酬關係之實證研究

Abstract

台灣過去以原廠委託製造或原廠委託設計的經營模式聞名世界，但近年來台灣代工廠商利潤逐漸委縮，這種低附加價值但卻擁有較高營運風險的產業模式開始面臨到重大的挑戰。從施振榮先生提出的微笑曲線可知，技術研發及品牌是產業價值鏈上最高的兩端，台灣廠商應該思考如何分配更多資源在品牌行銷上以創造更高的附加價值，因此「品牌經營」對台灣的廠商而言顯得愈來愈重要。然而，許多台灣廠商仍視「品牌行銷」為畏途，其中的原因之一在於品牌經營對台灣企業經營績效的影響尚無定論，因此針對品牌價值與企業報酬關係的本土實證研究就顯得格外重要。 本研究利用外貿協會與Interbrand於2003年至2006年所公布的「十大台灣國際品牌」入圍廠商及品牌價值作為研究資料，將入圍的品牌廠商分組後形成4個不同的投資組合，包括：投資組合1「曾經在這四年入圍過前二十名的品牌公司」、投資組合2「曾經入圍過前十名的品牌公司」、投資組合3為「不曾進入前十名的品牌公司」，上述的投資組合之報酬率，以公司市值進行加權；投資組合4同樣為「曾經入圍過前十名的品牌公司」，但採用「品牌價值」進行加權。針對上述四個投資組合，利用財務上的Fama-French三因子模型，比較不同投資組合間股價報酬率與風險的差異，藉以驗證品牌價值與股票報酬之間的關係。 研究結果發現，台灣品牌廠商的股價報酬率與風險並未優於市場表現；其次，品牌價值較高企業，不論是在股價報酬率與風險上，都表現比品牌價值較低企業來的好；最後，品牌價值的提升有助於降低台灣廠商的股價風險，但對股價報酬率的改善並無顯著幫助。本研究的發現顯示，相對於全球性品牌，台灣品牌公司仍處於萌芽階段，品牌價值對企業經營績效的效益可能尚未發酵，因此無法顯著改善台灣品牌公司企業績效。

In the past, Taiwan was known for its excellence on OEM (Original Equipment Manufacturer) or ODM (Original Design Manufacturing) business model. Nevertheless the model had been challenged recently. According to Stan Shih's “Smiling Curve” theory, R&D and brand are the highest value-added segments of the industry value chain. Taiwanese companies should allocate more resources on branding to create higher added value. As a result, branding is an extremely important issue for Taiwanese corporations. Although the importance of branding has been widely recognized, many firms in Taiwan still hesitate for branding. Whether developing own brands for Taiwanese companies could improve financial performance is still under debating. Therefore, empirical studies exploring the relationship between branding and firm performance become increasingly important. The subjects of this study are firms on the list of the Taiwan top 10 global brands during 2003~2006 published by Taiwan External Trade Development Council (TAITRA) and Interbrand. We create four portfolios from those companies. The first portfolio contains brands ever get into top 20 list; the second one contains brands ever enter top 10 list; the third one contains brands never enter top 10 list; and the final portfolio contains the same brands as the second portfolio but is weighted by brand value. The data were analyzed by Fama-French method which has been commonly used in financial area in order to examine the relationship between brand value and stock price return. The findings of this study are as follows. First, the return of the portfolio that consists of top Taiwan global brands is not significantly outperformed the market. Second, the stock price return and risk of portfolio consists of brands ever get into top 10 list are better than those never on the top 10 list. Finally, enhancing brand value could improve the stock price return and risk. The implication of this research is that Taiwanese brands mostly are at an initial stage compared with global brands. So the impact of brand value on firm performance of Taiwanese brands is not so significant than global brands.