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系統識別號 U0026-0501201811041500
論文名稱(中文) 品牌權益與資金成本之關連性研究
論文名稱(英文) How Brand Equity Affects Cost of Capital
校院名稱 成功大學
系所名稱(中) 國際企業研究所
系所名稱(英) Institute of International Business
學年度 105
學期 2
出版年 106
研究生(中文) 鄧沛芸
研究生(英文) Pei-Yun Teng
學號 R66041158
學位類別 碩士
語文別 英文
論文頁數 43頁
口試委員 指導教授-張紹基
口試委員-鄭至甫
口試委員-翁鶯娟
口試委員-林豪傑
中文關鍵字 品牌權益  融資成本  信用評級  股票風險  產業集中度  股市發展程度 
英文關鍵字 Brand equity  cost of capital  credit rating  equity risk  HHI  stock market development 
學科別分類
中文摘要 投資人主要透過風險與收益來評估投資。過去文獻大多注重探討行銷活動所帶來的無形資產,以及用財務觀點來衡量這些無形資產所產生的益處。然而,鮮少文獻談及無形資產在不同環境條件下對公司所帶來的影響。本文主要研究品牌權益對公司融資成本的影響,並分別透過兩項調節變數:產業集中度以及股市發展情況探討品牌權益對公司信用評級和股票風險的影響。本研究發現,在競爭較不激烈的產業,品牌權益與公司信用評級的正向關係會有所減弱。另一方面,在較好的股市發展程度下,品牌權益為公司降低融資成本的效果亦有所下降。
英文摘要 Most investors examine risk and return before making decisions. Previous studies focus more on marketing-based activities and intangibles assets they generate. Other than that, several researches also measure intangible assets such as brand equity and the benefits they have brought. However, little research has discussed about the relation and benefits of intangible assets under different circumstances. The primary objective of this study is to examine the impact brand equity has on firms’ cost of capital with two moderators: HHI and stock market development. I found that under less competitive industries, the significant effect that brand equity has on increasing firm creditworthiness deceases. On the other hand, under better stock market condition, firms benefit less from brand equity on lowering financing cost.
論文目次 Chapter 1 Introduction 1
Chapter 2 Literature Review and Hypothesis 5
2.1 Brand Equity 5
2.2 Cost of Capital 9
2.3 Hypothesis Development 10
Chapter 3 Sample Selection and Methodology 13
3.1 Sample 13
3.2 Definition and Measurement of Variables 14
3.3 Methodology 20
Chapter 4 Empirical Results 23
4.1 Sample Description 23
4.2 Empirical Results 27
Chapter 5 Conclusion 33
5.1 Discussion and Conclusion 33
5.2 Managerial Implications 34
5.3 Limitation and Suggestion 35
Reference 36
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