臺灣企業品牌價值與股價報酬關係之實證研究

An Empirical Study on the Relationship between Brand Value and Stock Return in Taiwan Market

品牌經營對台灣廠商而言是相當重要的議題，然而針對品牌價值與企業績效關係的本土性實證研究仍相當缺乏。本研究利用外貿協會2003 年至2006 年所公布的「十大台灣國際品牌」入圍廠商及其品牌價值作為研究資料，將入圍的品牌廠商依照品牌價值高低形成不同的投資組合，利用Fama-French 三因子模型進行分析，比較不同投資組合間股價報酬與風險的差異，藉以驗證品牌價值對企業績效的影響。研究結果發現，台灣品牌公司的股價報酬與風險並未優於市場平均表現；其次，品牌價值較高的企業，不論是在股價報酬或風險上，表現都比品牌價值較低的企業優異。整體而言，品牌價值的提升有助於降低台灣廠商的股價風險，但對於股價報酬的提升效果則較不明顯，顯示台灣品牌公司多仍處於萌芽階段，品牌價值對企業績效的正面效益可能尚未發酵，因此未能如國外品牌對企業績效產生顯著的影響。

Although branding has been recognized as an important issue for Taiwanese companies, empirical studies exploring the relationship between brand value and firm performance are still limited in Taiwan. Firms on the list of Top Taiwan Global Brands lunched by Taiwan External Trade Development Council from 2003 to 2006 were selected as research subjects of this study. Four portfolios were created basing on the ranking of firms’ brand value, and then analyzed by using the Fama-French three factor model. The returns and risks of those portfolios were compared one another in order to examine the impact of brand value on firm performance. The results showed that branding companies in Taiwan did not outperform significantly the market in terms of stock return. Nevertheless, Taiwanese firms with higher brand equity enjoyed a higher stock return and lower risk than those with lower brand value. In sum, brand value has stronger influence on risk reduction than return improvement for Taiwanese branding companies. The findings of this study indicated that the Taiwanese brands are mostly still in the initial stage, and therefore the impact of brand value on firm performance in Taiwan is not so significant as that on global branding companies.