基于实物期权的品牌价值评估方法研究
发布时间：2018-07-27 19:09
【摘要】： 20世纪80年代的企业收购热潮,引起了人们对品牌价值的广泛关注。随着品牌作用的进一步加大,品牌价值评估工作也越来越为人所重视。品牌价值评估工作不仅有利于提高管理决策水平,也能为企业收购或出售品牌提供定价依据,还能树立投资者和顾客对企业的信心。 品牌资产的价值是品牌资产给品牌资产持有者带来潜在收益的现值总和。其价值产生的原因在于品牌持有者通过各种经营行为,使得消费者愿意为其产品支付相对于无品牌或小品牌产品更高的价格。因此,其价值的大小不仅受到消费者与品牌关系程度的影响,也受品牌持有者的管理行为的影响。 现行的品牌价值评估方法主要有成本法、股票市值法、Interbrand法、FinancialWorld法和忠诚因子法等。但是这些方法中,有的没有将品牌持有者的能动性考虑进品牌价值之中或是只用很主观的指标来代表,有的完全从企业的财务角度出发却忽略了消费者对品牌价值的作用,还有的仅仅从消费者的角度来评估品牌价值。这些不足都导致对品牌价值的评估欠全面。 针对传统评估方法的不足,本文构建了基于消费者和品牌持有企业两方面的价值评估模型,力图全面客观的识别品牌资产的价值。文中新设了“品牌贡献率”这一指标来反映消费者和品牌之间的关系程度,并引入实物期权相关方法对品牌持有者的经营能力进行估价。这是因为实物期权可以充分考虑管理者在不确定面前所具有的经营柔性和管理灵活性,正好可以弥补传统方法未能对其进行有效评估的不足。 本文主要做了三个方面的工作:一是分析了现有品牌价值评估方法的不足,二是在明确了品牌资产期权特性的基础上构建了基于实物期权的品牌资产定价模型,三是利用新模型对海尔品牌进行实际估价应用。在这个过程中,本文得出以下结论: (1)通对品牌所具有的实物期权性进行较为深入分析,认为企业持有品牌就获得了是否扩大或是减少品牌建设并获得溢价或减少损失的权利,具有期权的选择权特性。企业只在进行品牌相关投资有利可图时才进行实施,而且波动性越大,品牌资产的价值越高,这些都使品牌资产符合期权标的资产的性质。 (2)在对传统评估方法优缺点评价的基础上,指出在评价含有较大灵活性和不确定性的品牌资产时,仅仅使用传统方法会造成其价值的不全面。因此,为了全面评估品牌的价值,就必须结合实物期权模型对其价值进行评估,从而使品牌价值评估更具科学性。
[Abstract]:The business acquisition boom in the 1980 s aroused widespread concern about brand value. With the further expansion of brand role, brand value evaluation work has been paid more and more attention. The evaluation of brand value can not only improve the level of management decision, but also provide pricing basis for enterprises to buy or sell brands. It can also build up investors' and customers' confidence in enterprises. The value of brand equity is the sum of the present value that brand equity brings to the holder of brand equity. The reason for its value is that brand holders are willing to pay a higher price for their products than non-branded or small-brand products through a variety of business practices. Therefore, its value is affected not only by the relationship between consumer and brand, but also by the management behavior of brand holder. The current methods of brand value evaluation mainly include cost method, stock market value method, Interbrand method, Financial World method and loyalty factor method, etc. However, some of these methods do not take the initiative of brand holders into account or are represented only by subjective indicators, while others ignore the role of consumers in brand value from the financial point of view of the enterprise. There are also only from the perspective of consumers to assess the value of the brand. These deficiencies lead to the evaluation of brand value is not comprehensive. Aiming at the shortcomings of traditional evaluation methods, this paper constructs a value evaluation model based on consumer and brand holding enterprises, and tries to identify the value of brand equity comprehensively and objectively. In this paper, a new index of "brand contribution rate" is established to reflect the degree of relationship between consumers and brands, and the real option correlation method is introduced to evaluate the brand holder's management ability. This is because real options can fully consider the management flexibility and management flexibility of managers in the face of uncertainty, which can make up for the lack of effective evaluation of traditional methods. This paper mainly does three aspects of work: first, it analyzes the shortcomings of the existing brand value evaluation methods; second, it constructs the brand asset pricing model based on real options on the basis of defining the characteristics of brand equity options. The third is to use the new model to carry on the actual appraisal application to Haier brand. In this process, this paper draws the following conclusions: (1) the real options of brand are analyzed deeply. It is believed that the right of whether to expand or reduce the brand construction and to obtain premium or reduce the loss is obtained by holding the brand, which has the option characteristic of option. The more volatile the business is, the higher the value of the brand equity. All these make the brand equity accord with the nature of the underlying asset. (2) on the basis of the evaluation of the advantages and disadvantages of the traditional evaluation methods, it is pointed out that in the evaluation of brand equity with greater flexibility and uncertainty, The mere use of traditional methods results in incomplete value. Therefore, in order to evaluate brand value comprehensively, it is necessary to evaluate the brand value with real option model, so as to make brand value evaluation more scientific.
【学位授予单位】：浙江师范大学
【学位级别】：硕士
【学位授予年份】：2009
【分类号】：F273.2;F224
[Abstract]:The business acquisition boom in the 1980 s aroused widespread concern about brand value. With the further expansion of brand role, brand value evaluation work has been paid more and more attention. The evaluation of brand value can not only improve the level of management decision, but also provide pricing basis for enterprises to buy or sell brands. It can also build up investors' and customers' confidence in enterprises. The value of brand equity is the sum of the present value that brand equity brings to the holder of brand equity. The reason for its value is that brand holders are willing to pay a higher price for their products than non-branded or small-brand products through a variety of business practices. Therefore, its value is affected not only by the relationship between consumer and brand, but also by the management behavior of brand holder. The current methods of brand value evaluation mainly include cost method, stock market value method, Interbrand method, Financial World method and loyalty factor method, etc. However, some of these methods do not take the initiative of brand holders into account or are represented only by subjective indicators, while others ignore the role of consumers in brand value from the financial point of view of the enterprise. There are also only from the perspective of consumers to assess the value of the brand. These deficiencies lead to the evaluation of brand value is not comprehensive. Aiming at the shortcomings of traditional evaluation methods, this paper constructs a value evaluation model based on consumer and brand holding enterprises, and tries to identify the value of brand equity comprehensively and objectively. In this paper, a new index of "brand contribution rate" is established to reflect the degree of relationship between consumers and brands, and the real option correlation method is introduced to evaluate the brand holder's management ability. This is because real options can fully consider the management flexibility and management flexibility of managers in the face of uncertainty, which can make up for the lack of effective evaluation of traditional methods. This paper mainly does three aspects of work: first, it analyzes the shortcomings of the existing brand value evaluation methods; second, it constructs the brand asset pricing model based on real options on the basis of defining the characteristics of brand equity options. The third is to use the new model to carry on the actual appraisal application to Haier brand. In this process, this paper draws the following conclusions: (1) the real options of brand are analyzed deeply. It is believed that the right of whether to expand or reduce the brand construction and to obtain premium or reduce the loss is obtained by holding the brand, which has the option characteristic of option. The more volatile the business is, the higher the value of the brand equity. All these make the brand equity accord with the nature of the underlying asset. (2) on the basis of the evaluation of the advantages and disadvantages of the traditional evaluation methods, it is pointed out that in the evaluation of brand equity with greater flexibility and uncertainty, The mere use of traditional methods results in incomplete value. Therefore, in order to evaluate brand value comprehensively, it is necessary to evaluate the brand value with real option model, so as to make brand value evaluation more scientific.
【学位授予单位】：浙江师范大学
【学位级别】：硕士
【学位授予年份】：2009
【分类号】：F273.2;F224
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