本文以Interbrand排名的全球百大品牌企業 (Best Global Brands, BGB)與非全球百大品牌企業之盈餘品質進行比較。使用兩種判斷標準比較BGB企業與非BGB企業的盈餘品質—曾為BGB的企業或當年度為BGB企業。結果得知曾為BGB之企業的盈餘品質較好,但不以當年度為限,而是一旦獲選BGB企業之後其盈餘品質會比未曾獲選BGB的公司更好。接著探討BGB盈餘品質與國家的關係,使用國家法律強度及金融發展程度進行分析,研究發現,BGB企業在法律強度越高的國家,其盈餘品質越好。最後探討BGB企業及非BGB企業的績效,本文使用股東權益報酬率 (ROE)、Fama-French (1993)三因子模型、Carhart (1997)四因子模型作為被解釋變數進行迴歸分析,得出得結果可以發現BGB公司在會計面的ROE高於非BGB公司,但在市場面的三因子模型及四因子模型調整的異常報酬,BGB公司與非BGB公司是沒有明顯差異的。
This paper uses by Interbrand rankings to examine the best global brands (BGBs) firm’s earnings quality compared with non-BGBs. This paper defines BGBs by either the current-year BGB firms or firms those who have ever listed on the top 100 brands. As a result, we find that BGB firms’ earnings quality is better than non-BGB firms’. BGB firms in higher legal strength countries have better earnings quality than other firms. Finally, based on various performance measures, we find that BGB firm’s performances are better than non-BGBs firms in terms of return on equity (ROE) but insignificant between them with respect to Fama-French (1993) and Carhart (1997) based abnormal returns.