精品品牌策略的財務特徵與績效

Financial Attributes and Performance of Luxury-Goods Brand Strategies

王惠華(H. H. Wang) ； 陳明道(M. D. Chen)

《紡織綜合研究期刊》 19卷1期 (2009/01) Pp. 28-40

https://doi.org/10.6439/TTRJ.200901.0028

摘要

本文探討精品品牌策略的財務特徵與績效，以作爲品牌策略決策規劃、無形資產評價、以及精品基金投資決策的參考。品牌策略差異以品牌數、產品線、價位、通路、直營店購置、與自有產能等六個面向區分，主要結論爲：1.各品牌集團員工每人所創造的營收皆相當高，反映品牌的開創是提高生產力的良方。2.即使是以品牌爲榮的各大集團年報仍是以揭露有形資產爲主，無形資產的投資皆未多加著墨，對於自行開發的無形資產價值評估並無多大助益。3.奢華品牌雖有較高的毛利率，但也有較高的營業費用與財務費用，因而華而不貴的品牌如成本控管良好，反而會有較高的營業利益率與純益率。4.決定營運權益報酬率主要的是營運權益週轉率並非淨營運利益率，因而降低週轉資本與長期營運資產的投資是關鍵成功因素，華而不貴品牌此點更勝於奢華品牌。5.大部分集團皆有顯著的經濟利益率，其營運權益市值隱含此超高的利益率可維續長達10-32年，除了反映因無形資產未認列而低估營運權益之外，成功的品牌策略也有其不易仿效的優勢。

關鍵字

精品 ； 品牌策略 ； 財務績效 ； 股東權益報酬率 ； 無形資產 ； 企業評價

並列摘要

This paper analyzes the financial attributes and performance of fashion retailers' brand strategies for the purposes of providing information to assist strategic planning, intangible asset valuation and mutual fund investments in fashion brands. Brands strategies are differentiated along six dimensions: multiplicity of brands, breadth of product lines, pricing points, distributions channels, acquisition of direct retailing stores and retention of core production capacity. Major results are as follows. First, brand building is an effective measure to enhance worker productivity in terms of revenue per employee. Second, valuation of brand related assets is severely hampered by the lack of disclosures in financial reports regarding investments in intangible assets. Third, though luxury brands' gross profits are exceptional, the associated high operating and financial expenses can make their sales margin ratios and operating margin ratios much lower than those of affordable brands. Fourth, the major determinant of return on operating equity rests on the operating equity turnover ratio hence, keeping required investments in working capital and long-term operating assets low is a critical success factor. Affordable brands turn out to be the winners in this respect. Finally, most of the fashion-retailing groups have substantial economic profit margins, and their market capitalizations imply that such abnormal profit margins are sustainable for 10 to 32 years. In addition to reflecting the underestimation of operating equity due to unrecognized intangible assets, successful band strategies must have their idiosyncratic advantages that are difficult to mimic.

並列關鍵字

Luxury goods ； brand strategies ； financial performance ； ROE ； intangible assets ； business valuation