以經濟附加價值模型與灰關聯評估餐旅業之品牌價值 －以國賓飯店為例

The Study of Brand Valuation in Hospitality Industry by EVA Model and Grey Relation - A Case of Ambassador Hotel

林美妏(Lin, Mei-Wen)

指導教授 ： 鄭駿豪

國立高雄餐旅大學/餐旅學院/餐旅管理研究所/碩士(2009年)

https://doi.org/10.6825/NKUHT.2009.00037

摘要

新政府上任後為了活絡台灣經濟，主要施政目標之ㄧ為開放大陸觀光客赴台旅遊。因此，台灣餐旅業者紛紛投下鉅資興建旅館。對於業者而言，提高企業品牌的知名度與市場佔有率前，必須先瞭解自我品牌價值，再依據品牌價值進行未來的品牌發展策略規劃，以提升品牌在市場上的競爭力。因此，本研究以國賓飯店為研究對象，透過國賓飯店之財務資料與公開資訊，運用經濟附加價值模型（Economic Value Added Model, EVA）評估其經濟附加價值，並依據Brand Finance公司之品牌評估觀念，納入品牌價值變化與累積的概念，計算出國賓飯店品牌價值，再以資金成本與盈餘成長因子調整後，算出國賓飯店最終的理論品牌價值為3,910,633仟元。為了驗證本研究評估國賓飯店每年品牌價值之可信度，本研究在Ohlson（1995）提出的2個變數，每股盈餘與每股帳面價值基礎上，加入品牌價值與累積品牌價值作為解釋變數。透過複迴歸分析結果，判定係數R²為0.985，F檢定的顯著性0.005＜α＝0.05，4個變數對股價的解釋能力極佳，並且估算此4個變數的灰關聯係數，重要關聯度之排序為每股帳面價值，其次是累積品牌價值、每股盈餘與品牌價值。

關鍵字

品牌價值 ； 經濟附加價值 ； 灰關聯

並列摘要

Taiwan’s new government set that allows Chinese tourists to make sightseeing trips to Taiwan as one of the main policies to revive economy. For operators, before promoting brand awareness and increasing the market share, they should understand their brand value first and then develop the strategy of brands to increase competence in market. Therefore, this research took Ambassador Hotel for example, and used Economic Value Added Model for valuation of Ambassador Hotel from their financial data and published information. According to Brand Finance Approach of Brand Finance, this research presented a model with the conception of variation and accumulation in the brand value to evaluate Ambassador Hotel. After that, this research calculated Weighted-Average Cost of Capital and growth of earnings to drive the theoretical brand value of Ambassador Hotel. This research got the theoretical brand value of Ambassador Hotel, 3,910,633 thousand NT Dollars. Based on two variables which developed by Ohlson (1995), Earnings per share and book value per share, this research added two variables, brand value and accumulation brand value, on the model as the explanatory variables. The result of Multiple Regression Analysis, showed that coefficient of determination R2 was 0.985, F test was 0.005<α=0.05, four variables had explanation on stock price. After calculating these four variable’s Grey Relational Coefficient, the sequence of relation grade was book value per share, accumulation brand value, earnings per share and brand value.

並列關鍵字

Brand Value ； Economic Value Added Model ； Grey Relation.

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