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系統識別號 U0002-1202201122430200
中文論文名稱 重新建構金融控股公司品牌權益衡量模型-以台灣的金融控股公司為例
英文論文名稱 Reconstructing the Brand Equity Measurement Model for Financial Holding Companies-The Examples of Taiwanese Financial Holding Companies
校院名稱 淡江大學
系所名稱(中) 國際商學碩士在職專班
系所名稱(英) Executive Master's Program of Business Administration (EMBA) in International Commerce
學年度 99
學期 1
出版年 100
研究生中文姓名 許祥慧
研究生英文姓名 Hsiang-Hui Shiu
學號 796520038
學位類別 碩士
語文別 英文
口試日期 2011-01-17
論文頁數 98頁
口試委員 指導教授-黃哲盛
委員-邱世寬
委員-王如鈺
中文關鍵字 品牌權益  BBDO模型  HIROSE模型  無形資產  因素分析 
英文關鍵字 Exploratory Factor Analysis (EFA)  Confirmatory Factor Analysis (CFA)  Brand Equity  BBDO Model  HIROSE Model 
學科別分類 學科別社會科學商學
中文摘要 品牌權益之價值評估模式隨著產業與公司不同而改變,本研究發展品牌權益評估模式以收益法為基礎,在資本風險率方面考量CAPM模型,同時就品牌權益的模型建置程序,先以探索性因素分析(EFA)找出關鍵因素,再以驗證性因素分析(CFA)建構線性結構關係。
  就CFA模型評比來看,由表19至21的檢驗指標顯示模型可適度符合標準,故本研究的品牌權益評比模型可以作為日後相關研究或延伸性研究之參考,此為本研究貢獻之一。此品牌權益評比模型作為分析金控公司之品牌權益的相對分數之工具。
  就品牌權益模型之財務價值計算程序,本研究採用 Palepu ,Healy and Bernard(2004) 的“Value-to-book multiplier”價值乘數概念,衡量財務報表之無形資產品牌權益所產生的財務價值,而此財務價值必須考量前述品牌權益評比模型所計算的金控公司之品牌權益之相對分數,兼顧相對指標與絕對指標等議題。
就模型分析架構之比較方面,本研究之品牌權益評比模型之概念較接近德國BBDO模型,而本研究納入CAPM模式的風險衡量觀念 ;然就本研究之品牌權益價值計算方面,本研究之“Value-to-book multiplier”價值乘數概念可以衡量超額利潤(Excess profit),與日本的HIROSE模式相近。
英文摘要 Essentially, brand equity modeling varies with the dynamics inherent in different industries and companies. The modeling in this research included the income approach, based on the abnormal earning concept, with the consideration of risk by CAPM model. As the valuation for intangible assets, it’s difficult to build up the standard or criteria for the valuation. In light of the issues, we adopted the Exploratory Factor Analysis (EFA) and Confirmatory Factor Analysis (CFA) to search the critical factors for brand equity.
According to our data collected by questionnaire and analysis, we built up the model constructed by the linear equation of brand loyalty, brand differentiation, brand standing, brand extension. With the score of brand equity in our analysis, we took advantage of the equity value-to-book multiple to summarize the abnormal earning, ROA and intangible assets into our valuation. Finally, we evaluated the brand equity values for the sample companies and assessed differences under the HIROSE model and BBDO model, respectively. Our model is alike to HIROSE model in the method of valuation, with equity value-to-book multiple and excess profit rate, respectively. Nevertheless, from the perspective of equation for valuation, our scheme of constructing model is similar with BBDO model, especially including CAPM for risk issue.
The comparison among the models could be improved, based on the disclosure or discovery of oversea segments in Taiwan financial holding companies. Regarding the questionnaire and following analysis, it is suggested to include more data mining inherent in the real operation of financial holding companies. Therefore the EFA and CFA modeling procedures in the study could build up the more accurate brand strategy and feedbacks for marketing strategy. For the time being, this research had built up one scheme of evaluation of brand equity for Taiwan financial holding companies.
論文目次 CONTENTS
Acknowledge..............................................................................................................................I
中文摘要................................................................................................................................II
Abstract....................................................................................................................................III
Contents.....................................................................................................................................V
List of Tables.........................................................................................................................VII
List of Figures.........................................................................................................................IX
Chapter 1 Introduction
1.1 Research Background and Motives……….….....................................................................1
1.2 Research Purposes...........................................................................................................….2
1.3 Research Scope…….……….….…………..……………………........................................4
1.4 Research Framework………….……………………………..…………….........................5
1.5 Research Limitation…………….………………………………………………………….6
Chapter 2 Literature Review
2.1 Brand....................................................................................................................................7
2.2 Brand Equity.........................................................................................................................9
2.2.1 Brand Loyalty…...........................................................................................................11
2.2.2 Brand Awareness……………………………………………………………………..12
2.2.3 Perceived Quality…………………………….……………………………………….13
2.2.4 Brand Association…………………………..…….…………………………………..14
2.2.5 Brand Image…………………………………..………………………………………15
2.2.5 Brand Extension………………………………………………………………………18
2.3 The Measure of Brand Equity.............................................................................................19
2.3.1 The Review of Brand Equity…………………………………………………………22
2.3.1.1 The Interbrand Model…………………….………………………………………25
2.3.1.2 The BrandAsset Valuator Model…………….…………………………………...26
2.3.1.3 The BRANDZ Model…………………………………………………………….28
2.3.1.4 The Brand Resonance Model…………..…………………………………………30
2.3.1.5 Other Financial Values Aspects……………………..……………………………32
Chapter 3 Methodology
3.1 The Questionnaires Design of Brand Equity......................................................................36
3.2 Research Procedure ............................................................................................................38
3.2.1 HIROSE Model…………...……………………..……………………………………39
3.2.2 BBDO Model…………………………………………………………………………44
3.2.3 Reliability analysis…….……...………………………………………………………45
3.2.4 Validity……………………...………………………………………………………. 46
3.2.5 The Factor Analysis and Principal Component Analysis.……...…………………….46
3.3 Terminology………………………………………………………………………………48
Chapter 4 Proposition Development Structure
4.1 The model of Brand Equity……….................................................................................... 52
4.1.1 The Results of Exploratory Factor Analysis………………………………………….56
4.1.2 The Results of Confirmatory Factor Analysis..………………………………………63
4.1.3 The modeling for brand equity for financial holding companies………………….70
4.2 The comparison between HIROSE brand equity model and our model………….………78
4.3 The comparison between BBDO model and our model…………………………….……81
Chapter 5 Conclusion………………………………………………………..………………85
References ..................................................................................................................87
Appendix……………………………………………………...................................................95


List of Tables
Table1. The Initial Comparison amongst the Major Marketing-based Approaches……….....24
Table2. The Questionnaires Design…………………………………….…………………….37
Table3. The Five Aspects of BBDO model…………………………..………………………44
Table4. The Summary of Questionnarie….…………………………..………………………52
Table5. The Eigenvalues and extracted squared loadings analysis for Chinatrust
Case……………...…………………………………………………………..…....….53
Table6. The rotated component matrix for Chinatruse case………………….………………54
Table7. The KMO and Barlett Sphere Test for v6-removed Chinatrust case…………...……54
Table8. The Eigenvalues and extracted squared loadings for v6-removed analysis for
Chinatrust case ………..…………………………………………..………………….55
Table9. The communality for v6-removed Chinatrust case ..…………...……………………56
Table10. The statistic characters for three v6-removed companies….……………….…….57
Table11. The KMO and Barlett Sphere Test for three v6-removed companies………….…..57
Table12. The eigenvalues and extracted squared loadings for three v6-removed
companies……………….………………………………………….………………..58
Table13. The communality for three v6-removed companies………………………………59
Table14. The rotated component matrix for three v6-removed companies…………..………60
Table15. The rotated component matrix for three v6&v4&v9-removed companies………....62
Table16. The summary of EFA…….……….………………………………..………………63
Table17. Unstandardized estimates for regression weights……………………...…………66
Table18. Standardized Regression Weights: (Group number 1 – Default model)…………...67
Table19. The analysis for Offending Estimates…………………….………………………68
Table20. The analysis for Model Fit Index……………………….………………………...69
Table21. Constructed validity………………………………………..……………………….70
Table22. Debt cost for Chinatrust..……………………………………….…………………..74
Table23. WACC and CAPM Model for China trust ………….………………….…………..74
Table24. Equity value-to-book multiplier for China trust on 2009/12/31………………….75
Table25. The score of brand equity……………………………………………………….….76
Table26. Brand equity valuation for Chinatrust on 2009/12/31…..………………………….77
Table27. Brand equity valuation for Cathay on 2009/12/31….…..……………….………….77
Table28. Brand equity valuation for Taipei Fubon on 2009/12/31.………………………….77
Table29. The valuation of brand equity of Chinatrust by HIROSE model……………..……79
Table30. The valuation of brand equity of Cathay by HIROSE model……………..………..79
Table31. The valuation of brand equity of Taipei Fubon by HIROSE model…………...…...80
Table32. The valuation of monetary basis of Chinatrust by BBDO model……………..……82
Table33. The valuation of brand equity of Chinatrust by BBDO model…………….……….82
Table34. The valuation of monetary basis of Cathay by BBDO model.….………….………83
Table35. The valuation of brand equity of Cathay by BBDO model…….....................……..83
Table36. The valuation of monetary basis of Taipei Fubon by BBDO model………….……84
Table37. The valuation of brand equity of Taipei Fubon by BBDO model………….………84
Table38. The result of three models………………………………………………….………85

List of Figures
Figure1. Research Framework…..…………………………………………….……………….6
Figure2. Relationship between trade marks and brand….…………………….……………….8
Figure3. Aaker Brand Equity Model (1991)………………………………….………….…...23
Figure4. Young & Rubicam’s Brand Asset Valuator..……………………….………………27
Figure5. Brand Dynamics Pyramid...……………….……………………………...…………28
Figure6. The Brand Voltage example………………….……………………………………..30
Figure7. Brand Resonance Model-1….……...……………………………………………….31
Figure8. Brand Resonance Model-2….……...……………………………………………….32
Figure9. Research Procedure……………………...………………………………………….39
Figure10. The Diagram of HIROSE Model……………….………………………………….43
Figure11. The structure for CFA……………………………………………………………..64
Figure12. The standardized regression weights and path analysis for CFA……………….....65
Figure13. The Yoshikuni Hirose(2002)’s concept of examining the approaches.........……...72
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