品牌强度的影响因素分析及评估方法研究

本文通过分析世界著名品牌价值评估方法，并结合我国品牌管理及评估行业的现状和特点，对品牌价值评估中所涉及到的品牌强度进行了研究，分析了品牌强度的影响因素，并在此基础上应用主成分分析法对品牌强度进行了度量，旨在为实践领域提供可操作性的评估方法。     

公司治理、股票估值与资产定价

鉴于公司治理的重要性,上市公司越来越重视公司治理信息的披露,监管部门等机构出台了相关的公司治理披露政策,进而使得投资者购买公司股票时,能够考虑公司治理因素。由内在价值理论和相对估值理论组成的传统估值理论没有考虑公司治理因素,公司治理是否影响股票价格和如何影响股票价格问题有待深入研究。在资产定价模型中,单因素模型和多因素模型的解释能力不是很理想,公司治理风险因子的提出将有利于完善定价模型,治理溢价这个市场异例的本质、检测和存在原因将是未来公司治理关注的焦点之一。     

符号学视角下的品牌剖析

品牌直观地表现为一个符号或符号群,可以而且应该被纳入符号学研究的视野,目前,从符号学视角对品牌进行研究还是一个较新的课题。从符号学视角出发,以皮尔斯符号学理论为依据对品牌概念进行了分析,依据皮尔斯符号学理论所提出的整体品牌概念为品牌的塑造提供了较为清晰的思路。     

企业集团体制下的品牌构建

企业的集团化进程带来了品牌化管理的挑战,品牌管理的内容牵涉到集团品牌、子公司品牌以及产品品牌三个重要层次,集团之下如何构建合理的品牌层次对于集团公司品牌化、实现资源的合理配置和能力的提升具有极其重要的研究意义。通过对哈药集团及扬子江药业集团的品牌层次构建研究得出三个规律：企业从单一公司发展到集团,需要建立集团公司品牌;业务组合的差异化程度与子公司品牌的强弱呈现出正相关的关系;随子公司业务独立性的上升,产品品牌的定位和管理权限向子公司转移。     

Growth and value hybrid valuation model based on mean reversion

This article proposes a novel valuation model, growth and value hybrid model, to estimate the stock price. This proposed model combines the essence of the asset-based approach, the income-based approach, and the principle of mean reversion to develop the theoretical closed-form formula consisting of three coefficients: value coefficient, value support coefficient and growth coefficient. Regression analysis is employed to fit market data to determine these coefficients. Moreover, this study proposes the double sorting method to build the quantile regression models of the formula to estimate the stock price at a specific quantile. The results show that the predictive capability of the hybrid valuation model is superior to the model without using value support coefficient, which supports the assumption that the PBR is not associated with the ROE when the ROE is less than a threshold. In different time periods of the stock market, no significant difference exists on the value support coefficient. However, the variations of the value coefficient and the growth coefficient are significant.     

Stock market-driven investment: new evidence on information,financing and agency effects

This study provides a theoretical model and empirical analysis to jointly examine the information, financing and agency effects, the three channels through which the stock market can actively influence corporate investment decisions and firm performance. First, stock market affects corporate investments, and such impact varies with different market valuation measures, types of investments and firm characteristics. Second, stock market valuation affects investments through the channel of corporate financing, supporting the financing hypothesis. Third, stock market-driven investments have differential impacts on the future operating performance of firms. Investments driven by market valuation of firm-specific information have a positive effect on future performance. In contrast, investments driven by market-wide sentiment have a negative effect on future performance. Fourth, consistent with the information hypothesis, market-driven investments are value-enhancing for firms with better external monitoring by analysts and institutional investors. Lastly, consistent with the agency hypothesis, market-driven investments are value-destroying when firms lack external monitoring, proper managerial incentives and independent board of directors.     

Estimating the economic benefits of acidic rock drainage clean up using cost shares

This paper reports the results of a stated preference study that estimates the economic value for cleaning up acid rock drainage in Colorado's Snake River watershed. In contrast to much of the existing literature, the present study emphasizes benefit estimation for three implementing projects rather than benefit estimation for general changes in water quality or large scale water quality policy. The focus on implementing projects delivers information that is specifically relevant to current decisions being faced in the watershed. While valuation questions in most stated preference studies present costs that have no relation to actual project costs, this study presents a new cost share approach. Project costs are estimated and then valuation questions present different local cost shares to subjects. This approach facilitates stated cost variation necessary for estimating the mean of the distribution of project values without resorting to experimentally designed, fictitious stated costs. In addition to estimating the mean value, which facilitates benefit cost analysis, the study also provides median value estimates, which provide insights into the political feasibility of these projects. Study results suggest that local cost shares on the order of 20%-40%, depending on the project, are politically feasible.     

分析师的估值模型会影响评级的信息含量吗?

本文基于2014—2018年发布的沪深两市A股上市公司深度研究报告,考察了分析师报告中关于估值方法的描述,探究分析师估值模型的选择是否会对其投资意见的信息含量产生影响。研究发现,分析师采用绝对估值模型能够提高评级调整的市场反应,具有一定的增量价值。进一步分组检验发现,在公司成长性较高、不确定性较大、券商实力较弱、分析师之间的竞争程度较高的情况下,使用绝对估值模型对于提高分析师评级调整的信息含量作用更大。本文的研究结论对于理解分析师估值过程的价值和有效性以及分析师研究报告信息含量的影响因素具有重要意义,并为投资者如何使用和评价分析师研究报告提供了一定的参考。     

品牌原产地联结的时空维度对负面信息的抑制作用

当品牌可以传递自我群体身份的时候,就可以与消费者建立一种紧密的联结。品牌原产地联结就是本地品牌与消费者之间的一种基于品牌原产地的联结。这种联结与抽象的自我联系在一起,时空距离越远,消费者对自我的认识越抽象,原产地联结就越强。作者将通过两个实验证明,当空间距离或时间距离增加时,本地品牌与全国品牌相比,更不容易受到负面品牌信息的影响。     

品牌定义与品牌资产理论研究文献综述

通过对国内外专家、学者和研究机构对品牌与品牌资产理论研究成果的文献综述,分析了国内外品牌及品牌资产理论的研究框架。品牌定义的研究分别为标识理论、个性理论、关系理论和价值理论;品牌资产理论的研究框架分别为财务导向理论、竞争导向理论和顾客导向理论。国外有关品牌定义和品牌资产理论的研究框架比较完善,其理论研究的创新始终追随市场竞争态势的变化。对品牌定义和品牌资产理论框架和知识体系进行研究论证,从而明确学术研究的必有性和对实际工作的指导性。     

Intangible capital,corporate valuation and asset pricing

Recent studies have found unmeasured intangible capital to be large and important. In this paper we observe that by nature intangible capital is also very different from physical capital. We find it plausible to argue that the accumulation process for intangible capital differs significantly from the process by which physical capital accumulates. We study the implications of this hypothesis for rational firm valuation and asset pricing using a two-sector general equilibrium model. Our main finding is that the properties of firm valuation and stock prices are very dependent on the assumed accumulation process for intangible capital. If one entertains the possibility that intangible investments translates into capital stochastically, we find that plausible levels of macroeconomic volatility are compatible with highly variable corporate valuations, P/E ratios and stock returns. We thank Ellen McGrattan, Edward Prescott, Rene Stulz and an anonymous referee for their helpful comments as well as workshop participants at FAME, the 5th Conference of the Swiss Society for Financial Market Research, the European Central Bank, Columbia Business School Finance Free Lunch and the University of Zürich. This research has benefited from financial support from the National Center for Competence in Research “Financial Valuation and Risk Management”. The National Centers of Competence in Research are managed by the Swiss National Science Foundation on behalf of the Federal Authorities.     

The Empirics of Wetland Valuation: A Comprehensive Summary and a Meta-Analysis of the Literature

Wetlands are highly productive ecosystems, providing a number of goods and services that are of value to people. The open-access nature and the public-good characteristics of wetlands often result in these regions being undervalued in decisions relating to their use and conservation. There is now a substantial literature on wetland valuation, including two meta-analyses that examine subsets of the available wetland valuation literature. We collected over 190 wetland valuation studies, providing 215 value observations, in order to present a more comprehensive meta-analysis of the valuation literature that includes tropical wetlands (e.g., mangroves), estimates from diverse valuation methodologies, and a broader range of wetland services (e.g., biodiversity value). We also aim for a more comprehensive geographical coverage. We find that socio-economic variables, such as income and population density, that are often omitted from such analyses are important in explaining wetland value. We also assess the prospects for using this analysis for out-of-sample value transfer, and find average transfer errors of 74%, with just under one-fifth of the transfers showing errors of 10% or less. † This paper has not been submitted elsewhere in identical or similar form, nor will it be during the first three months after its submission to the Publisher.     

品牌形象结构维度与品牌选择心理机制——主要基于京津冀经济圈的调查数据

对所采集到的423个样本数据进行了探索性因子分析和验证性因子分析.基于符号学理论构建了一个新的品牌形象结构模型,并揭示了该模型三大结构维度所蕴含的消费心理机制.研究结果既有助于对品牌形象进行动态监测,也有助于对品牌价值进行纵向与横向比较.根据符号学理论,既有品牌形象结构模型存在两个问题:一是将品牌所具有的功能与产品所具有的功能相混同;二是将品牌的能指与品牌的所指相混同.在对所采集到的423份样本数据进行探索性因子分析与验证性因子分析结果的基础上,建构了一个新的品牌形象结构模型,该模型由诚信度、名望度和物有所值度三个维度构成,进一步揭示了这三个维度所各自对应的品牌选择心理机制,即风险规避机制、名望映射机制和价值计算机制.     

快乐品牌的经济学分析

人类消费进入更高层次的情感消费时代,尤其以娱乐为首的快乐消费已经成为我们生活必不可缺的组成部分.消费者对快乐的需求催生了一大批快乐品牌.本文运用经济学偏好理论阐释快乐内涵、特征及产生根源,并运用品牌经济学原理对快乐品牌进行分析发现,成功的快乐品牌满足消费者对"快乐"需求这一单一利益点.快乐情感的特性决定品牌品类具有高度敏感性.正确的品牌延伸策略使得目标顾客对品牌记忆持久.     

Improving the Performance of Contingent Valuation Studies in Developing Countries

This paper discusses three main reasons why so many of the contingentvaluation studies conducted in developing countries are so bad. First,the contingent valuation surveys themselves are often poorly administeredand executed. Second, contingent valuation scenarios are often very poorlycrafted. Third, few CV studies conducted in developing countries aredesigned to test whether some of the key assumptions that the researchermade were the right ones, and whether the results are robust with respectto simple variations in research design and survey method. The paper concludesthat research on stated preference methods in developing countries iscritically important to the successful implementation of these methodsbecause (1) there is no empirical evidence to suggest that rapid,”streamlined” CV surveys yield reliable, accurate results, and (2)there is a significant risk that the current push for cheaper, simplerCV studies could discredit the methodology itself. Moreover, the policydebates to which CV researchers are asked to contribute are often oftremendous importance to the well-being of households in developingcountries. Because the costs of policy mistakes can prove tragic, itis critical that VC researchers push for excellence in this researchenterprise and that funding agencies think more carefully about thevalue of policy-relevant information in the fields in which thecontingent valuation method is being used to study household preferencesand behavior (e.g., water and sanitation services, urban air pollution,soil erosion, deforestation, biodiversity, watershed management,ecosystem valuation, vaccines for the poor).     

Preference Structures, Property Rights, and Paired Comparisons

The method of paired comparisons was used to determine the structure of survey participants' value expressions for Australian native forests. The same participants were also surveyed using the contingent valuation method (CVM). Data from the paired comparisons were used to construct preference maps which enabled identification of participants whose value expressions were structurally incompatible with economic welfare theory – in particular, those participants who expressed their values according to lexicographic preferences. For some of these participants, CVM results did not provide appropriate measures of WTP. The surveys also demonstrated the importance of allowing participants' own views on property rights to dictate the valuation context offered.     

品牌经营:旅行社竞争之发展战略

品牌是旅行社竞争力的核心，而我国旅行社目前缺乏品牌经营意识和科学管理，且市场化进程缓慢。因而要通过建立现代企业制度、实行科学管理、提高员工素质等措施来加强旅行社的品牌经营，提高其竞争力。     

DEA在轿车企业品牌战略有效性评价中的应用

本文将DEA方法引入国内轿车企业品牌战略有效性研究中,通过对国内轿车行业品牌竞争状况的综合分析和八家企业品牌战略有效性的评价,以及合资品牌与自主品牌的比较,指出合资品牌和自主品牌目前在品牌建设中存在的问题及其改进方向,为国内轿车企业提升品牌竞争力提供建议。     

Viewpoint: Estimating the equity premium

Abstract.  Finance theory restricts the time-series behaviour of valuation ratios and links the cross-section of stock prices to the level of the equity premium. This can be used to strengthen the evidence for predictability in stock returns. Steady-state valuation models are useful predictors of stock returns, given the persistence in valuation ratios. A steady-state approach suggests that the world geometric average equity premium fell considerably in the late twentieth century, rose modestly in the early years of the twenty-first century, and was almost 4% at the end of March 2007.     

Brand Extension as Informational Leverage

The marketing literature refers to the concept of brand capital and provides empirical evidence that firms with a large stock of well-established brands have an advantage in introducing new products. This paper develops a theory of bbrand extension as a mechanis for informational leverage in which a firm leverages off a good's reputation in one market to alleviate the problem of informational asymmetry encountered in other markets. It is shown that brand extension helps a multi-product monopolist introduce a new experience good with less price distortion. Thus, the paper provides a theoretical foundation for the concept of brand capital.