品牌估價方法(pdf 13頁)(英文版)

If this business were split up, I would give you the land
and bricks and mortar, and I would take the brands and
trade marks, and I would fare better than you.”
— John Stuart, Chairman of Quaker (ca. 1900)
In the last quarter of the 20th century there was
a dramatic shift in the understanding of the creation
of shareholder value. For most of the century,
tangible assets were regarded as the main source
of business value. These included manufacturing
assets, land and buildings or financial assets such
as receivables and investments. They would be
valued at cost or outstanding value as shown in
the balance sheet. The market was aware of intangibles,
but their specific value remained unclear
and was not specifically quantified. Even today,
the evaluation of profitability and performance of
businesses focuses on indicators such as return on
investment, assets or equity that exclude intangibles
from the denominator. Measures of price relatives
(for example, price-to-book ratio) also exclude
the value of intangible assets as these are absent
from accounting book values.
This does not mean that management failed to
recognize the importance of intangibles. Brands,
technology, patents and employees were always
at the heart of corporate success, but rarely explicitly
valued. Their value was subsumed in the overall
asset value. Major brand owners like The Coca-Cola
Company, Procter & Gamble, Unilever and Nestlé
were aware of the importance of their brands,
as indicated by their creation of brand managers,
but on the stock market, investors focused their value
assessment on the exploitation of tangible assets.
Evidence of brand value
The increasing recognition of the value of intangibles
came with the continuous increase in the gap
between companies’ book values and their stock
market valuations, as well as sharp increases in
premiums above the stock market value that were
paid in mergers and acquisitions in the late 1980s.
Today it is possible to argue that, in general,
the majority of business value is derived from
intangibles. Management attention to these assets
has certainly increased substantially.
The brand is a special intangible that in many
businesses is the most important asset. This is
because of the economic impact that brands have.
They influence the choices of customers, employees,
investors and government authorities. In a world of
abundant choices, such influence is crucial for
commercial success and creation of shareholder
value. Even non-profit organizations have started
embracing the brand as a key asset for obtaining
donations, sponsorships and volunteers.
Some brands have also demonstrated an astonishing
durability. The world’s most valuable brand,1
Coca-Cola, is more than 118 years old; and the
majority of the world’s most valuable brands have
been around for more than 60 years. This compares
with an estimated average life span for a corporation
of 25 years or so.2 Many brands have survived
a string of different corporate owners.
Several studies have tried to estimate the contribution
that brands make to shareholder value. A study
by Interbrand in association with JP Morgan
(see Table 2.1) concluded that on average brands
account for more than one-third of shareholder
value. The study reveals that brands create significant
value either as consumer or corporate brands
or as a combination of both.
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