Brand Visibility, Cash Flow Stability and Firm Value

[[abstract]]已知的文獻研究已表明消費者知覺會影響公司的無形資產，即是所謂的品牌資本。消費者對企業的認知會影響公司未來的現金流入穩定性。在此篇論文，我們實證研究是否有較高品牌能見度的公司能夠享有較穩定的現金流入。我們發現由知名行銷顧問公司Interbrand所排名的全球前100大品牌公司在研究樣本期間內的確享有較穩定的現金流入。 同時，我們也測試了品牌能見度和公司價值間的關係。更進一步地說，我們研究了前100大知名品牌公司是否在未來有較好的績效表現。實證發現，品牌能見度在短期間對提升股票績效表現有正向影響，但從長期來看則無。最後，我們採用邏輯式模型分析打造品牌的過程中，那些特性較易被消費者及品牌顧問公司認可為較佳的品牌公司。我們發現公司層面的特性像是公司市值、國家層面的特性例如金融環境的完善與否都是影響一家公司打造品牌時易被認可與否的特性。[[abstract]]Existing literature has shown that consumer perceptions affect a company’s tangible assets, which is brand capital. How consumer perceptions toward companies having impacts on purchasing behaviors will result in change of cash inflow stability of companies. In this paper, we empirically examine whether corporations with higher brand visibility enjoy lower volatility of cash inflows. We discover top 100 brands in the world ranked by Interbrand have lower cash inflows volatility over our sample period from 2000 to 2014. Meanwhile, we test the relationship between the brand visibility and firm value. Specifically, we investigate whether the top 100 brands in the ranking year have better future return performances. Our empirical results present that brand visibility is positively associated with future return performances in short term, but having no effects from long term perspective. Finally, we adopt logistic model to examine the determinants of being top brands. We discover some firm level variables like market value and country level factor like direct financing are the key factors in building brands for companies.[[note]]碩