Relationship among the Revitalization of Time-honored Brand, the Asset Quality and the Asset Valuation  ——A Case Study of Kweichow Moutai

Abstract

Abstract:

An empirical study on the revitalization of Kweichow Moutai, a Time-honored Brand, found that operating income is negatively correlated with equity multiplier, rarely correlated with the total asset turnover ratio and positively correlated with sales net profit rate; namely the revitalization of the time-honored brand rely on the improving profitability rather than the increase in financial leverage and the improvement of the profitability, since brand premium is the competitive advantage of the time-honored brand. Moreover, operating income is positively correlated with rate of return on common stockholders’ equity, that’s to say, the revitalization of time-honored brand is of high quality, improving rather than sacrificing the quality of assets. In addition, operating income is positively correlated with net assets, market value, net cash flows from operating activities and free cash flow of equity while it is rarely correlated with price to book ratio and price earning ratio; namely the revival of the time-honored brand can improve the absolute value of book value, the absolute value of market value and the absolute value of intrinsic value, rather than the relative valuation of book value, the relative valuation of market value. Besides, asset quality is positively correlated with net assets, market value as well as net cash flow of operating activities and rarely correlated with price to book ratio and price earning ratio and free cash flow of equity, that is say, the improvement of asset quality of the time-honored brand can promote the absolute value of book value, the absolute value of market value and the absolute value of intrinsic value, rather than the relative valuation of book value, the relative valuation of market value and the relative valuation of the intrinsic value.

Key words: , time-honored brand； revitalization of brand； asset quality； asset valuation

YANG Jifu. Relationship among the Revitalization of Time-honored Brand, the Asset Quality and the Asset Valuation ——A Case Study of Kweichow Moutai[J]. Industrial Engineering Journal .

References

［1］何佳讯,李耀.品牌活化原理与决策方法探窥——兼谈我国老字号品牌的振兴［J］.北京工商大学学报(社会科学版),2006,21(6):50-55.
HE Jiaxun,LI Yao.An elementary study on principles and decision-making strategies of brand rejuvenation-a concurrent discussion on the revitalization of time-honored brand［J］. Journal of Beijing Technology and Business University(Social Science), 2006,21(6):50-55.
［2］吴水龙,黄小宁,周运锦.“老字号”品牌资产的激活:机理与路径［J］.现代管理科学,2009,16(4):73-75.
WU Shuilong,HUANG Xiaoning,ZHOU Yunjin. Mechanism and method of revitalization of time-honored brand′s assets［J］. Modern Management Science, 2009,16(4):73-75.
［3］陶骏,李善文.“中华老字号”品牌复兴:品牌延伸及回馈［J］.经济管理,2012,34(2):97-106.
TAO Jun,LI Shanwen.Revitalization of China′s time-honored brand: brand extension and brand feedback［J］.Economic Management Journal,2012,34(2):97-106.
［4］赵洁,张红,张春晖.老字号企业无形资产对经营绩效影响的实证研究［J］.价值工程,2011,30(26):1-4.
ZHAO Jie,ZHANG Hong,ZHANG Chunhui.An empirical study: how intangible assets impact on operating performance of china time-honored brand［J］ ,2011,30(26):1-4.
［5］沈婵珠.中华老字号医药上市公司经营绩效研究［D］.广州:广州中医药大学,2014.
SHEN Chanzhu.A study on the operational performance of medical listed companies with time-honored brandnames［D］.Guangzhou: Guangzhou University of Chinese Medicine,2014.
［6］孙衍凤,赵晓康. “老字号”品牌竞争力评价及提升对策研究［J］.价格理论与实践,2013,33(5):85-86.
SUN Yanfeng,ZHAO Xiaokang.Evaluation on the competitiveness of time-honored brand and its promoting countermeasures［J］ .Price:Theory & Practice, 2013,33(5):85-86.
［7］孙晶路.老字号品牌价值评估研究［D］.上海:东华大学,2013.
SUN Jinglu.Evaluation on the time-honored brand［D］.Shanghai:Dong Hua University ,2013.
［8］雷超,卫海英.品牌资产与消费者溢价支付意愿的关系——基于搜索、体验和信任属性产品的实证研究［J］.开发研究,2011,27(01):124-128.
LEI Chao,WEI Haiying.Brand equity and customer′s willingness to pay a price premium- a study across search-experience-credence products［J］. Research on Development, 2011,27(01):124-128.
［9］张功富.财务杠杆、投资行为与企业竞争优势——来自中国上市公司的经验证据［J］.经济与管理研究,2009,30(2):44-51.
ZHANG Gongfu.Leverage,investment and corporate competition advantage -with empirical evidence from china′s listed companies［J］. Research on Economics and Management, 2009,30(2):44-51.
［10］李嘉敏,李松明.我国上市公司的资产质量与企业绩效的实证研究［J］.经济问题探索,2005,26(4):104-107.
LI Jiamin,LI Songming.An empirical study on asset quality and corporate performance of china′s listed companies［J］. Inquiry into Economic Issues, 2005,26(4):104-107.
［11］李志文,姚正春,朴军.中国股市的ROE代表什么?［J］.中国会计评论,2007,5(3):305-313.
LI Zhiwen,YAO Zhengchun,PU Jun.What does ROE in stock market represent?［J］. China Accounting Review, 2007,5(3):305-313.
［12］王清流,皱文辉,徐韫帆.上市公司财务指标与股票内在价值的关系研究［J］.价值工程,2008,27(4):59-61.
WANG Qingliu,ZOU Wenhui,XU Wenfan.To study on the relationship between the listed financial indicator and stock intrinsic value［J］. Value Engineering, 2008,27(4):59-61.
［13］杨成炎,解坤.自由现金流对公司价值的解释能力——基于A股市场经验数据的实证分析［J］.会计之友,2015,35(15):47-51.
YAN Chengyan,XIE kun.Explanatory ability of free cash flow to corporate value- an empirical study based on empirical date of a-share market［J］. Friends of Accounting, 2015,35(15):47-51.
［14］刘昱熙,宋旺.股票回报与公司规模、市净率、市盈率之间的关系——基于中国A股市场的实证论证［J］.财会通讯,2011,36(6):83-84+94.
LIU Yuxi,SONG Wang.Relationship on stock return, p/b ratio and pe ratio-an empirical study based on a-share stock market［J］. Communication of Finance and Accounting,2011,36(6):83-84+94.
［15］陈共荣,刘冉.市盈率能否成为投资决策分析的有效指标——来自中国A股的经验数据［J］.会计研究,2011,32(9):1+10-16.
CHEN Gongrong,LIU Rang.Can P/E ratio become an effective index of investment decision-analysis-empirical date of a-share market［J］. Accounting Research, 2011,32(9):1+10-16.
［16］陆静,廖刚.市盈率、市净率和自由现金流乘数与证券组合收益的比较［J］.经济管理,2002,24(14):57-62.
LU Jing,LIAO Gang.Comparison of the price earnings ratio, the market rate and the free cash flow multipliers and the portfolio returns［J］. Economic Management Journal,2002,24(14):57-62.

[1]	ZHANG Fuqiang1，JIANG Pingyu2. A Complex Network Theory Application Research for Production Process in a Discrete Manufacturing Floor [J]. Industrial Engineering Journal , 2016, 19(6): 1-8.
[2]	LAN Haiyan . Research Progress and Trend of Production inventory in Multi-level Supply Chain Based on the Solving Method for Optimization Model [J]. Industrial Engineering Journal , 2016, 19(6): 9-16.
[3]	KONG Fansen. A Study of Framework Model on Curriculum for Undergraduate Degree Program in Industrial Engineering Higher Education [J]. Industrial Engineering Journal , 2016, 19(6): 131-137.
[4]	ZENG Linghe1, WU Wenjian2, SHI Lefeng3 . A Pricing Model of Electric Vehicle Charging Service Based on the PPP Pattern [J]. Industrial Engineering Journal , 2016, 19(4): 25-29.
[5]	DING Xuefeng, LIU Jia. Pricing Policies for Rural “Freight Route” Logistics Services Considering Customer Arrival Moment [J]. Industrial Engineering Journal , 2016, 19(4): 18-24.
[6]	CHEN Ye, CAO Shuai, XU Haiyan, LU Bo. Customer Demandoriented Product Evaluation System Construction [J]. Industrial Engineering Journal , 2016, 19(4): 30-35.
[7]	LUO Bing1,2, LI Shumei1, ZHOU Lingyan1. The EOQ Model of Hightech Product with Ramp Type Demand Rate and Delay Replenishment [J]. Industrial Engineering Journal , 2016, 19(4): 36-42.
[8]	XU Zehao, ZHANG Guangyu, KANG Kai, WANG Xingyu. A Study of the Disruptive Technology Selection Environment Based on TRIZ Theory [J]. Industrial Engineering Journal , 2016, 19(4): 43-47.
[9]	LIANG Peipei1,2, SONG Zhiting1, SUN Yanming1. A Research on Complex Information System′s Evolution Mechanism of Service-oriented Manufacturing Enterprise [J]. Industrial Engineering Journal , 2016, 19(4): 55-62.
[10]	WANG Yi1,2， CUI Nanfang1. A Critical Chain Identifying Method Based on the Activity′s Center of Gravity Theory [J]. Industrial Engineering Journal , 2016, 19(4): 63-67.
[11]	JING Xu1,3, LI Chunhua2, FAN Xiumin3, HE Qichang3. Modeling of Operating Convenience for Automotive Interior Button Based on Operating Posture and Stature of Driver [J]. Industrial Engineering Journal , 2016, 19(4): 122-130.
[12]	WANG Haiyu . Defective Rate Control Chart for High Yield Process Based on Multi-dot Alarm Rules [J]. Industrial Engineering Journal , 2016, 19(4): 131-135.
[13]	WANG Jianhua, LU Xiaobo，BAO Han. Food Credence Goods Market Equilibrium Morphology under Third-party Authentication [J]. Industrial Engineering Journal , 2016, 19(3): 7-13.
[14]	LIU Xing. Harmony Search Algorithm for Coordinated Scheduling in Production and Distribution of Fast Moving Consumer Goods [J]. Industrial Engineering Journal , 2016, 19(3): 14-17.
[15]	NI Ming1,2，3, LIANG Dan2, GUO Junhua2, YANG Shanlin3. A Study of the Recycling Mechanism of Waste Electronic Products Based on the Government Rewarding Towards Different Participants [J]. Industrial Engineering Journal , 2016, 19(2): 1-6.

Relationship among the Revitalization of Time-honored Brand, the Asset Quality and the Asset Valuation ——A Case Study of Kweichow Moutai

Knowledge

Abstract

Cite this article

share this article

References

Related Articles 15

Recommended Articles

Metrics

Comments