企業 브랜드 資産 價値의 測定에 關한 硏究 = A Study on the Measurement of a Firm's Brand Equity

다국어 초록 (Multilingual Abstract)

With the recent advent of the knowledge and information-based society, a company's intangible assets are becoming more important, and the measurement and valuation of intangible assets have become one of the main themes in accounting theory.
This study measures brand equity, one of the intangible assets, using the Simon and Sullivan Model and the Disclosure Number Model and determines the relationship between brand equity and a firm's value.
The Simon and Sullivan Model uses advertising cost, the age of the firm, order of market entry, and comparing the advertising costs spent by competitors as variables for brand equity. However, this study uses the Brand Power Index of the Korea Management Association as proxy data for the individual brand equity.
Both methods showed positive results, but this study expands this further by comparing the advertising costs and the number and amount of advertisement disclosure for a more convincing result. As a result, it was discovered that the number of advertisement disclosure was the best variable to describe brand equity. Therefore, it was concluded that the Simon and Sullivan would be used, but the number of advertisement disclosure should be used in place of advertising cost to measure brand equity. As for the number of advertisement disclosure, the number of times a company's brands were mentioned on TV, radio, newspapers and periodicals through its products were used. However, as it was discovered that the data samples for advertisement disclosure from 1990 to 1994 are insufficient the brand equity measurement conducted before 1994 lacks objectivity.
This paper uses three Regression Models (Yearly Model, Cumulative Yearly Model, and Industry Cumulative Yearly Model) to determine the brand equity of the intangible assets, and the following three methods were used to prove the external validity of the brand equity measured.
First, the relationship between brand equity of the Simon and Sullivan Model per share and the number of disclosure per share were examined, assuming that K is the market value per share divided by the book value per share. That is to say, if there is a positive relationship between the brand equity and K, it means that brand equity represents excess profit. As brand equity is an equal variant in the Spearman'rho only, and positive relationship was found in Method I, Method II and III in the Number of Disclosure Model.
Second, market value per share was used as a dependent variable, while book value per share, ordinary income per share, and Simon and Sullivan's brand equity per share were used as independent variables. Therefore, if the brand equity per share is a positive coefficient for the market value, it can be said that brand equity is an important asset on the balance sheet.
In the Simon and Sullivan Model, all of the yearly data for Method I were positive except for 1990; all of the cumulative year data for Method II were positive except for 1990 and 1991; and 11 of the 15 industries data in Method III were positive except for chemicals, IT, automobile, and transportation.
With regards to Disclosure Number Model, all data were positive in Method I except for 1993, 1995, and 1998; all data were positive for Method II except for '91-'93, '91-'94 and '91-'95; while the industries (chemicals, IT, and transportation) not found meaningful in the Simon and Sullivan Model were found positive for Method III. In conclusion, it was found that brand equity is an important asset in determining the market value.
Third, Samsung Electronics and LG Electronics were analyzed using Method III of the Simon and Sullivan Model. It was discovered that brand equity, brand equity per share, and price per share were almost the same for the two companies before 1993, but with the successful developments of the 64M DRAM in 1993 and the 256M DRAM in 1994 by Samsung, there resulted a big gap in brand equity between the two brands on various indices.
Through this event study, it was evident that Samsung Electronics was able to increase their market share and increase sales to result in excess profit for the company, and thus also increase their brand equity, an intangible asset. Therefore, it can be said that important events such as technology developments of a company affect their brand equity.
In conclusion, it is clear that brand equity is closely related with a companys market value, and if brand equity can be separated from the intangible assets and calculated objectively, it should be accepted as one of the main indicators on the balance sheet.

목차 (Table of Contents)

• 제 1 장 서 론 = 1
• 제 1 절 연구의 배경과 목적 = 1
• 제 2 절 연구의 방법 및 체계 = 8
• 제 2 장 이론적 배경 및 선행연구의 고찰 = 13
• 제 1 절 브랜드 자산 회계에 대한 역사적 고찰 = 13
• 1. 회계학측면에서의 브랜드 자산의 정의 = 13
• (1) 브랜드의 정의 = 13
• (2) 회계학측면에서의 브랜드 자산의 정의 = 22
• (3) 브랜드의 계층 = 26
• 2. 브랜드자산 계상에 대한 역사적 배경 및 논거 = 30
• (1) 브랜드자산 계상에 대한 역사적 배경 = 30
• (2) 브랜드자산 계상에 대한 논거 = 37
• 3. 브랜드 자산 회계의 향후의 과제 = 41
• (1) 분리가능성 = 42
• (2) 상각 여부 = 44
• (3) 재평가 여부 = 47
• (4) 수익.비용관점의 회계처리 = 48
• (5) 자산.부채관점의 회계처리 = 49
• 제 2 절 브랜드 자산 측정에 대한 선행연구 = 51
• 1. 마케팅적인 측면의 연구(Marketing Approach) = 53
• (1) 브랜드를 기준으로 한 비교평가방법(Brand-Based Comparative Approach) = 53
• (2) 마케팅을 기준으로 한 비교평가방법(Marketing-Based Comparative Approach) = 54
• (3) 컨조인트 분석(Conjoint Analysis) = 55
• 2. 회계학적인 측면의 연구(Financial Approach) = 58
• (1) 잔여법(Residual Analysis) = 58
• (2) 대체원가에 의한 분석(Replacement Cost Analysis) = 60
• (3) 주가를 이용한 분석(Analysis Using Stock Price) = 61
• 3. 통합적인 측면의 연구(Integration Approach) = 63
• (1) Interbrand Approach = 63
• 4. 기타의 연구(Other Approaches) = 66
• (1) 잔여법(Residual Analysis) = 66
• (2) 프리미엄 가격분석(Premium Price Analysis) = 67
• (3) 매출 총 이익 분석법(Gross Profit Analysis) = 67
• (4) 영업이익 분석법(Operating Profit Analysis) = 68
• (5) 로열티 분석법(Royalty Analysis) = 68
• (6) 현금흐름 할인 분석법(Discounted Cash Flow Analysis) = 69
• 제 3 절 브랜드 자산과 기업가치, 브랜드 자산구성요소에 대한 선행연구 = 70
• 1. 브랜드 자산과 기업가치간의 관계에 대한 연구 = 70
• 2. 브랜드 자산과 브랜드 자산구성요소간의 관계에 대한 연구 = 74
• 제 3 장 연구내용 및 방법 = 81
• 제 1 절 브랜드자산의 측정모형 = 81
• 1. Simon and Sullivan의 측정 모형 = 81
• 2. 노출횟수에 의한 측정 모형 = 88
• (1) 한국능률협회의 브랜드 파워지수(K-BPI) 산정의 근거 = 89
• (2) 브랜드 파워지수(K-BPI)와 브랜드 자산의 변수간의 관계 = 92
• 제 2 절 변수에 대한 정의 = 102
• 제 3 절 브랜드 자산의 측정 = 111
• 1. 표본의 특성 = 111
• 2. 시장 점유율의 결정요소의 측정 = 115
• 3. Simon and Sullivan의 방법과 노출횟수에 의한 브랜드 자산의 측정 = 123
• 제 4 장 브랜드 자산과 기업가치 = 143
• 제 1 절 연구의 개관 = 143
• 제 2 절 브랜드 자산과 기업가치에 관한 연구 = 145
• 1. 브랜드 자산과 K에 관한 연구 = 145
• 2. 브랜드 자산이 기업의 순 시장가치에 미치는 연구 = 149
• (1) Simon and Sullivan에 의한 브랜드자산과 시장가치 = 150
• (2) 노출횟수에 의한 브랜드자산과 시장가치 = 154
• 3. 브랜드 자산에 대한 사건연구에 대한 연구 = 158
• 제 5 장 결 론 = 163
• 제 1 절 요약 = 163
• 제 2 절 시사점 및 본 연구의 한계점 = 166
• 참 고 문 헌 = 169
• ABSTRACT = 181