政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/57556

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/57556

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政大典藏 > College of Commerce > Executive Master of Business Administration > Theses > Item 140.119/57556

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/57556

Title:	無形資產與企業價值創造之關聯與分析以餐飲通路業王品公司為例 The Relationship between Intangible Assets and Business Valuation: An Example for the F&B channel industry by the case of WOWPrime
Authors:	紀大偉
Contributors:	吳啟銘紀大偉
Keywords:	餐飲通路業企業評價無形資產王品公司 F&B Channel Industry Business Valuation Intangible Assets WOWPrime
Date:	2011
Issue Date:	2013-04-01 14:37:24 (UTC+8)
Abstract:	本研究主要乃藉由個案王品公司探討分析了解無形資產於餐飲通路業企業價值中之重要性。其中透過企業評價之方式如：類似公司比較法(P/E、P/B)、自由現金流量折現法(DCF)、超額報酬折現法(EVA)三種主要評價方法求得個案企業價值後與投入資本(IC)比較其差異分析，發現該公司之無形資產價值占比高達九成以上。同時更進一步透過EVA價值拆解分析了解該產業中主要價值因子為銷售成長率(g)、營業利潤率(m)、資本周轉率(T)，並藉由同業間比較與該公司過去歷史資訊了解個案公司對價值因子之管理與無形資產創造之關聯性，在歷史資料及假設變動資料下，以該公司之開創期、成長期、創新期等期間背景比較而了解各階段所投入之無形資產管理策略，而個案王品公司則是持續透過人力資本投入、企業文化與組織行為的塑造、顧客關係的建立、多品牌差異化等不同方式，從資本額僅200萬之小型企業成長到市值超過200億之跨國餐飲集團。經本研究由分析後了解到，該研究產業要創造其價值，不僅要對有形資產之管理，許多無形資產的管理(如：人力資本、顧客資本、資料處理、行銷等)才是企業賺取超額報酬之主要因素。而企業要賺取長期之超額報酬，皆與其擁有一個不可輕易被複製、模仿的無形資產有關，故無形資產如何被管理者衡量以及透過管理機制使其產生價值的創造才是企業經營重點，並提出建議予該產業經營者參考。 The objective of this study is to understand the importance of intangible value of enterprise in the F&B channel industry by the case of WOWPrime. The key finding of this study is that the weight of the value of intangible assets is over 90%, by the variation analysis of investment cost (IC) and enterprise value which is calculated by the methodology of valuation such as P/E, P/B, DCF, and EVA. Moreover, it is also found that the value factor in F&B industry is sales growth rate (g), sales margins rate (m) and capital turnover rate (T) by the deconstruction analysis of EVA. The correlation between the management of value factor and the creation of intangible assets is known by the study of the company history and the comparison of the same industry. In the historical data and hypothetic variable factors, we understand the strategy in the management of intangible assets in different stage by the study of the comparison in the stages of starting, growth and innovation. In this case, WOWPrime continuously invests in human capital, develop the enterprise culture and organizational behavior, establish the customer relations and diversify the business branding which move it to become an international company from initial capital from 2 Million to exceeding market value 20 billion today. Through this case study, we find that to create the enterprise value is not only to well manage the tangible assets but also to manage the intangible assets such as human capital, customer capital, data control, marketing, etc. are the key to facilitate the enterprise to win magnificent business gains. In summary, an enterprise expects to win long-term extraordinary gains is based upon the high degree of difficulty of duplication of its intangible assets. Therefore, the key factor to the enterprise to win the edge in the market depend upon how the leader to evaluate the value of the intangible assets and efficiently utilize this assets by management mechanism to generate the significant value and continuously propose to the leader for business consideration as well. 第一章續論 9 第一節研究背景 9 第二節研究動機 ….10 第三節研究目的 11 第四節研究範圍與架構 12 第二章文獻探討與研究方法 13 第一節企業評價 13 第二節無形資產 18 第三節國內文獻探討 20 第四節國外文獻探討 22 第五節研究方法 24 第三章產業概況分析與王品公司介紹 26 第一節餐飲通路產業介紹 26 第二節王品公司介紹 33 第四章個案評價分析-王品公司 43 第一節前提分析 45 第二節個案公司評價 57 第三節價值拆解分析 68 第五章結論與建議 80 第一節結論 80 第二節建議 81
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Description:	碩士國立政治大學經營管理碩士學程(EMBA) 99932060 100
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0099932060
Data Type:	thesis
Appears in Collections:	[Executive Master of Business Administration] Theses

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