老字号品牌复兴、资产质量与资产估值的关系——以贵州茅台为例

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

对老字号贵州茅台的品牌复兴实证研究发现,营业收入与权益乘数负相关,与总资产周转率不相关,与销售净利率正相关,即老字号品牌复兴能够不依靠增加财务杠杆,不依靠提高营运能力,而是依靠提高盈利能力,品牌溢价是老字号的竞争优势。而且,营业收入与净资产收益率正相关,即老字号品牌复兴不需要牺牲资产质量,还能够提高资产质量,是有质量的品牌复兴。另外,营业收入与净资产、市值、经营活动现金净流量、股东自由现金流正相关,与市净率、市盈率不相关,即老字号品牌复兴能够提高账面价值、市场价值、内在价值的绝对估值,不过不能提高账面价值、市场价值的相对估值。此外,老字号资产质量与净资产、市值、经营活动现金净流量正相关,与市净率、市盈率、股东自由现金流不相关,即提高老字号资产质量能够提高账面价值、市场价值、内在价值的绝对估值,不过不能提高账面价值的相对估值、市场价值、内在价值的相对估值。

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 turn- over 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. Moreo- ver, 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 im- provement of asset quality of the time-honored brand can promote the absolute value of book value, the ab- solute 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.