023-16

2019-10-03 (木) 10:12:21 (41d) | Topic path: Top / 023-16

第23回研究会

B2B市場における企業ブランドとROEの関連性

著者

真鍋友則(Sansan), 中川慧(野村アセットマネジメント)

概要

The importance and necessity of investment in intangible asset value of companies, including ESG investment, has been increasing in recent years. Corporate brands are an important element of intangible assets. However, especially in B2B companies, there are many unclear points regarding the relationship between corporate brand value and business performance. In this study, we quantitatively evaluated the relationship between B2B corporate brands and performance using a new large-scale corporate brand survey index created from a business card exchange network. This brand survey index is created based on evaluations from the company's stakeholders by limiting their respondents to the business card owners of the company. We examined the relationship between the corporate brand index and ROE for B2B companies. First, we decomposed ROE into profit rate (differentiation strategy), turnover rate (cost leadership strategy) and financial leverage. Next, we analyzed the relationship between them and the brand index. As a result, we found that companies with a high corporate brand index had a significantly higher profit margin, a significantly lower turnover rate and no significant association with financial leverage. These results show that even in B2B companies, companies with high corporate brands have implemented a differentiation strategy that allows a high margin range, while companies with low brands have adopted cost leadership strategies with high turnover rate. This is the first empirical evaluation of the relationship between B2B corporate brands and ROE, achieved using a large-scale survey.

キーワード

Intangible asset, B2B brand, Brand equity, Brand management, Brand investment

論文

(10月9日以降に公表いたします)

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