台灣觀光產業的公司治理對品牌資產與獲利能力之調節效果
2017年02月
研 究 生：戴立偉
指導教授：方進義

摘要
過去研究較少探討觀光產業之公司治理與品牌資產之關聯程度，本研究探討臺灣觀光產業中，品牌資產是否會影響其獲利能力，以推銷費用為品牌資產的代理變數，每股盈餘為獲利能力之代理變數，公司治理為調節變項；另外根據過去文獻，以公司總資產、公司年資、債務比、股票週轉率、法人持股比率五個公司控制變項以及失業率、通貨膨脹率、美元匯率、失業率、國內生產毛額與貨幣供給年增率五個總體經濟控制變項。資料來源取自臺灣經濟新報資料庫與臺灣證券交易所─公開資訊觀測站，針對32間臺灣觀光產業上市(櫃)公司2000年至2015年之年資料，共計16年167筆數據，使用SPSS 22.0與Stata V11統計軟體進行了描述性統計、多元相關分析、最小平方法迴歸分析與追蹤資料迴歸分析。本研究之結果顯示品牌資產會對臺灣觀光產業上市(櫃)公司之獲利能力有正向顯著影響；而公司治理之良窳則會對兩者變數產生調節效果。本研究之成果能供臺灣觀光產業上市櫃公司的經營者做為參考，使其能更注重於品牌資產的管理以及公司治理的議題，以達到提升公司獲利能力之成果。
關鍵詞：臺灣觀光產業、品牌資產、獲利能力、公司治理

To Explore the Corporate Governance Moderate the Impact of Brand Equity on Profitability in Taiwanese Listed Tourism Companies
September, 2016
Author: Dai, Li-Wei
Advisor: Fang, Chin-Yi
Abstract
The extant research has paid little attention on the relationship between corporate governance and brand equity in the tourism industry. This research investigated the moderating effect of corporate governance on the relationship between brand equity and financial performance in the Taiwanese listed tourism companies. Meanwhile, this study utilized six corporate control variables including total asset, years of service, debt ratio, operating performance, stock turnover rate and institutional investors’ holding rate, and five economic control variables including unemployment rate, USD exchange rate, Gross Domestic Product, inflation rate, and money supply into the multiple regression model. The data source is from Taiwan Economics Journal (TEJ) ranging from 2000 to 2016. A total of 167 records covering 32 listed tourism companies in Taiwan. The result indicated that the brand equity would have direct impact on the financial performance in Taiwanese listed tourism companies. The corporate governance would moderate the relationship between brand equity and financial performance. This finding could offer the practitioners to address on the issue of corporate governance and brand equity in order to enhance the profitability in the tourism industry.
Key words: Brand Equity, Corporate Profitability, Corporate Governance, Taiwan Listed Tourism Companies

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