本研究以入選2013年至2019年Interbrand台灣20大國際品牌之電子業廠商為研究對象，並結合台灣經濟新報之財務數據，研究品牌價值與台灣電子業自有品牌製造商營運績效是否存在正向關係。
本文之研究方法分為三部分，第一部份為估計品牌價值；使用台灣經濟新報的企業數據，按Hirose模型計算出入選2013年至2019年Interbrand台灣20大國際品牌電子業廠商的品牌價值。第二部分為混合估計法、固定效果與隨機效果迴歸模型，以營運績效的指標做為應變數，探討品牌價值是否具有顯著且正向的效果。第三部份採用台灣經濟新報的市場多因子資料庫的因子數據，執行Fama-French三因子模型，檢驗品牌價值較高的廠商，其營運績效是否優於品牌價值較低者。
實證結果發現，台灣電子業自有品牌製造商仍未居世界一流，品牌價值對於營運績效無顯著正向影響，亦不存在因果關係。以投資市場的角度探討，高品牌價值的台灣電子業企業的股價報酬率也未優於品牌價值較低的電子業廠商。

The purpose of this article is to investigate the brand value-profitability relationship in Taiwan electronic Original Equipment Manufacturers. This study is to determine the brand value based on the financial data and to analyze the relationship between the obtained values and the asset profitability levels of the firms. Hirose model is used to measure the financial-based brand value during the 2013 to 2019. In order to check whether the brand values had significant and positive effect on asset profitability levels, we use fixed effect and random effect model to analysis. Furthermore, we used Fama-French model to analysis whether the higher brand values would have better performance of the asset profitability levels than lower brand values firms.
The empirical result shows that, Taiwan’s electronic firms didn’t have strong brand power. Brand values don’t have significant and positive effect on asset profitability levels. Meanwhile, the firms with higher brand values didn’t perform better than lower brand values electronic firms. Broadly speaking, it told us that Taiwan electronic Original Equipment Manufacturers are on the right track, but still have room for improvement.

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