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기업의 마케팅 역량 분석에 기초한 주식투자법에 대한 고찰

A Study on the Equity Investment Based on Evaluation of a Firm’s Marketing Capabilities

원지성
미래산업연구소 (The Research Institute of Future Industry)|2023.04|산업연구 (Journal of Industrial Studies)|제47권 제1호|pp. 1-46|DOI 10.22915/rifi.2023.47.1.001

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참고문헌

키워드

주주가치shareholder valuemarketing capabilities마케팅역량주식투자시장기반자산성장투자Philip Fisherstock investmentmarket-based assetsexpected return
주제분류사회과학일반

초록

전통적으로 마케팅 개념(marketing concept)에서는 고객만족에 기초한 장기적 관점에서의 이윤추구를 중요시하였고, 이것은 기업가치 극대화 혹은 주주가치 극대화의 개념으로 연결된다. 많은 연구들이 광고를 비롯한 다양한 마케팅 활동이 기업의 현재와 미래의 현금흐름을 증가시켜 결과적으로 기업가치를 증가시키는 효과가 있음을 보여왔다. 이들 연구에 기초하여 볼 때, 기업의 마케팅 역량 등을 포함한 기업의 경쟁력을 정확하게 평가할 수 있다면 앞으로 가치가 크게 높아질 기업을 선별해 낼 수 있을 것이다. 이러한 접근방법을 실제 주식투자에 활용한 대표적인 인물로 Philip Fisher가 있다. 본 연구에서는 주식투자에 활용되어온 다양한 접근방법들을 설명하고, 그 중 특히 Fisher 등의 투자자들이 채택한 투자접근법에 대해 자세히 논의한다. 또한 마케팅 및 재무 분야에서 이루어져 온 관련 연구들에 기초하여 왜 이러한 접근방법이 효과적인지에 대한 근거를 제시한다. 기업가치는 미래에 발생할 모든 현금흐름의 순현재가치(net present value)인데, 많은 충성고객과 높은 브랜드 자산가치 등의 ‘시장기반 자산(market-based asset)’을 확보한 기업은 미래에 현금흐름이 더 높고 안정적으로 발생할 것이기에 기업가치는 높아지게 된다. 추가적으로 본 연구에서는 소개한 투자법에 대한 논의를 보충하기 위해서, 기업의 내재가치 계산법에 기초하여 기대투자수익률 공식을 도출하고, 이에 기초하여 매출 등의 변수가 투자수익률에 어떤 영향을 주는지에 대해 분석한다. 결론에서는 이러한 접근방법을 개인 투자자들이 투자에 적용할 수 있는 구체적인 실천방안들도 제시한다.

Abstract

Traditionally, the marketing concept has emphasized profit-seeking from a long-term perspective based on customer satisfaction, which leads to the concept of maximizing corporate value or shareholder value. Many studies have shown that various marketing activities, including advertising, have the effect of increasing the company's current and future cash flows, resulting in an increase in corporate value. Based on these studies, if a company's competitiveness, including its marketing capabilities, can be accurately evaluated, it will be possible to select companies whose value will increase significantly in the future. Philip Fisher is a representative person who used this approach for actual stock investment. In this study, various approaches that have been used for stock investment are explained, and among them, investment approaches adopted by investors such as Fisher are explained in detail. It also provides a basis for why this approach is effective based on relevant studies conducted in the marketing and finance sectors. Corporate value is the net present value of all future cash flows, and companies with many loyal customers and high brand asset values will have higher and more stable cash flows in the future. Additionally, this study derives an expected return on investment formula based on the company's intrinsic value calculation method to supplement the discussion on the investment method introduced, and analyzes how variables such as sales affect the return on investment. The conclusion also suggests specific action plans that can be applied to investment by the general public.

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