ﻓﺮاﯾﻨﺪ ﺗﺤﻠﯿﻞ ﺳﻠﺴﻠﻪ ﻣﺮاﺗﺒﯽ ﮔﺮوﻫﯽ )GAHP( رﺗﺒﻪﺑﻨﺪي داراﯾﯽﻫﺎي ﻧﺎﻣﺸﻬﻮد: ﻣﻄﺎﻟﻌﻪ ﺻﻨﺎﯾﻊ ﺷﯿﻤﯿﺎﯾﯽ

Group AHP in Ranking Intangible Assets: A Study on Chemical Industry

ارزش ﺷﺮﮐﺖﻫﺎ ﺑﻪﻃﻮر ﻗﻄﻌﯽ ﺑﺮ ارزﯾﺎﺑﯽ داراﯾﯽﻫﺎي ﻧﺎﻣﺸﻬﻮد ﻣﺘﮑﯽ اﺳﺖ و ﻣﺪلﻫﺎي ﺳﻨﺘﯽ درك ارزش اﯾﻦ داراﯾﯽﻫﺎ را ﺗﺤﺖاﻟﺸﻌﺎع ﻗﺮار داده اﺳﺖ ﮐﻪ ﻣﻌﻤﻮﻻً در ﻧﻈﺮ ﮔﺮﻓﺘﻪ ﻧﻤﯽﺷﻮﻧﺪ. ﻫﺪف اﯾﻦ ﻣﻘﺎﻟﻪ اﯾﺠﺎد ﯾﮏ ﻣﺴﯿﺮ روﺷﻦ ﺑﺮاي رﺗﺒﻪﺑﻨﺪي داراﯾﯽﻫﺎي ﻧﺎﻣﺸﻬﻮد ﺑﺮ اﺳﺎس ارزش ﺑﺮﻧﺪ آنﻫﺎﺳﺖ. ﻧﻤﻮﻧﻪ ﭘﮋوﻫﺶ ﺷﺎﻣﻞ 10 ﺷﺮﮐﺖ ﻣﻨﺘﺨﺐ در ﮔﺮوه ﻣﺤﺼﻮﻻت ﺷﯿﻤﯿﺎﯾﯽ در ﺳﺎلﻫﺎي 1391 ﺗﺎ 1396 اﺳﺖ. ﻣﺪل اﺳﺘﻔﺎدهﺷﺪه در اﯾﻦ ﭘﮋوﻫﺶ ﺑﺮاي رﺗﺒﻪﺑﻨﺪي، AHP ﮔﺮوﻫﯽ و ﺟﻬﺖ ﻣﺤﺎﺳﺒﻪ ارزش ﺑﺮﻧﺪ ﺗﺮﮐﯿﺒﯽ از ﻣﺪل ارزش ذاﺗﯽ ﺷﺮﮐﺖ ﺑﺎ اﺳﺘﻔﺎده از ﻣﺪل ﺗﻨﺰﯾﻞ ﺳﻮد ﻧﻘﺪي ﺳﻪ ﻣﺮﺣﻠﻪاي و ﻣﺪل ﺳﻮد ﻫﺮ ﺳﻬﻢ ﻣﻨﺘﺴﺐ ﺑﻪ ﺑﺮﻧﺪ اﺳﺖ. ﻧﺘﺎﯾﺞ ﺣﺎﮐﯽ از آن اﺳﺖ ﮐﻪ ﺑﻪ ﺗﺮﺗﯿﺐ، داراﯾﯽﻫﺎي ﻧﺎﻣﺸﻬﻮد ﻣﺮﺑﻮط ﺑﻪ ﺑﺎزارﯾﺎﺑﯽ، ﻗﺮارداد، ﻓﻨﺎوري، ﻣﺸﺘﺮي و ﻫﻨﺮ در اوﻟﻮﯾﺖ ﻗﺮار ﮔﺮﻓﺘﻨﺪ؛ ﻫﻤﭽﻨﯿﻦ در ارزشﮔﺬاري ﺑﺮﻧﺪ ﺑﺎ روﯾﮑﺮد ﺳﻮد ﻫﺮ ﺳﻬﻢ ﻣﻨﺘﺴﺐ ﺑﻪ ﺑﺮﻧﺪ ﻣﺪﻟﯽ ﻣﺎﻟﯽ ﺑﺮاي ارزشﮔﺬاري ﺑﺮﻧﺪ اراﺋﻪ ﺷﺪ.

The value of firms is positively dependent on the evaluation of intangible assets. The traditional models have obscured the appreciation of the assets of the ignored assets.􀀄The main objective of this study is to create a clear path for the ranking of intangible assets with a focus on their brand values. The sample consisted of 10 companies in the group of chemical products during the years between 2012 to 2017. This model was applied in order to rank the group AHP and to calculate the brand value of the company's intrinsic value model using a three - step cash - earning discount model and the EPS model of each contribution to the brand. The results showed intangible assets related to marketing, contract, technology, consumer and arts are in priority respectively. It also offered a financial model for brand valuation with the profitability approach of each contribution to the brand