Linking Customer and Financial Metrics to Shareholder Value: The Leverage Effect in Customer-Based Valuation
Linking Customer and Financial Metrics to Shareholder Value: The Leverage Effect in Customer-Based Valuation
复制标题
将客户和财务指标与股东价值联系起来：基于客户的估值中的杠杆效应
DOI：
10.1509/jm.10.0280
复制
发表时间：
2012
影响因子：
12.9
通讯作者：
T. Wiesel
中科院分区：
文献类型：
--
作者：
C. Schulze;B. Skiera;T. Wiesel
客户是大多数公司最重要的资产，因此客户资产被用作股东价值的代理。然而，将客户指标与股东价值挂钩，而不考虑债务和非经营性资产，会忽视它们对客户资产相对变化的影响，并导致估计偏差。在构建基于客户的价值评估的新理论框架中，本文以价值评估理论为基础，将所有客户的价值与股东价值联系起来，并引入了一个新的杠杆效应，可以将客户资产的百分比变化转化为股东价值。2000多家公司10年间的平均杠杆效应为1.55，这表明客户资产每增加10%，股东价值就会放大15.5%。本研究还比较了客户指标和财务指标对股东价值的影响。这些发现挑战了之前关于留存率的主导作用的观念，并突显了预测一家公司未来获得的客户数量的重要性。
Customers are the most important assets of most companies, such that customer equity has been used as a proxy for shareholder value. However, linking customer metrics to shareholder value without considering debt and non-operating assets ignores their effects on relative changes in customer equity and leads to biased estimates. In developing a new theoretical framework for customer-based valuation, grounded in valuation theory, this article links the value of all customers to shareholder value and introduces a new leverage effect that can translate percentage changes in customer equity into shareholder value. The average leverage effect in more than 2000 companies across ten years is 1.55, which indicates that a 10% increase in customer equity is amplified to a 15.5% increase in shareholder value. This research also compares the influence of customer and financial metrics on shareholder value. The findings challenge previous notions about the dominant effect of the retention rate and underline the importance of predicting the number of future acquired customers for a company.