Hedonic Price of Alcohol Quality Certification Label- A study of Kaoliang Liquor Market in Taiwan

• Main Authors: Hsin-Tze Chen, 陳信字
• Other Authors: 楊育誠
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/3hecw6

碩士 === 國立中興大學 === 應用經濟學系所 === 100 === Since we executed the new Tobacco and Alcohol Administration Act in 2002, plenty of private distilleries invest in such market continuously. There are a variety of alcoholic beverages sold in the market and the prices are really in a muddle. In the first year of the execution of the new Act, there was even a case with regard to people drank rice wine by mistake and many people are dead because of it. In view of this, the Ministry of Finance carried out the Alcohol Quality Certification System since 2003 which emphasizes that the alcoholic beverages certificated by the government are in good quality and this may be a choosing reference for consumers. In order to understand the implied market value of certification label of alcoholic beverages, this study takes do-mestic Kaoliang liquor as the object of study and the hedonic price analysis is con-ducted here to evaluate each hedonic price of Kaoliang liquor. Refer to the domestic and international references of hedonic price, the product characteristics of Kaoliang liquor are divided into four categories, the sensory characte-ristics, objective characteristics, certificated characteristics of alcoholic quality and branding characteristics. Take the producers of Kaoliang liquor who have passed the certification and not passed the certification as the survey objects, to design a survey form and obtain the evidence-based information of study by collecting the labeling con-tent of alcoholic beverages of the market and interviewing wineries and relevant spe-cialists. The Box-Cox Transformation Function is conducted in evidence-based evalua-tion which takes the logarithmic function of restricted model as evidence to analyze the function model. And then further evaluate the coefficient value of each variable and marginal implied price of each characteristic by suing the least square method. The conclusion of this study is as below: (1)For the sensory characteristics, the length of aging period is an important factor that will influence the sensory characteris-tics. The longer the aging period it is, the higher sale price of Kaoliang liquor it will be. The prices whose aging periods are above three years or during 1-3 years are higher than the price whose aging period is under 1 year. The increased additional value for every 100 ml NTD 53.58 and NTD 15.16. (2) For the objective characteristics, the packaging method with porcelain bottle or its design will influence the price significantly. When it compares to general glass bottle, the price premium of NTD 21.74 can be obtained for every increased 100 ml. (3) The additional value of alcoholic beverage is increased by the certification characteristics and the premium for every 100 ml is NTD 17.46. (4) For the branding characteristics, the Kinmen Kaoliang liquor is approved by most people. When it compares to general public distilleries, the increased additional price of Kinmen Kaoliang liquor is NTD 37.90 for every 100 ml. The next is Tunnel 88 from Majo distillery for NTD 25.91. The evaluated results of Yushan collection of Taiwan Tobacco and Liquor Corporation and Fortune series of Fortune Brewery International Co are not significant.