货币政策不确定性会影响品牌资产价值吗

Do Monetary Policy Uncertainty Effect the Value of Brand Asset?

在新发展格局下,通过政策手段激发中国品牌的市场活力和价值创造力有重要的研究价值和实践意义。本文基于货币政策不确定性视角,以世界品牌实验室《中国500最具价值品牌》上榜上市公司为研究对象,使用2007年—2019年的数据资料探索货币政策不确定性对品牌资产价值的影响及作用机制。结果发现:货币政策不确定性显著抑制品牌资产价值,且可能通过影响品牌企业融资约束、债务成本、研发创新投入和研发创新产出等渠道实现。进一步研究发现:货币政策不确定性对非中华老字号品牌、资本和技术密集型品牌的影响更为显著,货币政策适度水平对品牌资产价值存在正向影响。本文研究为通过货币政策服务品牌经济发展、提升中国品牌资产价值提供理论支持。

Under the new development pattern,stimulating the market vitality and value creativity of Chinese brands through policy measures has important research value and practical value.Based on the perspective of monetary policy uncertainty,this paper takes listed enterprises in the World Brand Laboratory's“China's 500 Most Valuable Brands”as the research object,and uses data from 2007 to 2019 to explore the impact and mechanism of monetary policy uncertainty on brand asset value.The results showed that monetary policy uncertainty significantly inhibits brand asset value and may be achieved through channels such as influencing brand enterprise financing constraints,cost of debt,R&D innovation investment,and innovation output.Further research has found that monetary policy uncertainty has a more significant impact on non Chinese time-honored brands,capital and technology intensive brands.Furthermore,the moderate level of monetary policy has a positive impact on brand asset value.This study provides theoretical support for serving the development of brand economy and enhancing the value of Chinese brand assets through monetary policy.