品牌权益对企业价值的影响研究--来自《中国500最具价值品牌》中沪深上市企业的经验证据

A Study on the Influence of Brand Equity on Firm Value——From Empirical Evidence of Listed Companies in Shanghai & Shenzhen listed on “The China's Most Valuable Brands”

本文利用《中国500最具价值品牌》的品牌数据和对应的沪深上市公司相关数据,研究品牌权益与企业价值之间的关系,并分别从品牌自身特征、公司品牌战略及行业竞争环境三个层面进一步检验中华老字号品牌、企业品牌战略及行业集中度在品牌权益与企业价值关系中的影响作用。研究结果表明,品牌权益对企业价值具有显著的提升作用,且在单一品牌战略下,这种提升作用更为显著,随着行业集中度的提高,品牌权益对企业价值的提升效应显著减弱;但是否为老字号品牌并不显著影响二者之间的关系。本研究说明,在资本市场上品牌权益能够在企业价值中得到充分体现,且会受到公司品牌战略和企业经营环境的影响。这些结论为企业更加精确地实施品牌管理提供有价值的参考。

Based on the data of ＂China＇s most valuable brands＂ released by the world brand laboratory and the corresponding data form Shanghai and Shenzhen Stock Exchange markets, this paper aims to research the relationship between brand value and firm value, and to more test the influence of ＂time-honored＂ brand, corporate brand strategy, and industry concentration on above relationship. The experimental results show that brand value can positively improve firm value, and this relationship will be more obvious with single-brand strategy. This study also finds that the influence of brand value on firm value will significantly reduce under higher- industry concentration situation, and weather ＂time- honored＂ brand can not significantly change the significance level between brand value and firm value. These results illustrate that firm value can be fully reflected by brand equity in the capital market, and this relationship depends on brand strategy and business environment. These conclusions can provide some more precise managerial implications for companies to formulate and implement brand strategies.