品牌资本、R&D资本和全要素生产率

Brand equity, R&D capital and total factor productivity

发展品牌经济成为我国供给侧改革重要突破口。本文基于我国上市公司2013-2016年的财务数据,建立面板回归模型研究品牌资本、R&D资本对全要素生产率的影响效应,以此提供经验证据。研究结论表明,品牌资本与全要素生产率之间存在显著的正相关关系,且国有企业中的正向关系强度大于非国有企业的,大型企业中的强度大于中小企业的;另外,品牌资本与R&D资本在提升企业全要素生产率过程中存在互补效应,但这种效应仅存在于国有企业和大型企业中。稳健性检验进一步证实了以上结论。基于上市公司的经验证据能够帮助企业管理者更为深入地理解品牌资本和R&D资本的作用,从而为管理者在品牌资本和R&D资本资源分配上提供决策支持。同时,研究结论也表明应重视中小企业和非国有企业的品牌建设问题,这为政府制定相关政策提供决策支持。

Developing brand economy has been an important breakthrough of supply-side structural reform.By using financial data of Listed Companies in China from 2013 to 2016,a panel regression model is constructed to study the impact of brand equity and R&D capital on Total factor productivity(TFP).The conclusion shows that there is a significant positive correlation between brand equity and TFP,and the strength of state-owned enterprises is greater than that of non-state-owned enterprises,and the strength of large enterprises is greater than that of small and medium-sized enterprises.In addition,there is a complementary effect between brand equity and R&D capital in promoting TFP,however the effect only exists in state-owned enterprises and large enterprises.These conclusions are further confirmed by robust test.Empirical evidence of listed companies helps managers to understand the role of brand equity and R&D capital more deeply,and to provide decision support for the resource allocation.At the same time,the conclusion also provides policy implication for the government to formulate relevant policies to encourage brand strategies in small and medium-sized enterprises and non-state-owned enterprises.