品牌架构战略对公司价值的影响及其机制研究

The Impact of Brand Architecture Strategy on Firm Value and Its Mechanism

品牌架构体现了一家公司的总体营销战略,它可能通过影响公司的经营效率而影响公司价值。关于品牌架构战略影响公司价值的问题,现有研究在主效应的结论上不一致,对其机制也未进行实证检验。本文以2015—2019年的沪深上市公司为研究样本,实证检验了品牌架构战略和公司价值之间的关系及作用机制。结果表明,公司品牌架构对公司价值有更显著的影响,经营效率在三种品牌架构和公司价值的关系中发挥显著的中介作用。机制检验发现,公司品牌架构相对在业务组织和管理、营销投入方面发挥出更明显的成本优势,从而显著提高经营效率和公司价值;多品牌架构则相对在新品牌和新产品引入的创造收入提升经营效率方面表现更佳。研究结论在各种稳健性检验下仍然成立。进一步地,本文发现品牌架构战略对公司价值的影响在不同业务战略和市场类型的公司中具有明显的异质性。本文丰富和深化了品牌架构战略研究,为企业管理者、金融市场投资者在业务经营和营销战略决策、投资分析等方面提供了新的启示和依据。

How to manage the brand system to achieve higher business growth and operating performance is critical to modern firms’business operation and marketing management.However,existing literature does not reach to consistent conclusions on the relationship between brand architecture strategy and operating performance,and lacks attention to the mechanism.Therefore,this paper examines the main effect and explores the mechanism of operating efficiency between brand architecture strategy and firm value,trying to uncover the“black box”in this relationship.This paper takes the listed companies of China Securities 800 index(CSI 800)from 2015 to 2019 as the sample frame.After excluding those listed companies which belong to specific industries and lack main data,1443 useable observations of 298 listed companies in Shanghai and Shenzhen Stock Exchange are obtained.Meanwhile,the data of brand architecture strategy types and the relevant marketing characteristics of sample listed companies are obtained by manual collection and coding,and the financial data are from CSMAR and Wind,which are the basis of empirical tests on theoretical assumptions.The results show that:First,compared with the mixed branding and the house of brands,the branded house has a more significant positive effect on firm value.Second,all of the three brand architecture strategy types have obvious effects on firm value by significantly affecting operating efficiency.Furthermore,at the firm level,the branded house and the house of brands have the same effect on improving operating efficiency;at the business operation level,the branded house has greater cost advantages in business organization and management,and marketing investment,while the house of brands has more significant advantages in the introduction of new brands and products to gain revenue.Third,the relationship between brand architecture strategy and firm value is significantly heterogeneous due to the moderating role of the two business strategies of diversification and centralization,and the two market types of B2B and B2C.The main contributions of this paper are as follows:First,through the study of multiple industry samples in China’s capital market,it tests and verifies the conclusion that the branded house has a higher positive impact on firm value in the new market scope,which is helpful to the generalization of this conclusion in the development of brand architecture strategy theory.Second,it is the first time to verify the internal mechanism that the brand architecture strategy affects operating efficiency and firm value through affecting business organization and resource allocation,including the cost and efficiency of business organization and management,marketing investment,and the introduction of new brands and products,which theoretically expands and deepens the brand architecture strategy theory.Third,the heterogeneity of the impact of brand architecture strategy on firm value is revealed by different business strategies and market types,which further deepens the mechanism explanation of the relationship in the main effect.Practically,it provides guidance for firms to choose appropriate brand architecture strategy to carry out the strategic decision-making and management of firm brand system,and the investment analysis of financial market.