公司声誉能带来更高的金融市场价值吗——基于中华老字号上市公司的证据

DOES CORPORATE REPUTATION BRING HIGHER FINANCIAL MARKET VALUE——Evidence from China Time-honored Listed Companies

中华老字号品牌是一项独特的公司声誉资产,为研究公司声誉价值提供了较好的计量识别环境,有助于解决以往金融中介声誉研究存在的内生性问题。本文以1992—2014年A股上市公司为研究样本,发现拥有老字号品牌的公司有着显著更低的IPO抑价率,且上市后融资约束问题更小、股票市场表现更好、经营业绩更为稳健,说明老字号品牌作为公司声誉资产,能够有效地发挥信息鉴证效应。机制分析表明,老字号公司声誉能够促进管理层利益兼容,提高内部治理效率,从而形成自觉维护声誉的良性循环。因此,本文不仅发现公司声誉可以作为判断公司价值的有效指标,而且通过研究中华老字号品牌的声誉价值对公司业绩和内部治理的促进作用,为新发展阶段下国有企业混合所有制改革提供了一定的借鉴意义。

China Time-honored Brand is a unique corporate reputation asset,which provides a good identification environment for studying corporate reputation and helps to solve the endogeneity problem of previous studies on financial intermediary reputation.This paper uses A-share listed companies in 1992-2014 as the research sample and finds that companies with Time-honored Brands have significantly lower IPO underpricing ratios,less post-IPO financing constraints,better stock market performance,and more robust operating performance,indicating that Time-honored Brands can effectively play an information assurance role as corporate reputation assets.Mechanism analysis shows that Time-honored corporate reputation can promote management interest compatibility and improve internal governance efficiency,thus forming a virtuous circle of consciously maintaining reputation.Therefore,this paper not only finds that corporate reputation can be used as an effective indicator of corporate value,but also provides some implications for the mixed ownership reform of state-owned enterprises under the new development stage by studying the reputation value of China Time-honored Brand in promoting corporate performance and internal governance.