中国企业品牌“出海”:“一带一路”倡议如何提升企业品牌价值

Chinese Corporate Brands “Going Global”: How does the Belt and Road Initiative Enhance Corporate Brand Value

企业品牌价值是企业重要的无形资产。“一带一路”倡议的提出与实施为中国企业品牌“走出去”创造了历史机遇,中国企业在参与“一带一路”倡议的过程中,企业品牌价值不断提高,国际竞争力不断增强。但鲜有研究从企业品牌视角关注“一带一路”倡议对中国企业的影响。鉴于此,本文采用2010—2021年中国A股上市公司数据,通过多期双重差分方法研究并评估“一带一路”倡议对中国企业品牌价值提升的作用效果及作用机制。研究发现:企业参与“一带一路”倡议能够显著促进企业品牌价值的提升,其中国际化经营的经济价值和企业社会责任的社会价值发挥了重要的中介作用。同时,企业品牌价值的提升存在空间溢出效应,对于周边其他企业随地理距离的增加呈先抑制、后促进、再抑制的趋势。此外,企业规模、所有制、区位位置以及所属行业等也对企业品牌价值的提升效果存在一定程度的差异性影响。研究结论不仅为“一带一路”倡议实施效果提供了企业层面关于企业品牌价值的实证支撑,同时也为近年来中国企业品牌价值不断提升的原因提供了来自“一带一路”倡议的解释和参考。

Corporate brand value is the most important intangible asset of an enterprise. The proposal and implementation of the Belt and Road Initiative has created a historical opportunity for Chinese corporate brands to “go global”. In this process, Chinese enterprises have continuously improved their brand value and enhanced their international competitiveness. However, few studies focus on the impact of the Belt and Road Initiative on Chinese enterprises from the perspective of corporate brand. This paper uses the data of China's A-share listed companies from 2010 to 2021 to study and evaluate the effect and mechanism of the Belt and Road Initiative on the promotion of corporate brand value through the Time-varying DID method. The results show that the participation of enterprises in the Belt and Road Initiative significantly promote corporate brand value, in which the economic value of international operation and the social value of corporate social responsibility play an important intermediary role. At the same time, the promotion of corporate brand value has a spatial spillover effect, which shows a trend of first inhibiting, then promoting, and then inhibiting other surrounding enterprises with the increase of geographical distance. In addition, the scale, ownership,location, and industry of the enterprise also have varying impacts on the promotion of corporate brand value. The conclusions not only provide empirical support for the implementation effect of the Belt and Road Initiative on corporate brand value at the enterprise level, but also provide explanations and references from the Belt and Road Initiative for the reasons why the brand value of Chinese enterprises has been increasing in recent years.