品牌价值与财务绩效的U型关系——社会责任的调节作用

U-shaped Relationship between Brand Value and Financial Performance:The Moderating Role of Social Responsibility

以2013—2019年世界品牌实验室发布的《中国500最具价值品牌》榜单中沪深A股上市公司为研究对象,构建多元回归模型,实证检验品牌价值与财务绩效之间的非线性关系以及社会责任对两者之间关系的调节作用。研究结果表明:(1)品牌价值与财务绩效之间存在U型曲线关系,随着品牌战略的持续实施,品牌价值对财务绩效的影响由抑制效应转向促进效应;(2)社会责任负向调节品牌价值与财务绩效的U型关系,其曲线形态趋于平缓、拐点左移,表明企业履行社会责任能够减小品牌战略实施前期与后期在经济效益方面的较大差异,同时加快品牌价值对财务绩效的正向影响。

Taking Shanghai and Shenzhen A-share listed companies in the list of China’s 500 Most Valuable Brands published by World Brand Lab from 2013 to 2019 as the research object,this paper constructs a multiple regression model to empirically test the nonlinear relationship between brand value and financial performance,as well as the moderating effect of social responsibility on the relationship between them.The results show that:(1)there is a U-shaped relationship between brand value and financial performance.With the continuous implementation of brand strategy,the influence of brand value on financial performance changes from inhibiting effect to promoting effect.(2)Social responsibility moderates the U-shaped relationship between brand value and financial performance,which shows that the curve tends to be flat and the inflection point shifts to the left,indicating that corporate social responsibility can reduce the large difference in economic benefits between the early and late period of brand strategy implementation,and accelerate the positive impact of brand value on financial performance.