The development of digital technology and the construction of smart cities urge service enterprises to seek competitive advantages by building smart service brands.However,there are few studies explore the brand value...The development of digital technology and the construction of smart cities urge service enterprises to seek competitive advantages by building smart service brands.However,there are few studies explore the brand value,brand strategies,and corresponding business strategies of smart service providers from the financial perspective.This paper selects listed property companies from China as the sample and explores the value of the smart community service brand of property enterprises based on the observation data.This research introduces the market value measurement index(Tobin q)and discounted cash flow model(DCF)to explore the influence of diversified brand strategies through combining smart brand strategy with naming strategies and business strategies on brand value.The results show that smart community service brand has a significant impact on firms'market value.Compared with the brand extension strategy,the adoption of brand renewal strategy will significantly affect market value.Further,the development of smart value-added services by enterprises will exert a positive impact on their market value.However,the stakeholders are not optimistic about smart technical services by property companies,which could reduce shareholders'expectations of the market value of enterprises.展开更多
优化营商环境降低了微观主体投资调整成本,改变了宏观经济政策运行的微观环境。构建具有微观基础的宏观NKQ-DSGE(New Keynesian with Tobin s Q-Dynamic Stochastic General Equilibrium)模型,研究“营商环境优化”对“财政政策提效”...优化营商环境降低了微观主体投资调整成本,改变了宏观经济政策运行的微观环境。构建具有微观基础的宏观NKQ-DSGE(New Keynesian with Tobin s Q-Dynamic Stochastic General Equilibrium)模型,研究“营商环境优化”对“财政政策提效”的影响。研究发现:优化营商环境会降低投资调整成本,从而增强政策的托宾Q效应,但对积极财政政策而言是一把双刃剑;对于财政支出政策和降低消费税政策,优化营商环境会加剧政策对私人投资的挤出效应,从而降低政策乘数和弱化政策效果;对于降低资本税政策和降低劳动税政策,优化营商环境会提升政策对私人投资的促进效应,从而提高政策乘数和强化政策效果。因此,应偏向于使用乘数较大的政策工具,同时政策工具之间应协调配合,实现财政政策从“加力”向“提效”转型。展开更多
基金Supported by the National Natural Science Foundation of China (71972175)the National Social Science Foundation of China (20&ZD075)the National Key R&D Program of China (2017YFB1400400)。
文摘The development of digital technology and the construction of smart cities urge service enterprises to seek competitive advantages by building smart service brands.However,there are few studies explore the brand value,brand strategies,and corresponding business strategies of smart service providers from the financial perspective.This paper selects listed property companies from China as the sample and explores the value of the smart community service brand of property enterprises based on the observation data.This research introduces the market value measurement index(Tobin q)and discounted cash flow model(DCF)to explore the influence of diversified brand strategies through combining smart brand strategy with naming strategies and business strategies on brand value.The results show that smart community service brand has a significant impact on firms'market value.Compared with the brand extension strategy,the adoption of brand renewal strategy will significantly affect market value.Further,the development of smart value-added services by enterprises will exert a positive impact on their market value.However,the stakeholders are not optimistic about smart technical services by property companies,which could reduce shareholders'expectations of the market value of enterprises.
文摘优化营商环境降低了微观主体投资调整成本,改变了宏观经济政策运行的微观环境。构建具有微观基础的宏观NKQ-DSGE(New Keynesian with Tobin s Q-Dynamic Stochastic General Equilibrium)模型,研究“营商环境优化”对“财政政策提效”的影响。研究发现:优化营商环境会降低投资调整成本,从而增强政策的托宾Q效应,但对积极财政政策而言是一把双刃剑;对于财政支出政策和降低消费税政策,优化营商环境会加剧政策对私人投资的挤出效应,从而降低政策乘数和弱化政策效果;对于降低资本税政策和降低劳动税政策,优化营商环境会提升政策对私人投资的促进效应,从而提高政策乘数和强化政策效果。因此,应偏向于使用乘数较大的政策工具,同时政策工具之间应协调配合,实现财政政策从“加力”向“提效”转型。
