品牌权益影响股东价值的实证研究  

Empirical Study on the Effect of Brand Equity on Shareholder Value

作　　者：黎小林[1,2] 王海忠[1] 

机构地区：[1]中山大学管理学院,广州510275 [2]广东商学院工商管理学院,广州510275

出　　处：《管理科学》2010年第2期60-68,共9页Journal of Management Science

基　　金：教育部哲学社会科学项目(08JZD0019);国家自然科学基金(70772081);广州市社会科学基金(08B02)~~

摘　　要：市场营销活动对企业股东价值的影响是品牌价值链研究的重要方面。近年来营销学者为了向企业经理证实营销活动能够为企业带来长远效益,不断探索各个营销环节和营销活动对企业股东价值的影响。从品牌的视角探讨营销活动对股东价值的影响,探索品牌权益对股东价值的影响途径和中介变量以及这些影响在不同行业之间的差异;以世界品牌实验室关于品牌价值评估的数据作为品牌权益的测量,以网易网站和东方财富网站的财务数据计算Tobin′sQ作为企业股东价值的测量,采用2005年～2007年的数据进行面板数据分析。研究结果表明,品牌权益能够正向影响股东价值,企业利润是品牌权益和股东价值的中介变量,品牌权益对股东价值的影响受企业所在行业的调节。In recent years marketing scholars have tried best to study the impact of marketing activities on shareholder value so as to convince managers that marketing activites could bring about long-term benefits for the enterprises. This study discusses the marketing effects from the perspective of brand equity and explores the approaches and mediators that brand equity affects shareholder value as well as the differences between various industries.Using the evaluated brand value by world brand lab as the measure of brand equity and collecting data from www.163.com and www.eastmoney.com which cover three years from 2005 to 2007,we compute Tobin＇s Q as the measure of shareholder value and perofrm research based on panel data analysis. The results show that brand equity can positively affect shareholder value and the profit is the mediator between brand equity and shareholder value. The industries moderates the effect of brand equity on shareholder value.

关 键 词：品牌权益 股东价值 Tobin′sQ 企业利润 

分 类 号：F713.5[经济管理—市场营销]