商标、广告对企业市场价值的贡献研究——基于医药行业的实证分析  

Contribution of Trademark and Advertisement on Firm’s Market Value——Empirical Research on Pharmaceutical Companies

作　　者：冯仁涛[1,2] 张庆[2] 余翔[2] 

机构地区：[1]福建工程学院法学系,福州350108 [2]华中科技大学管理学院,武汉430074

出　　处：《管理评论》2013年第6期154-160,共7页Management Review

基　　金：国家自然科学基金面上项目(71072033)

摘　　要：本文探索了商标与广告这两种重要无形资产对企业市场价值的作用及贡献程度,并以我国医药上市公司为样本,运用多元回归分析方法,对企业商标、广告投资与企业市场价值、经营绩效之间的关系作了实证研究。结果表明,医药企业广告投资与企业市场价值、经营绩效有显著的正相关关系。而企业的商标数量、商标强度与企业市场价值、经营绩效没有关联性。在此基础上,探索了影响医药企业商标数量及商标战略选择的几个主要因素,发现医药企业的商标数量在很大程度上取决于其所处的市场结构、行业竞争程度以及企业特有的营销或商标战略。最后,基于实证研究结果提出了对策建议。The aim of this paper is to explore the role and contribution of trademarks and advertising investments on firm＇ s market value. Trademark and advertising are two important investments on firm＇s intangible assets. With Chinese pharmaceutical listed companies as data sample, we make an empirical analysis on the relationship between trademark activity, advertising investment and firm＇s market value and performance using regression analysis. The results show that there is significant positive correlation between firm＇s propaganda investments on trademark （measured by advertisement investments） and its market value and performance. There is no correlation between firm＇s trademark stock and its market value and performance. On this basis, we explore the main factors affecting the number of trademarks they prefer and firm＇ s choice of trademark strategy. They are： market structure, the degree of competition in the industry, and enterprise-specific marketing or trademark strategy. Finally, we provide some suggestions based on the conclusion.

关 键 词：医药企业 商标 广告 市场价值 绩效 

分 类 号：F204[经济管理—国民经济] F713.8F426.72F224