品牌的价值:品牌资本与企业盈余管理  

The Value of Brand:Brand Capital and Corporate Earnings Management

作　　者：徐业坤[1] 郑秀峰 XU Ye-kun;ZHENG Xiu-feng(Liaoning University,Shenyang 110136,China)

机构地区：[1]辽宁大学商学院,辽宁沈阳110136

出　　处：《当代财经》2024年第9期98-110,共13页Contemporary Finance and Economics

基　　金：国家社会科学基金项目“国有资本投资运营公司经济行政型治理模式研究”(21BGL110);辽宁省社会科学规划基金重点项目“环境、社会及治理信息披露与辽宁企业高质量发展关系研究”(L20AGL009)。

摘　　要：品牌资本是企业重要的无形资产,品牌资本对企业的财务决策有深刻的影响。基于2010—2016年全国税收调查的数据,在利用永续盘存法估计企业品牌资本的基础上,实证检验了品牌资本对企业盈余管理的影响及其作用机制。研究表明,企业品牌资本能抑制企业管理层的盈余管理行为。作用机制分析表明,品牌资本具有财务效应、声誉效应和监督效应,因而品牌资本能抑制管理层的盈余操纵行为。进一步研究发现,品牌资本对盈余管理的抑制作用在复杂度高的企业和属于消费品行业的企业中更明显。经济后果分析发现,品牌资本对盈余管理的抑制作用能提高企业价值。为此,政府相关部门应支持企业实施品牌战略,不断完善与企业品牌战略相关的政策措施,以推动企业高质量发展。Brand capital,as a vital intangible asset,has a profound influence on firms’financial decision-makings.Utilizing The National Tax Survey data from 2010 to 2016,and on the basis of estimating enterprise brand capital with perpetual inventory method,this paper empirically examines the impact of brand capital on corporate earnings management and its mechanisms.The findings indicate that corporate brand capital can suppress the earnings management behavior of corporate management.The analysis of the mechanism of action shows that brand capital has financial effects,reputation effects,and supervisory effects,thus brand capital can suppress management’s earnings manipulation behaviors.Further analysis reveals that this inhibitory effect of brand capital on earnings management is more pronounced in enterprises with higher complexity and those belonging to the consumer goods industry.The analysis of economic consequences indicates that the inhibitory effect of brand capital on earnings management can enhance the value of the enterprise.Therefore,the relevant government departments should support enterprises to implement brand strategy,constantly improve the policies and supporting measures related to corporate brand strategy,thus promote the high-quality development of enterprises.

关 键 词：品牌资本 盈余管理 财务效应 声誉效应 监督效应 

分 类 号：F275.2[经济管理—企业管理]