An Empirical Study of the Relationship between Brand Equity and Shareholder Value
- 2013年 
【中文摘要】品牌权益如何影响股东价值是品牌权益链研究的一个重要问题。以中国7大类制造业企业为研究对象，以企业个体特征和行业特征为控制变量，对这一问题进行实证研究。结果表明：品牌权益对股东价值具有显著正向影响；其次，企业的现金流量起到部分中介作用。此外，多层线性回归模型(HLM)结果则表明：行业需求增长率越髙，品牌权益与股东价值的正向关系就越强烈。 【Abstract】How the brand equity affects the shareholder value is an important topic in the research of brand equity chain. This paper is an empirical study of this topic by taking 7 major categories of manufacturing enterprises in China as the research object and individual characteristics of enterprises and industry characteristics as control variables. The results show that the brand equity has exerted a significant positive effect on the shareholder value and that the cash flows of enterprises have played a partial mediating role. In addition, the multi-linear regression models (HLM) results show that the higher the industry demand growth rate, the stronger the positive relationship between the brand equity and the shareholder value will be.