品牌竞争力与企业高质量发展——基于投资效率的视角
Competence of Brands and High-quality Development of Enterprises:From the Perspective of the Investment Efficiency
王化成 1张洁 1张超敏 1孙昌玲2
作者信息
- 1. 中国人民大学商学院
- 2. 北京师范大学经济与工商管理学院
- 折叠
摘要
品牌竞争力是企业高质量发展的重要象征,是企业谋求长期发展与成长的关键要素之一.基于2007-2021年中国A股上市公司的数据,本文利用文本分析法构建品牌竞争力的度量指标,并实证检验品牌竞争力对企业投资效率的影响.研究发现:品牌竞争力通过"声誉约束"机制和"信息获取"机制这两条路径,改善了企业非效率投资的难题;当市场竞争更激烈、管理层认知水平更高、拥有品牌竞争力的时间更长时,上述影响更加显著;品牌竞争力还可以显著提升企业全要素生产率,对促进企业高质量发展产生积极影响.本文的研究结论对企业构建品牌竞争力、加快实现高质量发展具有一定的启发和指导意义.
Abstract
The competence of brands is an important symbol of the development of enterprises.It is also one of the key elements for enterprises to seek long-term development and growth.Based on the data of Chinese A-share listed companies from 2007 to 2021,this article constructs an index to measure the competence of brands and empirically tests its impact on the efficiency of corporate in-vestment.This study finds a positive correlation between the competence of brands and the efficien-cy of corporate investment.The mechanism test shows that the competence of brands can solve the problem caused by inefficient investment by the mechanism of reputation constraint and that of the information acquisition.It also finds that the competence of brands has a more significant impact on the investment efficiency when the market competition is more intense,the management cognition level is higher,and the brands have remained competent for a longer time.Also,the competence of brands can significantly improve the enterprises'total factor productivity,and have a positive im-pact on their high-quality development.
关键词
品牌竞争力/投资效率/声誉约束/信息获取/高质量发展Key words
Competence of brands/Efficiency of investment/Reputational constraints/Information acquisition/High-quality development引用本文复制引用
基金项目
国家社会科学基金重大项目(18ZDA073)
出版年
2024
NETL
NSTL
万方数据