摘要
以2011—2016年的年度"中国500最具价值品牌"发布日作为事件发生日,使用事件研究法研究品牌价值与排名信息公告的股价效应,并进一步分别探讨品牌价值变动、品牌排名变动和公司股价累计超额报酬率的关系及其影响因素。实证研究结果显示:在当前中国资本市场环境下,品牌价值与排名信息在证券市场上具有信息含量,能够引起公司股票价格的变化,且随着行业集中度的提升,其对企业股票价格变动的影响程度降低;而随着行业增长率的提升,其对企业股票价格变动的影响程度增强。研究结论为中国企业在资本市场上更好地运用和实施品牌战略提供经验证据,也为投资者的有效决策提供参考。
Adopting the event study method and taking the dates when ＂China＇ s 500 Most Valuable Brands＂ was released between 2011 -2016 as dates of events, the paper studies the stock price effect of brand value and listing announcements, then further explores the relationship between changes of brand value, ranking and share price CAR as well as their influencing factors. The empirical results show that in the current China capital market environment, the brand value and brand ranking provide information, which can lead to changes in the company＇ s stock price. The influence of changes in brand value and ranking on CAR decreases with the growing of industry concentration, while increases with the improvement of industry growth rate. These conclusions provide empirical evidence for the Chinese enterprises to better implement the brand strategy in the capital market, and also provide reference for investors to make effective decisions.
出处
《经济经纬》
CSSCI
北大核心
2018年第2期114-120,共7页
Economic Survey
基金
教育部人文社会科学研究青年基金项目(16YJC630185)
关键词
品牌价值
行业集中度
行业增长率
股价效应
Brand Value
Industry Concentration
Industry Growth Rate
Stock Price Effect
