【摘要】 本文采用《中国最具价值品牌500强》中A股上市公司2013—2018年的面板数据,通过将政治关联划分为政府官员类和代表委员类两种类型,实证检验了两种政治关联形式对品牌价值的影响及技术创新的中介作用机制。研究发现,不同类别的政治关联形式对品牌价值的影响作用存在显著差异。具体表现为:技术创新在政府官员类政治关联对品牌价值的影响中起完全中介作用,即政府官员类政治关联正向影响技术创新,从而促进品牌价值提升;相反,代表委员类的政治关联会降低企业技术创新投入,从而降低品牌价值,且技术创新在该关系中起部分中介作用。研究结论对于认识政治关联在中国企业治理中的作用以及提升其品牌价值具有一定的参考意义。更多还原

【Abstract】 This research uses the data of Shanghai and Shenzhen A-share listed companies in the list of the 500 most valuable brands in China released by the world brand lab from 2013 to 2018 as research samples.By dividing political connection into two types(i.e.,government-official-style and representative-committee-member-style),this paper empirically examines the influence of two forms of political connection on brand value and the mediating mechanism of technological innovation.The result shows that there are significant differences in the influence paths of different types of political connection on brand value.Specifically,technological innovation plays a fully mediating role in the influence of political connection of government officials on brand value(i.e.,political connection of government-official-style positively influences technological innovation,thus promoting the improvement of brand value).On the contrary,the political connection of representative-committee-member-style reduces the enterprises’ investment in technological innovation,thus reducing the brand value,and technological innovation plays a partially mediating role in this relationship.The research conclusions have certain theoretical and practical implications for understanding the role of political connection in Chinese enterprise governance and how to improve its brand value.更多还原