Trademark Strategy And Enterprise Value

Trademark is not only a sign which is distinguished from different product or service,but also a carrier which represents the quality,the reputation and the popularity of the product or service.Trademark constitutes an important intangible asset of enterprises,which contains a lot of technology and capital,trademark has become an important way for enterprises to participate in market competition and obtain competitive advantage.In 2008 the State Council issued the “outline of the national intellectual property strategy”,of which fourth clearly stipulates: “Implementing the national intellectual property strategy to greatly promote China s capacity in creation,utilization,protection and administration of intellectual property will help improve China's capacity for independent innovation and aid in efforts to make China an innovative country.It will also be conducive to improving China s socialist market economy,standardizing market order and encourage the society to be more creditworthy.It will also increase the market competitiveness of Chinese enterprises and strengthen the core competitiveness of the country.Finally,it will facilitate China's opening up further to the outside world,thereby leading to a win-win situation between China and the rest of the world.We must implement this intellectual property strategy an important national strategy and we must step up efforts in the area of intellectual property.”The trademark right comes from the legal registration of trademarks,trademark right is an important part of intellectual property,with the development of market economy,trademark strategy frequently appears in the economics,enterprises pay more and more attention to trademark strategy,which has brought significant market efficiency and economic benefit.The enterprise trademark strategy is a part of enterprise intellectual property strategy and a basic strategic management of modern enterprises,it increases trademark popularity through careful selection and cultivation,it spreads corporate image and product quality,it consolidates competitive position through the protection of trademark rights,and the ultimate goal of the trademark strategy is to obtain a large market share.The implementation of the trademark strategy includes design,registration,publicity,utilization,administration and protection of trademark rights.So far the connotation and implementation of the trademark strategy has not formed a unified opinion,The influence of the trademark strategy on enterprise value needs to be further studied.How to systematically carry out the relevant activities of the trademark strategy and how to improve the market viability of enterprises have become a problem.This paper is based on the trademark of China's listed companies,according to the "outline of national intellectual property strategy" which is issued by the State Council in 2008,the trademark strategy is divided into three aspects: utilization,administration and protection,we use qualitative and quantitative analysis method to explore the influence of the trademark strategy on enterprise value enterprise,and according to the trademark strategy activities of China's listed companies,this paper proposes a series of policy recommendations.The specific process is as follows: in the trademark utilization,the paper mainly analyzes brand positioning strategy and brand extension strategy,and inspect the relationship between trademark utilization and enterprise value;in the trademark administration,the paper mainly analyzes marketing management and research management,and inspect the relationship between trademark management and enterprise value;in the trademark protection,the paper mainly analyzes the influence of intellectual property protection on trademark assets and enterprises value;and the above three aspects are further tested under different nature of ownership and different technical characteristics of enterprise.In the end,this paper puts forward a series of policy recommendations of trademark utilization,administration and protection.Through the theoretical analysis and empirical test,this paper finds that,on the whole,the trademark strategy has a promoting effect on the enterprise value.The trademark strategy acts on the enterprise value through the trademark assets,the trademark utilization,administration and protection can increase the trademark value,and finally improve the enterprise value.Specifically,the main conclusions are as follows:1.The influence of trademark utilization on enterprise valueSpecifically,we analyze the influence of trademark positioning strategy and trademark extension strategy on enterprise value.First,enterprise value is significantly improved after China's listed companies are recognized well-known trademarks,indicating that the trademark positioning strategy promotes the enterprise value.Second,there is significant positive correlation between enterprise value and the number of trademark,which has the same goods(services)category as well-known trademark after recognized well-known trademark.Third,under different ownership,after recognized well-known trademarks,non state-owned enterprises value improvement is more significant,and there is significant positive correlation between non state-owned enterprise value and the number of trademark.In a word,compared with the state-owned enterprises,non-state-owned enterprises can bring more financial performance than the state-owned enterprises through the using of trademark positioning strategy and brand extension strategy.Fourth,under different technical characteristics,compared with the non-tech enterprises,high-tech enterprises value improvement is more significant after recognized well-known trademarks;however,the trademark extension strategy influence on enterprise value are not significant in two types of enterprises.2.The influence of trademark administration on enterprise valueSpecifically,we analyze the influence of trademark marketing management and R&D management on enterprise value.First,with the increase of advertising expenditure,there is significant positive correlation between enterprise value and the number of trademark,which has the same goods(services)category as well-known trademark.Second,with the increase of R&D expenditure,there is not significant correlation between enterprise value and the number of trademark,which has the same goods(services)category as well-known trademark.Third,under different ownership,there is significant positive correlation among advertising expenditure,the number of trademark and enterprise value in state-owned enterprises;there is significant positive correlation among R&D expenditure,the number of trademark and enterprise value in non state-owned enterprises.Fourth,under different technical characteristics,there is significant positive correlation between advertising expenditure,the number of trademark and enterprise value in high-tech enterprises;however,there is not significant correlation between R&D expenditure,the number of trademark and enterprise value in two types of enterprises.3.The influence of trademark protection on enterprise valueSpecifically,we analyze the influence of trademark protection on enterprise value.First,with the improvement of regional intellectual property protection,there is significant positive correlation between enterprise value and the number of trademark,which has the same goods(services)category as well-known trademark.Second,under different ownership,there is significant positive correlation between the regional intellectual property protection,the number of trademark and enterprise value in non state-owned enterprises.Third,under different technical characteristics,there is significant positive correlation between the regional intellectual property protection,the number of trademark and enterprise value in two types of enterprises.This paper enriches the literature related to trademark utilization,trademark administration,trademark protection and enterprise value,and provides adequate theoretical foundation and empirical evidences for future research,this paper has the following contributions:This paper uses empirical research method to study the influence of trademark strategy on enterprise value.Because of the particularity of intellectual property in the accounting valuation,the relevant financial data is difficult to obtain,in the previous research literature,there is a little of research literature,which uses empirical method to research the relationship between intellectual property and enterprise value.In this paper,we use the classic theories and literature of patent utilization,administration and protection,to investigate the influence of trademark strategy on enterprise value,the method has certain characteristics,which provides theoretical support and scientific basis for Trademark(brand)utilization,administration and protection activities.This paper extends a new perspective of investigation enterprise value,taking the enterprise trademark strategy as the breakthrough point of the research,and taking the influence of the trademark strategy on the enterprise value in the end.At present,most of research of strategy trademark is normative research,and focuses on the specific aspect of trademark strategy,this paper uses the method of empirical research,to explore the relationship among the whole trademark strategy system,trademark assets and enterprise value,to analyze the whole process of trademark strategy,the theory and the practice pay more attention to corporate trademark and brand.Basing on China's institutional background,economic environment and legal environment,this paper researches the influence of trademark utilization,administration and protection on enterprise value,which is the guidance of intellectual property practice in the Chinese government departments and enterprises.Trademark strategy is an important part of China's intellectual property strategy and is an important part of the 12 th Five-Year plan.This paper analyzes the elements of trademark utilization,administration and protection,and studies the influence of trademark strategy on enterprise value,it can guide the enterprises to find the advantages and disadvantages in the trademark strategic management,and make the management activities more targeted;It can improve the ability of independent innovation of independent brands,and promote enterprises to pay attention to enhancing the value of trademarks and brands;it can enhance the accuracy and practical applicability of intellectual property statutes,and strengthen the government's strength and validity of trademark management and protection.