| The document《proposals for formulating the 14 th Five-Year Plan(2021-2025)for National Economic and Social Development and the Long-Range Objectives Through the Year2035》 in 2020,the important discussion on the three major changes proposed by General Secretary Xi Jinping in 2014,and the "Made in China 2025" plan all mentioned the problem of Chinese brand development.It is indicated that it is of great significance to cultivate Chinese brand in the process of promoting China’s economy from "high-speed growth" to "high-quality development".Under the background of rapid development of brand economy,it is of great value to confirm the brand owned by enterprises in the form of assets,and to explore the path and mechanism of value-added of brand assets.The development of Chinese brand and the value-added of brand assets are inseparable from the continuous R&D innovation of enterprises.At present,the research on the economic effect of R&D innovation mostly focuses on the aspects of enterprise financial performance,capital market reflection and corporate governance,but less on the basis of accounting and marketing disciplines,targeted research from the perspective of brand assets,and few scholars fully define brand assets from the perspective of intangible assets.And based on the dynamic view to discuss the relationship among economic policy uncertainty R&D innovation and brand value of the asset value.Therefore,this paper study the effect and the way of R&D innovation on the value-added of brand assets on the basis of reviewing the intangible assets attributes of brand assets,and discusses how to improve the value-added effect of R&D innovation on brand asset value under the background of economic policy uncertainty,It has certain theoretical value and practical significance.Based on the value-added problem of brand assets,based on the thorough review of the research results in related fields,this paper discusses the effect and path of R&D innovation on the value of brand assets,and discusses the regulatory role of economic policy uncertainty from the perspectives of financial policy uncertainty and monetary policy uncertainty,and at the same time,it expands the specific situation of different conditions such as heterogeneity of property rights,industry heterogeneity and regional heterogeneity.Through the data analysis method,the theoretical analysis is tested.And the practical effect and existing problems of R&D innovation of different characteristics enterprises on the value of brand assets are explored through case study.Also,the corresponding policy suggestions are put forward in order to provide reference for promoting the economic circulation of Chinese brands and enhancing the technical content and asset value of Chinese brands under the background of economic policy uncertainty.The paper is divided into eight chapters,and the research is carried out gradually according to the idea of "theoretical analysis and literature review,policy research and current situation analysis,empirical research and data exploration,case analysis and problem discovery,conclusion and policy suggestion".Specifically,in the theoretical analysis and literature review,the paper mainly combs the key concepts,supporting theory and literature review,and summarizes and comments with the literature content.In the literature review,the paper mainly discusses the related research on brand asset value,the role of R&D innovation on brand asset value and the related content of economic policy uncertainty.In the policy research and current situation analysis,the paper combs and compares the evolution of China brand assets related policies and compares them internationally,and analyzes the development status of brand assets in China from multiple perspectives in order to fully understand the management and development of brand assets in China.In the empirical research and data test,the first part is to discuss the influence and function path of R&D innovation on the value-added of brand assets from multiple perspectives;Secondly,the paper studies the relationship between R&D innovation and brand asset value moderated by the uncertainty of monetary policy;Finally,based on the perspective of financial policy uncertainty,the paper examines the regulatory effect of financial policy uncertainty on the relationship between R&D innovation and brand asset value.The third chapter discusses the relationship between R&D innovation and brand asset value from the perspective of overall and different economic policy uncertainty background.Futhermore,in the case study and problem discovery chapter,based on the focus topic of whether traditional technology brand enterprises need innovation,the paper makes a comparative analysis of two cases by selecting the representative enterprise "GREE ELECTRIC" and "KWEICHOW MOUTAI",a representative enterprise of traditional technology brand.The paper explores the effect and existing problems of R&D innovation on brand asset value of different types of enterprises,and provides a realistic situation for the article to discuss the internal motivation of brand asset value-added.Through theoretical analysis,empirical test and case study,the paper concludes the following main conclusions:First,this paper distinguishes the perspectives of R&D innovation input,R&D innovation output and R&D innovation motivation,and explores the impact of R&D innovation and brand asset value-added.The results show that:(1)the investment in R&D innovation and the acquisition of patent authorization can enhance the value of brand assets.(2)After distinguishing between substantive innovation(invention patent)and strategic innovation(non invention patent),this paper finds that substantive innovation has more obvious effect on brand asset value.(3)The patent output formed by R&D innovation can improve the value of brand assets through the ways of enhancing enterprise value and sales income.In order to ensure the robustness of empirical results,this paper conducts robustness test by adjusting sample selection range,adjusting regression method,replacing variable and replacing sample.We also alleviate endogenous problems by Heckman two-stage method and IV method.Further,this paper expands the research conclusion from the perspective of heterogeneity of R&D innovation,industry heterogeneity and regional heterogeneity.It is found that:(1)The capitalization of R&D expenditure and expense R&D expenditure will enhance the value of brand assets,and the promotion of brand asset value by invention patents and practical new patents is more significant.(2)The improvement of brand asset value by R&D innovation is significant under the high-end manufacturing samples.(3)The policy regulation of the national independent innovation demonstration zone has a significant effect on the substantive innovation.Secondly,this paper examines the regulatory effect of monetary policy uncertainty on the relationship between R&D innovation and brand asset value.The results show that:(1)the uncertainty of monetary policy significantly inhibits the impact of R&D innovation investment and patent authorization on the value-added of brand assets.(2)The uncertainty of monetary policy significantly inhibits the impact of substantial innovation and strategic innovation on the value-added of brand assets.In order to ensure the robustness of the empirical results,this paper conducts robustness test by adjusting sample selection range,replacing variables and replacing samples,and alleviating endogenous problems by Heckman two-stage method.Based on the above research conclusion,this paper analyzes from the macro perspective of the economic region of the enterprise,the sample of high-end manufacturing industry,and from the micro perspective of the level of financial leverage and the property right of the enterprise.The results show that:(1)the impact of monetary policy uncertainty on the enterprises in the three economic zones is different.(2)The uncertainty of monetary policy significantly inhibits the realization of brand value effect of patent authorization,substantive innovation and strategic innovation in high-end manufacturing industry.(3)The uncertainty of monetary policy has a more significant impact on the enterprises whose financial leverage is higher.(4)There are some differences in the influence of monetary policy uncertainty on state-owned enterprises and non-state-owned enterprises.Thirdly,this paper examines the regulatory effect of fiscal policy uncertainty on the relationship between R&D innovation and brand asset value.The results show that: fiscal policy uncertainty has significant inhibition on the investment in R&D innovation,patent authorization,substantive innovation and strategic innovation.In order to ensure the robustness of the empirical results,this paper conducts robustness test by adjusting sample selection range,replacing variables and replacing samples,and alleviating endogenous problems by Heckman two-stage method.Further research finds:(1)in Beijing,Tianjin and Hebei,the fiscal policy uncertainty has a weakly impact on R&D investment,but significantly inhibits the effect of patent authorization,substantive innovation and strategic innovation on the value added of brand assets.In the Yangtze River Delta,the inhibition of financial policy uncertainty on R&D innovation is more reflected in the brand value-added effect of R&D investment,R&D patent output and substantive innovation.In the Dawan District of Guangdong,the impact of fiscal policy uncertainty on R&D innovation is weakly.(2)The uncertainty of fiscal policy has a significant inhibition effect on the value-added effect of brand assets of high-end manufacturing enterprises which are granted patent and substantial innovation.(3)The uncertainty of fiscal policy has a certain weakening effect on the patent authorization and substantive innovation of high-tech enterprises.(4)The uncertainty of fiscal policy has a significant impact on the realization of brand asset value of sample R&D innovation of state-owned enterprises.(5)The more relaxed the fiscal policy is,the more obvious the promotion effect of patent authorization and substantial innovation on the value-added of brand assets.Fourthly,this paper studies the difference between the brand assets of science and technology innovation enterprises and the brand assets of traditional technology enterprises through R&D innovation through comparative analysis of two cases of "GREE ELECTRIC" and "KWEICHOW MOUTAI".Through the research on the status quo of brand asset management,the status quo of R&D innovation and the value-added effect of R&D innovation on brand assets value of case enterprises,it is found that R&D innovation can contribute to the value appreciation of brand assets of two types of enterprises,but in the process of making the strategy of brand asset appreciation,we need to define the brand positioning and business objectives,Establish the brand asset value-added path suitable for the characteristics of the enterprise.In addition,enterprises need to strengthen the construction of brand asset management system,and dynamically evaluate and manage the value of brand assets.The main innovations of this paper are as follows:First,the research content is innovative.Most of the existing researches focus on the theoretical analysis and empirical research on the impact of enterprise innovation on financial performance of enterprises,but the research on brand asset value-added effect of interdisciplinary is insufficient.This paper explores the law of value-added of brand assets driven by R&D innovation,and can improve the academic data about the value of brand assets and make innovations in the research content.Second,the research perspective is innovative.On the one hand,the management of brand assets is discussed from the perspective of intangible assets,and supply the disciplines of accounting and marketing.On the other hand,the dynamic perspective of economic policy uncertainty is theoretically integrated into the static relationship between enterprise R&D innovation and brand asset value.Also,this paper supply the research framework of economic policy uncertainty,and the data in the field of macro policy and micro enterprise performance research.Third,innovation of research methods.This paper sorting out brand asset value data by hand,innovatively tests the relationship between R&D innovation and brand asset value by empirical method,and makes full supplement to the existing research content.Through the combination of case study and empirical research,this paper explores the value-added problem of R&D innovation and brand asset value from different perspectives. |
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