The Mediation Effect Of Brand Value On The Relationship Between Marketing Capability And Firm Value

With the coming of economic globalization,the market competition is intensified.As one of the core competence,the marketing capability reflects the ability of the enterprise to survive in the market competition.At present,many scholars have studied the positive influence of marketing capability on firm value.But from the summary of the existing literature,we can find: brand value in the relationship between marketing capability and firm value has not been taken seriously,because scholars tend to believe that the intuitive effect of marketing capability is on the product sales and profit,resulting in the studies among them three are relatively weak.In addition,from the reports of international brand evaluation institutions,we can see the ranking of state-owned enterprises is far higher than non-state-owned enterprises'.Thus,this paper will study the mediation effect of brand value on the relationship between marketing capability and firm value.At the same time,brand construction differences will also be explored between the SOEs and non-SOEs which will provide guidance for the development and brand building of Chinese enterprises.This paper adopts empirical research method,and uses the data of "The top 500 valuable Chinese brands" announced by the world brand lab and CSMAR and RESSET financial database,which forms an unbalanced panel sample consisting of 174 companies in the past 10 years.The DEA method is used to calculate the marketing capability,and several multiple linear regression models are constructed.The data is analyzed by stata software.The results show that: marketing capability has positive impacts on firm and brand value,and brand value plays a partial mediation role in the relationship between the marketing capability and firm value,which indicates that brand plays an important role in promoting the growth and development of firms.This suggests firm managers should pay attention to the importance of marketing capability.In addition,the results also show that compared with non-SOEs,SOEs have stronger positive effect on brand value.Therefore,in the macro level,government can formulate relevant policies to guide the non-SOEs,especially private enterprises in brand building,such as establishing the surpport project in brand building for private firms;in the micro level,non-SOEs need to improve their marketing capability to realize the improvement of brand and firm value.