A Study On The Impact Of Brand Information Disclosure On Enterprise Value

As an important resource of the enterprise,the company brand has become an important factor to enhance the value and guide the development of enterprises.Senior managers pay more attention to the brand building of the product market,and gradually realize the importance of brand building in the capital market.The company’s brand information disclosure is an important way to realize the brand building in capital markets.Corporate brand information belongs to voluntary disclosure information,including the information about company’s assets,liabilities,sales,reputation,history,culture and other information.It has an important reference value for investors,but the research on the value effect of corporate brand information is still blank.Therefore,it is of great significance for the listed companies,investors and regulators to study the value of brand information.With the A-share nonfinancial firms in China from 2005 to 2014 as research object,based on principal agent theory,information asymmetric theory and signal transfer theory,this paper empirically tests the relationship between company brand voluntary information disclosure and firm value based on machine learning technology,and discusses the different influence of the two dimensions of corporate brand information disclosure on enterprise value.On this basis,this paper analyzes the moderating effect of different competitive environment on the relationship between brand information disclosure and enterprise value.The results show that the level of corporate brand information disclosure is positively correlated with firm value.There is a significant positive correlation between quantitative company brand information and firm value,and qualitative firm brand information is negatively correlated with firm value.The industry competition degree has a significant positive moderating effect on the relationship between brand information disclosure and enterprise value.The industry competitive position has a significant negative moderating effect on the relationship between the brand information disclosure and enterprise value.Finally,in view of the research conclusion,we put forward the corresponding policy recommendations,the level of company brand voluntary information disclosure should be enhanced especially for those companies which are facing with harsh competitive environment.In the disclosure of the content,in the premise of not disclosing the core information of the enterprise profit,company shall disclose more quantitative brand information.Regulators should accelerate the development of a unified corporate brand disclosure rules,play a good role in guiding the supply of information and make full use of the supervision function of market intermediaries.Investors should be cautious about the company’s disclosure of corporate brand voluntary information,the value of investment oriented,eliminate speculative psychology and short-sighted behavior,and broaden the channels and ways of contacting information.This study provides a new idea for the research of information disclosure of listed companies,and provides a theoretical basis for the brand building activities of the listed companies in the capital market.