Research On The Influential Effect And Path Of Brand Value On The Stock Price Of Listed Companies

With the increasingly fierce competition in domestic and foreign markets,the importance of brands to the survival and development of enterprises has become increasingly prominent.High brand value can not only help companies gain good business performance in the product market,but also make them get more favors from investors in the capital market,and thus plays a certain role in promoting their stock prices.At present,the research on corporate brand value mainly focuses on its impact on the product market.However,there is relatively little research on the role of brand value in the capital market,especially the impact on the stock price of listed companies.Because of this,based on the actual conditions of listed companies in China,this article studies the influential effect and path of brand value on the stock price of listed companies.This article collects data on 70 listed companies in China from 2007 to 2016.The listed company's stock price was used as the explained variable,brand value as the explanatory variable,operating income as the intermediate variable,and basic earnings per share and growth rate of net assets were used as control variables to study the influence of brand value on the stock price of listed companies.Firstly,in terms of the influential effect research,this article conducts regression analysis on the all sample,fast-moving consumer goods(FMCG)companies and industrial products companies,state-owned enterprises and private enterprises respectively.The results show that the brand value has a significant positive effect on the stock prices of listed companies in China.Besides,There is a lag effect to the influence;product types have a moderating effect on the relationship between brand value and stock price,of which FMCG's moderating effect is greater than that of industrial products;corporate ownership also has a moderating effect of which the moderating effect of state-owned enterprises is greater than that of private enterprises.Secondly,in terms of influential path analysis,this paper uses multi-level regression to examine the mediating role of operating income in the relationship between brand value and stock price.Finally,based on empirical research results.,it provides suggestions for listed companies and related government departments about brand building and brand information disclosure,and provides reference for stock investors to conduct stock selection analysis based on the brand value of listed companies.