Research on the Stock Price Effect of Brand Value Changes
ZHUANG Fei-peng1, HAN Hui-lin2,3
1.School of Economics and Management, Beijing Information Science & Technology University, Beijing 100192, China; 2.China Academy of “One Belt One Road” Strategy, Beijing International Studies University, Beijing 100024, China; 3.College of Business Administration, Capital University of Economics and Business, Beijing 100070, China
Abstract Adopting the event study method and taking the dates when “China’s 500 Most Valuable Brands” was released between 2011-2016 as dates of events, the paper studies the stock price effect of brand value and listing announcements, then further explores the relationship between changes of brand value, ranking and share price CAR as well as their influencing factors. The empirical results show that in the current China capital market environment, the brand value and brand ranking provide information, which can lead to changes in the company’s stock price. The influence of changes in brand value and ranking on CAR decreases with the growing of industry concentration, while increases with the improvement of industry growth rate. These conclusions provide empirical evidence for the Chinese enterprises to better implement the brand strategy in the capital market, and also provide reference for investors to make effective decisions.
2018, Vol. 35 
