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本文以此为切入点，在研究品牌价值对营销能力和企业价值关系的中介作用
的同时，探究国有企业和非国有企业在品牌建设中的差异，为我国企业发展
与品牌壮大提供指导建议
本文采用实证研究方法，利用世界品牌实验室公布的历年《中国 500 最
具价值品牌》榜单数据以及国泰安和 RESSET 锐思数据库中的企业财务数据，
形成共 174 家企业 10 年间的非平衡面板样本。通过投入——产出原则利用
数据包络（DEA）方法计算出样本企业的营销能力；构建多元线性回归模型，
使用 stata 软件进行数据统计分析。结果发现：营销能力不仅会对企业价值和
品牌价值产生正向影响，且品牌价值在二者关系中起到了部分中介作用。这
表明企业在发展壮大过程中，品牌起到了重要的推动作用，管理层必须要充
分认识到企业营销能力提升的重要性。研究结果还表明：相对于非国有企业，
国有企业营销能力对品牌价值的正向作用更强。对此，国家可以在宏观层面
制定相关政策以指导非国有企业，尤其是民营企业品牌建设，如成立专项民
营企业品牌建设扶持项目；微观层面，企业自身需努力提高营销等核心能力
来实现品牌和企业整体价值的提升
关键词：营销能力；品牌价值；企业价值；企业性质；DEA哈尔滨工业大学管理学硕士学位论文
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Abstract
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.
Keywords：marketing capability, brand value, firm value, firm type, DEA哈尔滨工业大学管理学硕士学位论文
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目 录
摘要.....I
ABSTRACT .......II
第 1 章 绪 论 .. 1
1.1 研究背景与问题提出 ........ 1
1.1.1 研究背景 ....... 1
1.1.2 问题提出 ....... 2
1.2 国内外研究现状综述 ........ 3
1.2.1 营销能力含义与评估方式 .... 3
1.2.2 营销能力与企业价值关系的研究..... 4
1.2.3 营销能力与品牌价值关系的研究..... 6
1.2.4 品牌价值与企业价值关系的研究..... 9
1.2.5 文献述评 ..... 10
1.3 研究目的与研究意义 .......11
1.3.1 研究目的 ......11
1.3.2 研究意义 ......11
1.4 研究内容与研究方法 .......12
1.4.1 研究内容 ..... 12
1.4.2 研究方法 ..... 12
1.5 本文创新点.........13
第 2 章 假设发展与模型建立 . 15
2.1 理论基础 15
2.1.1 企业能力理论 ......... 15
2.1.2 品牌价值相关理论.. 16
2.2 假设发展 18
2.2.1 营销能力对企业价值的影响 .......... 18
2.2.2 营销能力对品牌价值的影响 .......... 19
2.2.3 品牌价值的中介作用.......... 19
2.2.4 企业性质的调节作用.......... 20
2.3 模型建立 21
2.3.1 营销能力模型构建.. 21哈尔滨工业大学管理学硕士学位论文
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2.3.2 实证模型构建 ......... 23
2.4 变量定义 25
2.4.1 自变量和因变量...... 25
2.4.2 中介变量和调节变量.......... 26
2.4.3 控制变量 ..... 26
2.5 本章小结 29
第 3 章 实证研究 ........ 30
3.1 研究设计 30
3.1.1 样本选取与数据来源......
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