企业财务违规与品牌资产——网络信息和市场环境的调节作用
Corporate Financial Violation and Brand Equity:The
Moderating Role of Network Information and Market
Environment
李晓宇
Li Xiaoyu
分类号密级
U D C 编号
硕士学位论文
学位论文题目：企业财务违规与品牌资产
——网络信息和市场环境的调节作用
姓名李晓宇
学号2021211039
学院商学院
学位类别：√学术硕士□专业硕士□同等学力
学科专业企业管理
指导教师顾雷雷副教授
第二导师
提交论文日期：2023年5月4日
摘要
在当今供过于求的市场背景下，品牌是企业区分于其他品牌并获得消费者认同的一
种重要途径，对于企业而言，品牌资产是数年经营活动积累的结果，是企业宝贵的资源
与竞争优势，因此，如何防范可能的品牌资产损失是重要议题。企业财务违规是明显的
负面信号，虽然这种信号仅说明企业在财务处理上存在纰漏，但对于消费者而言这一事
件意味着企业整体经营管理存在纰漏，进而可能造成品牌资产的下降。而在信息化时代
背景下，互联网发挥着重要的信号传递作用，不同的舆论引导对于财务违规事件后果会
产生不一样的影响。另外，企业所处市场宏观环境的不同也会导致消费者特征和信号传
递过程的不同，进而也会调节企业财务违规与品牌资产的关系。
基于此，本文使用2011-2020年中国上市公司数据，从信息不对称理论、信号传递
理论出发，探究了企业财务违规对品牌资产的影响，并进一步对网络信息与市场环境的
调节作用进行了探讨。研究结果表明：（1）企业财务违规会显著降低品牌资产;（2）从
企业微观层面出发，网络信息对于“企业财务违规—品牌资产”关系具有调节作用。具
体而言，网络媒体关注度越高，企业财务违规对品牌资产的负向影响越大，进一步研究
表明网络舆论倾向也会影响消费者的认知，网络负面信息比例越高，企业财务违规对品
牌资产的负向影响越大，而网络正面信息比例越高，企业财务违规对品牌资产的负向影
响越小;（3）从宏观层面出发，本文验证了行业集中度与企业所在地网络发达水平的调
节作用。具体而言，行业集中度越高，企业财务违规对品牌资产的负向影响越小，企业
所在地网络越发达，企业财务违规对品牌资产的负向影响越小。
本文的研究结论补充了企业财务违规后果研究和品牌资产影响因素研究的目前存
在的空白，并探究了网络信息与市场环境的调节作用，具有一定的理论意义。同时，本
文通过验证财务违规会显著降低品牌资产，告诫企业要合规合法经营，并建议发生财务
违规的企业及时进行舆情管理，避免事件二次发酵，最后告诫在行业集中度低和网络欠
发达地区的企业更要进行合规经营，具备一定的实践意义。
关键词：企业财务违规品牌资产网络信息市场环境
ABSTRACT
In the context of today's oversupply market,brand is an important way for enterprises to
distinguish themselves from other brands and gain the recognition of consumers.For enterprises,
brand equity is the result of several years of business activities and is a valuable resource and
competitive advantage for enterprises.Therefore,how to prevent the possible loss of brand
equity is an important issue.Corporate financial violation is an obvious negative signal.
Although this signal only indicates the flaws in the financial treatment of the enterprise,for
consumers,this incident means that there is a flaw in the overall operation and management of
the enterprise,which may lead to the decline of brand equity.Under the background of the
information age,the Internet plays an important role in signal transmission,and different public
opinion guidance will have different impacts on the consequences of corporate financial
violation.In addition,the different market macro environment of enterprises will also lead to
the difference of consumers characteristics and signal transmission process,which will also
regulate the relationship between corporate financial violations and brand equity.
Based on the data of China's listed companies from 2011to 2020,this paper explores the
impact of corporate financial violation on brand equity from the perspective of information
asymmetry theory and signal transmission theory,and further discusses the regulatory role of
network information and market environment.The results show that:(1)corporate financial
violation can significantly reduce brand equity;(2)From the micro-level of enterprises,network
information has a moderating effect on the relationship between "corporate financial violation
and brand equity".Specifically,the higher the attention of network media,the greater the
negative impact of corporate financial violations on brand equity.Further research shows that
the tendency of network public opinion will also affect consumers'cognition.The higher the
proportion of negative information on the Internet,the greater the negative impact of financial
violations on brand equity.The higher the proportion of positive information on the Internet,
the smaller the negative impact of financial violations on brand equity.(3)From the macro level,
this paper verifies the regulatory role of industry concentration and enterprise location network
development level.Specifically,the higher the industry concentration,the smaller the negative
impact of corporate financial violations on brand equity,and the more developed the local
network,the smaller the negative impact of corporate financial violations on brand equity.
The research conclusions of this paper supplement the existing gaps in the research on the
consequences of corporate financial violations and the influential factors of brand equity,and
explore the regulatory role of network information and market environment,which has certain
theoretical significance.At the same time,by verifying that financial violations will
significantly reduce brand equity,this paper warns enterprises to comply with legal operation,
and suggests enterprises with financial violations to conduct public opinion management in
time to avoid the secondary fermenting of the incident.Finally,it warns enterprises in areas
with high industry concentration and less developed network to carry out compliance operation,
which has certain practical significance.
KEYWORDS：corporate financial violation brand equity network information
market environment