品牌力量与中国企业出海:基于全球价值链视角

Brand Power and Global Expansion of Chinese Firms: A Global Value Chain Perspective

中文关键词:  品牌力量  企业对外直接投资  出口产品质量  融资约束  全球价值链参与度

英文关键词:brand power  firms' outward foreign direct investment  export product quality  financial constraints  global value chain participation

中文摘要:

      在当前全球经贸格局加速重构的复杂背景下,品牌力量已成为引领中国企业实现稳定出海的核心引擎。聚焦对外直接投资(OFDI)这一企业出海的关键形式,以2001—2022年中国上市公司为研究对象,实证检验了品牌力量对中国企业OFDI的影响及作用机制,并考察了企业的全球价值链参与度对该影响的调节效应。研究发现,品牌力量促进了中国企业OFDI,提升了企业OFDI的概率,扩大了企业OFDI的规模,并通过提升出口产品质量与缓解企业融资约束促进了企业OFDI。而较高的全球价值链参与度,不仅会放大品牌力量对企业OFDI的积极影响,也会强化上述两条路径的传导效果。异质性分析结果表明,品牌力量对企业OFDI的促进作用在非国有、老字号及广告营销力度强的企业中更加显著。因此,企业应充分认识品牌建设在出海过程中的战略价值,将品牌建设深度融入企业出海战略,同时政府应完善品牌支持政策与品牌评价体系,共同推动企业稳步出海。

英文摘要:

      Against the backdrop of accelerated restructuring in the global economic and trade landscape, brand power has emerged as a core engine enabling Chinese firms to steadily expand overseas. Using a sample of China's listed firms from 2001 to 2022, this study focuses on outward foreign direct investment (OFDI) as a key mode of firms' global expansion, empirically examines the impact of brand power on Chinese firms' OFDI and its underlying mechanisms, and further investigates the moderating role of firms' participation in global value chains (GVC participation). The results show that stronger brand power increases both the likelihood and the scale of firms' OFDI and promotes Chinese firms' OFDI, mainly by improving the quality of export products and alleviating financing constraints. Moreover, higher GVC participation not only amplifies the positive effect of brand power on firms' OFDI but also strengthens the transmission of the aforementioned two channels. Heterogeneity analysis further reveals that the promoting effect of brand power on firms' OFDI is more pronounced for non-state-owned enterprises, time-honored brands, and firms with intensive advertising and marketing efforts. Therefore, firms should fully recognize the strategic value of brand building in global expansion and integrate it into their global expansion strategies. Concurrently, the government should refine brand support policies and evaluation systems. These efforts will empower firms to achieve stable global expansion.