Brands matter: An empirical demonstration of the creation of shareholder value through branding

This research responds to the attendant need for empirical evidence pertaining to how marketing affects firm performance. Using the Fama-French method, common in finance, and a leading marketplace measure of a brand’s financial equity value, the authors provide empirical evidence for the branding-shareholder value creation link. The results extend previous research by showing that strong brands not only deliver greater returns to stockholders than does a relevant benchmark but do so with less risk This finding holds even when market share and firm size are considered. Barclays Global Investors Thomas J. Madden is a professor of marketing and director of the Professional MBA/Executive International MBA programs at the Moore School of Business, University of South Carolina. His research focuses on the measurement of brand meaning, marketing metrics, and value-based marketing strategies. His research has appeared in theJournal of Marketing Research, theJournal of Marketing, and theJournal of Consumer Behavior. Frank Fehle (frank.fehle@barclaysglobal.com) is the head of Europe Equity Research at Barclays Global Investors in London, United Kingdom. Previously, he was an assistant professor of finance at the University of South Carolina. His research focuses on empirical asset pricing, market microstructure, risk management, and derivatives. His work has appeared in theJournal of Financial Economics, theJournal of Futures Markets, theJournal of Economics and Business, theReview of Quantitative Finance and Accounting, among other journals and conference proceedings. Susan Fournier is an associate professor of marketing at Boston University. Her research focuses on branding and brand relationship marketing. Current projects explore person-brands, resonance as a moderator of the brand meaning → brand strength connection, the types of relationships consumers form with brands, and dynamic processes of relationship development and evolution. She served for 9 years on the Harvard Business School faculty and 2 years as a visitor at Dartmouth College. She consults with a range of companies to inform her teaching, case development, and research.     

基于动态竞争优势的价值链管理模式构建

本文首先从速度经济时代的现实出发引出企业动态竞争优势和价值链管理;其次指出了传统价值链管理的局限;再次,阐述了基于竞争优势的价值链管理理论演进;最后,构建了基于动态竞争优势的价值链管理模式。     

Materialism, status signaling, and product satisfaction

The consumer satisfaction literature has not, for the mos part, integrated individual values into the product evaluation process. Yet a comprehensive understanding of consumer satisfaction can best be attained by including both consumer and product factors. To demonstrate the usefulness of including individual values, this research focuses on one consumer value, namely, materialism. The authors empirically explore how this individual value is linked to consumers’ evaluations of products they have purchased. Using surveys, the authors collected data from a sample of college students (n=211) and a sample of adults (n=270). Across these two studies, using divergent samples and products, they find consistent evidence that materialism is negatively related to product satisfaction in product categories with high potential for status signaling, but unrelated to product satisfaction in product categories with lower potential for status signaling. The consumption goals that produce these product evaluations are empirically addressed Jeff Wang (jianfeng76@yahoo.com; PhD, City University of Hong Kong) is an assistant professor of marketing in the Faculty of Business at the City University of Hong Kong. This work was conducted when he was a doctoral student of marketing in the Eller College of Management at the University of Arizona. His research interests include social networks and consumer behavior, consumer satisfaction and well-being, materialism and consumption meanings, and consumer interests and public policy issues. His dissertation studies credit card debt as a socially embedded phenomenon and investigates how consumers leverage their interpersonal ties as they accumulate and repay their debt. Melanie Wallendorf (mwallendorf@eller.arizona.edu) is Soldwedel Professor of Marketing in the Eller College of Management at the University of Arizona. She holds an MS in sociology and a PhD in marketing from the University of Pittsburgh. Her articles on the sociocultural aspects of consumption have been published in theJournal of Consumer Research, Journal of Marketing Research, Advertising and Society Review, Addiction, Journal of Macromarketing, andAmerican Behavioral Scientist, among others. Her coauthored article on “The Sacred and Profane in Consumer Behavior” won theJournal of Consumer Research Best Article Award in 1992. Her research has been featured in theWall Street Journal, The Washington Post, The New York Times, American Demographics, andFortune, and has been funded by the Marketing Science Institute, the Arizona Disease Control Research Commission, and the Office of Earth Science at NASA.     

发展粮食期货市场 促进粮食市场化改革

随着粮食生产经营的全面市场化,健全和完善粮食期货市场有了更重要的现实意义:调节粮食供求,稳定粮食价格;优化粮食品种结构,推动产业化经营;为粮食企业提供避险渠道;减轻入世冲击,保护粮食安全。文章指出发展粮食期货市场的政策措施包括:推出大宗粮食期货交易品种;培育和发展套期保值用户;规范粮食现货市场;发展商品投资基金;开创场外交易;调整不符合国际惯例的法规政策。     

关于养老保险基金的几个问题

文章从建立养老保险基金的意义入手,探讨如何筹集养老保险基金,以迎接我国老龄化社会的到来,最后提出了养老保险基金保值增值的途径。     

论流转税税负转嫁中的增值税

运用税负转嫁理论对我国现实经济生活中的问题,尤其是对主体税种——流转税中的增值税的转嫁问题进行了详细分析。否定了“作为价外税的增值税全部转嫁给消费者”这样一种观点,指出了增值税应该由生产者负担,即生产者是设计的税负人。但增值税又具有转嫁的可能性。在此基础上,归纳了增值税转嫁规律。     

谈企业集团财务竞争优势的建立

本文针对国际上出现的安然等破产事件和国内近期的德隆国际企业集团的财务危机，探讨财务风险价值管理在企业集团可持续发展过程中的功能与角色定位，并从以创造价值为导向的财务战略思想来构建企业集团财务竞争优势。     

关于人力资源价值计量问题的探讨

人力资源会计研究推动了劳动者权益理论的发展，但目前相关的会计核算理论与实践运用之间还有较大的距离，根本的原因是：人力资源价值计量这一“瓶颈”问题并未真正解决。本文在分析了当前相关研究中的难题及其原因的基础上认为：人才有价是因为人的素质有价、人力资源价值的内涵是素质的潜在价值、人力资源价值为个体的人所有并能够游离于任何单位之外。本文还探讨了采用修正的成本途径对个体人力资源价值进行评估的基本方法。     

试论循环经济价值链及其运行

企业必须按照自然生态体系，将经济活动高效有序地组织成一个循环经济模式，实现以最小的资源消耗，最小的污染获取最大的发展效益。循环经济的正常运行，必须有价值链的支持，因此，循环型产业的价值形成机制是循环经济持续发展的关键。企业是实施循环经济的最终策动力和执行主体。因此，循环经济特别是循环经济价值链能否形成已成为企业持续发展的重要因素。     

价值链成本管理模式在高新技术制造业的应用

随着高新技术制造业的不断发展,作为技术密集型的高新技术制造业对于成本管理的标准越来越高。企业竞争不只是某个环节的竞争,确保每个环节的成本控制、提高整个价值链的综合竞争力才能使企业拥有更强的竞争力。基于价值链的成本管理模式成为企业提高市场竞争力的一大利器。论文分析了价值链成本管理模式的理论和特征,以及现今理论的应用和结果,提出使用新型成本管理模式所要面临的困难与挑战,并对此提出部分建议。