Abstract: Effectively stimulating the “source of living water” of the digital economy to enhance corporate brand value is crucial for building Chinese manufacturing brands and promoting the high-quality development of enterprises. This paper examines listed companies from the World Brand Lab's “China's 500 Most Valuable Brands” ranking, utilizing the “Digital Economy Innovation Development Pilot Zone (DEIDPZ)” policy as a quasi-natural experiment to investigate the impact of digital economy development on corporate brand value and its underlying mechanisms. The study reveals that the establishment of the DEIDPZ significantly enhances corporate brand value. This enhancement effectively addresses “attribute mismatch” and “model mismatch” issues, particularly manifesting in non-state-owned enterprises and non-time-honored brands, with more pronounced results in regions with robust commercial credit systems and innovation ecosystems. Mechanism analysis indicates that the DEIDPZ implementation elevates corporate brand value through intensified market competition and deepened R&D innovation effects. Furthermore, while fostering brand value creation, the DEIDPZ initiative concurrently enhances product premium pricing capabilities. This research confirms digital economy development as a critical factor influencing corporate brand valuation, offering both theoretical insights for future digital economy policy design and practical references for guiding effective integration of enterprise brand management with the digital economy.

Key words: Digital Economy, Brand Value, Real-Digital Economy Integration, Brand Premium

摘要： 有效激发数字经济对企业品牌价值的“源头活水”作用,对打造中国制造品牌和促进企业高质量发展至关重要。本文以世界品牌实验室《中国500最具价值品牌》上榜上市公司为研究对象,借助“数字经济创新发展试验区”政策这一准自然实验,考察数字经济发展对企业品牌价值的影响及其内在机理。研究发现,数字经济创新发展试验区建设能够显著提升企业品牌价值,该提升效应有效纠正了“属性错配”和“模式错配”问题,主要体现在非国有企业和非老字号企业中,并且在商业信用和创新环境禀赋较完善的地区表现得更为明显;机制分析表明,数字经济创新发展试验区建设通过市场竞争强化效应、研发创新深化效应正向提升企业品牌价值;此外,数字经济创新发展试验区建设带来企业品牌价值创造的同时会带动企业产品溢价的提高。本文研究证实了数字经济发展是影响企业品牌价值的重要因素,这不仅对中国未来数字经济发展相关的政策设计具有重要理论价值,还为引导企业品牌经营与数字经济的高效融合提供理论参考和实践指导。

关键词: 数字经济, 品牌价值, 数实融合, 品牌溢价