本文以2004—2007年《中国500最具价值品牌》排行榜上的上市公司为样本,研究了品牌的股票估值效应。结果表明,品牌在上市公司的股票市场表现中发挥着重要作用,它不仅具有价值相关性,并且能够提升企业长期的资本溢价能力。研究还发现,当品牌所有权归属母公司时,其价值相关性下降。品牌在企业股票估值活动中扮演着重要角色,这一基本结论对绩效考核改革及我国会计准则的改进和完善具有相当的参考价值。 This paper takes the listed companies in 2004-2007 “500 Most Valuable Brands in China” as a sample to study the brand valuation effect. The results show that the brand plays an important role in the performance of listed companies in the stock market. It not only has value relevance, but also enhances long-term capital premium capability. The study also found that the value relevance of brand ownership falls when ownership of the brand is vested in the parent company. The brand plays an important role in the valuation of corporate stock. This basic conclusion has considerable reference value for the performance appraisal reform and the improvement and improvement of our accounting standards.