Abstract:

Brands provide a lasting driving force for enhancing the corporate export resilience and achieving an upward trend in foreign trade. The data of Chinese listed enterprises from 2009 to 2013 are used and the negative impact caused by the 2008 global financial crisis is taken to empirically investigate the influence and mechanism of brand strength on corporate export resilience. The results show that the improvement of brand strength can significantly enhance corporate export resilience. This conclusion is still valid after the robustness tests and endogeneity treatment. Brand strength can enhance corporate export resilience by reducing financing constraints and enhancing export diversification. The increase in the proportion of female directors can positively regulate the relationship between brand strength and corporate export resilience and has a significant co-moderating effect on brand strength to restrain financing constraints and enhance export diversification.

Key words: brand strength, corporate export resilience, financing constraints, export diversification, female directors

摘要：

品牌为增强企业出口韧性、实现对外贸易逆势上扬提供了持久动力。利用2009~2013年中国上市企业数据，以2008年全球金融危机导致的负面冲击作为研究背景，实证检验品牌强度对企业出口韧性的影响及作用机制。研究结果表明：品牌强度的提升能够显著增强企业出口韧性，该结论在进行了稳健性检验以及内生性处理后依然成立；品牌强度可以通过降低融资约束、提升出口多样化，进而增强企业出口韧性；女性董事比例的提高能够正向调节品牌强度与企业出口韧性的关系，并且对品牌强度抑制融资约束、增强出口多元化都具有显著同向调节作用。

关键词: 品牌强度, 企业出口韧性, 融资约束, 出口多样化, 女性董事