关键词: 品牌资本, 盈余管理, 财务效应, 声誉效应, 监督效应

Abstract: Brand capital, as a vital intangible asset, has a profound influence on firms' financial decision-makings. Utilizing The National Tax Survey data from 2010 to 2016, and on the basis of estimating enterprise brand capital with perpetual inventory method, this paper empirically examines the impact of brand capital on corporate earnings management and its mechanisms. The findings indicate that corporate brand capital can suppress the earnings management behavior of corporate management. The analysis of the mechanism of action shows that brand capital has financial effects, reputation effects, and supervisory effects, thus brand capital can suppress management's earnings manipulation behaviors. Further analysis reveals that this inhibitory effect of brand capital on earnings management is more pronounced in enterprises with higher complexity and those belonging to the consumer goods industry. The analysis of economic consequences indicates that the inhibitory effect of brand capital on earnings management can enhance the value of the enterprise. Therefore, the relevant government departments should support enterprises to implement brand strategy, constantly improve the policies and supporting measures related to corporate brand strategy, thus promote the high-quality development of enterprises.

Key words: brand capital, earnings management, financial effect, reputation effect, supervision effect