Study On The Influence Of Time-honored Brand Inheritance On Firm Performance

China’s time-honored brands contain profound historical culture and business wisdom.They are important representatives of Chinese national brands,and play an irreplaceable role in promoting China’s economic development and building Chinese national self-confidence.As a commercial entity that has undergone changes over the years,time-honored brands have gradually formed special resource endowments in the process of development,and achieved brand differentiation in the past by using and inheriting these resources,occupying a dominant position in the market.However,due to changes in the system,market and cultural environment,as well as the impact of strong foreign brands and domestic emerging brands,the development of many time-honored enterprises has fallen into a bottleneck or even gradually disappeared in the market.Therefore,exploring the role of time-honored brand inheritance in brand building and enterprise development in the new era,and achieving the healthy and high-quality development of enterprises by promoting the improvement of firm performance has become an important topic that needs urgent attention.Existing studies have discussed time-honored brands,but most of them follow Western long-term brand management theories,detached from the local Chinese cultural context,and the universality is controversial.Based on the vertical inheritance of Confucian culture and the horizontal change of marketization process,this paper fully considers the factors of China’s real social situation,and studies the relationship between the inheritance of time-honored brands and firm performance,and strives to realize the localization of research.In view of the above analysis,based on the perspective of enterprises,this paper takes time-honored enterprises as research samples,fully explores the influence mechanism of time-honored brand inheritance on firm performance,and constructs an impact model with brand assets as the intermediary variable and Confucian culture and marketization process as the moderating variable.This paper collects questionnaire survey data and secondary data,and uses SPSS and AMOS statistical analysis software for empirical testing.The conclusions are as follows:(1)the inheritance of time-honored brands has a positive impact on firm performance and brand equity;(2)brand equity has a positive impact on firm performance and plays a part-mediating role in the relationship between the inheritance of time-honored brands and the firm performance;(3)Confucian culture acts as a positive moderation of the relationship between the inheritance of time-honored brands and brand equity;(4)the marketization process acts as a positive moderation of the relationship between the business inheritance,spiritual inheritance,product inheritance,historical inheritance of time-honored brands and brand equity,while the moderating role in the relationship between regional inheritance and brand equity is not significant.Based on this,the management suggestions for time-honored enterprises are put forward: First,through in-depth excavation,improve the awareness of brand inheritance,understand the connotation of brand inheritance,make full use of the advantages of brand inheritance,and make up for shortcomings in the process of brand building.Second,through continuous external exploration,make reasonable and targeted brand management decisions,and establish brand equity with the help of various publicity methods.Thirdly,accurately grasp China’s local situational factors,give full play to the advantages of market-oriented system and the positive influence of Confucian culture,promote the appreciation of brand equity,and gradually improve firm performance.The main innovations of this paper include: First,the introduction of brand inheritance into the empirical research on improving the equity and firm performance of time-honored brands broadens the application scope of brand inheritance theory.Second,by combining the theory of brand inheritance with the actual situation of China,the unique set of Chinese social context variables of Confucian culture and marketization process is introduced,which enriches the research results of brand inheritance and brand equity localization;Thirdly,based on the perspective of enterprises,the important role of time-honored brand inheritance in performance improvement is discussed,which provides new ideas for the brand management practice of time-honored enterprises.