新興國家企業，近十幾年來的發展，在國際市場上的地位逐漸
顯著。雖然大部份國際市場久經歐美國家品牌佔據，對眾多新興國
家企業發展全球市場造成阻礙，但新興國家企業依舊努力進軍國際
市場，摸索適合自身的品牌建構與企業國際化途徑。
本研究主要以新興國家的中國大陸企業為研究對象，並根據
2012-2021 年 Interbrand 發佈的《中國 50 大最佳品牌排行榜》做為
研究資料，嘗試分析新興市場企業品牌價值的來源是出自產業因素
抑或是企業因素？又何種情況下出自產業，何者情況下出自企業因
素？而企業國際化在此品牌價值建構中又扮演何種角色？實證研究
結果顯示，在快速成長的市場中，產業因素扮演重要的品牌價值趨
動力。相反地，在成熟市場中，企業因素則是扮演重要的品牌價值
趨動力。此外，企業國際化程度對企業品牌價值的貢獻，會因市場
的成熟度不同而有差異；愈成熟的市場，企業國際化對品牌價值影
響程度愈高。

In recent decades, firms from emerging countries gradually became
notable in the international market. Although most international markets
had been occupied by European and American brands for long, which has
become a hindrance for companies from emerging countries to develop
a global market, enterprises from emerging countries still strive to build
their own brands and internationalize in their own fashion.
This study focuses on the enterprises from China, a notable emerging
economy. Based on the "China's 50 Best Brands List" released by
Interbrand from 2012 to 2021, this paper attempts to discover whether
and when the source of brand value for enterprises in emerging markets
is from industrial effect or corporate effect? Moreover, what role does
corporate internationalization play in this process? The empirical results
show that in a rapidly growing market, industry factors play an important
role for brand value. Contrastingly, in mature markets, corporate factors
play the important role for brand value. In addition, the contribution
of corporate internationalization to corporate brand value varies with
the maturity of the market. The more mature a market is, the higher the
impact of corporate internationalization on brand value becomes.