关键词: 声誉机制, 中华老字号, 品牌价值, 内部治理

Abstract: China Timehonored Brand is a unique corporate reputation asset，which provides a good identification environment for studying corporate reputation and helps to solve the endogeneity problem of previous studies on financial intermediary reputation This paper uses Ashare listed companies in 19922014 as the research sample and finds that companies with Timehonored Brands have significantly lower IPO underpricing ratios，less postIPO financing constraints，better stock market performance，and more robust operating performance，indicating that Timehonored Brands can effectively play an information assurance role as corporate reputation assets Mechanism analysis shows that Timehonored corporate reputation can promote management interest compatibility and improve internal governance efficiency，thus forming a virtuous circle of consciously maintaining reputation Therefore，this paper not only finds that corporate reputation can be used as an effective indicator of corporate value，but also provides some implications for the mixed ownership reform of stateowned enterprises under the new development stage by studying the reputation value of China Timehonored Brand in promoting corporate performance and internal governance

Key words: reputation mechanism, China Time-honored Brand, brand value, internal governance