品牌竞争力是企业高质量发展的重要象征，是企业谋求长期发展与成长的关键要素之一。基于2007—2021年中国A股上市公司的数据，本文利用文本分析法构建品牌竞争力的度量指标，并实证检验品牌竞争力对企业投资效率的影响。研究发现：品牌竞争力通过“声誉约束”机制和“信息获取”机制这两条路径，改善了企业非效率投资的难题；当市场竞争更激烈、管理层认知水平更高、拥有品牌竞争力的时间更长时，上述影响更加显著；品牌竞争力还可以显著提升企业全要素生产率，对促进企业高质量发展产生积极影响。本文的研究结论对企业构建品牌竞争力、加快实现高质量发展具有一定的启发和指导意义。

The competence of brands is an important symbol of the development of enterprisesIt is also one of the key elements for enterprises to seek longterm development and growthBased on the data of Chinese Ashare listed companies from 2007 to 2021, this article constructs an index to measure the competence of brands and empirically tests its impact on the efficiency of corporate investmentThis study finds a positive correlation between the competence of brands and the efficiency of corporate investmentThe mechanism test shows that the competence of brands can solve the problem caused by inefficient investment by the mechanism of reputation constraint and that of the information acquisitionIt also finds that the competence of brands has a more significant impact on the investment efficiency when the market competition is more intense, the management cognition level is higher, and the brands have remained competent for a longer timeAlso, the competence of brands can significantly improve the enterprises total factor productivity, and have a positive impact on their highquality development.