Abstract: The "China Time-honored Brands" are rich in history and culture, but lack technological innovation and growth momentum of brand value. Based on the data of A-share listed companies of "China Time-honored Brands" and the data of China's 500 Most Valuable Brands from 2007 to 2018, this paper analyses the relationship between R&D and the brand growth. The results suggest that R&D innovation behavior of the "China Time-honored Brands" can significantly improve brand value. Additionally, among types of R&D input of enterprises, the capitalized expenditure needs three years to realize its brand-enhancing effect. However, the period of effect of the expensed expenditure is relatively short. This paper also studies the effect of R&D patent output on the brand value. The results show that utility model patents have a significant brand-enhancing effect about two years after being authorized. Nevertheless, the appearance patents play a role in promoting the brand value in a short period. Moreover, the effect of invention patent on the brand value of time-honored brands is not significant. This paper innovatively explores the effect of R&D innovation on the brand growth of "China's Time-honored Brands", and the findings are helpful for "China's Time-honored Brands" to enhance their brand competitiveness.

Key words: China time-honored brand, innovation, brand value, core patents