聯合品牌（co-branding)被認為是引進新品牌和新產品的有效方法。過去的研究指出了聯合品牌策略對於消費者認知和品牌價值的影響。然而，本篇研究從財務角度切入，探討聯合品牌策略對於分析師推薦評等的影響。
實證結果表明，當公司宣布聯合品牌策略後，分析師會提高他們對於公司的評等; 此外，此研究更進一步地解釋公司的公司的哪些指標會影響分析師的評價，結果指出了聯合品牌裡企業的無形資產和研發費用會影響分析師的評等。

Co-branding is regarded as an effective way to introduce new brands and products. Past studies have identified the influences of co-branding on consumer perception and brand value, such as transfer positive association, form positive attitude and enhance brand equity. Yet this study instead argues that co-branding will influence analysts opinion by change their recommendations.
This study reveals that co-branding firms receive better rating from analysts after the co-branding announcement date. Furthermore, this study also sheds light on interpreting the characteristics of co-branding firms have will receiver higher rating. The result presents that co-branding firm’s intangible asset and R&D expense will influence analyst recommendation.

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