Abstract: Developing brand economy has been an important breakthrough of supply-side structural reform. By using financial data of Listed Companies in China from 2013 to 2016, a panel regression model is constructed to study the impact of brand equity and R&D capital on Total factor productivity（TFP）. The conclusion shows that there is a significant positive correlation between brand equity and TFP, and the strength of state-owned enterprises is greater than that of non-state-owned enterprises, and the strength of large enterprises is greater than that of small and medium-sized enterprises. In addition, there is a complementary effect between brand equity and R&D capital in promoting TFP, however the effect only exists in state-owned enterprises and large enterprises. These conclusions are further confirmed by robust test. Empirical evidence of listed companies helps managers to understand the role of brand equity and R&D capital more deeply, and to provide decision support for the resource allocation. At the same time, the conclusion also provides policy implication for the government to formulate relevant policies to encourage brand strategies in small and medium-sized enterprises and non-state-owned enterprises.