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鉴于老字号价值优势的主要来源是其长期的历史沉淀,构建了沉淀投入动态模型对老字号价值失效、激活与实现过程进行分析,并通过南京冠生园案例和2005—2016年30家老字号上市企业的样本数据分别进行创新资本投入对老字号价值影响的实证检验.研究结果表明:有形与无形沉淀赋予老字号人文、历史意涵,成为其独有的价值优势;“沉淀”的两面性需要老字号注重它的合理与有效利用,避免成为老字号价值激活的阻碍;激活“沉淀”的创新资本投入可成为企业承继核心能力的重要手段,并有效促进老字号价值恢复与实现.据此,老字号应积极搭乘“一带一路”之车,加强自身本土化与现代化建设,提高企业创新驱动能力,并呼吁政府实施“激活”老字号战略,以营造良好的发展环境.“,”“Precipitation” is the main source of the time-honored brand value advantage in China. This research structures the dynamic model of precipitation input to analyze the invalidation, activation and realization of the time honored brand value, and use the case of Nanjing Guan Sheng Yuan and the research sample of 30 listed companies of the time-honored brands in China from 2005 to 2016 to empirically study how innovative capital investment affect the value of the time-honored brands. The results show that: the tangible and intangible precipitation endow the time-honored brands with the humanistic and historical implications, which is the unique advantage of the time-honored brand value. The two sided “Precipitation” requires more attention to the rational and effective use of the time-honored brands in case of being an obstacle to the activation of the time-honored brand value. The innovative capital investment that activates “Precipitation” can become an important means for enterprises to inherit the core competence, and effectively promote the recovery and realization of the time-honored brand value. In view of this, the time-honored brands should actively join “ the Belt and Road” , strengthen the localization and modernization of the time-honored brands, improve the innovation capacity of enterprises, and appeal to the government to implement the strategy of activating the time-honored brands and to create a favorable environment for development.