Although the study of relationship between product expanding strategy and brand value is attracting attention increasing in recent research, it is still lacking of exploration for effects of resources attribution perspective. This study undertakes the previous studies to investigate the effects of relationship between product adjacency strategy and brand value in vary dimensions. We propose that (1) When implement adjacency expanding strategy associated with core product match level is high, it will positive influence the integrated brand value and the long term stock price. (2) When resource attribution is highly supported, it will positive influence the integrated brand value and the long term stock price, (3) When competitive environment change is low, it will positive influence the integrated brand value and long term stock price. The managerial implications and suggestions for future study are also discussed.