社交媒体运营对公司价值的影响:来自中国的证据  

Impact of social media adoption on firm value: Evidence from China

作　　者：林丽 方文培 罗彪 万亮[1] Li Lin;Wenpei Fang;Biao Luo;Liang Wan(School of Management,University of Science and Technology of China,Hefei 230026,China;School of Management,Hefei University of Technology,Hefei 230061,China)

机构地区：[1]中国科学技术大学管理学院,安徽合肥230026 [2]合肥工业大学管理学院,安徽合肥230061

出　　处：《中国科学技术大学学报》2022年第4期26-40,I0002,I0003,共17页JUSTC

基　　金：supported by the Humanities and Social Sciences Research Project of the Ministry of Education of China (20YJC630138);the Natural Science Foundation of Anhui Province (2008085QG345);the Fundamental Scientific Research Project of the Central Universities (WK2040000023);the New Liberal Arts Fund of the University of S cience and Technology of China (YD2040002010)。

摘　　要：社交媒体已成为提高公司价值的重要渠道。本研究以中国为背景,旨在调查社交媒体(微博和短视频平台)运营对公司价值的影响;研究采用多阶段倾向评分匹配(PSM)和分化差异(DID)设计方法。研究结果表明公司采用抖音短视频平台进行社交媒体运营对公司价值具有显著的积极影响;而公司采用新浪微博进行社交媒体运营对公司价值没有显著影响。这意味着公司运营新兴的社交媒体平台对公司价值具有积极意义,为公司开展社交媒体运营提供了指导。Social media has become an essential channel for increasing firm value. This study explores the impacts of social media operation(i.e., microblog and short video platforms) on firm value in the context of China. The research adopts the multi-stage propensity score matching(PSM) and differences-in-differences(DID) design, and the reseach results indicating that the operation of short video platforms for social media marketing can significantly increase firm value.However, the operation of microblogs for social media marketing insignificantly affects firm value. This means that the company’s operation of emerging social media platforms is of positive significance to firm value. Moreover, the conclusions of this study will guide the company’s social media operations.

关 键 词：社交媒体 公司价值 多期PSM-DID 

分 类 号：F270[经济管理—企业管理]