媒体关注对新能源车企声誉投资影响的实证研究

An empirical study on the impact of media attention on Chinese new energy vehicle companies’reputation investments

以2009—2018年中国新能源汽车板块53家上市公司为研究样本,采用倾向得分匹配法,分析了媒体关注对中国新能源车企在不同发展阶段的声誉投资的影响差异。研究结果表明,媒体关注通过监督机制对新能源车企面向政府层面的声誉投资促进作用最明显并且最具持续性,面向用户层面次之,面向社会公众层面最弱。同时,媒体关注对新能源车企声誉投资的影响效果在不同发展阶段存在差异,在新能源汽车产业的启动和深化阶段,媒体关注能够通过监督机制对企业声誉投资产生促进作用,在新能源汽车产业的加速发展阶段,媒体关注对新能源车企面向政府层面声誉投资的促进作用达到峰值,而对面向社会公众层面的声誉投资存在抑制作用。政府有关部门应一方面利用好媒体关注的监督作用来发挥企业声誉机制的自我约束作用,另一方面应警惕在新能源汽车产业发展中可能出现的企业与媒体“合谋”行为。新能源车企应优化声誉投资的结构,并且要在声誉投资中实施动态管理策略,恰当地利用媒体的传播属性来提高企业的声誉。

Adopting the propensity score matching(PSM)method and taking 53 listed Chinese new energy vehicle(NEV)companies from 2009 to 2018 as research samples,we analyzed the impact differences of the media attention to the reputation investment of NEV enterprises at different stages of development.The results reveal that the attention given by media,through"supervision"mechanism,has the most obvious and continuous promotion effect on the reputation investment of NEV enterprises to the government,followed by that to the users of NEV,and the weakest to the public.Besides,at different development stages of the NEV industry,attention given by media has different effects on reputation investment.At the stages of the start-up and deepening development of the NEV industry,attention given by media can play a role in promoting reputation investment through“supervision”.However,at the accelerating development stage of the NEV industry,the promotion effect of attention given by media on the reputation investment to the government reaches the peak,while the inhibition effect on the reputation investment appears in the aspect of the public.On the one hand,government departments should make use of the supervision mechanism of attention given by media to play the self-restraint role of corporate reputation mechanism.On the other hand,they should be alert to the possible“collusion”between enterprises and media in the development of the NEV industry.NEV enterprises should optimize the structure of reputation investment,implement dynamic management strategy in reputation investment,and properly use the influential characteristics of media to improve the reputation of enterprises.