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

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.