本文首先归纳了迄今为止国内外关于管理者声誉、微博、公司价
值以及管理者声誉与企业价值关系方面的相关理论和研宄现状,并在
此基础上进行了理论分析,阐述了管理者声誉会如何影响企业价值,
并分析了不同渠道、不同内容的管理者信息为何会对企业价值产生不
同的影响,并提出本文的5个研宄假设。本文采用媒体曝光度和微博
影响力两项指标构建管理者声誉的衡量模型,以Tobin’ sQ来衡量企
业价值,并选取了企业资本结构、企业成长性、企业绩效、企业规模、
企业股权结构和董事会规模6个控制变量,构建了本文的研宄模型
实证部分,本文选取了 2010年一2015年上证和深证上市公司,
经过筛选后得到了 197个样本。通过SPSS 23. 0和Eviews6. 0计量分
析软件对数据进行分析后得到以下结论:管理者声誉与企业价值正相
关,管理者发布的个人相关信息和企业相关信息均与企业价值正相关;
媒体曝光率与企业价值正相关,同时管理者发布的个人相关新闻、企
业相关新闻均与企业价值正相关,微博影响力与公司价值负相关,并
且管理者发布的个人相关微博与企业价值负相关,企业相关微博与公 司价值正相关
为了达到企业价值最大化的目的,在排除其他因素的基础上,管
理者应该建立并维护自己的良好声誉。另外,管理者应该重视自己在
媒体和微博等渠道的影响,可以尝试多发布一些企业相关信息,提升
个人影响力的同时,还能够提高企业影响力,促进企业价值的提升
个人相关信息的发布则要更加谨慎,可以考虑通过访谈等方式以新闻
的形式进行发布,另外发布的内容也要进行认真地考量,避免在公众
面前形成不好的印象,进而影响公众对企业形象的认知
关键词:管理者声誉企业价值媒体曝光率微博影响力
4 THE RESEARCH ON THE INFLUENCE
OF MANAGER’S REPUTATION
ON ENTERPRISE VALUE
ABSTRACT
More and more managers in the enterprise appear in public view,
through a variety of social softwares interacting with the public in order to
attract public attention. As the soul of enterprise, managers is not only a
kind of special human capital, but also the key factor that influences the
performance of enterprise. The special status of business managers
determines high concern of the public. The major media chase their figure.
Managers shape their own influence to expand the influence of enterprises
and promote brand communication. In today&39;s mobile Internet era,this
model of advocacy is becoming increasingly popular. Business managers
continue to create topics to attract people&39;s attention and lead social public
opinion. This is the new requirements of the new enterprise marketing
publicity to business managers. So the research on the relationship between
manager
’
s reputation and enterprise’s value has a very important
significance to the enterprise, which can not only broaden the ideas and
methods of reputation management research, but also provide some
guidance suggestions for enterprises to management promotion in practice
to provide the reference for the enterprise value maximization. Taking into
account the network has become the main way for the public to obtain
information, the article takes the online reputation of manager’s as the
explanatory variables to explore the impact of the manager&39;s reputation on
the value of the enterprise.
This paper summarizes related theory and research actuality on the
relationship between management and reputation of micro-blog, the value
of the comply and the management of reputation and corporate value of
the home and abroad so far. Then on the basis we take deeply theoretical
4 analyses, elaborated how the reputation management will affect the
enterprise value, analyzes why manager^ information of different channels
and content will have a different impact on the enterprise value, and put
forward 5 research hypotheses. This paper uses two indicators media
exposure and Weibo influence to measure model reputation management,
measure the value of the enterprise by Tobin&39;s Q, and select 6 control
variables to build the research model including corporate capital structure,
enterprise growth, enterprise performance, enterprise scale, enterprise
ownership structure and board size .
The empirical part, this paper selects listed companies in Shanghai
and Shenzhen in 2010-2015, and after screening 197 samples received. By
SPSS 23 and Eviews6.0 analysis software we analyze the data to get the
following conclusions: reputation management is positively correlated
witii corporate value; manager’s enterprise information and personal
information enterprise has positive correlation with enterprise value; media
attention is positive to corporate value,and manager’s personal news and
enterprise management news has positive correlation with enterprise value
at the same time; Weibo influence negatively related to firm value, and
individual Weibo negatively correlated with the value of enterprise with
manager
’
s Weibo about enterprise positive correlation with firm value.
In order to maximize the value of the enterprise, in the exclusion of
other factors, managers should establish and maintain their good reputation.
In addition, managers should pay more attention to their impact on the
media, Weibo and other channels.They can try to release some information
of enterprise to improving personal influence,at the same time the
influence of enterprises improving,which can promote the enterprise value.
Release of personal information related to more cautious, can be
considered through interviews with the news in the form of publication.
Also published content should be carefully considered to avoid the
formation of bad impression in front of the public which can affect the
public perception of corporate image.
0 KEY WORDS: manager^ reputation; enterprise value; media
attention; weibo 目录
第一章绪论 1
1.1研究背景及意义1丄1研究背景1.1.2研究意义1.2研宄思路和方法1.2.1研宄思路1.2.2研究容1.2.3研宄方法1.3研宄创新点第二章文献综述2.1管理者声誉的相关研宄2.1.1管理者概念界定2.1.2管理者声誉概念2.1.3管理者声誉的形成2.1.4管理者声誉测量2.2微博的相关研宄2.2.1微博的概念及特征2.2.2微博应用研宄2.3企业价值的相关研宄2.3.1企业价值的内涵2.3.2公司价值的影响因素2.4管理者声誉与企业价值的相关研宄2.4.1管理者声誉对公司财务行为的影响2.4.2管理者声誉对公司治理机制的影响2.4.3管理者声誉对公司绩效的影响第三章理论分析与研究假设
21
第四章研宄设计
24
4_1变量设计
24
4.1.1管理者声誉模型的构建
24
4.1.2企业价值的指标选择
26 4.1.3控制变量的指标选择.....:
27
4_2模型构建
28
第五章实证分析
30
5.1样本选择与数据来源
30
5.2描述性统计结果
30
5.3相关性分析
31
5.3.1管理者声誉与企业价值的相关分析
32
5.3.2媒体曝光率、微博影响力与企业价值的相关分析
32
5.3.3个人相关信息、企业相关信息与企业价值的相关分析
33
5.3.4个人相关新闻、企业相关新闻与企业价值的相关分析
33
5.3.5个人相关微博、企业相关微博与企业价值的相关分析
34
5.4多兀回归分析
35
5.4.1管理者声誉与企业价值的回归分析
35
5.4.2媒体曝光率、微博影响力与企业价值的回归分析
36
5.4.3个人相关信息、企业相关信息与企业价值的回归分析
38
5.4.4个人相关新闻、企业相关新闻与企业价值的回归分析
40
5.4.5个人相关微博、企业相关微博与企业价值的回归分析
42
第六章研宄结论及建议
45
6.1研究结论
45
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