The Research On The Influence Of Manager’s Reputation On Enterprise Value

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’s mobile Internet era,this model of advocacy is becoming increasingly popular. Business managers continue to create topics to attract people’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’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 company and the management of reputation and corporate value of the home and abroad so far. Then on the basis we take deeply theoretical analyses, elaborated how the reputation management will affect the enterprise value, analyzes why manager’s 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’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 with 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.