选取低空经济作为研究情境，基于信号理论，构建了包括414个样本的2021～2025年中国上市公司低空经济公告数据集，采用事件研究法和多元线性回归法对企业的象征性管理行为以及市场对该行为的认可进行研究分析。研究结果发现，实质性投入和概念性布局是企业常用的象征性管理手段，市场在公告日对有实质性投入的企业给予2.1%的估值溢价。当实质性投入的资产专用性较强时，市场的认可程度越高，具体表现为企业实质性投入的信号效应在上游企业被削弱，在中游企业被增强。从信息披露形式来看，相比于由投资者询问引致的信息披露，企业主动向市场公布业务信息会强化实质性投入的信号作用，且市场对非国有企业实质性投入的反应更为积极。此外，在低空经济企业集聚度较高的地区，实质性投入更容易获得市场认可；相比于eVTOL试点城市，实质性投入的信号作用在非eVTOL试点城市中更显著。

Taking the low-altitude economy as the research context, this study draws on signaling theory and constructs a dataset of 414 announcements issued by Chinese listed companies related to the low-altitude economy from 2021 to 2025. Using event study and multiple linear regression, this paper examines firms’ symbolic management behaviors and market recognition. The results show that substantive investment and conceptual positioning are two commonly used symbolic management approaches. On the announcement day, firms with substantive investment receive a valuation premium of 2.1%. Moreover, when the asset specificity of substantive investment is stronger, the degree of market recognition is higher. Specifically, the signaling effect of substantive investment is weakened among upstream firms but strengthened among midstream firms. In terms of information disclosure, compared with disclosures triggered by investor inquiries, firms’ voluntary disclosure of business information strengthens the signaling effect of substantive investment. Further analysis shows that the market responds more positively to substantive investment by non-state-owned enterprises. In addition, in regions with a higher concentration of low-altitude economy concept firms, substantive investment is more likely to gain market recognition. Compared with eVTOL pilot cities, the signaling effect of substantive investment is more significant in non-eVTOL pilot cities.