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.