Abstract: 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.