本研究借助理查德森模型，考察了传媒业投资效率在其高绩效形成中的作用后，发现传媒业的高绩效是一种“财务高绩效”，而非“投资高绩效”。高绩效并非来自于上市后传媒企业高效率的投资行为，而是在“轻资产、高附加值”的传媒行业特性和我国高超募的股票发行市场的共同作用下的财务指标扰动现象。这一研究结果表明，对于传媒企业而言，需清醒认识到投资失效问题，在资产优化、高管薪酬合理化和优质投资项目发掘等方面深耕，促使“账面高绩效”转化为“投资高绩效”，保持传媒业成长活力。

Based on Richardson Investment Model, which focuses on how investments influence a company’s performance, this study finds that the high performance of media listed companies comes from financial deviations, not efficient investments. Both the asset-light asset structure of media listed companies and the excess of money flowing in primary stock market of China lead to the financial deviations. This result reveals the investment failures of media listed companies in China, which indicates that it is necessary for media listed companies to optimize the assets structures, build reasonable remuneration system of senior executives, and develop profitable projects, in order to achieve the actual high performance in investment in future.