媒体关注与企业创新绩效

媒体关注是会发挥信息功能的正面效应进而促进企业创新,还是会发挥负面效应给管理者形成外部压力从而抑制企业创新？在梳理媒体关注信息功能的基础上,基于2010~2018年A股上市公司数据分析媒体关注与企业创新绩效的关系。研究发现：媒体关注对企业创新绩效起到促进作用,在控制了内生性问题后,这一结论依然成立。通过对报道性质进行区分,发现非负面报道对创新绩效的促进作用更加明显,而负面报道并没有显著降低企业创新绩效。在影响机制分析中发现融资约束在媒体关注与企业创新绩效之间起到中介作用,即媒体关注通过缓解企业融资约束进而提高创新绩效。

Media Attention and Enterprise Innovation Performance

Will media attention exert positive effect of information function to promote enterprise innovation, or will it exert negative effect to form external pressure on managers to restrain enterprise innovation? On the basis of combing the information function of media attention, this paper analyzes the relationship between media attention and enterprise innovation performance based on the data of A-share listed companies from 2010 to 2018. The research finds that: media attention plays a role in promoting enterprise innovation performance, and this conclusion still holds after controlling the endogenous problems; by distinguishing the nature of reports, it finds that non negative reports promote innovation performance In the analysis of influence mechanism, it is found that financing constraints play an intermediary role between media attention and enterprise innovation performance, that is, media attention improves innovation performance by alleviating enterprise financing constraints.