The Media Pays Attention To The Research On Non-efficiency Investment Of Cultural And Creative Enterprises

In recent years,thanks to the development and popularization of the Internet,especially the mobile Internet technology,the media industry has made rapid progress,and the distinction between new media and traditional media has become increasingly clear.The information disclosure and supervisory role played by the media in the economic field have had a profound impact on the participants in the capital market and have drawn wide attention from academic circles in the academic field.The media governance effect has become a research hotspot.With the rapid growth of people's cultural consumption demand and the state's emphasis on cultural industries,cultural and creative industries have become the "new favorite" of capital.However,due to the large span of the cultural and creative industries,the problem of uneven development is obvious.The cultural and creative enterprises in our country have a short history of development.If we need to improve the internal governance mechanism and improve the related external institutional environment,it will take a long time.Therefore,both of these two methods will hardly inhibit the inefficient investment of enterprises in the short term.The development of the media is now maturing,and the media coverage can have a greater impact on the enterprise through the capital market in a short period of time.Therefore,how to suppress inefficient investment in cultural and creative enterprises through media governance has become the core issue of this article.Based on information asymmetry theory and principal-agent theory,this paper takes cultural and creative enterprises as the research object and explores the effect and mechanism of media attention on inefficiency.First of all,by selecting the data of A-share listed companies related to cultural and creative industries from 2013 to 2015 as a sample,verify their inefficient investment status;Second,analyze the impact of media attention on the inefficient investment of cultural and creative enterprises,and new media And the influence of traditional media.Finally,the paper further analyzes the mechanism of media attention on inefficient investment and explores the intermediary role of financing constraints in it.The results show that there is widespread inefficient investment in cultural and creative enterprises in our country,and the underinvestment is more serious than the overinvestment.The media attention has a significant inhibitory effect on underinvestment and the new media has a better effect than the traditional media.Media attention has no obvious inhibitory effect on overinvestment;financing constraints play an intermediary role in media attention to curb underinvestment.The purpose of this paper is to advice the government to encourage,promote and supervise the development of the media industry,especially the new media based on the Internet.The media industry should try it's best to improve the adequacy of reporting,better play a media governance role and improve Enterprise inefficient investment.