Research On The Impact Of Media Concern On Enterprise's Non-Efficient Investment

With the continuous improvement of the level of economic development,the media plays a more and more important role in the modern economic life.The public media can alleviate the problem of information asymmetry faced in the capital market through timely delivery of information at the same time,but also through the reputation mechanism to supervise the self-interest behavior of shareholders and management,reduce agency costs faced by the company,so the media attention one can reduce the underinvestment caused by asymmetric information,financing constraints on the other hand,reducing agency cost and reduce the excessive and insufficient investment by enterprises can,so as to improve the efficiency of corporate investment behavior of non.After that,this paper selects 2009-2013 years A share listed companies in China as samples,and empirically studies how media attention affects the inefficient investment of enterprises.(a)the media attention can enhance the enterprise's level of investment,but also can improve the efficiency of investment,improve the efficiency of corporate investment behavior,this paper will further media attention is divided into positive and negative media attention of media attention were investigated,results showed that the media attention on the investment level and investment efficiency significantly improved mainly in the media on the enterprise,and for the negative media attention of the enterprise did not show significant effect.(b)the study sample according to the nature of enterprise property rights is divided into two parts of state-owned enterprises and private enterprises,the media attention to whether there exists heterogeneity influence of inefficient investment behavior.The results show that the media attention the existence of heterogeneity of inefficient investment behavior,is embodied as the media attention on the level of business investment and significant to improve the efficiency of investment effect mainly concentrated in state-owned enterprises,and for private enterprises showed no significant effect.(c)further,the value of the media attention and the enterprise is studied,the study found that media attention can significantly improve the enterprise value,and the media attention to significantly improve business value mainly from the media to the enterprise,and for the media on the enterprise negative attention,while the impact is not significant.Compared with previous studies,this paper first starts with the corporate governance function of media,and holds that media attention can alleviate the degree of information asymmetry faced by listed companies,and further influence the external financing and investment level of enterprises.After using the empirical data of listed companies of media attention and corporate inefficient investment problem,provides empirical evidence for norms to guide and optimize the company's investment behavior;finally,according to the nature of the enterprise of media attention the existence of heterogeneity and its influence on the enterprise value,provides a new way to study influence of enterprise heterogeneity and enterprise value.