Analysis Of The Influence Mechanism Of Media Reports On Enterprise Innovation

As an external corporate governance mechanism,the media can monitor the internal governance of listed companies through Internet technology,and therefore plays an important role in the capital market,and has become one of the research hotspots in the academic world.The existing literature has done a lot of detailed research on the reputation effect and market pressure effect of the media,but there is very little research on which mechanism is dominant.This article starts from the time when the State-owned Assets Supervision and Administration Commission revised the "Interim Measures for the Performance Evaluation of the Heads of Central Enterprises",and adopted this policy as a natural experiment.It collected the data from 2007-2009 before the implementation of the assessment and the 2010-2009 after the implementation of the assessment.In 2012,the data was analyzed by the difference method.The test results show that the relationship between the media and R&D investment of central enterprises has changed from significant negative correlation to significant positive correlation before and after the implementation of the policy.The implementation of the policy has led to the relationship between the media and R&D investment of central enterprises.A significant positive change has occurred.The essence of this policy is that the research and development expenditure of central enterprises will no longer affect the short-term performance of enterprises,but will encourage central enterprise managers to improve performance evaluation indicators by investing in research and development funds.The results of this paper show that the media has a significant negative correlation with the R&D investment of central enterprises before the implementation of the policy,and this negative correlation result is due to the short-term performance pressure of central enterprise managers.At this time,the market pressure mechanism of the media dominates.After the implementation,the short-term performance pressure of the management of the central enterprises was greatly alleviated,which made the pressure effect of the media on enterprise innovation weakened,and the reputation mechanism became prominent and dominated,which made the media's relationship with R&D investment become significantly positively correlated.Therefore,the results of this study indicate that the role of the media in R&D investment is a combination of reputational effects and market pressure effects.The results of this paper will help to understand the media's governance mechanism more deeply,and affirm the positive role played by the government in the assessment policies formulated by central enterprises.