Effect Of Digital Media Attention On The Enterprise Investment Efficiency

China's economy is currently in the process of optimizing the economic structure,the inefficiency of investment behavior of enterprises in business management activities is still widespread.With the deepening of the structural reform of the supply side,how to improve the enterprise investment efficiency and promote efficiency reform,has become an urgent problem.Meanwhile,in the digital information age,digital media has replaced traditional media and become the main channel of public information dissemination and an important force in the economic society.Digital media plays an important role of market information optimization and corporate governance.However,through reading the existing literature,few scholars have studied the impact of digital media on the enterprise investment efficiency.Therefore,from the perspective of digital media,this paper deeply studies the impact of digital media on the enterprise investment efficiency and its impact channels.Firstly,this paper reviews the research literature,and through the analysis of relevant theories,this paper argues that the digital media attention affects the investment efficiency of enterprises through effective supervision channel,information function channel and market influence channel,and then makes research hypotheses.Secondly,this paper innovatively uses principal component analysis to construct a comprehensive substitute indicator of digital media attention,and uses the Richardson residual model to measure the investment efficiency of enterprises.China's SME board listed companies from 2013 to 2015 are used as samples.Then this paper constructs a multi-regression model of digital media attention and the enterprise investment efficiency to analysis the impact of digital media attention on the enterprise investment efficiency.In addition,in the empirical model,the cross-multiplication items of agency costs,investor sentiment and digital media attention are added,so as to study the influence channels of digital media attention on the enterprise investment efficiency.Further,this paper compares the impact of the difference between traditional media attention and digital media attention on the enterprise investment efficiency,and explores the influence of government intervention on the governance role of the media.The empirical results show that:(1)The digital media attention of enterprises generally improves the enterprise investment efficiency.More specifically,the digital media attention is significantly negatively correlated with the under-investment in enterprises,and negatively correlated with the over-investment,but the latter is not significant.(2)The lower agency cost,the stronger the inhibition of digital media on the under-investment of enterprises,and the higher the investor sentiment,the weaker the inhibition of digital media on the under-investment of enterprises,that is,agency costs and market investor sentiment can play a role in the process of digital media attention affecting the enterprise investment efficiency.(3)Traditional media attention also inhibits the company's inefficient investment behavior,and government intervention greatly weaken the media's role in improving the enterprise investment efficiency.Finally,this paper combines the research results with the actual situation in China,puts forward the research prospects,and advises the government and regulatory departments to deepen the reform of the digital media industry and guarantee the authenticity and independence of digital media reports.The innovation of this paper is to study the influence of media attention on the enterprise investment efficiency and its impact mechanism from the perspective of digital media,enrich the relevant theories,and use the principal component analysis method to construct the indicator of digital media attention,so that the media attention indicator is more comprehensive and accurate.