Empirical Research On The Relationship Between Media Attention And Ownership Structure And R&D Investment

China is in the sprint stage of building a well-off society in an all-round way,and is also a crucial year for China to enter the ranks of innovative countries in 2020.With the continuous advancement of supply-side structural reforms,how to achieve the optimal allocation of factors,optimize the input structure of factors,and better innovation-driven has become an urgent problem to be solved.The media has paid attention to exerting an external governance role on enterprises,alleviating the problem of information asymmetry,and regulating and restricting the behavior of companies and managers.As the starting point of corporate internal governance,the ownership structure also affects investment decision-making activities within the enterprise.Therefore,this thesis starts with research on media attention and R & D investment,and then studies the relationship between media attention,equity structure and R & D investment.This thesis first reviews the relevant literature on equity structure,media attention,and R & D investment;secondly,it explains the concepts and related theories of media attention,equity structure,and R & D investment;and analyzes the impact of media attention and equity structure on R & D investment and principles and corresponding research hypotheses are proposed;finally,a multiple regression model is constructed for empirical analysis.The research results are as follows:(1)Media attention and R &D investment have a significantly positive correlation;(2)Compared with state-owned enterprises,the relationship between media attention and R & D investment is more significant in non-state-owned enterprises;(3)Management's shareholding has increased the relationship between media attention and R & D investment;(4)Equity check and balance strengthens the relationship between media attention and R & D investment.According to the conclusions of this thesis,how to maximize the external governance role of China's media and optimize the corporate equity structure to improve corporate R & D investment put forward some reference suggestions,and put forward the limitations and prospects of this thesis.