Network Media Attention,Internal Control And Corporate Investment Efficiency

With the advancement of global economic integration,capital competition is becoming increasingly fierce,and the competition among listed companies is gradually changing from product competition to investment efficiency competition.Investment decision is one of the three core decisions of a company,which is the root of increasing the core competitiveness of a company.In an ideal capital market,enterprises will only invest in projects whose marginal revenue is equal to marginal cost.However,in the actual investment process,due to information asymmetry and principal-agent problems,enterprises will choose to invest excessively in loss-making projects and underinvest in profitable ones.Therefore,the problem of low investment efficiency is widespread in Chinese enterprises.How to effectively improve the investment efficiency of enterprises is an urgent problem to be solved.At the same time,the development of the Internet and information technology has promoted the rise of the power of network media.Network media has replaced the traditional paper media and gradually become the mainstream of modern information life,playing an important role in market information optimization and corporate governance.However,there are few literatures on the relationship between the attention of network media and the investment efficiency of enterprises.Therefore,from the perspective of network media,this paper makes an in-depth study of the impact of network media attention on the investment efficiency of enterprises,so as to provide references for China’s listed companies to solve the problem of inefficient investment.This article from the information asymmetry theory,principal-agent theory,signaling theory,reputation mechanism theory and government regulation theory,analyzes the network media’s influence on enterprises investment efficiency,and the internal control as a intervening variable,explores the network media attention whether can be affected by the internal control and influence corporate investment efficiency,Considering different internal and external governance environments,media attention may play different roles.This paper further analyzes the influence of analyst tracking and equity checks and balances on the relationship between the two.This paper takes A-share listed companies from 2012 to 2019 as sample data,constructs multiple regression model,conducts empirical test and analysis,and verifies the robustness of the results through A series of methods.Finally,conclusions and suggestions are drawn.Specifically,this paper draws the following conclusions :(1)the attention of network media can promote the investment efficiency of enterprises;(2)Internet media attention can promote the quality of enterprise internal control;(3)Internal control quality acts as a partial mediating mechanism in the promotion effect of network media attention on enterprise investment efficiency;(4)Compared with the enterprises with more analysts tracking and higher equity checks and balances,the promotion effect of online media attention on the investment efficiency of enterprises with fewer analysts tracking and lower equity checks and balances is more significant.There are two innovations in this paper :(1)Innovation of research perspective.The literature on the impact of network media and corporate investment efficiency mechanism research is not rich,and did not investigate whether internal control can play a role as the transmission mechanism,so this paper tries to prove that media attention by promoting effect on investment efficiency,internal control to rich media attention and the efficiency of the enterprise investment conduction way to study.(2)Innovation of research content.By placing the relationship between online media attention and corporate investment efficiency under different internal and external governance environments,this paper further explores the influence of analyst tracking and equity checks and balances on the relationship between online media attention and corporate investment efficiency,and expands the existing research fields on online media attention and corporate investment efficiency.