| Based on the methods of classifying R&D reports manually,this paper tests the relationship between negative news,legal environment and enterprise innovation by taking some technology enterprises of A-share main board from 2011 to 2018 as research sample.The study finds that:(1)The more negative reports on enterprise research and development by traditional media,the more attention enterprises attach to R&D investment and patents in the following period,and such efforts are continuous rather than temporary.The media reflects enterprise innovation mainly through information intermediary,reputation and administrative intervention.Furthermore,compared with traditional media,coverage of the cyber media is more widely,but its authority is insufficient,and the impact on enterprise innovation is slightly weakened.(2)When enterprises are faced with a higher level of legal environment,negative news on R&D have a stronger impact on enterprises’ R&D investment and patents.(3)The conclusion remains unchanged after the tests of instrumental variables and PSM.Meanwhile,the promotion effect of negative media on enterprise innovation is more through reputation mechanism than administrative mechanism.(4)After distinguishing the originality,depth and authority of the media,it is found that reprinted reports,in-depth reports and reports of authoritative media are more likely to be positively correlated with the level of enterprise innovation.(5)Compared with all reports and non-negative reports,the negative reports have a stronger impact on enterprise innovation.This study complements the research on the mutual influence of informal and formal systems on enterprise innovation.In the current policy environment in which China proposes to mobilize all factors to improve enterprise innovation,it is of positive value to explore how to create a clear media atmosphere in corporation governance. |
