Research On Media Attention Tendency,Executive Equity Incentive And Firm Innovation

From the 19 th National Congress of the Communist Party of China,which proposed to build socialist modernization in an all-round way,to the upcoming 20 th National Congress of the Communist Party of China,high-quality development has always been the focus of the country’s attention.It is of great significance to promoting the development of the country.The high-quality development of itself is also closely related to the high-quality development of the country.In such a situation,it is necessary for the company to continuously improve its own innovation level in order to achieve the goal of high-quality development of the country and meet the requirements of the steady development of the national economy.If a company wants to continue to develop and survive permanently,it must continue to carry out technological innovation.As corporate executives are the chief helmsman in the process of corporate development,executive equity incentives are a key internal factor that causes corporate executives to make corporate innovation decisions.At the same time,news media,as an external governance factor,will also pass external public opinion to corporate executives.The conduct of decisions made regarding the development of the company is regulated.At the same time as the Internet continues to prosper and grow,the news media can also use the Internet as a platform to continuously improve their ability to supervise public opinion,which will play an increasingly critical role in the supervision of corporate behavior,and also supervise and constrain the health of Chinese companies.play an important role in development.This paper selects the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2010.Based on the principal-agent theory and media governance theory,this paper studies the relationship between media attention tendency,executive equity incentives and corporate innovation.The results of this study are: executive equity Incentives promote corporate innovation,and the greater the level of equity incentives for company executives,the higher the level of corporate innovation.The media attention tendency as an external governance mechanism plays a positive moderating role in the relationship between executive equity incentives and corporate innovation as an internal governance mechanism,and plays a role in corporate governance,and the more positive the media attention tendency is,the more significant the governance effect is.After further subdividing the types of media attention tendencies,it is found that the media attention tendencies related to executives can positively regulate the relationship between executive equity incentives and corporate innovation,and enhance the positive role of executive equity incentives on corporate innovation.The media attention tendency related to executives does not play a moderating role;both the online media attention tendency and the newspaper media attention tendency can positively moderate the relationship between executive equity incentives and corporate innovation;the central media attention tendency positively moderates the relationship between executive equity incentives and corporate innovation.The relationship between corporate innovation enhances the positive role of executive equity incentives in promoting corporate innovation,while the non-central media attention tendencies do not play a moderating role.Finally,referring to the research results of this paper,it puts forward suggestions from three aspects: the government,the enterprise and the society.The government should increase the publicity of the company’s innovation,promulgate relevant laws and regulations that restrict news media reports,and the enterprise should reasonably design the executive equity incentive plan.,pay attention to the news media and put forward practical opinions,the media should publish news fairly and objectively,and give full play to the role of media supervision.