Media Attention And Digital Transformation

The fourth industrial revolution is underway worldwide,the fourth industrial revolution has triggered a wave of digitalization,all walks of life around the world are actively embracing digitalization,and developed countries and many developing countries around the world have begun to explore digital transformation under the fourth industrial revolution.In 2015,China put forward a strategy to seize the digital economy and seize digital technology to accelerate the process of digitalization from enterprises to industries.The rise of the fourth industrial revolution is accompanied by the rise and rapid development of Internet technology in the new era,the speed and increase of information dissemination speed and increase,and the increase in the scope of information dissemination,which in turn promotes the rapid development of online media.Practical conditions exist,the public due to various reasons,can not take the initiative to obtain some indirect information that requires time and energy,can only obtain part of the information,so the information media has a significant impact on influencing individual decision-making,and the impact of the media on the public’s information acquisition cannot be ignored.In addition,the reputation of media attention to influence has become one of the starting points of government administrative intervention,and media attention is also an important topic of concern in the political circles and academia.Proceeding from reality,comparing China’s market environment with the market environment of foreign developed countries,it can be found that China’s capital market is relatively backward,the laws and regulations are not yet perfect,and the overall market environment is not perfect.In the face of a complex market environment,the media,as an external influencing factor of the enterprise,can find the problems in the market,and then through information transmission,it has a certain impact on the market environment,and the power of media or media attention cannot be underestimated,and the weight cannot be ignored.At present,in China,the whole country is promoting the transformation and upgrading of enterprises,promoting the digital transformation of enterprise industries,and studying digital transformation is also an important practice from theory to reality,so it has very important practical significance.Based on the existing research,this paper uses the data of China’s A-share listed companies from 2010 to 2019 to study the impact of media attention on the digital transformation degree of China’s listed companies.In order to ensure the robustness of the regression results,this paper proposes to adopt the instrumental variable method to test the missing variables of the model and the endogeneity caused by measurement errors.Tendency score matching is used to solve the endogeneity problem caused by sample selectivity bias.Finally,the method of substituting variables is used to replace the variables with the digital transformation indicators obtained under different measurement methods to ensure consistent and stable interpretation of the empirical results.In addition,this paper further examines the impact of media attention on digital transformation under different media sentiments,and further tests the heterogeneity of state-owned enterprises and non-state-owned enterprises,whether they are the big four audits,whether the enterprises are loss-making,and whether the enterprises are high-tech enterprises.Through the research,the following conclusions are drawn:(1)There is a significant positive correlation between media attention and the degree of digital transformation of listed companies.(2)When distinguishing between the attention of the online media and the attention of the newspaper media,the coefficients of online media attention and newspaper media attention and digital transformation are both significant and positive.(3)Further research finds that positive media attention is positively correlated with digital transformation,and negative media attention is negatively correlated with digital transformation.(4)Further distinguishing the nature of property rights found that the more media attention non-state-owned enterprises have,the higher the degree of digital transformation,while the performance of state-owned enterprises is not obvious.(5)The impact of media attention of the four audit groups on the digital transformation of listed companies is significantly positively correlated,(6)the impact of media attention of non-loss groups on the digital transformation of listed companies is significantly positive correlation(7)whether further research by high-tech enterprises finds that the impact of media attention of high-tech enterprise groups on the digital transformation of listed companies is significantly positively correlated.According to the actual situation in China and the research conclusions,the enlightenment is as follows:(1)Improve the market mechanism and provide a good environment for the media to play the role of the reputation mechanism.(2)Improve the management of the media industry,strengthen the supervision of industry media by relevant departments,and provide a standardized and harmonious development environment for media and enterprises.(3)In view of digital transformation,it is recommended that enterprises carry out complementary cooperation,give full play to their own advantages,and cooperate for win-win results.