Research On The Relationship Among Platform Corporate Social Responsibility,Media Attention And Corporate Value

The report of the 20 th National Congress of the Communist Party of China emphasized accelerating the construction of a new development pattern,focusing on promoting highquality development,strengthening the development of modern industries such as network and digital,accelerating the construction of a network power,a digital China and other economic powers,and promoting the modernization of the national security system and capabilities.In the process of building an economic power,with the continuous development of the digital economy,the types of enterprises become more complex.As an important organizational form and emerging force in China’s economic development,platform enterprises have inevitably emerged various social responsibility issues in the process of rapid economic development,which have caused certain negative effects.Therefore,the performance of social responsibility by platform enterprises plays an important role in enterprise value.The platform enterprises themselves link strong customer flows,and social responsibility activities will also become more complex.Only by assuming the main responsibility and strengthening the performance of responsibilities for user information and the public,can the platform enterprises improve their value and promote sustainable development.Therefore,this paper studies the impact of platform corporate social responsibility on corporate value,and the intermediary role of media attention in the relationship between platform CSR and enterprise value,and studies its differentiated performance according to the nature of property rights,which has reference significance for promoting platform enterprises to fulfill their responsibilities and improve their value.This paper discusses the above issues from the theoretical and empirical analysis levels.Firstly,from the theoretical level,based on the sorting and summary of literature,combined with bilateral market theory,signal transmission theory,information dissemination theory and other related theories,the relationship among platform corporate social responsibility,media attention and corporate value is analyzed.Secondly,at the level of empirical analysis,the initial research sample was selected from the Shanghai and Shenzhen A-share listed platform enterprises from 2012 to 2021.According to the comprehensive evaluation index of platform corporate social responsibility,the factor analysis method is used to determine its measurement standard,and the data is analyzed through STATA to study the relationship between platform corporate social responsibility and corporate value,and the mediating role of media attention.According to the different nature of property rights,platform enterprises are grouped,and then the mechanism among platform corporate social responsibility,media attention and enterprise value is studied.The results show that: The fulfillment of social responsibility by platform enterprises significantly improves corporate value.At the same time,it also confirms the internal mechanism of platform corporate social responsibility affecting corporate value through the mediating role of media attention.There is no significant difference between state-owned platform enterprises and non-state-owned platform enterprises in fulfilling social responsibilities in enhancing corporate value;Compared with state-owned enterprises,the mediating role of media attention of non-state-owned platform enterprises is more significant.Based on the above research conclusions,this paper puts forward the following suggestions: Platform enterprises should improve the level of social responsibility performance,effectively ensure the sustainable development of enterprises,and actively perform social responsibility to promote the further improvement of enterprise value.The media should be objective,fair,timely and effective in publicizing and reporting the platform’s corporate social responsibility related behaviors,feedback the platform’s corporate social responsibility behaviors to the user groups truthfully and effectively,and reduce the problem of information asymmetry between enterprises and users.The government and other relevant departments strengthen and improve the supervision system,achieve clear their responsibilities,urge platform enterprises to actively fulfill their social responsibilities,and promote the healthy and orderly development of society.