Research On The Influence Of Media Attention On Manufacturing Enterprise Innovation

Innovation is the primary driving force behind development;it is the strategic underpinning for building a modernized economy.With the steady implementation of China’s strategy of innovation-driven development,China’s economy has shifted from the stage of high-speed development to the stage of high-quality development,in which innovation plays a key role.As an important part of the entity economy,the innovation ability and innovation level of manufacturing enterprises has attracted many attentions of the society from all walks of life.In recent years,the marketization process of enterprises has gradually accelerated,and the governance effect of news media has become more and more significant.Through the processing and dissemination of enterprise information,media can effectively alleviate the information asymmetry between enterprises and the public.Decision-making activities related to the enterprise management has more from the point of view of media to show to the various stakeholders,enhances the enterprise the transparency of information,and then makes the media information intermediary and external supervision function effectively.In this way,enterprises can improve their social responsibility,take the initiative to assume social responsibility,help enterprises form a good cooperative partnership with external stakeholders,build enterprise-centered social networks,integrate different internal and external resources of enterprises,and provide support and guarantee for the development of enterprise innovation activities.Therefore,on the premise that the external governance effect brought by the media has been effectively played,it is necessary to discuss how media attention affects enterprise innovation from the perspective of corporate social responsibility.By reviewing the research literature on the relationship between media attention,corporate social responsibility and enterprise innovation,this study finds that there are few literatures on the internal influencing mechanism between media attention and enterprise innovation.Based on the review of relevant theories and existing literature,this paper discusses the internal influence mechanism of media attention on enterprise innovation from the perspective of corporate social responsibility.In the empirical study,the A-share listed manufacturing enterprises in Shanghai and Shenzhen from 2012 to 2021 are selected as research samples,and the multiple regression model is constructed.On the basis of the verification of the hypothesis,the heterogeneity analysis is also carried out by combining the differences in the level of economic development in the regions where enterprises are registered,the differences in corporate profitability,and the differences in environmental sensitivity of enterprises.Through empirical analysis,the following conclusions are drawn:(1)The more media reports on enterprises,the more attention they receive,the more enterprises are inclined to take the initiative to carry out innovation activities.(2)The more media reports on enterprises,the more attention they receive,the more enterprises are inclined to actively undertake corporate social responsibility.(3)Enterprises actively assume corporate social responsibility,which can promote the development of enterprise innovation activities.(4)Corporate social responsibility plays an intermediary role in the media attention and enterprise innovation.The heterogeneity test found the following conclusions: The above conclusions are valid in the enterprise group of the eastern region,the enterprise group with high profitability level and the enterprise group with high environmental sensitivity,and media attention plays a more significant role in governance.Finally,based on the above research conclusions,suggestions are put forward from the perspective of enterprises,media and government,and future research directions are pointed out.