Impact Of Financing Constraints On High-quality Development Of Manufacturing Enterprises

Manufacturing industry is the lifeblood of the national economy,serving as the foundation for a prosperous country and the basis for its strength.After going through the stages of self-reliance,comprehensive development,and rapid prosperity,China’s manufacturing industry is currently transitioning from high-speed growth to high-quality development,entering a crucial period of enhancing quality and efficiency.With the continuous advancement of high-quality development,the manufacturing industry aims to achieve comprehensive high-quality outcomes and constantly undergoes industrial transformation and upgrading.However,during the process of rapid development,it faces constraints such as financing limitations.Domestic challenges,including difficulties in obtaining financing and high costs,impede the improvement of enterprises’ high-quality development.In today’s society,information can be conveniently and rapidly disseminated worldwide,and media attention can influence the high-quality development of enterprises by exerting pressure on their decisions and regulating the allocation of factors.Therefore,within the context of China’s entry into the new normal of the economy,this study attempts to investigate how financing constraints and media attention affect the high-quality development of enterprises,as well as to explore whether media attention plays a regulatory role.This study focuses on the listed manufacturing companies in the A-share market from 2017 to 2021.Drawing on theories of information asymmetry,pecking order financing,agency theory,and reputation theory,we construct a comprehensive regression model and a mechanism testing model.Additionally,we incorporate three different media attention variables based on emotional tendencies to conduct a more nuanced investigation.This research provides feasible recommendations for promoting the high-quality development of manufacturing enterprises in China.By alleviating financing constraints,enhancing media channel utilization,and leveraging media coverage to mitigate financing constraints,manufacturing enterprises can benefit.The empirical analysis yields the following conclusions: firstly,financing constraints inhibit the improvement of high-quality development in enterprises;secondly,the moderating effect of media attention is significant in alleviating financing constraints and promoting high-quality development in manufacturing enterprises.Media attention with different emotional tendencies demonstrates positive moderating effects,with positive and negative media attention exhibiting more significant moderating effects compared to neutral media attention.Thirdly,the impact of financing constraints on high-quality development and the moderating effect of media attention vary across different regions and industries.Lastly,this paper proposes policy recommendations from five aspects:enhancing the interpretation of macroeconomic policies,establishing a multi-level financial market,improving media supervision mechanisms,enhancing the efficiency of fund utilization,and refining management mechanisms.These recommendations aim to provide enterprises with guidance in dealing rationally with media attention,alleviating financing constraints,and enhancing the level of high-quality development.They serve as valuable references for policy-making.