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本文通过手工收集国内纸上媒体对上市公司的新闻报道,研究了媒体报道对公司创新活动的影响,结果发现:媒体对公司的报道给管理者带来了强大的市场压力,诱发了管理者更注重公司短期业绩的短视行为,减少了对创新活动的投入;在进一步对上市公司的产权属性进行划分之后,本文发现,媒体报道对国有上市公司创新投入的抑制作用更明显;然后,本文对比了不同市场化程度下媒体报道对公司创新活动的影响差异,发现市场化程度高的地区,媒体报道对公司创新投入的抑制作用更明显;最后,本文发现当公司的分析师关注度高时,媒体报道对创新投入的抑制作用不明显,表明分析师能够甄别公司研发活动的价值,缓解了媒体报道的负面效应。本文的结论支持了市场压力假说,为全面认识媒体报道对中国上市公司创新活动的作用机制提供了经验证据。
This paper investigates the impact of media coverage on the company’s innovation activities by manually collecting news reports from domestic media on the listed companies. The results show that media coverage of the company has brought strong market pressure to the managers and induced managers to more Focusing on the short-term behavior of short-term performance of the company reduces the investment in innovation activities. After further dividing the property rights of listed companies, this paper finds that media reports have a more pronounced inhibitory effect on innovation inputs of state-owned listed companies. Then, In different marketization levels, the media reports have different impact on the innovation activities of the company. When it is found that the high degree of marketization in the areas with high degree of marketization, the media reports have a more pronounced inhibitory effect on the innovation investment of the company. Finally, this paper finds that when the analysts’ The negative effect of the report on innovation investment is not obvious, indicating that analysts can identify the value of R & D activities and alleviate the negative effects of media coverage. The conclusion of this paper supports the hypothesis of market pressure and provides empirical evidence for fully understanding the mechanism of media coverage on the innovation activities of Chinese listed companies.