Media Attitude,Investors' Attention And Enterprise Innovation Input

In the 21 st century,with the advent of information technology as the core of the era of knowledge economy,innovation activities in the process of social and economic development to promote the role of increasingly obvious.The company's innovation investment will help to improve the production efficiency of enterprises,to meet the needs of customers more personalized,and then gain a competitive advantage,to achieve long-term value of the enterprise.In the contemporary era,with the continuous improvement of enterprise system,innovation investment has become an important and critical enterprise investment behavior.But the current level of innovation of China's enterprises as a whole is not high,it is necessary to explore the impact of innovation and innovation of important factors.As the company's innovation into this activity with more investment,risk,income uncertainty characteristics,some with "short-sighted" behavior of the managers may be insufficient attention to research and development.In addition,the company,which is deeply involved in the second type of agency costs,is less able to invest in innovation(Tang Yuejun,2014).Second,whether the cash flow is sufficient,whether the degree of asymmetry in the information of the innovation project is low and whether the manager has a positive willingness to innovate is also an important aspect of the innovation activity.If other major shareholders can actively play the checks and balances of the "hollowing out" behavior of the controlling shareholder,improve the willingness to innovate,and the company can obtain sufficient funds at a lower cost,the company's innovation investment will increase.In this paper,a comprehensive consideration is given to the use of 2012 to 2014,Shanghai and Shenzhen A-share listed companies as research samples,from investors concerned about this perspective,by analyzing the economic consequences of investors,and then To explore its impact on the company's innovative investment.The study finds that the improvement of investor's attention is positively related to the innovation investment,because the higher degree of attention is beneficial to the formation of other major shareholders and the enthusiasm of the governance,and the "hollowing out" of the innovation project is conducive to improving the quality of information disclosure and Interpretation efficiency,reduce financing costs,and thus make the company's R&D innovation investment increased.This article also incorporates the media attitude of this adjustment variable,because the media as ameans of information transmission,to convey the company's news to investors.And according to the theory of limited investor concern,the media is the main channel for investors to obtain investment information.So different media attitudes will affect the investor's attention and the behavior of investors.According to the different media reports,the tendency of the color is different,the media attitude is divided into two groups: positive media attitude and negative media attitude.The study found that compared with the negative media attitude,positive media attitude,investors are concerned with the company's innovation and the positive correlation between the more significant.According to the conclusion of this paper,we suggest that government departments should vigorously regulate the media market,so that the media really reflect the actual situation of the company,vigorously punish the business collusion and the pursuit of sensational effect of the media.At the same time,enterprises should improve the internal governance mechanism,do investor relations management.Listed companies executives to maximize the value of the company as a starting point to improve the willingness to innovate and achieve long-term development.