Media Attention,internal Control And Enterprise Technological Innovation Decision-making

Technological innovation is not only the key to improving the national comprehensive competitiveness,but also the primary driving force for the sustainable development of the enterprises.The enterprise's technological innovation activities are not only affected by the company's internal governance structure,such as: internal control,board structure,Executives characteristics,equity structure,ownership nature,etc.,but also affected by external governance mechanisms.In recent years,the establishment and improvement of the internal control system has gradually become a strategic arrangement for listed companies and regulatory agencies in China.Effective internal control can solve agency problems between different levels within the company,improve the corporate governance environment,and control the risks of in company's development,in turn,affecting the enterprise technological innovation.At the same time,under the current era of internet big data,the role of media attention has become increasingly prominent.The media attention has an impact on corporate internal governance and enterprise's technological innovation through reputation mechanisms and market pressure mechanisms.Therefore,this paper uses the Python language crawler technology to crawl Baidu news search engine's big data of finance to excavate media attention from the perspective of internal control and media attention,based on internal control theory,principal-agent theory and reputation mechanism theory.The exploratory research is conducted on the mechanism between media attention?internal control and the enterprise technological innovation investment and performance,in which the media attention covers three levels,namely,network media attention,policy-based media attention,and market-based media attention.This article has innovatively added media as an external governance tool to study the influence of media attention on enterprise technological innovation decision-making.It also examines the effect of alternate or complementary interactive relationship between media attention and internal control on enterprise technological innovation.This article has innovatively improved the deficiencies of the previous study on corporate technological innovation from the single perspective of internal governance or external governance,which is complementary to the relevant literature in the corporate financial sector.In this paper,3103 samples were selected from the Main-Board listed companies in Shanghai and Shenzhen A-shares from 2012 to 2016.This research empirically tests the internal relationship between media attention,internal control and enterprise's technological innovation,which crawls the news reports of Baidu news search engine using the Python language crawling technology to excavate media attention.And the regression results are as follows:(1)The level of high-quality internal control can increase the investment in technological innovation of enterprises and improve the performance of technological innovation.(2)The role of supervision and governance of the media can promote the enterprise technological innovation.The concrete manifestations are as follows: network media attention and policy-based media attention can increase the investment in enterprise technological innovation and improve the performance of technological innovation;and there is no significant correlation between market-based media attention and technological innovation;(3)Three different types of media attention all have complementary regulatory effect on the positive correlation between internal control and technological innovation,However,there are differences in this regulation effect.It is manifested that the network media has a stronger supervisory and governance role than policy-based media,while policy-based media's role in supervision and governance is stronger than that of market-based media.