The Relationship Between Media Supervision And Enterprise Innovation

Increasing investment in innovation and research will not only help to improve the competitiveness of enterprises,but also help to promote the stable and healthy development of national economy.Therefore,it is of great significance to explore the factors that influence the investment level of enterprise research and development,so as to provide experience support and train of thought for policy makers to adjust the preferential policies for enterprises to carry out innovative investment activities in the future.In the course of exploring the influence factors of enterprise innovation research and development,in the modern enterprise system,the principal-agent conflict is likely to make the enterprise managers to ensure the stability of their own operating performance in the short term,and choose to abandon the innovation and research investment with value increment.For this kind of short-sighted behavior,we need to make full use of the external supervision mechanism to restrain the managers in making the business decision which is harmful to the enterprise value.At this time,the media reports gradually get the attention of scholars.Based on the above analysis,this paper uses China's capital market data to examine the relationship between media supervision and enterprise innovation.In addition,the media supervision lacks certain coercive force,considering the restriction of law and regulations.Therefore,the role of media supervision depends on the internal governance structure of specific enterprises.According to Fama and Jense and other scholars to represent the" shareholder governance model",this paper chooses the concentration of equity as the key factor to reflect the internal governance structure of the enterprise.Based on the above analysis,this paper chooses the 2009-2016 Shanghai and Shenzhen A-share listed companies as a research sample,explores the use of equity concentration of the high and low level of the whole sample grouping,and the group after the sample media supervision and enterprise innovation relationship between the test.It is found that under the current economic environment,media supervision has an inhibitory effect on enterprise innovation.When the concentration degree of the enterprise is higher,the inhibition of the media supervision to the enterprise innovation level is not obvious,the lower the concentration degree of the enterprise,the higher the confidence level of the media supervision to the enterprise innovation level is remarkable.Finally,based on the results of this paper,from the necessity of speeding up the standardization construction of the media industry and perfecting the professional manager market as soon as possible,put forward the relevant policy suggestions.The innovation of this article includes the following points:first,the media reports need to use the enterprise's internal reasonable governance structure to promote its regulatory role.Therefore,this paper explores the relationship between media supervision and enterprise innovation in the context of the concentration of ownership,and probes into the adjustment of corporate governance structure in the relationship between media supervision and enterprise innovation.Second,In the process of carding media supervision's influence on enterprise innovation,this paper chooses the theory of "market pressure mechanism".By summarizing the mechanism of theoretical action,combining with the period of economic transformation and the perfect period of legal system,this paper empirically examines the relationship between media supervision and enterprise innovation by using the data of our country's capital market,and provides more abundant empirical evidence for "market pressure mechanism".