Research On Financing Constraints,Media Attention And Innovation Performance Of High-tech Enterprises

At the 19 th National Congress of the Communist Party of China,"innovation" was placed at a historical height.The conference pointed out that innovation is the primary driving force leading China's economic development,and it plays a vital role in establishing China's modern economic system.The improvement of innovation ability can drive the upgrading of production technology and the transformation of development methods in each industries in China,increase economic growth rate,strengthen comprehensive strength and improve international status of our country.With the increasing emphasis on innovation at all levels of the country,China's innovation environment has been continuously optimized,innovation input has been continuously strengthened,and innovation output capacity has been significantly improved.In the global innovation index ranking,China has risen from 34 th in 2012 to 17 th in 2018.The country has already achieved preliminary results on emphasizing innovation and carrying out the specific measures.As an important force to promote the development of China's innovation capabilities,high-tech enterprises play an important value.However,the survey shows that China's high-tech enterprises face financing constraints generally when conducting project financing,and have been supervised and "controlled" by media all the time.The main purpose of this research is to verify whether financing constraints are common in China's high-tech enterprises,to explore the impact of financing constraints and media attention on corporate innovation performance,and to explore whether media attention has played a regulatory role furtherly.The innovation of this article is to incorporate the three variables of financing constraints,media attention and innovation performance into the same theoretical system,and introduce the concept of moderator variables to test the mediating role of media attention in alleviating the impact of financing constraints on innovation performance.The research on these issues will provide feasible advice for China's high-tech enterprises on promoting the development of innovation performance by easing the degree of financing constraints,effectively using media channels to improve the level of innovation performance,and alleviating corporate financing constraints by increasing media attention to promote innovative development.By sorting out relevant literature,this article defines the main variables such as financing constraints,media attention,and innovation performance,and summarizes the relevant basic theories involved in the process of variable influence.Then,this article analyzes the mechanism of financing constraints and media attention affecting corporate innovation performance with the actual situation of China's A-share high-tech enterprises,and proposes research hypotheses.After rigorous screening,793 A-share high-tech listed companies were finally selected.Using microdata from 2010 to 2018,panel data fixed-effect models were selected for data analysis.The research finds that financing constraints have an inhibitory effect on corporate innovation performance;the increase in media attention can improve the level of corporate innovation performance,and there is a significant positive correlation between these two variables;the mediating mediator has a significant regulatory effect,which can alleviate the degree of financing constraints faced by enterprises and promote enterprises Improvement of innovation performance.Based on the above conclusions,this article makes the following suggestions: First,it is recommended that China's A-share listed high-tech companies seek multiple channels to alleviate the degree of financing constraints faced by innovative projects and promote the improvement of the overall innovation performance of the enterprise;second,it is recommended that companies make reasonable use of media publicity Measures to alleviate the degree of financing constraints,increase innovation investment and thus the level of innovation performance,and achieve long-term stable and efficient development of the enterprise.