Media Sentiment Of Enterprise Innovation

The Chinese government has clearly stated that "innovation is the primary driving force for development and a strategic support for the construction of a modern economic system." "Four New Economy".It is true that technological innovation is not only of great significance to the country's economic development,but also a key factor for micro-enterprises to maintain a competitive advantage and enhance their long-term value.However,how to effectively motivate enterprises to carry out technological innovation has become an important strategic issue in the process of transforming the mode of economic growth in China.The low tolerance for risk and the asymmetry of information have distorted the investment direction of enterprises and are a stumbling block to innovation.Mass media has crossed the geographical barriers of information transmission,broken the way that information is transmitted by word of mouth,and with its powerful information dissemination and communication functions,media power has become an important part of social life.Studies have shown that financial media reports,as important information intermediaries,have a significant impact on both the capital market and corporate governance.Behavioral finance theory introduces psychology-related theories into the analytical framework,and believes that investors' investment behavior is affected by individual psychological deviations and emotions.These irrational factors have an impact on the investment decision-making behavior of investors and corporate management.Based on the limited attention theory of behavioral finance,this paper selects listed companies in Shanghai and Shenzhen 2000 to 2017 as a sample to study how financial media sentiment affects corporate innovation and its potential transmission mechanism,and further distinguishes between heterogeneous media sentiment research on companies The impact of innovation.The study found that the more positive the financial media sentiment is,the stronger the willingness of listed companies to innovate,that is,the positive sentiment of the media can significantly promote corporate innovation.Further,we found that positive financial media sentiment promotes corporate innovation through the intermediary effects of alleviating financing constraints,enhancing management confidence,and attracting human capital.This shows that the financial media's analysis of the hot news events of listed companies and their unique insights not only bear the role of disseminating information,but also the positive emotional tendency of the report content conveys a positive outlook on the development prospects of the company to the capital market.Signals,which will have a series of linkage effects on enterprises' access to external financing,senior management investment decisions,and technical talent flow.Therefore,we further distinguished the influence of official sentiment and commercial newspaper media,the local provincial and nonlocal media sentiment research on innovation,and found that compared with official media,the positive sentiment of the commercial newspaper financial media has a significantly positive effect on corporate innovation.Compared with media in the local province,the positive sentiment of non-local media has a significant positive effect on innovation.On the basis of positive financial media sentiment that can significantly promote corporate innovation,we continue to explore the impact of innovation on corporate stock returns and the mediating effect of financial media sentiment on the relationship between the two.The research results show that there is a significantly positive correlation between company innovation efficiency and stock return.The positive sentiment of the financial media has a positive regulatory effect on the positive correlation between corporate innovation and stock market returns.This shows that the improvement of the enterprise's innovation ability really helps to increase the company's market value.Due to the limited attention of investors in the market,the financial media's disclosure and interpretation of complex innovation information of listed companies will help investors to obtain information on corporate innovation,attract outside investors' attention and increase their confidence,and promote corporate R&D and innovation activities.Respond effectively to motivate capital to support corporate innovation and obtain reasonable returns.This article provides empirical evidence for how financial media sentiment affects corporate innovation,and finds that financial media sentiment has a regulatory effect on the impact of corporate innovation on the stock returns of listed companies,and has enriched relevant literature on corporate innovation factors and the economic consequences of innovation.At the same time,it also provides some empirical evidence for how to effectively stimulate innovation in China.