A Study On Negative Media Attention,enterprise Environme Ntal Protection Measures And Enterprise Market Value ——Taking Enterprises In Heavy Pollution Industry As An Example

Since the beginning of the Industrial Revolution,the global environment has gradually deteriorated.Facing more and more serious environmental problems,governments at home and abroad actively respond.However,governments can not solve such a serious environmental pollution problem alone.It needs the joint participation of the media enterprises and investors.From the perspective of the media,although the media reports the negative news of enterprises and surely can directly affect the public attitude,it may also choose to misreport or omit the news content because of the problem of profit;From the perspective of enterprises,the environment belongs to public goods,which is easy to cause the phenomenon of "free riding" of enterprises due to its externalities.However,in the face of stricter environmental protection policies and broader environmental protection supervision,enterprises may also take the initiative to implement environmental protection measures to improve their corporate image;From the perspective of investors,it is obviously the best choice for investors to invest in enterprises with environmental protection preference,but it may also lead to investment failure due to incomplete information collection.Therefore,this paper takes the media,enterprises and investors as the starting point,takes the data of Listed Companies in heavy pollution industries in Shanghai and Shenzhen from 2015 to 2020 as the sample,and studies the relationship between the three on the basis of signal transmission theory,stakeholder theory,principal-agent theory and corporate social responsibility theory by setting the negative attention of the media as the explanatory variable,enterprise environmental protection measures as the intermediary variable and enterprise market value as the explanatory variable.Firstly,through exhaustive,this paper divides the measures that enterprises can take in environmental protection into two points-disclosing enterprise environmental protection information and increasing enterprise environmental protection investment.Then,through theoretical analysis,it is concluded that the negative news reports from the media on the enterprise environment will affect the market value of the enterprise by affecting the degree of environmental information disclosure and the level of environmental protection investment.Then through empirical analysis,it is found that:(1)negative media attention will reduce the market value of enterprises;(2)Environmental information disclosure of enterprises has intermediary effect in the relationship between "negative media attention-Environmental Information Disclosure of enterprises-market value of enterprises";(3)The level of enterprise environmental protection investment has a lagging intermediary effect in the relationship between "negative media attention-enterprise environmental protection investment level-enterprise market value".Finally,some suggestions are put forward from the following aspects:(1)the media should not lie or hide,and fully report the truth;(2)Enterprises should improve the reaction speed and strengthen environmental protection;(3)Investors should collect information in all aspects and pay attention to the long-term development of enterprises.(4)the government should improve relevant systems and strengthen the publicity of environmental protection policies.