Research On The Influence Of Green Technology Innovation On Enterprise Value Based On Mediating Role Of Media Attention

Since the reform and opening up,the rapid economic development has caused irreparable damage to the ecological environment.Environmental problems such as global warming and air pollution are becoming more and more serious,and even affect the daily life of residents.Entering a new era,our economy gradually shifted from a phase of high speed growth to a phase of high quality development.We can no longer follow the path of developed countries,which pollute first and clean up later.While developing the economy,we must also protect clear waters and green mountains.Green technology innovation is an effective means for the state to coordinate ecological environmental protection and high-quality economic development,reduce environmental pollution,and achieve coordinated development of economy and ecological environment.Enterprises are the micro subjects of implementing green technology innovation.It is of great significance for enterprises to clarify the impact of green technology innovation on enterprise value.At the same time,media,as a medium of information dissemination,has become the main way for enterprises to convey information to stakeholders.Media reports on enterprises can deliver more useful information to stakeholders,alleviate the information asymmetry between enterprises and their stakeholders,and affect the decision-making of stakeholders.Therefore,whether enterprises’ green technology innovation can affect enterprise value through media attention needs to be further discussed.This paper firstly reviews the domestic and foreign literatures on green technology innovation,media attention and enterprise value,then defines the concepts of the main research variables,and makes theoretical analysis based on Porter’s hypothesis,information asymmetry theory,stakeholder theory and reputation mechanism and puts forward three hypotheses.In order to verify the hypothesis proposed,the data of all A-share listed companies in Shanghai and Shenzhen from 2012 to 2021 are selected for empirical test,and the whole samples are divided into state-owned enterprises and nonstate-owned enterprises for heterogeneity test.The results show that green technology innovation can improve enterprise value;Media attention plays a partial mediating role in the influence of green technology innovation on enterprise value;And part of the mediating effect of media attention is more obvious in non-state-owned enterprises.In this paper,the least stage square method and the method of changing the measure index of the explained variable are used to test the robustness,and the above conclusions are still valid.The research in this paper enriches and expands the literature on the internal micro mechanism of green technology innovation to improve enterprise value and the impact of green technology innovation on media attention.At the same time,help guide enterprises to actively participate in green technology innovation;And enable enterprises to take media as a bridge,broaden the channels of information transmission,strengthen the relationship between enterprises and stakeholders,and make full use of media to enhance enterprise value.