The Impact Of External Media Attention On Enterprises’ Green Technology Innovation

At present,China’s economy is gradually moving towards a new period of sustainable and high-quality development,which requires heavy polluting enterprises to accelerate the pace of green transformation and development,in which technological innovation will play an irreplaceable key role.The development of information technology has changed the media ecology,and the related corporate governance effects have been paid more and more attention and studied by scholars.This paper takes China’s A-share listed heavy environmental pollution companies from 2011 to 2019 as the research object.After screening and processing the data,a total of 2574 observations from 286 companies are obtained.Through the review of relevant literature,this paper establishes a regression model to analyze the impact of external media attention on green technology innovation of heavily polluting enterprises,and uses a two-way fixed effect model to verify the relevant assumptions.Different from most previous studies,the external media attention data sorted out in this paper not only includes the reports on traditional paper media,but also the relevant data of online network society and we media,and uses relevant technologies to distinguish the emotional color of relevant reports,and the external media pay attention to a more detailed study of enterprise green technology innovation.The empirical results show that media attention will indeed have a significant impact on enterprise green technology innovation.Whether positive or negative media attention will have a significant positive impact,and the impact of negative media attention on enterprise green technology innovation is more significant than positive media attention.In order to further verify whether this impact is nonlinear,this paper introduces the quadratic term to test and carries out the u Test test on the results to eliminate the wrong results caused by unilateral monotony.The results show that the external media attention has a similar U-shaped impact on enterprise green technology innovation.Many studies focus on the impact of formal systems,such as environmental regulation and internal control system,on enterprise green technology innovation,and few studies on the role of informal systems.Based on this,this paper finally verifies the regulatory effect of institutional shareholding ratio.The results show that the regulatory effect of institutional shareholding ratio is significantly positive.When the institutional shareholding ratio gradually increases,the marginal effect changes from negative to positive.Institutional shareholding will gradually amplify the impact of external media attention on enterprise green technology innovation,which shows that the higher the institutional shareholding ratio,the less the "short-sighted behavior" of enterprises,and can rationally public relations and have a longer-term vision when facing the reports of external media,It is conducive to the development of enterprise technological innovation.In order to ensure the reliability of the research conclusion,this paper uses the instrumental variable method to test the endogeneity of the above empirical results,so as to further weaken the endogeneity problem caused by causal inversion.Except that the variable coefficient fluctuates slightly,the significance has no substantial change.At the same time,this paper tests the robustness of adding control variables and changing the alternative variables of explained variables,and the relevant conclusions remain unchanged.Combined with the above empirical results,this paper puts forward policy suggestions from the levels of government,enterprises and media.At the government level,relevant departments should strengthen the supervision of heavily polluting enterprises,improve the financial capital market,strengthen the regulatory role of institutional investors in promoting enterprise technological innovation,improve the information disclosure system,and give full play to the governance effect of media attention.At the same time,the government must also strengthen the supervision of the media,pay attention to the events with high media attention in the society,and deal with them accordingly,Make media governance an important supplement to government governance.At the media level,media people should assume corresponding social responsibilities,timely report environmental pollution events,do a good job in self-discipline management,do not report indiscriminately and blindly,timely publicize and report relevant government policies,take the initiative to play an intermediary role in alleviating market information asymmetry,keep pace with the development of the times,give full play to the convenient and efficient characteristics of network technology,and organically integrate and complement online and offline paper reports,Let the media governance effect be brought into full play.At the enterprise level,enterprises must strengthen their awareness of environmental responsibility.Instead of following the old path of pollution first and then treatment,they should treat in development and rely on technological innovation to increase pollution production capacity.At the same time,the enterprise business must deal with the relationship with the government,the media and investors,especially institutional investors.Enterprises should treat media reports rationally,reduce "short-sighted behavior",based on the long-term development of enterprises,promote technological innovation and accelerate the pace of green transformation.