媒体压力与企业创新

发布时间：2018-06-01 21:51

本文选题：媒体 + 负面报道　；参考：《经济研究》2017年08期

【摘要】：媒体虽然能发挥公司治理功能,但是它所产生的巨大市场压力可能会导致经理人更加短视(即"市场压力假说")。为此,本文以媒体负面报道数量衡量媒体压力,从企业创新的视角对此进行了检验。结果表明:首先,媒体负面报道数量与企业创新水平显著负相关,支持了"市场压力假说"。其次,区分媒体报道的内容、来源、严重性及深入程度后发现,与会计相关的负面报道数量更可能与企业创新水平负相关,证实了短期财务业绩压力是抑制创新的主要原因;来自权威媒体、性质严重的负面报道更可能抑制企业创新,说明报道的负面影响越大对企业创新的损害越强;不深入的负面报道更可能抑制企业创新,但能还原整个事件来龙去脉的财经类杂志所做的负面报道却促进了企业创新,从侧面凸显了媒体负责、客观、详实报道的重要性。最后,非负面报道数量和总报道数量均与企业创新水平显著正相关。本研究有助于更深刻、更全面地理解媒体在资本市场中的作用,且对国家创新环境优化、媒体监管与治理具有重要启示意义。
[Abstract]:Although the media can play the role of corporate governance, the huge market pressure it produces may lead to more short-sighted managers (the "market pressure hypothesis"). Therefore, this paper measured media pressure by the number of negative media reports, and tested it from the perspective of enterprise innovation. The results show that first, the number of negative media reports and the enterprise. There is a significant negative correlation between the level of innovation and the "market pressure hypothesis". Secondly, after identifying the content, source, severity and depth of media coverage, the number of negative reports related to accounting is more likely to be negatively related to the level of enterprise innovation, which confirms that the short-term financial performance pressure is the main reason for the inhibition of innovation. Serious negative reports are more likely to suppress corporate innovation, indicating the greater the negative impact of reports on corporate innovation; the negative reports that do not deepen the negative reports are more likely to inhibit corporate innovation, but the negative reports that can restore the future of the whole event have promoted enterprise innovation, showing the media responsibility from the side. In the end, both the number of non negative reports and the total number of reports are positively related to the level of enterprise innovation. This study helps to understand the role of the media in the capital market more deeply and comprehensively, and is of great enlightenment to the optimization of the national innovation environment and the supervision and management of the media.
【作者单位】：对外经济贸易大学国际商学院;华中科技大学管理学院;
【基金】：国家自然科学基金项目(71332008,71328201) 对外经济贸易大学科研启动资金(841615)的资助
【分类号】：F273.1;G206

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