媒体关注能否推动企业新质生产力发展?——基于中国A股上市企业的微观证据

Can Media Attention Promote the Development of New Quality Productivity in Firms?—Micro Evidence from Chinese A-Share Listed Firms

习近平总书记提出新质生产力这一概念,对推动我国经济高质量发展和中国式现代化存在重大战略意义。本文基于2010~2022年中国A股上市公司数据,探讨了媒体关注对新质生产力的影响效应。研究发现,媒体关注显著推动了企业的新质生产力发展。机制分析表明,媒体关注对于企业新质生产力的推动作用主要通过缓解融资约束来发挥作用。通过对报道性质进行区分,发现非负面报道对新质生产力的促进作用更加明显。异质性分析发现,媒体关注对私有企业与技术密集型企业的新质生产力促进作用更加显著,本文丰富了新质生产力的影响因素研究,为企业可持续发展提供了一定的理论参考。The concept of new quality productivity proposed by General Secretary Xi Jinping has great strategic significance in promoting the high-quality development of China’s economy and Chinese-style modernization. Based on the data of Chinese A-share listed companies from 2010 to 2022, this paper explores the effect of media attention on new quality productivity. It is found that media attention significantly promotes the development of enterprises’ new quality productivity. The mechanism analysis shows that the promotion effect of media attention on enterprises’ new-quality productivity mainly works through alleviating financing constraints. By differentiating the nature of coverage, it is found that non-negative coverage has a more pronounced effect on the promotion of new quality productivity. Heterogeneity analysis reveals that media attention has a more significant effect on the promotion of new productivity in privately-owned enterprises and technology- intensive enterprises. This paper enriches the research on the influencing factors of new productivity and provides certain theoretical references for the sustainable development of enterprises.