中国金融学术研究网

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How Does Media Environment Affect Firm Innovation? Evidence from a Market-Oriented Media Reform in China

发布日期：2024年09月03日 上次修订日期：2024年09月03日

摘要

Exploiting a unique market-oriented media reform initiated in 1996 in China, we investigate the role of media environment in affecting firm behaviour. We find robust evidence that market-oriented media environment is conductive to firm innovation, with the reform promoting patent quantity and quality substantially. The effect is more pronounced for firms with higher information asymmetry. Matching firm data with 1.3 million news reports, we find the market-oriented media reform significantly improves the criticalness and unbiasedness of news coverage and shapes an innovation-friendly environment. Our findings highlight economic outcomes of relaxing media control and underline substantial gains from deepening the reform.

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Jiatong Liu; Xiaoguang Liu How Does Media Environment Affect Firm Innovation? Evidence from a Market-Oriented Media Reform in China (2024年09月03日) https://www.cfrn.com.cn/lw/15890

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