| 黎赔肆,叶京晖,贺婷婷.媒体关注度对高技术制造业企业韧性的影响[J].,2025,(2):79-89 |
| 媒体关注度对高技术制造业企业韧性的影响 |
| The Impact of Media Attention on the Resilience of High-Tech Manufacturing Firms |
| 投稿时间：2024-11-07 |
| DOI： |
| 中文关键词: 媒体关注度 企业韧性 融资约束 数字化转型 |
| English Keywords:media attention firm resilience financing constraints digital transformation ( |
| Fund Project: |
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| 中文摘要: |
| 在当前充满不确定性的时代背景下,企业韧性已成为企业实现可持续发展的关键因素。文章基于A股制造业上市公司数据,构建微观层面的韧性水平指标体系,并从理论层面深入探讨媒体关注度对企业韧性提升的作用机制。实证分析验证了媒体关注度的提高对企业韧性具有显著的正向影响,且通过了稳健性检验。机制检验结果表明:媒体关注度可以通过数字化转型程度和融资约束的中介效应增强企业韧性。此外,异质性分析表明,在非国有企业、非劳动密集型企业以及未进行产融结合的企业中,媒体关注度对企业韧性的正向影响更为显著。进一步研究发现,媒体关注对企业韧性的提升主要源于负面报道,且媒体关注度对企业韧性的影响存在双门槛效应。文章的分析与发现为提升企业韧性提供了新的视角,有助于公众、企业和政府更全面地理解媒体关注度的非制度性功能,为制定相应政策提供了科学依据,有益于促进企业韧性的提升和经济的稳定发展。 |
| English Summary: |
| In the current era full of uncertainty, firm resilience has become a key factor for enterprises to realize sustainable development. Based on the data of A-share listed manufacturing companies, this paper constructs the index system of resilience level at the micro level, and discusses in depth the role mechanism of media attention on the enhancement of enterprise resilience from the theoretical level. Through empirical analysis, it is verified that the improvement of media attention has a significant positive impact on enterprise resilience and has passed the robustness test. The results of the mechanism test indicate that media attention can enhance enterprise resilience through the intermediary effect of digital transformation degree and financing constraints. In addition, the heterogeneity analysis shows that the positive effect of media attention on firm resilience is more significant among non-state-owned firms, non-labor-intensive firms, and firms that are not integrated with production and finance. Further analysis shows that the increase in media attention to firm resilience mainly stems from negative reports and that there is a double threshold effect of media attention on firm resilience. The findings of this study provide new perspectives for enhancing corporate resilience, help the public, firms and the government to better understand the non-institutional function of media attention more comprehensively, and provide a scientific basis for formulating corresponding policies to promote the enhancement of corporate resilience and the stable development of the economy. |
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