Do Media Reports Promote or Inhibit Enterprise Innovation? ——Empirical Research Based on Sentiment Analysis

摘要: Chinese enterprises need to accelerate breakthroughs in key core technologies, but Chinese enterprises are faced with the problem of insufficient innovation power. It is a real and urgent problem to study how the media can motivate enterprises to make sustained and efficient innovation investment. This paper uses Baidu news reports of listed companies from 2015 to 2019, uses sentiment analysis to measure sentiment scores, and examines the impact of media reports on corporate innovation behavior and its impact mechanism. The research found that: (1) Positive media reports will significantly promote the innovative behavior of enterprises. (2) Media reports will affect the innovative behavior of companies through "individual stock investor sentiment". (3) The influence of media reports on the innovation behavior of listed companies is more significant in state-owned enterprises This research is of great significance for regulating the media industry, creating a positive and innovative atmosphere, and building an innovative country.