Proceedings of the 3rd International Conference on New Media Development and Modernized Education, NMDME 2023, October 13–15, 2023, Xi’an, China

Research Article

Digital Media's Impact on Corporate Innovation in China's Innovation-Driven Strategy

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  • @INPROCEEDINGS{10.4108/eai.13-10-2023.2341289,
        author={Mengfan  He and Wenqi  Zhao},
        title={Digital Media's Impact on Corporate Innovation in China's Innovation-Driven Strategy},
        proceedings={Proceedings of the 3rd International Conference on New Media Development and Modernized Education, NMDME 2023, October 13--15, 2023, Xi’an, China},
        publisher={EAI},
        proceedings_a={NMDME},
        year={2024},
        month={1},
        keywords={digital media; enterprise innovation; corporate governance; policy implication},
        doi={10.4108/eai.13-10-2023.2341289}
    }
    
  • Mengfan He
    Wenqi Zhao
    Year: 2024
    Digital Media's Impact on Corporate Innovation in China's Innovation-Driven Strategy
    NMDME
    EAI
    DOI: 10.4108/eai.13-10-2023.2341289
Mengfan He1, Wenqi Zhao2,*
  • 1: Xiamen University Malaysia
  • 2: Zhejiang University
*Contact email: wenqi_zhao0902@outlook.com

Abstract

Under China's national development concept of "innovation-driven development strategy", the emergence of digital media sources has overturned the traditional media landscape and information dissemination channels, which will certainly have a significant impact on corporate innovation. In this paper, we use media as a measure of Internet media information reports to examine the intrinsic mechanism of digital media information transmission affecting enterprise innovation. The study finds that digital media information dissemination significantly contributes to corporate innovation. The mechanism analysis shows that the core of digital media information dissemination for corporate innovation lies in the supervisory governance effect. This is demonstrated by the fact that digital media information dissemination helps to improve corporate governance and reduce agency conflicts. Heterogeneity analysis shows that digital media dissemination has a stronger effect on promoting innovation in firms with low information transparency and high opinion pressure, influenced by reputation incentives. This paper contributes to a deep and comprehensive understanding of the role of media in capital markets in the Internet environment and has important policy implications.