Impact of Media Reports on Innovative Behaviours of Photovoltaic Enterprises: Experience View from China

Abstract

With flourishing development of media industry, media have exerted more and more important functions in the capital market. For photovoltaic industry, which is an emerging industry, its innovative behaviours need support from the capital market. In order to investigate the influence of media reports on innovative behaviours of photovoltaic enterprises, 43 listed photovoltaic enterprises in China A­stock market were selected. 2013–2016 news reports related to photovoltaic enterprises were grabbed using Python method, and the influence mechanism of media reports on innovative behaviours of photovoltaic enterprise was explored. The results show that media reports facilitate innovative behaviours of photovoltaic enterprises. Facilitating effect of media reports on innovative behaviours of photovoltaic enterprises further strengthen with increasing business revenues of the enterprises. Policy-oriented media exert obvious effect on boosting innovative behaviours of photovoltaic enterprises, while market-oriented media have no significant influence. The conclusions contribute to further understanding of the effect exerted by media information dissemination on enterprises’ innovative behaviours.