The most fundamental problem of all economic activities is how to allocate resources most effectively.The 20th National Congress of the Communist Party of China emphasized that market should play a decisive role in the allocation of resources.The full and reliable information is an important prerequisite for ensuring the effective allocation of resources by the market.As a quasi-public goods supply competition mechanism of the market economy,whether media can improve the efficiency of resource allocation and promote high-quality economic development is worthy of in-depth study.Using data of Chinese listed companies from 2000 to 2020 to empirically examine the resource allocation function of media coverage,it is found that media coverage improves resource allocation efficiency.The mechanism test found that media coverage played a resource allocation function through financing channels,factor utilization channels and market competition channels.In the heterogeneity analysis,it is found that the resource allocation function of media coverage is stronger in the more rationalized industrial structure and non-high-tech industries.This study provides macro and micro evidence for the study of media coverage's function of resource allocation.It also provides theoretical support for media to serve economic development.
NETL
NSTL
万方数据
