Abstract: Will media attention exert positive effect of information function to promote enterprise innovation, or will it exert negative effect to form external pressure on managers to restrain enterprise innovation? On the basis of combing the information function of media attention, this paper analyzes the relationship between media attention and enterprise innovation performance based on the data of A-share listed companies from 2010 to 2018. The research finds that: media attention plays a role in promoting enterprise innovation performance, and this conclusion still holds after controlling the endogenous problems; by distinguishing the nature of reports, it finds that non negative reports promote innovation performance In the analysis of influence mechanism, it is found that financing constraints play an intermediary role between media attention and enterprise innovation performance, that is, media attention improves innovation performance by alleviating enterprise financing constraints.

Key words: media attention, information function, innovation performance, financing constraint