Abstract: In order to cater to the policy of high-tech enterprise identification, enterprises falsify innovation and increase R&D expenses. Although enterprises reap financing dividends, this behavior harms the input and output of innovation. In reality, such R&D manipulation is often first discovered by media. The governance of media on R&D manipulation is researched, and the role of media in information transmission is considered, and financing constraint is introduced as a mediator variable. The empirical results show that financing constraints are the motivation of R&D manipulation. Negative and non-negative media reports directly regulate and promote R&D manipulation, respectively. However, both non-negative media reports and comprehensive media attention can indirectly reduce R&D manipulation by alleviating financing constraints. Further research finds that the construction of market-oriented process can enhance the governance role of media on the whole, and state-owned enterprises and non-state-owned enterprises are respectively subjected to “supportive supervision” and “restrictive supervision” when facing the media.

Key words: R&D manipulation, media attention, emotional inclination, financing constraints