Abstract: Improving total factor productivity is the key to promoting high-quality economic development. Taking public opinion guidance and governance as the starting point, this paper constructs a three-dimensional analysis framework of“supervision-information-pressure”to explore the impact of media reports on enterprises’ total factor productivity. The results show that, first, media coverage has significantly promoted the total factor productivity of enterprises in general. Second, media coverage positively impacts total factor productivity through external supervision, governance, and information intermediation. However, it also transmits market pressure through negative emotions, which inhibits total factor productivity. Third, these positive effects are more significant in areas with weak external supervision and a poor rule of law environment. Fourth, compared with paper media, online media is more effective in promoting total factor productivity. Fifth, media coverage has a long-term effect on total factor productivity, lasting about three years and significantly increasing enterprises’ attention to digital and intelligent development, thus promoting the development of new quality productivity. Accordingly, the government should strive to create an environment conducive to media supervision and information dissemination; while enterprises need to build a complete public opinion management system, actively respond to market pressure, and ensure the steady development of themselves.

Key words: media coverage, total factor productivity, supervising governance, information intermediary, market pressure