Abstract: Information is the basis for making investment decisions, and the attitude of decision makers towards the media is also an important factor affecting investment decisions. This article uses data from the 11th Chinese Private Enterprise Survey conducted in 2014 to examine the relationship between business owners' trust in official media and corporate investment decisions. The study found that: (1) Trust the official media can expand the overall investment of the enterprise, but it mainly promotes long-term investment. This conclusion is still true after dealing with endogenous issues and conducting a series of robustness tests; (2) In terms with mechanism, trust the official media can reduce entrepreneurs' perception of environmental risks and improve their own status, thus creating psychological conditions for entrepreneurs to making positive investment decisions. This study shows that strengthening private entrepreneurs' trust on official media is an effective way to incentivize corporate investment. Therefore, the role of official media on disseminating policy information should be further strengthened to alleviate information asymmetry caused by non-market factors and create a favorable information environment for private enterprises to expanding private enterprise investment.

摘要： 信息是制定投资决策的依据，而决策者对信息传播媒介的态度也是影响投资决策的重要因素。本文利用2014年第十一次全国私营企业抽样调查数据，考察了企业主对官方媒体的信任与企业投资决策的关系。研究发现：（1）信任官方媒体可以扩大企业的整体投资，但主要是对长期导向投资有促进作用。这一结论在处理了内生性问题并进行了一系列稳健性检验后仍然成立；（2）从影响机制来看，信任官方媒体可以降低企业家对环境风险的感知并提高对自身地位的感知，从而为制定积极的投资决策创造了心理条件。本研究表明强化民营企业家对官方媒体的信任是激励企业投资的有效路径。因此，应进一步加强官方媒体传递政策信息的作用，缓解非市场因素导致的信息不对称问题，为扩大民营企业投资创造有利的信息环境。