Abstract: This paper,using the commercial state-owned enterprises listed on A-shares in Shanghai and Shenzhen stock markets from 2012 to 2019 as the research object,investigates the influence of media attention and internal control on the high-quality development of state-owned enterprises.The results show that media attention and internal control promote the high-quality development of state-owned enterprises;in the process of media attention affecting corporate governance,internal control plays an intermediary role;at the same time,the role of media attention in promoting the high-quality development of state-owned enterprises is more significant in enterprises with lower quality of internal control.After the use of tool variable method,systematic GMM method and a series of other robustness tests,this conclusion is still valid.The research broadens the theoretical research boundary of internal and external governance mechanism,and provides a theoretical basis for the state to use external supervision mechanism to supervise state-owned enterprises.

Key words: media attention, internal control, state-owned enterprises, high-quality development, maintenance and appreciation of assets