摘要：Using the sample data of Shanghai and Shenzhen A-share listed companies, this paper empirically tests the impact of stock price information content on corporate innovation and its internal mechanism. The study found that the information content of stock prices has a significant role in promoting corporate innovation. An increase of 1 percentage point in the information content of stock prices will increase the number of patent applications by companies in the next year by 1.13 percentage points, and this effect is demonstrated in private enterprises and high-tech companies. Further analysis shows that the internal mechanism of this effect is: the increase in the stock price information content allows managers to obtain more useful information from the stock price, which is conducive to the development of innovative activities; the increase in the stock price information content promotes stock liquidity, which has helped strengthen the institutional investor supervision mechanism and improved the internal innovation incentives of enterprises.
关键词：Stock Price Information Content;Feedback Effect;Enterprise Innovation
