中文摘要：

采用2005-2013年中国制造业上市公司的面板数据，从信息不对称的视角出发，建立了创新效率（企业每1元的创新投入所带来的专利产出能力）对企业股票收益的影响机制。研究发现：由于创新活动在投资者与企业之间形成了特殊的信息不对称，导致企业创新效率每增加1％，股票收益会下降0．013个单位，而财务分析师对企业创新活动的跟踪，则对2者的关系具有正向调节作用。未来政策设计应健全会计信息披露制度、支持财务分析师行业的发展。

英文摘要：

This paper establishes the effect mechanism of innovative efficiency （ A firm＇s ability to generate patents per Yuan of R＆D investment） on stock returns from the perspective of information asymmetry, using the panel data of Chinese manufacturing listed companies from 2005-2013. We find that due to the special information asymme- try between investors and companies in terms of firm＇s innovation, when innovative efficiency increases 1%, stock returns will decreases 0.013 units, furthermore, by tracking firm＇ s innovation, financial analysts have a positive regulatory role in the relationship between innovative efficiency and stock returns, tn future, the design of policy should improve the disclosure system of the accounting industry. information and support the development of financial analysts