中文摘要：

本文实证检验了法治环境、财务信息与创新绩效之间的关系。研究结果表明，不完善的法治环境会降低创新绩效；较高的财务信息质量能够提升创新绩效；较高的财务信息质量可降低不完善的法治环境对创新绩效的负面影响，即法治环境和财务信息在影响创新绩效方面存在替代关系。进一步研究表明，相对于国有企业，不完善的法治环境对非国有企业创新绩效的负面影响较小，较高的财务信息质量对非国有企业创新绩效的提升作用较大。较高的财务信息质量可更显著地减轻不完善的法治环境对非国有企业创新绩效的负面影响。本研究丰富了法治环境和财务信息质量的经济后果领域的文献，为我国企业通过较高的财务信息质量来克服不完善的法治环境对创新绩效的限制提供了启示。

英文摘要：

This article analyzes the relationship among legal environment, financial information quality and innovation performance. We find that legal environment is the crucial guarantee of innovation performance, and less developed legal environment has negatively effects on innovation performance. The results also show that high financial information quality contributes to innovation performance. What＇s more, high financialinformation quality mitigates the passive impact of less developed legal environment on innovation performance. In other words, legal environment and financial information are substitute, but not complementary, with each other in working on innovation performance. Further, compared to state-owned enterprises, legal environment has a more significant impact on innovation performance in non-state-owned enterprises. Compared to state- owned enterprises, financial information quality has a more profound impact on innovation in non-state-owned enterprises. Compared to state-owned enterprises, high financial information quality has a more significant role of mitigating the negative effect of less developed legal environment on innovation in non-state- owned enterprises. In addition, the paper devotes to solving the endogenous problem in two ways： solving the sample selection problem by applying propensity score matching method; and solving the reverse causality by examining the impact of innovation on financial information quality. The results of the paper are unchanged after controlling the two endogenous problems. What＇s more, the paper also devotes to examining the mechanism in which financial information quality works on innovation. The related results show that financial information quality has a positive impact on innovation by mitigating the agency problem between managers and investors, and the agency problem between block shareholders and minority shareholders. Also, the related results show that financial information quality plays a positive role in innovation in the way of relieving the fin