中文摘要：

技术创新投入在股价波动中体现为公司特质信息，在很大程度上决定了发达国家的资本市场发挥资源调配作用，但发展中国家是否存在这种反馈机制仍未有研究。本文的理论分析和基于中国上市公司数据的实证检验均证实：企业创新投入能够在转型经济环境的股价波动中反映为公司特质信息，而由于公司特质信息结构和创新投入影响因素的复杂性，公司特质信息的变动不会决定企业下期创新投入。这说明发展中国家的资本市场对企业创新亦可产生合理的正面信息反馈。

英文摘要：

The technical innovation input can be reflected as firm-specific information during stock price fluctuation, which determines capital market resource allocation in the developed countries. But whether this feedback mechanism exists in the developing countries is lack of research. Both the theoretical analysis and the empirical test of the paper show： A firm＇s technical innovation input can be reflected as the firm-specific information during stock price fluctuation, especially in transitional economic environment. The change of the firm-specific information can＇t determine a firm＇s next technical innovation input because of the complexity of the firm-specific information structure and the factors of the technical innovation input. Our results show that developing counties＇ capital markets have the proper and positive information feedback due to technical innovation..