本文以2008年《高新技术企业认定管理办法》为背景，利用事件研究法和869家高新技术上市公司数据首次考察了我国特殊的高新技术企业认定公告的市场反应。实证结果显示，并没有足够证据说明投资者对上市公司的高新技术企业认定给予较高定价。进一步检验发现，在高新技术企业认定公告期间，相对于对照组，中小上市公司、国有上市公司和2008年后新认定为高新技术企业的上市公司的市场反应都更差。本文的研究结果表明我国投资者存在短视行为，股票市场未能有效支持企业成为自主创新主体。

On the background of the “Administrative Measures for the Recognition of High&New-tech Enterprises”released in 2008,this paper firstly investigates the market reaction of announcements of Chinese special recognition of high&new-tech enterprises by using event study and data of 869 high&new-tech listed companies.The results show that there are no significant evidence that can explain investors pricing higher to the recognition of high&new-tech enterprises of listed companies.Further tests find that,in the event window of announcements of recognition of high&new-tech enterprises,relative to control groups,small and mediam-sized listed companies, state-owned listed companies and newly-recognized listed companies after 2008 have worse market reaction.The results of this paper reveal that investors are short-sighted and stock market fails to support effectively companies to become independent innovation subject.