以创业板市场上市公司为研究对象，以不同类型专利授权量衡量创新质量，在分析企业经营绩效与创新质量关系的基础上，进一步研究了创业板市场能否有效识别创新质量。经验研究发现：（1）不同类型专利对企业经营绩效均存在正向影响，但创新质量最高的发明专利影响最为显著，实用新型专利影响的显著性较低，而外观专利对企业经营绩效没有显著影响，说明创新质量能够反映企业经营绩效；（2）发明专利对企业市账比及托宾Q值均有显著的正向影响，而实用新型和外观专利没有显著影响，说明我国创业板市场能够在一定程度上识别企业创新质量，具体表现为市场能够有效识别发明专利包含的增量信息，但不能有效识别实用新型和外观专利包含的细微信息差异。

Taking the samples of ChiNext listed firms, it investigates whether Chinese ChiNext Stock Market can recognize innovation quality, which is measured by the number of patent authorization of different types based on the analysis of the relationship between corporates’ innovative activities and corporates’ performance. The empirical result shows that: (1) different types of patents all have positive effect on corporate financial performance. Patent of innovation has a more significant effect than patent of utility does while patent of appearance has no significant effect, which means that innovation quality can reflect corporate operating performance. (2) Patent of innovation has positive effect on corporates’ Book-to-Market ratio while other two types of patents do not. This implies that Chinese ChiNext Stock Market can to some extent recognize innovation quality——the market can effectively recognize the incremental information of the patent of innovation, but cannot recognize the minor information difference of the other two types of patents.