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.