Abstract:Based on the data of Chinese A-share listed companies from 2008 to 2020, we empirically investigate the impact and mechanism of analysts’ forecasts on enterprise innovation performance. It is found that analysts’ forecasts have a catalytic effect on enterprise innovation output and an inhibitory effect on enterprise innovation quality, which leads to a non-linear “U” shaped effect of analysts’ forecasts on enterprise performance, and this effect is more pronounced in enterprises with better quality of corporate information environment; The results of the mediating effect test indicate that the mitigation of financing constraints and the creation of management myopia are important mechanisms through which analysts’ forecasts affect enterprise innovation performance; Further analysis reveals that analysts’ forecasts increase the innovation output of non-state-owned enterprises, mature enterprises and high-tech enterprises, but suppress the innovation quality of them, and that the non-linear “U” shape of the impact of analysts’ forecasts on firm performance is more prounced in the above three kinds of enterprises.