In order to diversify investment portfolios，listed companies’shareholders tend to holder shares of several listed companies in the same industry，making the listed companies interconnected.Does this connection affect the corporate innovation input?Based on the situation that in emerging capital markets listed companies are interconnected through common shareholders，this paper takes Shanghai and Shenzhen A-share listed companies from 2007 to 2017 as the research object，and empirically tested the influence of common shareholders on the corporate innovation input.The results of empirical test show that the common ownerships enhance the corporate innovation input.Further analysis shows that state-owned property rights weakens the positive effect of common ownership on corporate innovation input，while high-tech industry characteristics strengthen the positive effect of common ownership on corporate innovation input.