Frequent renaming of stocks has the function of signal transmission. Taking the listed companies with frequent renaming from 2008 to 2016 as research samples， this paper empirically examines the economic consequences of frequent renaming of listed companies from the two dimensions of sender and receiver. The results show that as the receiver of the signal, the investors’ valuation of listed companies with frequent renaming is significantly higher than that of those with infrequent renaming significantly higher than those with infrequent renaming. The financial performance of listed companies with frequent renaming (as the signal sender) is significantly better than that of listed companies with infrequent renaming， but the cash flow of operating activities is worse than that of listed companies with infrequent renaming. Moreover， the risk of bankruptcy is higher than that of listed companies with infrequent renaming， which indicates that the financial performance is likely to be the result of management manipulation. In terms of innovation ability， the innovation ability of listed companies with frequent renaming is lower than that of listed companies with infrequent renaming. Generally speaking， securities investors and securities regulators should be cautious about listed companies with frequent renaming.