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In this paper, we examine the impact of China’s capital market information efficiency on enterprise listing and financing. The results reveal the following: (1) High-efficiency market information sharing leads reduced enterprise equity financing costs and waiting times for enterprise listing and to an increased willingness of investors to invest. These effects increase the proportion of domestic financing for Chinese companies and the proportion of domestic listings. (2) Compared with non-crisis periods, market information efficiency did not affect the listing and financing of Chinese enterprises during the US subprime mortgage crisis, and its promotion effect declined during the global financial crisis and European debt crisis. (3) The promotion effect of market information efficiency on enterprise listing and financing is strengthened by the cross listing of enterprise AB and AH shares. (4) The impact of market information efficiency is more significant for private enterprises than for state-owned enterprises.

This study analyzes the impact of SARS and COVID-19, the two most severe epidemics to occur in China since the 21st century, on corporate innovation, in order to find a path for sustained innovation growth under the epidemic. For COVID-19, the analysis used data from China’s A-share-listed companies from 2019 to 2020; a longer period (1999–2006) and a wider sample of Chinese industrial enterprises were used for the SARS epidemic. The empirical model was constructed using the difference-in-differences method. Both COVID-19 and SARS were found to have significantly reduced enterprise innovation. However, the effect of SARS disappeared after two years. For COVID-19, information asymmetry, financing constraints, and economic policy uncertainty moderated the epidemic’s effect on innovation. The results show that financing constraints and economic policy uncertainty reduce the epidemic’s negative impact. However, while most previous studies have found that an epidemic reduces the information asymmetry between investors and enterprises in the short term, thus raising enterprise innovation, we found that information asymmetry aggravated the epidemic’s negative impact. These findings can be applied to alleviate the current epidemic’s negative impact as well as improve enterprise innovation thereafter.

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