党的二十大报告明确提出“加快实施创新驱动发展战略。加快实现高水平科技自立自强。”的目标要求，企业作为实施创新发展战略的微观主体，探究其创新的影响因素具有重要意义。在技术快速变革的竞争性市场中，企业创新离不开充足信息资源的支撑，证券分析师具有的独特知识结构与高知识位势为知识溢出提供了可能。鉴于此，本文以分析师同时追踪多家上市公司为研究场景，考察分析师的知识溢出效应对企业创新活动的影响。

实证研究结果显示，分析师能够在企业的创新活动中发挥知识溢出效应，且这一结果在同行业与不同行业的企业间均存在，表明分析师同时具有多样化知识溢出效应与专业化知识溢出效应，该结论在经过多种稳健性检验之后仍然成立。在企业信息不对称水平越高、企业间地理距离越远、企业所在行业的竞争水平越高的场景中，分析师越能在企业创新活动中发挥知识溢出效应；进一步研究发现，随着分析师能力的增强，分析师发挥的知识溢出效应愈加明显；共同分析师的存在提高了企业的研发投入与创新产出。本文不仅丰富了分析师作为信息中介的学术认知，也为理解企业创新活动中的知识溢出提供了新的证据，结果表明更好地促进和发展分析师在资本市场中信息传递的作用，可能是提高国家创新水平的重要微观路径。

The report of the 20th CPC National Congress clearly puts forward the goal and requirements of "accelerating the implementation of innovation-driven development strategy. Accelerating the realization of a high level of scientific and technological self-reliance and self-improvement". It is of vital importance to investigate the influencing factors of corporate innovation, as companies are the microscopic subject of implementing innovation development strategy. In a competitive market with rapid technological change and information overload, the sustainable development of corporate innovation cannot be achieved without the support of sufficient information resources. As the information intermediary in the capital market, the unique knowledge structure and high knowledge potential of securities analysts provide the possibility of knowledge spillover to corporate innovation activities. In view of this, this paper examines the impact of analysts' knowledge spillover effects on corporate innovation activities by taking analysts' simultaneous tracking of multiple listed companies as the research scenario.

The empirical results show that analysts can exert information spillover effects in firms' innovation activities, and this result exists between firms in the same industry and different industries, indicating that analysts have both diversified information spillover effects and specialized information spillover effects, and this finding still holds after various robustness tests. The information spillover effect of analysts becomes more obvious as the analysts' ability increases; the higher the level of information asymmetry, the greater the geographical distance between firms, and the higher the competition level of the firms' industries, the more the analysts can play the information spillover effect in the firms' innovation activities; further study finds that the analysts' information spillover increases the firms' R&D investment and promotes the firms' innovation output It is further found that analysts' information spillover enhances R&D investment and promotes innovation output. This paper not only enriches the academic knowledge of analysts as information intermediaries, but also provides new evidence for understanding interfirm information spillovers in corporate innovation activities. The results suggest that better promotion and development of analysts' role in information transmission in capital markets may be an important micro path to improve national innovation.