基于债务人视角，以2015~2023年沪深A股上市公司为研究样本，使用多期双重差分模型考察破产法庭的设立与企业创新之间的关系。研究发现，破产法庭的设立能够显著促进企业创新，风险承担水平提高和营商环境优化是破产法庭设立促进企业创新的作用渠道。进一步研究发现：破产法庭的设立对企业创新的影响具有偏向性，即破产法庭的设立仅能促进企业渐进式创新，而对企业突破式创新具有消极影响；对于诉讼风险较低企业和非国有企业来说，破产法庭的设立对企业创新的促进作用更加显著；破产法庭的设立能够促进企业持续创新，且主要表现为持续渐进式创新，对持续突破式创新的影响不明显。

From the debtor’s perspective, this study uses a multi-period difference-in-difference model to examine the relationship between the establishment of bankruptcy courts and corporate innovations by taking A-share listed companies in Shanghai and Shenzhen from 2015 to 2023 as the research sample. The study finds that the establishment of bankruptcy courts can significantly promote corporate innovation. Increased risk resistance capacity and an optimized business environment are the mechanisms. Further research finds that bankruptcy courts have a biased effect: they only promote incremental innovation, but have a negative impact on breakthrough innovation. For non-state-owned firms and those with lower litigation risk, the role of bankruptcy courts in promoting corporate innovation is more significant. Bankruptcy courts can promote continuous innovation and continuous incremental innovation, but have a limited impact on continuous breakthrough innovation.