Abstract
Based on the company integrated database, thousands of China listed companies of RMB common stocks (A-shares) from 2016 to 2020 were studied. The impact of the forward citation count on the stock price was thoroughly analyzed via ANOVA. The patent interval of six years showed its preferable significance for retrieving patents and calculating the forward citation count. The forward citation count was good for discriminating the stock price. However, the result did not agree previous studies because the A-shares having patents but receiving no forward citations were proved to have the highest stock price mean whereas the A-shares receiving forward citation counts above the average had the lowest stock price mean no matter before or under the impact of COVID-19. The positive effect of the forward citation on the stock price did not show. The finding would improve the understanding of China patents and the innovation outcome of China A-shares over recent years.
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