This study explores the relationship between the takeover market and enterprise innovation. We also investigate the mediating role of internal governance (managers’ compensation incentives, equity incentives, boards of directors, and large shareholders) on the relationship between the takeover market and enterprise innovation. We use comprehensive panel data of 1307 firms listed on the Shenzhen and Shanghai stock exchanges for 2006-2016 to meet the study's objectives. We find that the takeover market positively and significantly influences corporate innovation. It improves corporate innovation ability by increasing managers’ compensation incentives. However, enterprise innovation ability decreases with an increase in managers’ equity incentives, large shareholders, and the board of directors. Finally, this study recommends useful policy implications to increase enterprise innovation in the Chinese financial market.

本研究探讨了收购市场与企业创新之间的关系。我们还研究了内部治理（经理薪酬激励、股权激励、董事会和大股东）在收购市场与企业创新之间的关系中的中介作用。我们使用 2006-2016 年在深圳和上海证券交易所上市的 1307 家公司的综合面板数据来实现研究目标。我们发现收购市场对企业创新产生积极而显着的影响。通过增加管理者的薪酬激励，提高企业创新能力。但是，企业创新能力随着管理者股权激励、大股东和董事会的增加而降低。最后，