Abstract: It is generally believed that there exists the counter-cyclicality in the economic cycle and the technical innovation cycle. Therefore, this paper conducts an empirical test to find out whether the international financial crisis from 2007 has this kind of counter-cyclical impact over the corporate innovation of China’s manufacturing industry. Based on the dummy variable testing model with the unbalanced panel data, this study finds out that after the financial crisis the innovation output of China’s manufacturing firms has been promoted obviously. Although the financial crisis has promoted the corporate innovation output, it does not generate any positive impact on the innovation will of the manufacturing firms in China; on the contrary, it has a certain negative effect. These results show that in the technical innovation environment of the transitional economy dominated by the government, the financial crisis can make the external environment pay more attention to support the innovation of the enterprises, but it fails to improve the spontaneous innovation will and intention effectively. Thus, the counter-cyclical characteristics of technical innovation in China are different from those of other developed countries.

Key words: counter-cyclicality; technical innovation; corporate specific information