Abstract: Information is an important channel of communication between enterprises and capital market, which affects the financial behavior and decision-making of enterprises. This paper empirically tests the impact of earnings information quality on the innovation level of Chinese A-share listed companies from 2011 to 2018 and the role played by debt heterogeneity.The results show that: whether measured by accrual earnings management or earnings transparency, higher earnings information quality can promote enterprise innovation, and debt heterogeneity plays a part of the mediating effect.High quality earnings information can alleviate financing constraints and promote enterprise innovation by improving the diversification of debt sources and the richness of maturity structure. At the same time, corporate debt heterogeneity also plays a positive governance effect, promoting enterprise investment more effectively and improving the level of innovation.Further research shows that: under different ownership nature, earnings information quality has a significantly positive correlation with enterprise innovation, but compared with state-owned enterprises, earnings information quality plays a greater role in promoting innovation of non-state-owned enterprises.This study has certain enlightenment significance to improve the quality of earnings information, improve the level of innovation, and implement the national innovation driven development strategy.

Key words: accrual earnings management, earnings transparency, enterprise innovation, debt heterogeneity