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This study analyzes the impact of SARS and COVID-19, the two most severe epidemics to occur in China since the 21st century, on corporate innovation, in order to find a path for sustained innovation growth under the epidemic. For COVID-19, the analysis used data from China's A-share-listed companies from 2019 to 2020; a longer period (1999–2006) and a wider sample of Chinese industrial enterprises were used for the SARS epidemic. The empirical model was constructed using thedoi:10.3390/su14095223 fatcat:ubp6akcrmvf4ncxpz7wowv37ey