In 2020，the spread of the COVID-19 virus across the world has caused the world economy to suffer the most serious impact since the “Great Depression”. The economies of many countries were forced to press the “pause button”，and the global financial market was once panicked. As developed economies such as Europe and the United States continue to restart their economies in the second quarter，the global economy has bottomed out and stabilized. However，as the resumption of work progresses，the number of new cases in the United States and some emerging economies is also rising rapidly，which is beneficial to the recovery of the global economy. Formed a drag. In the case of domestic adherence to prevention and control and the promotion of resumption of work and production，the year-on-year growth rate of China’s economy in the second quarter turned from negative to positive. It is expected that the economy will maintain a growth of more than 2% throughout the year，which is better than the World Bank （WB） and The International Monetary Fund （IMF） forecasts an annual growth rate of 1.0%. If you look at A-share listed companies，an important micro-body of China’s macro economy，you will find that the market value creation capabilities of listed companies have begun to decline from 2018 to 2019. Sudden natural crises have created value for listed companies. Capability has formed a new and larger impact，and this impact has very large industry heterogeneity. From the perspective of the innovation and transformation of listed companies，the current innovation activity in the computer，defense and military industry，medical and biological industries is among the top. With the continuous deepening of capital market reforms，companies with high innovation activity have performed better in the secondary stock market. It will play a positive role in optimizing the allocation of financial resources. In the next step，we should adhere to the principles of marketization and rule of law to deepen the reform of the capital market，vigorously develop the capital market to optimize the financing structure，broaden the channels for converting savings into investment，promote technological innovation，and improve the efficiency of financial resource allocation.