Abstract: Under the background of imperfect capital market system in China, innovative information disclosure has become an important way to alleviate internal and external information asymmetry. Based on this background, the data of 470 listed companies on the Growth Enterprise Market from 2015 to 2019 were selected, and based on the theory of information asymmetry and the theory of signal transmission, the impact of innovation information disclosure on corporate innovation and the mediating role of financing constraints were discussed. The results show that innovation information disclosure has a significant role in promoting enterprise innovation, and financing constraints play a significant mediating role in this relationship. High-level innovation information disclosure can ease the financing constraints faced by enterprises, and then promote enterprise innovation by giving play to the supporting role of capital to innovation. Furthermore, the heterogeneity analysis shows that this intermediary mechanism is established in innovation advantage information, but not in innovation risk information; it is established for substantive innovation, but not for strategic innovation. Based on the above conclusions, corresponding countermeasures and suggestions are put forward.