【摘要】 盈利质量是影响企业创新的重要因素，特别是在龙头企业通过稳定现金流和强大的渠道网络主导研发投入的乳制品行业。文章以2011～2021年中国A股和H股乳制品上市公司为样本，构建动态面板模型，基于企业社会责任视角，实证分析盈利质量对企业创新的影响及作用路径。研究表明，盈利质量显著提升乳制品企业的创新能力，且销售费用与高管薪酬在其中起中介作用。企业社会责任不仅增强了盈利质量对创新的直接效应，还通过调节中介路径发挥作用。异质性分析表明，该作用主要体现在非国有控股企业中。研究为乳企财务管理和创新治理提供了理论依据。更多还原

【Abstract】 Profit quality is a key determinant of corporate innovation. In the dairy industry, rising market concentration and reliance on internal funding have intensified the link between profit quality and innovation. This study uses data from Chinese A-share and H-share listed dairy firms from 2011 to 2021 to examine the impact of profit quality on innovation, adopting a dynamic panel model from the perspective of corporate social responsibility(CSR). Results show that higher profit quality significantly promotes innovation, with sales expenses and executive compensation acting as mediators. CSR enhances both the direct effect of profit quality on innovation and the indirect effects via these mediators. Further analysis reveals that the effect is more evident in non-state-owned enterprises. These findings offer insights into how dairy firms can align financial quality and CSR to foster innovation.更多还原