diff --git a/src/compiler/checker.ts b/src/compiler/checker.ts
index c92c8bb97894d..396db42226bfb 100644
--- a/src/compiler/checker.ts
+++ b/src/compiler/checker.ts
@@ -1455,7 +1455,7 @@ namespace ts {
             if (!result) {
                 if (lastLocation) {
                     Debug.assert(lastLocation.kind === SyntaxKind.SourceFile);
-                    if ((lastLocation as SourceFile).commonJsModuleIndicator && name === "exports") {
+                    if ((lastLocation as SourceFile).commonJsModuleIndicator && name === "exports" && meaning & lastLocation.symbol.flags) {
                         return lastLocation.symbol;
                     }
                 }
diff --git a/tests/baselines/reference/jsdocTypeReferenceExports.errors.txt b/tests/baselines/reference/jsdocTypeReferenceExports.errors.txt
new file mode 100644
index 0000000000000..48d0321be71d9
--- /dev/null
+++ b/tests/baselines/reference/jsdocTypeReferenceExports.errors.txt
@@ -0,0 +1,13 @@
+tests/cases/conformance/jsdoc/bug27342.js(3,11): error TS2709: Cannot use namespace 'exports' as a type.
+
+
+==== tests/cases/conformance/jsdoc/bug27342.js (1 errors) ====
+    module.exports = {}
+    /**
+     * @type {exports}
+              ~~~~~~~
+!!! error TS2709: Cannot use namespace 'exports' as a type.
+     */
+    var x
+    
+    
\ No newline at end of file
diff --git a/tests/baselines/reference/jsdocTypeReferenceExports.symbols b/tests/baselines/reference/jsdocTypeReferenceExports.symbols
new file mode 100644
index 0000000000000..0ae0a5e73a7e2
--- /dev/null
+++ b/tests/baselines/reference/jsdocTypeReferenceExports.symbols
@@ -0,0 +1,13 @@
+=== tests/cases/conformance/jsdoc/bug27342.js ===
+module.exports = {}
+>module.exports : Symbol("tests/cases/conformance/jsdoc/bug27342", Decl(bug27342.js, 0, 0))
+>module : Symbol(module, Decl(bug27342.js, 0, 0))
+>exports : Symbol("tests/cases/conformance/jsdoc/bug27342", Decl(bug27342.js, 0, 0))
+
+/**
+ * @type {exports}
+ */
+var x
+>x : Symbol(x, Decl(bug27342.js, 4, 3))
+
+
diff --git a/tests/baselines/reference/jsdocTypeReferenceExports.types b/tests/baselines/reference/jsdocTypeReferenceExports.types
new file mode 100644
index 0000000000000..843bb08f91b81
--- /dev/null
+++ b/tests/baselines/reference/jsdocTypeReferenceExports.types
@@ -0,0 +1,15 @@
+=== tests/cases/conformance/jsdoc/bug27342.js ===
+module.exports = {}
+>module.exports = {} : typeof import("tests/cases/conformance/jsdoc/bug27342")
+>module.exports : typeof import("tests/cases/conformance/jsdoc/bug27342")
+>module : { "tests/cases/conformance/jsdoc/bug27342": typeof import("tests/cases/conformance/jsdoc/bug27342"); }
+>exports : typeof import("tests/cases/conformance/jsdoc/bug27342")
+>{} : {}
+
+/**
+ * @type {exports}
+ */
+var x
+>x : typeof import("tests/cases/conformance/jsdoc/bug27342")
+
+
diff --git a/tests/cases/conformance/jsdoc/jsdocTypeReferenceExports.ts b/tests/cases/conformance/jsdoc/jsdocTypeReferenceExports.ts
new file mode 100644
index 0000000000000..e711ad4f58ffd
--- /dev/null
+++ b/tests/cases/conformance/jsdoc/jsdocTypeReferenceExports.ts
@@ -0,0 +1,10 @@
+// @allowJs: true
+// @noEmit: true
+// @checkJs: true
+// @Filename: bug27342.js
+module.exports = {}
+/**
+ * @type {exports}
+ */
+var x
+