以韧性能力建设为核心促进上市公司高质量发展

Promoting High Quality Development of Listed Companies with Resilience Capacity Building as the Core

上市公司是中国经济重要的微观构成,其高质量发展是经济高质量发展的基础和底色所在。在内外部环境变化导致的百年未有之大变局情势下,上市公司高质量发展表现为其韧性能力所映射的微观主体转型和转危为安、化危为机的培基、升级动力。本文通过使用2019—2021年上市公司数据,分析韧性能力建设对上市公司高质量发展的重要促进作用。研究发现,上市公司业绩韧性不断增强,企业成长与质量相配性提高,实现了企业安全与效率、抗风险与促转变相统一;从上市公司规模韧性和质量韧性收敛分化中可以看出行业轮动潜在趋势,有利于进一步明确行业赛道特征和未来投资重点;中国多层次资本市场体系改革与开放蹄疾步稳促进了全生命周期下不同企业韧性能力建设,为更多韧性足、竞争力强的优质微观主体脱颖而出奠定基础。

Listed companies are important micro-components of China’s economy,and their high-quality development is critical to achieving high-quality economic growth.Under the unprecedented changes caused by shifts in the internal and external environment,the high-quality development of listed companies has been demonstrated through greater resilience capacity and the ability to turn crisis into opportunity.Using listed company data from2019-2021,this paper analyzes the important role of resilience capacity building in promoting the high-quality development of listed companies.The paper concludes that the resilience of listed companies is increasing,and that enterprises are seeing a similar degree of growth and improvement in quality of their operations.It also concludes that enterprises are combining efficiency and resistance to competitive risk.Potential trends in industrial rotation can be seen from the divergences in resilience.This is conducive to further clarifying the extent of industrial competitiveness and determining the focus of future investment.The reform and opening up of China’s multi-level capital market system has steadily promoted the building of resilience capacity of different enterprises and laying the foundation for more resilient and co mpetitive high-quality micro-entities.