新质生产力对企业高质量发展的影响研究——来自中国A股上市公司的经验证据

On the Impact of New Quality Productive Forces on the High-quality Development of Enterprises——the Empirical Evidence from China’s A-Share Listed Companies

发展新质生产力是推动高质量发展的内在要求,企业高质量发展是经济高质量发展的重要基础。文章基于2011—2022年中国A股上市公司的数据,研究了新质生产力对企业高质量发展的影响及其作用机制。研究发现,新质生产力发展可以推动企业高质量发展,经过工具变量法、替换变量等一系列稳健性检验后结论依旧成立;新质生产力发展通过降低信息不对称程度、强化内部控制能力的机制推动企业高质量发展;新质生产力对国有企业、大型企业、两职分离企业、发达地区企业的高质量发展推动作用更大;政府补助和市场化水平均能正向调节新质生产力对企业高质量发展的推动作用。研究结论为加快新质生产力发展,推动企业高质量发展提供了经验证据。

The development of new quality productive forces is an inherent requirement for promoting high-quality development,and the high-quality development of enterprises is an important foundation for high-quality economic development.Based on the data of China's A-share listed companies from 2011 to 2022,this paper studies the impact of new quality productive forces on the high-quality development of enterprises and its mechanism.It is found that the development of new quality productive forces can promote the high-quality development of enterprises,and the conclusion is still valid after a series of robustness tests such as in⁃strumental variable method and substitution variables.Mechanism research finds that the new quality productive forces promotes the high-quality development of enterprises through the mechanism of reducing the degree of information asymmetry,strengthening internal control capabilities.The heterogeneity study finds that the new quality productive forces plays a greater role in promoting the high-quality development of state-owned enterprises,large-scale enterprises,enterprises with separation of two functions,and enterprises in developed regions.The study of moderating effect finds that government subsidies and marketization levels can posi⁃tively regulate the role of new quality productive forces in promoting the high-quality development of enterprises.The conclusions of this study provide empirical evidence for accelerating the development of new quality productive forces and promoting the highquality development of enterprises.