The Influence Effect and Mechanism of Action of New-Quality Productivity to Enable High-Quality Financial Development
Cultivating and developing new productivity is of great significance in promoting high-quality financial development and the deep integration of the finan-cial industry with the real economy.Based on China's provincial panel data from 2011 to 2021,we constructed the evaluation system of new quality productivity from three levels of scientific and technological productivity,green productivity and digital productivity,and established a comprehensive indicator system for financial and high-quality development based on the understanding of the connotation of high-quality development:"innovation,coordination,greenness,openness and sha-ring".Based on the understanding of the connotation of"innovation,coordination,green,openness and sharing",a comprehensive index system for high-quality devel-opment of finance is established,and the improved entropy value model and thresh-old effect model are adopted to study the effect and mechanism of the new quality productivity on high-quality development of finance.The results of the study show that,firstly,new quality productivity can promote high-quality financial develop-ment.Second,new productivity can indirectly promote financial high-quality devel-opment by improving resource allocation efficiency.Third,the new quality produc-tivity has the most obvious effect on the improvement of financial high-quality de-velopment in the eastern region.Fourth,there is a threshold effect of the non-state economy in the process of promoting financial high-quality development by new quality productivity.In view of this,we should insist on fostering the awareness of financial institutions to"feed"the new quality productivity,and further strengthen and continuously improve the cooperation and mutual assistance mechanism be-tween financial institutions and enterprises with new quality productivity around the new quality productivity;and establish the strategic thinking of unified develop-ment of the whole country,and based on the new productivity foundation,strength-en and improve the cooperation and mutual assistance system between different re-gions;Continuing to promote the deepening of reform of State-owned enterprises,which,in the process of realizing a better service to the national strategy,should fo-cus on strengthening their role in areas such as scientific and technological innova-tion,industrial control and security support.
New Quality ProductivityFinancial High Quality Financial Develop-mentNon-state EconomyThreshold Effect
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