The Impact and Mechanisms of New Quality Productive Forces on Firms'Total Factor Productivity
The development of new productive forces is an intrinsic requirement and an important focus for promoting high-quality economic development.From a micro perspective,examining the effect of regional new quality productive forces with significant differentiation on enterprises'total factor productivity and its internal mechanism can not only provide precise policy guidance for accelerating the formation of new quality productive forces,but also provide strategic guidance for effectively improving the production efficiency of the key microfoundations of economic operation.Based on the data of 30 provincial-level administrative regions and A-share listed companies in Shanghai and Shenzhen,except Hong Kong,Macao,Taiwan and Tibet,from 2012 to 2022,the authors measure the development level of regional new quality productive forces with the help of the entropy method;and based on this,the authors explore the impact of regional new productive forces on total factor productivity and its mechanism by using textual analysis and fixed effect model.It is found that regional new quality productive forces can significantly improve the total factor productivity of enterprises.From the results of mechanism test,regional new quality productive forces can improve enterprises'total factor productivity by empowering enterprise digital technology innovation breakthroughs,digital technology application effectiveness,and reducing internal and external transaction costs,and the strengthening of fair market competition and internal corporate governance can enhance the productivity enhancement effect of regional new quality productive forces on enterprises.The results of heterogeneity test show that the effect of regional new quality productive forces on the total factor productivity of enterprises is more obvious in non-state-owned enterprises,manufacturing industry,and the area east of the Hu Huanyong Line.In this regard,we should,first,cultivate and develop new quality productive forces under the principle of adapting to local conditions,promote the construction of new infrastructures in a coordinated manner,emphasize and stimulate the potential of data elements,and promote the coordinated development of traditional and new industries;second,we should emphasize the improvement of corporate governance,optimize the information disclosure mechanism,and strengthen the quality of disclosure,and at the same time,encourage financial institutions to incorporate the level of corporate governance into their credit assessment system,so as to effectively improve their corporate governance capacity;and third,we should strive to create a fair and competitive market environment,strictly implement the fair competition review,and maintain a good market order and a healthy competitive ecology,with a view to helping the realization of the strategic significance of the new quality productive forces.
new quality productive forcestotal factor productivityfair market competitioncorporate governance
万方数据
维普
