The Impact of New Quality Productive Forces on Firm Performance and Its Mechanisms

This study takes Chinese A-share listed firms in the Shanghai and Shenzhen stock markets from 2015 to 2024 as the research sample, constructs a panel data model, and empirically examines the impact of new quality productive forces on firms’ short-term operating performance and long-term value performance. It further analyzes the underlying mechanisms, robustness, and heterogeneity characteristics. The results show that, first, new quality productive forces have a significantly positive effect on firm performance, and this conclusion remains robust after a series of robustness tests, including the use of instrumental variable approaches and alternative measurements of core variables. Second, mechanism analysis indicates that R&D investment and digital capability serve as important transmission channels through which new quality productive forces affect firm performance. Specifically, new quality productive forces improve firm performance by promoting increased R&D investment and enhancing digital technological innovation capability. Third, heterogeneity analysis reveals that the performance-enhancing effect of new quality productive forces is particularly pronounced in non-heavily polluting industries. At the regional level, a clear gradient pattern is observed: the promoting effect is stronger for firms located in regions with higher levels of economic development than those in less developed regions, and it is more significant for firms in the eastern region than in the central and western regions. This study extends the literature on the microeconomic consequences of new quality productive forces to a certain extent and provides new empirical evidence for understanding the mechanisms through which technological innovation and the optimized allocation of production factors contribute to firm value creation. Meanwhile, it offers practical implications for guiding firms to accurately seize development opportunities associated with new quality productive forces and for assisting governments in implementing differentiated policies.