数字化转型视角下新质生产力对企业经营绩效的影响——基于创新韧性与政府补贴的调节效应分析

The Impact of New-Quality Productivity on Corporate Performance from the Perspective of Digital Transformation—A Moderating Effect Analysis Based on Innovation Resilience and Government Subsidies

摘要: 在中国经济迈向高质量发展的新时代背景下，新质生产力作为摆脱传统增长路径、驱动经济转型升级的核心引擎，其对微观企业经营绩效的影响机制，逐渐成为学术界与政策制定者关注的焦点。因此，本文基于2011~2022年中国A股上市公司数据，构建包含新质劳动者、新质劳动对象及新质劳动资料三个维度的新质生产力评价指标体系，实证检验了新质生产力对企业经营绩效的影响效应。研究发现：第一，新质生产力显著提升了企业经营绩效，该结论通过稳健性检验。第二，异质性分析表明，新质生产力对非国有企业、高耗能企业以及技术密集型企业的绩效提升作用更为显著。第三，机制分析发现，新质生产力可以通过推动企业数字化转型从而增加企业绩效。第四，调节效应分析揭示，政府补贴与企业创新韧性均在新质生产力促进企业经营绩效的过程中发挥了显著的正向调节作用。基于此，本文建议政府应因地制宜实施差异化产业政策，同时企业应注重培育创新韧性，以最大化新质生产力的增效价值。

Abstract: In the context of China’s new era of high-quality economic development, new-quality productivity, as a core engine for breaking away from traditional growth paths and driving economic transformation and upgrading, has gradually become a focus of attention for academia and policymakers regarding its impact mechanism on micro-level corporate performance. Therefore, this paper constructs a new-quality productivity evaluation index system based on data from Chinese A-share listed companies from 2011 to 2022, including three dimensions: new-quality workers, new-quality labor objects, and new-quality labor resources, and empirically tests the impact of new-quality productivity on corporate performance. The study finds: First, new-quality productivity significantly improves corporate performance, the conclusion that has passed the robustness test. Second, heterogeneity analysis shows that new-quality productivity has a more significant effect on improving the performance of non-state-owned enterprises, high-energy-consuming enterprises, and technology-intensive enterprises. Third, mechanism analysis reveals that new-quality productivity can increase corporate performance by promoting digital transformation. Fourth, moderating effect analysis reveals that both government subsidies and corporate innovation resilience play a significant positive moderating role in the process of new-quality productivity promoting corporate performance. Based on this, this paper suggests that governments should implement differentiated industrial policies tailored to local conditions, while enterprises should focus on cultivating innovation resilience to maximize the added value of new-type productivity.