金融结构优化赋能企业新质生产力发展:影响效应与作用机制  

How the Optimization of Financial Structure Empowers the Development of New-quality Productivity: Impact Effects and Mechanisms Test

作　　者：胡海峰[1] 张烨 HU Hai-feng;ZHANG Ye(School of Business,Beijing Normal University 100875)

机构地区：[1]北京师范大学经济与工商管理学院,100875

出　　处：《上海经济研究》2025年第2期105-116,共12页Shanghai Journal of Economics

基　　金：国家社会科学基金重大项目“新发展格局下提高直接融资比重优化金融结构与经济高质量发展研究”(项目编号:21&ZD111);国家社会科学基金重点项目“中国资本市场韧性的影响因素、测度与提升路径研究”(项目编号:21AJL012)的阶段性成果之一。

摘　　要：合理的金融结构对于新质生产力的培育与涌现至关重要。本文以2013-2022年我国A股上市公司作为研究样本,从理论和实证两个层面重点探讨了金融结构优化对企业新质生产力的影响效应及其作用机制。研究发现:金融结构的优化有助于发展企业新质生产力,这一结论在克服了内生性和排他性解释后依旧稳健;机制检验表明,其具体通过“人力资本跃升”“融资约束缓解”与“治理水平提高”三个渠道推动新质生产力发展;此外,对于高科技型企业、高管理层持股比例企业、东部沿海地区以及“十三五”规划时期后的企业,金融结构优化对其新质生产力的积极影响更为显著;进一步研究发现,政府支持在提升企业新质生产力中的作用同样不容忽视。本研究为我国优化金融体系结构,提升金融服务实体经济能力以及加快企业高质量发展提供了实证支持和政策参考。A rational financial structure is crucial for the cultivation of new-quality productivity. Using China's A-share listed companies from 2013 to 2022, this paper focuses on the theoretical and empirical exploration of the impact of financial structure on corporate new-quality productivity and its mechanisms. The study finds that the optimization of financial structure contributes to the development of corporate new-quality productivity. Mechanism tests indicate that the financial structure plays an important role through the channels of “enhancing human capital, ” “alleviating financing constraints, ” and “enhancing governance levels” to promote the development of new-quality productivity. Furthermore, for corporates with higher financing constraints, greater management ownership, those located in the eastern coastal regions, and after the period of the Thirteenth Five-Year Plan, the positive impact of financial structure optimization on their new-quality productivity is more pronounced. Additional research finds that the role of government support in enhancing corporate new-quality productivity also cannot be overlooked. This study provides empirical support and policy references for China to optimize the structure of the financial system, enhance the capacity of financial services to support the real economy, and accelerate the high-quality development of corporate.

关 键 词：金融结构优化 企业新质生产力 人力资本 融资约束 治理水平 

分 类 号：F832.1[经济管理—金融学]