Abstract:
While the macro-level role of new quality productive forces in driving the high-quality development of the economy has been confirmed by most studies, the internal logic and realization pathways through which new quality productive forces empower micro-level enterprise market value remain unclear. Using listed companies on the STAR Market as the research sample, this study examines the impact of new quality productive forces on firm market value and its underlying mechanisms. Specifically, based on the theoretical connotation of new quality productive forces and the operational features of the STAR Market, we construct an innovative evaluation index system for enterprise new quality productive forces from three dimensions: input of production factors, transformation of innovation achievements, and leadership in industrial technology. The study finds that new quality productive forces reflect the advancement and transformation of the labor force, means of labor, objects of labor, and their optimized combinations, which helps enterprises enhance market value. The mechanism analysis indicates that first, new quality productive forces enhance enterprises' technological innovation capabilities and the efficiency of production factor combinations, thereby improving total factor productivity. Second, new quality productive forces optimize production processes and organizational management models, thereby improving internal operational efficiency. Third, new quality productive forces accumulate future development potential while sending positive signals to the market, thereby raising investor expectations. These three factors collectively drive the improvement of enterprise market value. The heterogeneity analysis shows that the positive effect of developing new quality productive forces on enterprise value is more significant for enterprises with higher industry competition, greater analyst coverage, stronger bargaining power in supplier-customer relationships, and those in the growth stage. The paper provides micro-level evidence for the empowerment of economic growth by new quality productive forces. Besides, the paper offers insights into guiding enterprises to cultivate new quality productive forces and enhance market value.
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