【摘要】 发展新质生产力是推动中国经济高质量发展的新引擎，数字金融驱动企业新质生产力的形成与发展。基于2011—2023年沪深A股上市公司数据，利用双向固定效应模型、中介效应模型实证分析数字金融对企业新质生产力的作用机理。研究发现：数字金融能够显著提升企业新质生产力，且该结论在多项稳健性检验下依然成立。机制分析表明，缓解企业融资约束、降低信息不对称是数字金融创新推动新质生产力发展的关键路径。异质分析显示，数字金融的促进作用在市场化水平较低、金融监管较强的地区更为显著；对于融资约束程度较高的中小企业与民营企业、非污染企业及分析师关注度较高的企业，其提升效果亦更加明显。研究从微观层面为数字金融赋能新质生产力提供了经验证据，对推动实体经济高质量发展具有一定的政策启示意义。更多还原

【Abstract】 Developing new quality productive forces is a new engine driving the high-quality development of China’s economy, with digital finance fostering the formation and growth of corporate new quality productive forces. Based on the data of A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from2011 to 2023, this paper empirically examines the mechanism of digital finance on enterprises’ new-quality productive forces by employing the two-way fixed effects model and the mediating effect model. The results show that digital finance significantly enhances enterprises’ new-quality productive forces, and this conclusion remains robust after a series of robustness tests. Mechanism analysis indicates that alleviating corporate financing constraints and reducing information asymmetry are key pathways through which digital finance innovation promotes the development of new quality productive forces. Heterogeneous analysis shows that the promoting effect of digital finance is more significant in regions with lower marketization levels and stronger financial regulation. For small and medium-sized enterprises and private enterprises with higher financing constraints, non-polluting enterprises, and enterprises that receive greater attention from analysts, the improvement effect is also more obvious. This paper provides empirical evidence from the micro level for empowering new quality productive forces through digital finance, and has certain policy implications for promoting the high-quality development of the real economy.更多还原