The Impact of New Quality Productive Forces on Corporate Performance in China’s A-Share Manufacturing Listed Companies Based on a PVAR Model

다국어 초록 (Multilingual Abstract)

In the context of China's economy shifting to a high-quality development stage, how to promote the performance of manufacturing enterprises through new quality productive forces (NQPF) has become an important topic. Based on the multi-period panel data of listed companies in China's manufacturing industry, this paper uses the panel vector autoregression (PVAR) model to systematically explore the two-way interaction mechanism between new quality productive forces and enterprise performance (represented by TobinQ) from a dynamic perspective. The empirical results show that the study found that the new quality productive forces has a significant positive impact on enterprise performance, especially after controlling for individual differences and time factors of enterprises. At the same time, the research results also show that the PVAR dynamic panel model based on system GMM further reveals the temporal interaction mechanism between the two. The lagged term of Nqpf significantly positively affects TobinQ, indicating that the new quality productive forces has a continuous driving force on enterprise performance; while the lag of TobinQ has a negative feedback on Nqpf, indicating that the short-term improvement of enterprise performance may inhibit the investment in new quality productive forces, reflecting a certain reverse dynamic mechanism. This finding emphasizes the need to pay attention to the dynamic balance between enterprise input and output in policy making. The impulse response analysis shows that the TobinQ shock produces a positive response on the new quality productivity (Ngpf) from period 0 to period 1, but falls below zero and enters the negative range from period 1, remains negative for several periods, and finally returns to a stable level. This finding remains insufficiently statistically significant. The impact of Nqpf on TobinQ showed a significant positive impact in the previous periods. A positive shock to Nqpf will significantly increase TobinQ in periods 1–2, reach a peak in period 2, and then decline. Within a certain range, the improvement of New Quality Productive Forces will help improve corporate performance and have a certain incentive effect. The variance decomposition results show that TobinQ in the early stage is mainly explained by its own influence, but the explanation rate of NQPF in the 8th period reaches 11.8%, showing its long-term driving effect on the market performance of enterprises; and the change of NQPF is almost completely driven by itself, reflecting its exogenous characteristics. This study not only verifies the hysteresis and long-term impact of new quality productive forces on enterprise performance from an empirical level, but also reveals the interactive relationship between market and innovation. The research results provide theoretical support for manufacturing enterprises to formulate innovation strategies and optimize resource allocation, and also provide targeted suggestions for macro policy makers to promote high-quality development from the enterprise level in the process of China's modernization.

목차 (Table of Contents)

• Abstract
• 1. Introduction
• 2. Theoretical analysis and research hypothesis
• 3. Research design
• 3.1 Research sample
• 3.2 Research methods
• 3.3 Variable definitions
• 3.4.descriptive statistics
• 4. Empirical results and discussion
• 4.1 Baseline regression results
• 4.2 Stationarity test of variables
• 4.3 Cointegration test
• 4.4 Selection of the optimal lag order of the model
• 4.5 GMM model estimation results
• 4.6 Impulse response
• 4.7 Stability test
• 4.8 Variance decomposition
• 5. Research conclusions and implications
• 5.1 Research conclusions
• 5.2 Implications
• References