供应链金融对新质生产力的影响

——来自A股上市公司的证据

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中图分类号：F832；F279.2 文献标识码：A doi：10.3969/j.issn.1672-2272.202506024

The Impact of Supply Chain Finance on New Quality Productive Forces： Evidence from Chinese A-Share Listed Companies

Zhou Yihang （Schoolof Economics and Management，Hunan Universityof Technology，Zhuzhou 4l2oo7，China）

Abstract：Supply chain finance，as a crucial component of the modern financial system，plays a significant role in the development of new quality productive forces.Using data from A-share listed companies in China spanning 20l1 to 2O23，this paper conducts an in-depth analysis of how supply chain finance influences new quality productive forces.The findings demonstrate that supply chain finance significantly promotes the development of new quality productive forces，a conclusion robustly validated through rigorous testing.Mechanism analysis reveals that supply chain finance primarily drives new quality productive forces through two pathways：enhancing resource utilization efficiency and strengthening corporate risk-bearing capacity.Furthermore，heterogeneity analysis indicates that the positive impact of supply chain finance is more pronounced among enterprises located in eastern regions，non-state-owned enterprises，and those facing fewer financing constraints. This study not only enriches the theoretical framework of the economic effects of supply chain finance but also provides empirical evidence for enterprises to optimize financing decisions and for governmental bodies to formulate diferentiated policies，thereby holding significant implications for advancing new quality productive forces.

Key Words：Supply Chain Finance；New Quality Productivity；Resource Utilization Efficiency；RiskTaking Capacity

0 引言

当前，发展新质生产力已成为推动中国经济高质量发展的核心引擎与战略支撑，而新质生产力的形成源于技术创新的突破、生产要素的优化配置与深度融合、以及产业结构的全面变革[]。（剩余10921字）