资本市场支持新质生产力路径探索

——数据要素和中小企业

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中图分类号：F124 文献标志码：A

Capital Market Supports Exploration of New Quality Productivity ： Data Factors and Small and Medium-sized Enterprises

ZHANG Keliang WANG Ruicai （Bohai Securities，Beijing lOOOoO， China）

Abstract： In September 2O23， General Secretary Xi Jinping first proposed the concept of “New Quality Productivity”，and in the 2O24 government work report，“accelerating the development of New Quality Productivity” was placed at the top. This paper takes the major contradiction between productivity and Relations of production as the entry point，analyzes the development path of New Quality Productivity from the theoretical level，and proposes that the development of New Quality Productivity must support the development of innovative Hi-tech enterprises.As an important part of the production relations， finance，especially the capital market，should play a greater role. Combining the characteristics of the current stage of economic development，the paper proposes that two important directions for the development of New Quality Productivity are data factor and small and medium-sized enterprises：data factor have distinctly diferent characteristics from traditional production factors and are expected to become an important driving force for economic growth; smalland medium-sized enterprises are closely related to technological innovation，especially original and disruptive innovation， and are also an important link in the process of strengthening and supplementing supply chains. The paper suggests that the capital market should strengthen its support for innovative small and mediumsized enterprises in the data factor field，and proposes relevant policy suggestions for the capital market in the current situation.

Key words： New Quality Productivity; data factor; small and medium-sized enterprises; capital market

1 唯物史观下的新质生产力

面临世界百年未有大变局加速演进，恰逢信息技术和生物技术的迅猛发展，在新的时代背景和技术背景下，生产力的发展需要新的理论指引。（剩余9421字）