摘要
当前,国有企业在培育新质生产力过程中存在对传统投资路径依赖,优化投资方向与模式、聚焦科技创新是实现其转型升级的关键。本文以2014—2023年沪深A股上市国有企业为研究样本,实证检验投资强度对新质生产力水平的影响。结果显示,投资强度与新质生产力水平呈倒“U”型关系:适度投资能促进新质生产力水平提升,过度投资则因资源错配等问题产生负面效应。机制检验表明,研发投入强度在投资驱动生产力跃迁中发挥部分中介效应,且研发方向与政策的契合度至关重要。异质性分析发现,在高科技行业的国有企业中,上述倒“U”型关系更为显著。本研究结论揭示了国有企业培育新质生产力需平衡投资规模与质量等核心关系,为进一步优化国有资本布局、推动国有企业高质量发展提供了理论支撑与实践指导。
Currently,state-owned enterprises(SOEs)face a reliance on traditional investment paths in the process of cultivating new-type productive forces.Optimizing investment directions and models,with a focus on technological innovation,is key to achieving their transformation and upgrading.This study uses SOEs listed on the Shanghai and Shenzhen A-share markets from 2014 to 2023 as the research sample to empirically examine the impact of investment intensity on the level of new-type productive forces.The results indicate an inverted“U-shaped”relationship between investment intensity and the level of new-type productive forces:moderate investment can promote the enhancement of productive forces,while excessive investment produces negative effects due to resource misallocation and other issues.Mechanism testing shows that R&D intensity plays a partial mediating role in the investment-driven productivity leap,and the alignment between R&D direction and policy is crucial.Heterogeneity analysis reveals that this inverted“U-shaped”relationship is more pronounced among SOEs in high-tech industries.The findings highlight that cultivating new-type productive forces in SOEs requires balancing core factors such as investment scale and quality,providing both theoretical support and practical guidance for optimizing state capital allocation and promoting high-quality development of SOEs.
作者
沈澜
龚言舟
Shen Lan;Gong Yanzhou(Zhejiang Zheneng Industrial Research Institute Co.,Ltd.,Hangzhou,Zhejiang 310000)
出处
《中国商论》
2025年第16期163-168,共6页
China Journal of Commerce
关键词
新质生产力
投资强度
国有企业
技术革命
高质量发展
new quality productive forces
investment intensity
state-owned enterprises
technological revolution
high-quality development
