摘要
In the context of rapid technological development and financial innovation,Digital Finance has become a key driver for enhancing Corporate New Quality Productive Forces.This study empirically examines the impact of Digital Finance on Corporate New Quality Productive Forces using financial data from A-share listed companies in China from 2011 to 2021.The results indicate that Digital Finance significantly enhances Corporate New Quality Productive Forces.Heterogeneity analysis reveals that Digital Finance has a more pronounced effect on non-state-owned enterprises and companies in the central region.Mechanism analysis shows that Digital Finance further promotes Corporate New Quality Productive Forces by reducing management costs,optimizing fixed asset allocation,and increasing patent output.Additionally,the moderation effect test results demonstrate that Digital Infrastructure significantly strengthens the positive relationship between Digital Finance and Corporate New Quality Productive Forces.These findings provide empirical evidence for advancing the development of Digital Finance and Digital Infrastructure,accelerating the formation of Corporate New Quality Productive Forces,and promoting high-quality development.
