新质生产力能否降低企业债务融资成本——来自A 股上市公司的经验证据

Can New Quality Productive Forces Reduce Corporate Debt Financing Costs?－Empirical Evidence from China's A-Share Listed Companies

This article examines the impact and mechanisms of new quality productive forces on corporate debt financing costs using a sample of China's A-share listed companies from 2015 to 2024. The findings reveal that the development of new quality productive forces significantly reduces corporate debt financing costs, alleviating the “high financing costs” problem. Further mechanism analysis indicates that new quality productive forces lower financing costs through two pathways: increasing institutional investor shareholding and reducing corporate risk exposure. Heterogeneity analysis demonstrates that this cost-reduction effect is more pronounced in non-state-owned enterprises and firms operating in highly competitive industries. This research enriches the literature on how new quality productive forces influence microeconomic entities, offers new insights for enterprises to address financing challenges and enhance financing efficiency, and provides valuable references for investors and creditors to identify high-quality firms, as well as for policymakers to guide financial resources toward innovation-driven sectors.

本文以2015-2024 年中国A 股上市公司为样本，考察新质生产力对企业债务融资成本的影响及其作用机制。研究发现企业发展新质生产力能够降低其债务融资成本，缓解企业“融资贵”问题；进一步研究发现，新质生产力发展能够通过提升机构投资者持股比例、降低企业风险水平两条路径来降低企业债务融资成本；异质性分析发现，新质生产力对债务融资成本的降低作用，在非国有企业与处于高竞争行业的企业中更为显著。本文丰富了新质生产力对微观经济主体影响方面的研究，为企业缓解融资难题、提升融资效率提供新思路，也为投资者与债权人识别优质企业、政策制定者引导金融资源精准流向创新领域提供了参考。