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Effect of Government Subsidies on the New Quality Productive Forces of Enterprises: An Empirical Study Based on A-Share Listed Companies

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  • Wang Chuan

    (National Academy of Economic Strategy, Chinese Academy of Social Sciences, Beijing, China)

  • Zhang Xiang

    (School of Applied Economics, University of Chinese Academy of Social Sciences, Beijing, China)

Abstract

Using data from China’s A-share listed companies from 2010 to 2023, we employ the entropy weight method to create an enterprise-level new quality productive forces (NQPF) index to assess the impact of government subsidies on enterprises’ NQPF. Our findings indicate that government subsidies can generally enhance the NQPF levels of enterprises, though with notable regional, industrial, and technological variations. In particular, government subsidies can significantly boost NQPF levels in the eastern region. Additionally, these subsidies have a substantial positive effect on technology-intensive and capital-intensive enterprises, while their impact on labor-intensive enterprises is limited. Furthermore, our mechanism analysis suggests that government subsidies can improve NQPF by alleviating financing constraints, enhancing digitalization levels, and stimulating innovation within enterprises.

Suggested Citation

  • Wang Chuan & Zhang Xiang, 2025. "Effect of Government Subsidies on the New Quality Productive Forces of Enterprises: An Empirical Study Based on A-Share Listed Companies," China Finance and Economic Review, De Gruyter, vol. 14(3), pages 87-107.
    • Handle: RePEc:bpj:cferev:v:14:y:2025:i:3:p:87-107:n:1005
    DOI: 10.1515/cfer-2025-0017
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