珠江–西江经济带绿色投资者对新质生产力发展的影响研究——基于11市上市公司数据的实证分析
Research on the Impact of Green Investors on the Development of New Quality Productive Forces in the Pearl River-Xijiang Economic Belt—An Empirical Analysis Based on the Data of Listed Companies in 11 Cities

随着中国经济转入高质量发展阶段，加快建设现代化经济体系、推进高水平科技自立自强成为未来发展的重要方向，发展新质生产力是推动高质量发展的内在要求和重要着力点。本研究基于2011~2022年珠江–西江经济带11市沪深A股上市公司的数据，通过实证考察绿色投资者进入对企业新质生产力发展的影响，并研究研发投入的中介作用，研究结果表明：研究发现：绿色投资者显著促进了新质生产力的发展，尤其在高科技和ESG表现优秀的企业中更为明显。经过稳健性检验，这些结论依然成立。本文揭示了经济高质量发展大背景之下珠江–西江经济带绿色投资者对企业新质生产力的影响及其边界条件，对珠江–西江经济带企业发展新质生产力并实现转型升级具有一定启示。
As China’s economy shifts to high-quality development, accelerating the construction of a modern economic system and promoting high-level scientific and technological self-reliance have become important directions for future development. Developing new quality productive forces is an intrinsic requirement and a key focus for promoting high-quality development. This study, based on data from 11 cities in the Pearl River-Xijiang Economic Belt’s Shanghai and Shenzhen A-share listed companies from 2011 to 2022, empirically examines the impact of green investors’ entry on the development of corporate new quality productive forces and the mediating role of R&D investment. The research findings indicate that green investors significantly promote the development of new quality productive forces, especially in high-tech and companies with excellent ESG performance. These conclusions remain robust after a series of robustness tests. This paper reveals the impact of green investors on corporate new quality productive forces and its boundary conditions within the context of high-quality economic development in the Pearl River-Xijiang Economic Belt, providing certain insights for the development of new quality productive forces and the realization of transformation and upgrading of enterprises in the Pearl River-Xijiang Economic Belt.