破茧重生:新质生产力如何重塑困境企业价值创造能力?

Rebirth from the Cocoon: How do New Quality Productive Forces Reshape the Value Creation Capability of Distressed Firms?

杨婵,朱玲慧,陈心怡,贺小刚

2026 第 48 卷 第 07 期 页码 64-81

DOI: 10.16538/j.cnki.fem.20260317.202

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摘要

作为现代化经济体系转型升级的关键引擎,新质生产力对于破解企业复苏难题具有重要战略价值。尽管既有研究聚焦企业成长的前置动因,但针对困境企业如何借助新质生产力突破发展桎梏的理论探索仍显不足。本文利用2011—2022年上市公司数据,考察了新质生产力对困境企业价值创造能力的影响。研究发现:新质生产力的培育有助于提升困境企业的价值创造能力,助力困境企业破茧重生;高管研发背景所产生的“能力适配”以及政府补贴所产生的“资源赋能”将强化新质生产力对困境企业价值创造能力的提升效应。进一步研究表明,突破式创新、资源配置效率与扁平化组织变革是新质生产力助力困境企业提升价值创造能力的关键机制。异质性分析显示,新质生产力的价值创造效应在民营企业、高科技行业以及数字化发展水平较高区域的困境企业中更为显著。本文突破传统要素驱动范式,将能力适配与政府激励纳入新质生产力演进分析框架,验证了技术赋能、资源编排与组织变革的核心路径,不仅弥补了企业成长与复苏理论在阐释新质生产力要素作用机制方面的研究不足,也为困境企业在复杂环境下的复苏过程提供新的理论视角。

As a key engine for the transformation and upgrading of the modern economic system, new quality productive forces (NQPF) hold significant strategic value in addressing the challenges of corporate recovery. Although existing studies have focused on the antecedents of firm growth, theoretical explorations on how distressed firms can break through development constraints by leveraging NQPF remains insufficient. Using data from listed companies from 2011 to 2022, this paper examines the impact of NQPF on the value creation capability of distressed firms. The study finds that the cultivation of NQPF helps enhance the value creation capability of distressed firms and empowers them to realize a transformational rebirth. The “ability match” resulting from executives’ R&D backgrounds and the “resource empowerment” generated by government subsidies enhance the effect of NQPF on the value creation capability of distressed firms. Further research indicates that breakthrough innovation, resource allocation efficiency, and flat organizational transformation are the key mechanisms by which NQPF boosts the value creation capability of distressed firms. Heterogeneity analysis shows that the value creation effect of NQPF is more significant in distressed firms dominated by private capital, operating in high-tech industries, or located in regions with a higher level of digitalization. This paper breaks through the traditional factor-driven paradigm, incorporates ability match and government incentives into the analytical framework for the evolution of NQPF, and verifies the core paths of technology empowerment, resource allocation, and organizational change. It not only addresses the research gap in how firm growth and recovery theories explain the mechanism of NQPF, but also provides a novel theoretical perspective for the recovery process of distressed firms in a complex environment.

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