New Quality Productive Forces and Organizational Resilience: Evidence from Financing Constraints and Inefficient Investment

As a capability-oriented form of productive upgrading driven by technological innovation, digital transformation, and green development, new quality productive forces (NQPF) may help firms improve stability, growth, and adaptability. Based on data from Chinese A-share-listed companies from 2014 to 2023, this study examines the relationship between NQPF and resilience-related outcomes, including market volatility, performance growth, and organizational resilience.

The results show that firms with higher NQPF are associated with lower market volatility and stronger performance growth, thereby exhibiting better resilience-related outcomes. Further analysis indicates that financing constraints and inefficient investment serve as important channels for financial allocation, as higher NQPF is associated with lower financing constraints and reduced inefficient investment. Under the COVID-19 shock, the volatility-reducing role of NQPF weakens, while its relationship with performance growth remains relatively stable.