培育和提升企业新质生产力,是加快推进我国新旧动能结构转换,推动实现中国式现代化的重要途径。本文采用2013—2022年沪深A股上市公司数据,利用市场准入负面清单试点这一准自然实验,考察放宽市场准入对企业新质生产力的影响。研究发现,放宽市场准入能够促进企业新质生产力提升,具体表现为,相比未受政策影响地区的企业,受到政策影响地区企业的新质生产力提升幅度约为1.42%。机制分析表明,放宽市场准入对企业新质生产力的提升作用,主要通过市场竞争效应和制度性成本效应来实现。异质性研究发现,放宽市场准入对企业新质生产力的影响在公司治理水平较低和融资约束可能性较高的企业中更高。最后,在放宽市场准入的制度背景下,企业新质生产力的提高有利于促进企业投资价值提升。相关结论不仅能够深化现有研究关于放宽市场准入赋能作用的理论认识,还能够为我国加快培育和提升新质生产力带来政策启示。

Cultivating and upgrading the new quality productivity of enterprises is an important way to accelerate the structural transformation of China's old and new kinetic energy and to promote the realization of Chinese-style modernization. This paper used the data from A-share listed companies in Shanghai and Shenzhen from 2013-2022 to examine the impact of market access liberalization on enterprises' new quality productivity by using a quasi-natural experiment, the Negative Market Access List (Pilot). The study found that market access liberalization can promote new quality productivity gains for enterprises, as evidenced by the fact that compared to enterprises in regions not affected by the policy, enterprises in regions affected by the policy have a new quality productivity gain of about 1.42%. The mechanistic analysis showed that the effect of market access liberalization on the new quality productivity of enterprises is mainly realized through the market competition effect and the systemic cost effect. The heterogeneity studies found that the effect of market access liberalization on enterprises' new quality productivity is higher among enterprises with lower levels of corporate governance and higher likelihood of financing constraints. Finally, in the context of a system of liberalized market access, the increase in the new quality of productivity of enterprises is conducive to promoting the value of corporate investment. The relevant conclusions can not only deepen the theoretical understanding of existing research on the enabling role of market access liberalization, but also provide policy insights for China to accelerate the cultivation and upgrading of new quality productivity.