关键词: 企业新质生产力, 共同机构所有权, 协同治理效应, 战略性新兴产业

Abstract: How can we effectively incentivize firms to drive industrial transformation and high-quality growth? Crucially, cultivating new quality productive forces hinges on optimizing production relations. This entails not only enhancing governmental provision of public goods but also empowering micro-entrepreneurs to have greater economic autonomy and fostering innovation. Common institutional ownership, facilitating firms' integration into collaborative innovation networks and overcoming resource constraints, offers a promising mechanism for fostering inter-firm cooperation and novel business models. This informal, network-based institutional arrangement complements formal structures. Therefore, this paper investigates the impact of common institutional ownership on firms' development of new quality productive forces, aiming to provide policy recommendations for optimizing the common ownership system and stimulating productivity growth.
This paper explores the effect of common institutional ownership on firms' new quality productive forces based on social network theory. The research finds that common institutional ownership significantly contributes to the improvement of firms' new quality productive forces. In addition, the results remain robust after endogeneity and robustness tests of Heckman two-stage estimation and instrumental variables methods. The mechanism test finds that common institutional ownership can promote human resource optimization and key technology breakthroughs among firms in the same industry and exert industrial synergy effects. At the same time, by exerting the effect of monitoring and governance, it can also constrain the myopic behaviour of management within the organization and enhance the tolerance of business risk failure, ensuring the effective cultivation and development of firms' new quality productive forces. Further research finds that common institutional ownership can better exert the synergistic governance effect in companies with lower governance, non-centralized firms, strategic emerging industries, and samples in the northeast regions, and that this effect has temporal continuity and spatial spillovers.
This study provides a valuable exploration for establishing a long-term mechanism for firms' new quality productive forces from a social network perspective and offers new theoretical support and empirical evidence for the positive role of common institutional ownership in multi-level capital markets.

Key words: Firms' New Quality Productive Forces, Common Institutional Ownership, Synergistic Governance Effect, Strategic Emerging Industries