Abstract: Promoting China-style modernization construction needs to cultivate the soil for new quality productivity, and a quality social credit environment can serve as the axis for pulling the productivity butterfly, which can increase the momentum and empower the emergence of new quality productivity. This paper utilizes panel data of the prefecture-level cities in China, and constructs a multi-period DID model with the help of a quasi-natural experiment of social credit system construction pilot to systematically investigate the impact of social credit environment improvement on new quality productivity. The study shows that the improvement of social credit environment can significantly enhance the new quality productivity. The mechanism test finds that the improvement of social credit environment promotes new quality productivity through the improvement of financial efficiency. Further analysis shows that there are differences in the impact of social credit environment improvement on the various sub-dimensions of new quality productivity, with its most significant effect on the enhancement of digital productivity. As for the coastal cities, and cities with non-resource and a higher level of rule of law, the productivity leap effect of social credit environment improvement is even more pronounced; and the creation of a social credit system in a pilot city can contribute to the new quality productivity enhancement in neighboring cities. The research in this paper can provide references for deepening the construction of social credit system and promoting the development of new quality productivity.

Key words: Social Credit Environment, Financial Efficiency, New Quality Productivity, Multi-period DID Method

摘要： 推进中国式现代化建设需要厚植新质生产力的生长土壤,而优质的社会信用环境恰可作为牵引生产力蝶变的统领轴心,为推动新质生产力涌现增势赋能。本文利用中国地级城市面板数据,借助社会信用体系建设试点这一准自然实验构建多期双重差分模型,系统考察社会信用环境改善对新质生产力的影响。研究表明,社会信用环境改善能够显著提升新质生产力。机制检验发现,社会信用环境改善通过提高金融效率促进新质生产力提升。进一步分析显示,社会信用环境改善对新质生产力各子维度的影响存在差异,其中对数字生产力的提升效应最显著;对于沿海城市、非资源型城市及法治水平较高的城市,社会信用环境改善的生产力跃升效应更明显;试点城市创建社会信用体系能够促进邻近城市新质生产力提升。本研究可为深化社会信用体系建设、推动新质生产力发展提供经验参考。

关键词: 社会信用环境, 金融效率, 新质生产力, 多期双重差分法