Abstract: Taking the listed companies on the Small and Medium-sized Board, Growth Enterprise Board, Science and Technology Board and Beijing Stock Exchange from 2009 to 2022 as research samples, this paper studies the influence of the specialized, refinement, differential, and innovation(SRDI) transformation on the development of new quality productive forces of enterprises by establishing multi-time point differential model and fixed-effect model. It is found that the SRDI transformation of enterprises can significantly improve the development level of new quality productive forces, which is achieved by attracting venture capital and patient capital, and there is a synergistic effect between venture capital and patient capital. Among them, the enterprises that have completed the SRDI transformation exhibit a greater attraction to patient capital, while the enterprises that are in the phase of the SRDI transformation show a stronger appeal to venture capital. At the same time, the promotion effect of the SRDI transformation on the development of new quality productive forces is more obvious in the national big data comprehensive pilot zone and enterprises with a high degree of green transformation. The study provides empirical evidence for the development of new quality productive forces of enterprise.

Key words: SRDI, Corporate New Quality Productive Forces, Venture Capital, Patient Capital, Green Transformation

摘要： 以2009—2022年中小板、创业板、科创板及北交所的上市企业为研究样本,建立多时点双重差分模型与固定效应模型,研究专精特新转型对企业新质生产力的影响。研究发现,企业专精特新转型会显著提升新质生产力水平,该作用通过吸引风险投资和耐心资本实现,且风险投资和耐心资本之间存在协同效应。其中,已完成专精特新转型的企业对耐心资本的吸引程度更高,而处于专精特新转型阶段的企业对风险投资的吸引程度更高。同时,专精特新转型对企业新质生产力的促进作用在国家大数据综合试验区以及绿色化转型程度高的企业中更为明显。研究为企业发展新质生产力提供了经验证据。

关键词: 专精特新, 企业新质生产力, 风险投资, 耐心资本, 绿色化转型