Abstract: Improving the total factor productivity is a central indicator of cultivating new quality productivity forces. Taking the pilot policy of industry-finance cooperation as a quasi-natural experiment, this paper, based on the sample of A-share listed companies from 2010 to 2023, deeply explores the impact and mechanism of the pilot policy of industry-finance cooperation on the total factor productivity of enterprises. The research results show that the pilot policy of industry-finance cooperation has significantly improved the total factor productivity of enterprises, and it works through the resource acquisition effect and the resource integration effect. The heterogeneity test shows that for enterprises with a low level of marketization, weak industry competition, poor governance standards, and senior executives with a financial background, the pilot policy of industry-finance cooperation has shown more obvious effects. This paper provides favorable evidence for the pilot policy of industry-finance cooperation to promote the high-quality development of enterprises and explores practical paths for implementing the strategy of building a financial powerhouse and promoting the development of new quality productivity.

Key words: Industry-Finance Cooperation, Total Factor Productivity of Enterprises, Resource Acquisition, Resource Integration

摘要： 提升全要素生产率是厚植新质生产力的核心标志。本文以产融合作试点政策为准自然实验,基于2010—2023年A股上市企业样本,深入探究产融合作试点政策对企业全要素生产率的影响和作用机制。研究结果显示,产融合作试点政策显著提升企业全要素生产率,并且通过资源获取效应和资源整合效应发挥作用。异质性检验表明,对于市场化水平较低、行业竞争程度较弱、治理水平较差、高管具备金融背景的企业,产融合作试点政策展现出了更加明显的效果。本文为产融合作试点政策促进企业高质量发展提供了有力证据,也为实施金融强国战略和推动新质生产力发展探索了实践路径。

关键词: 产融合作, 企业全要素生产率, 资源获取, 资源整合