Corporate New Quality Productive Forces and Sustainable Development

Based on sustainable development and financial statement data of Chinese listed companies from 2012 to 2023, this paper empirically investigates the impact of new quality productivity forces on corporate sustainable development. We find that the favorable performance of such forces for firms can promote their sustainability, and the functionary mechanism lies in accelerating the digital transformation of enterprises, enhancing financing ability, reducing the degree of financing constraints, and ultimately promoting sustainable operations. Results of heterogeneity analyses show that the degree of new quality productivity forces plays a more significant role in promoting the sustainable development of firms regulated by stricter environmental rules, endowed with higher productivity levels, owned by non-state shareholders, and attracting more intensive media attention. Our conclusions are of great practical significance for understanding and deepening the nexus between improving new quality productivity forces and achieving sustainable development goals at the firm level.