New Quality Productive Forces Enable the High‐Quality Development of Energy Enterprises

ABSTRACT This study investigates the impact of new quality productive forces (NQPFs) on the high‐quality development of energy enterprises in China. Using panel data from 572 listed energy enterprises between 2011 and 2022, a comprehensive NQPF index was constructed to evaluate its influence on financial and social performance. The empirical results reveal that NQPF significantly enhances the financial performance and carbon performance of energy enterprises, indicating its role in improving market valuation and reducing carbon emissions. However, the impact of NQPF on overall employment is not significant. Heterogeneity analysis shows that while non‐new energy enterprises experience reduced labor demand due to technological substitution, these workers face structural unemployment caused by skill mismatches. Furthermore, NQPF has a stronger impact on financial and carbon performance in non‐state‐owned enterprises (NSOEs) compared to state‐owned enterprises (SOEs). And regional differences are also observed, energy enterprises with eastern regions benefiting more significantly from NQPF than central and western regions. These findings provide valuable insights for governments and enterprise leaders to promote sustainable growth through targeted investments in innovation, green technologies, and workforce development.