Firm Resilience Heterogeneity and New Quality Productivity: Empirical Evidence from the Factor Intensity Perspective

This study investigates the heterogeneous impact of new quality productivity (NQP) on firm resilience from a factor intensity perspective — a critical gap in the literature on transitioning economies. Utilizing a panel dataset of 11,345 A-share listed firms from 2017 to 2023, we employ fixed-effects and quantile regression models to test the differential effects of NQP across industries. Results reveal that NQP primarily enhances firm resilience through improved rebound capacity (e.g., solvency and ROE), demonstrating limited effects on asset returns, thereby challenging the conventional view of NQP as a uniform driver of resilience. We identify significant industrial heterogeneity: the effect is strongest in technology-intensive sectors, moderate in labor-intensive sectors, and non-significant in asset-intensive sectors, likely due to external commodity price volatility. These findings highlight the necessity of factor-specific interventions, such as digital infrastructure for technology firms and workforce training for labor-intensive industries. This study contributes to the field by bridging the micro-macro divide in productivity literature and offers actionable insights for policymakers and firms to tailor resilience strategies based on factor endowments.