新质生产力是立足于我国现阶段经济发展水平所提出的新理念、新要求,是建设现代化经济强国的关键动力。本文构建评价体系并利用熵值法测算了我国280个地级市的新质生产力和经济高质量发展指数,进而建立门槛回归模型分析城市新质生产力对经济高质量发展的影响及作用机制。研究发现,城市新质生产力与经济高质量发展呈非线性的倒U型关系,且城市新质生产力对经济高质量发展的影响具有地域的异质性。机制检验表明,创新能力是城市新质生产力推动经济高质量发展的关键路径,且创新能力对经济高质量发展起正向调节作用。本文的工作为探讨城市新质生产力与经济高质量发展的关系及路径研究提供了一定的经验证据。New quality productivity is a new concept and requirement based on the current level of economic development in China, and is a key driving force for building a modern economic powerhouse. This article constructs an evaluation system and uses the entropy method to calculate the new quality productivity and high-quality economic development index of 280 prefecture level cities in China. Then, a threshold regression model is established to analyze the impact and mechanism of urban new quality productivity on high-quality economic development. Research has found that there is a non-linear inverted U-shaped relationship between urban new quality productivity and high-quality economic development, and the impact of urban new quality productivity on high-quality economic development has regional heterogeneity. Mechanism testing shows that innovation capability is the key path for urban new quality productivity to promote high-quality economic development, and innovation capability plays a positive regulatory role in promoting high-quality economic development. The work of this article provides certain empirical evidence for exploring the relationship and path research between urban new quality productivity
我国当前正在构建绿色金融体系,而包括ESG(environmental,social,and governance)在内的社会责任投资理念将在此过程中扮演重要角色.本文利用基金持股的加权平均CSR(corporate social responsibility)评分来度量基金社会责任,并从基金暴跌风险的视角探讨了社会责任投资在资本市场中的表现以及对应的机制.基准回归结果表明基金社会责任能显著缓和基金暴跌风险,呼应了既往研究中企业CSR降低股价暴跌风险的结论.在控制反向因果、选择偏误及其它内生性问题后该缓和作用依然稳健.机制分析表明,高基金社会责任的基金有适当范围内更高的持股集中度,且面向因重视社会责任而对财务收益相对不敏感的投资者,这些都有助于降低基金暴跌风险.在经济高质量绿色发展的要求下,本研究对于全面认识我国社会责任投资理念与金融系统风险之间的内在联系具有重要的理论和现实意义.
