The Impact of New Quality Productivity on Corporate Sustainability

다국어 초록 (Multilingual Abstract)

The Impact of New Quality Productivity on Corporate Sustainability LI AIBO Dept. of Business Administration Graduate School of Gachon University At present, the Chinese economy is at a critical juncture: transforming the old to create new momentum, and high-quality development. Traditional extensive growth is to consume resources and factors of production, this kind of extensive growth cannot be sustained. Resources are becoming more and more scarce, the environment is becoming more and more strained. Population dividend is dwindling and lacking in technological innovation. In this way, we can see that it is focusing on the state’s new quality, and productivity, technology, nnovation, green transformation, and digital upgrading are the focus of productivity, establishing a modern industrial system and economic sustenance. Corporate Sustainability has gradually become one of the main parts of the national dual carbon plan; in addition to the green financial system construction it is a necessary task required to complete the corporate social responsibility obligation; and it is a major criterion for measuring the company whether or not it can deliver long term, strong and all round value. As both companies are facing outside pressures and they have transformed and optimized their own resources as well making this a very necessary step for these company to find a new avenue towards quality productivity transformation as to be sustainable in today’s world making it a necessity for them to research the effects that their new quality productivity has towards corporate sustainability thus there is theoretical significance to researching new quality productivity on corporate sustainability. Thus, this paper studies the influence of New Quality Productivity on business sustainability of the company through empirical testing of the Chinese a-share listed company samples from 2015-2023 analyzing the mediating effect of internal control and corporate perfomance as well as moderating effect of government subsides, market competition, product quality investments, investors, and media attention. through the establishment of multiple theoretical models and framework of regression analysis to prove the transformation path of new quality product when the new quality productivity is working on different internal and external environment to find out the important factors which make enterprise reach the double carbon goal as well as the high-quality development level. From above figures we can draw the fact that new quality productivity is beneficial for companies sustainable development. Both internal control and corporate performance show very clear partial mediation effect of new quality production on the effect of new quality production on sustainable development ability. Government subsidy, innovation input, and investor and media attention are confirmed. Market Competitiveness moderator is unconfirmed. From the further heterogeneity analysis we know the positive effect is larger for those SOE,manufacturing sector and medium and large-sized firms. These are good when you compare them to some of the tests that had been done with these. It is a step up from micro level of RBV and dynamic capable theories. It provides theoretical and practical references for improving governance systems and promoting green, high-quality, and sustainable development of firms.

국문 초록 (Abstract)

현재 중국 경제는 구·신 성장 동력의 전환과 고품질 발전을 동시에 중시하는 중대한 전환기에 놓여 있다. 자원 소비와 요소 투입에 의존하던 전통적인 광의적 성장 모델은 더 이상 지속 가능하지 않다. 자원 제약의 심화, 환경 압력의 증가, 인구 보너스의 약화, 기술 혁신의 부족 등 여러 도전 과제가 점점 두드러지고 있다. 이러한 배경 속에서 국가는 기술 혁신, 녹색 전환 및 디지털 업그레이드를 중심으로 하는 신질적 생산력을 중시하고 있으며, 이는 현대 산업 체계 구축, 경제 회복력 강화, 지속 가능한 발전 달성을 위한 전략적 기반으로 간주되고 있다.
기업의 지속 가능성은 국가의 ‘이중탄소’ 전략, 녹색 금융 체계, 그리고 기업의 사회적 책임 이행의 핵심 요소로서, 기업의 장기 경쟁력과 종합 가치를 평가하는 중요한 지표로 부상하였다. 외부의 정책적 압력과 내부의 자원 재구성이라는 이중 압력에 직면한 기업들은 신질적 생산력을 지속 가능한 발전으로 전환할 수 있는 효과적인 경로를 모색해야 하며, 이에 따라 본 연구는 신질적 생산력이 기업의 지속 가능성에 미치는 영향을 심층적으로 탐구하는 데 초점을 맞추었다.
이 연구는 2015년부터 2023년까지의 중국 A주 상장기업 데이터를 기반으로, 신질적 생산력이 기업의 지속 가능성에 미치는 영향을 실증적으로 분석하였다. 또한 내부통제와 기업성과의 매개효과, 그리고 정부보조금, 시장경쟁력, 혁신투자, 투자자 관심도, 미디어 노출 등의 조절효과를 함께 검증하였다. 본 연구는 다차원 이론모형과 회귀분석 틀을 구축하여, 다양한 내부 및 외부 조건하에서 신질적 생산력의 성과 전환 경로를 검증하고, 기업이 ‘이중탄소’ 목표와 고품질 발전을 달성하기 위한 핵심 동인을 규명하였다.
실증 결과, 신질적 생산력은 기업의 지속가능발전 역량을 유의하게 향상시키는 것으로 나타났다. 신질적 생산력이 기업의 지속가능발전 역량을 높이는 과정에서 내부통제와 기업성과는 중요한 부분 매개역할을 수행하였다. 정부보조금, 혁신투자, 투자자 관심도, 미디어 관심도의 조절효과는 지지되었으나, 시장경쟁력의 조절효과는 확인되지 않았다. 추가적인 이질성 분석에서는 이러한 긍정적 효과가 국유기업, 제조업 기업, 중·대형 기업에서 더욱 뚜렷하게 나타났다. 이러한 연구결과는 일련의 검증 테스트 이후에도 여전히 견고하게 유지되었다. 본 연구는 자원기반관점(RBV), 지속가능발전이론, 역동적 역량이론의 미시적 적용을 확장하고, 기업 거버넌스 강화를 통해 녹색·고품질·지속가능 발전을 추진하는 데 필요한 이론적 근거와 실무적 시사점을 함께 제공한다.

목차 (Table of Contents)

• CHAPTER 1. Introduction 1
• 1.1 Research background 1
• 1.2 Research Significance 3
• 1.2.1 Theoretical Significance 3
• 1.2.2 Practical Significance 4
• 1.3 Research Content and Technical Approach 5
• 1.4 Research Methods 8
• 1.4.1 Literature Analysis Method 8
• 1.4.2 Normative Research Method 8
• 1.4.3 Empirical Research Method 9
• 1.5 Research Contributions 10
• CHAPTER 2. Theoretical Background and Literature Review · 11
• 2.1 Relevant Concepts 11
• 2.1.1 New Quality Productivity 11
• 2.1.2 Sustainable Development 12
• 2.2 Theoretical Background 14
• 2.2.1 Resource-Based Theory 14
• 2.2.2 Information Asymmetry Theory 16
• 2.2.3 Stakeholder Theory 17
• 2.2.4 Dynamic Capability Theory 19
• 2.3 Literature Review 20
• 2.3.1 Research on New Quality Productivity 20
• 2.3.2 Research on Corporate Sustainability 21
• 2.3.3 Research on New Quality Productivity and Corporate Sustainability 23
• CHAPTER 3. Research Hypotheses 26
• 3.1 The Impact of New Quality Productivity on Corporate Sustainability 26
• 3.2 The Mediating Effect of Internal Control 27
• 3.3 The Mediating Effect of Corporate Performance 28
• 3.4 The Moderating Effect of Government Subsidies 29
• 3.5 The Moderating Effect of Market Competitiveness 30
• 3.6 The Moderating Effect of Innovation Investment 32
• 3.7 Moderating Effect of Investor Attention 33
• 3.8 Moderating Effect of Media Attention 35
• CHAPTER 4. Research Design 38
• 4.1 Sample Selection and Data Sources 38
• 4.2 Variable Definitions 38
• 4.2.1 Dependent Variable 38
• 4.2.2 Independent Variable 38
• 4.2.3 Mediating Variable 41
• 4.2.4 Moderating Variable 41
• 4.2.5 Control Variable 43
• 4.3 Model Design· 45
• 4.3.1 Baseline Model Design 45
• 4.3.2 Mediation Effect Model Design 45
• 4.3.3 Moderating Effect Model Design 46
• CHAPTER 5. Research Findings 48
• 5.1 Descriptive Statistics 48
• 5.2 Correlation Analysis 51
• 5.3 Multicollinearity Test 53
• 5.4 Analysis of Regression Results 53
• 5.4.1 New Quality Productivity and Sustainable Development 54
• 5.4.2 Analysis of Mediation Effects 55
• 5.4.3 Analysis of Moderating Effects 59
• 5.5 Further Analysis 62
• 5.5.1 From the Perspective of Ownership Heterogeneity 62
• 5.5.2 From the Perspective of Industry Heterogeneity 65
• 5.5.3 From the Perspective of Scale Heterogeneity 67
• 5.6 Chapter Summary 69
• CHAPTER 6. Robustness Test 72
• 6.1 Robustness Test 72
• 6.2 Endogeneity Test 75
• CHAPTER 7. Conclusions and Recommendations 77
• 7.1 Research Conclusions 77
• 7.2 Recommendations 87
• 7.2.1 Government level 87
• 7.2.2 At the Enterprise Level 90
• 7.2.3 Capital Market Level 92
• 7.2.4 Social and Media Dimensions 94
• 7.2.5 Long-term Perspective 97
• 7.3 Research Limitations and Future Directions 99
• References 102
• 국문초록 120
• List of Table
• Table 1 Evaluation Framework for New Quality Productivity Indicators 40
• Table 2: Variable Definitions 44
• Table 3 Descriptive Statistics 49
• Table 4 Correlation Analysis 52
• Table 5 Baseline Regression 54
• Table 6.1 Mediation Effect of Internal Control 57
• Table 6.2 The Mediating Effect of Corporate Performance 58
• Table 7 Moderation Effect Analysis 59
• Table 8.1 Heterogeneity Analysis Based on Property Rights 63
• Table 8.2 Industry Heterogeneity Analysis 65
• Table 8.3 Heterogeneity Analysis by Scale 67
• Table 9 New Quality Productivity On Sustainability Of Enterprise Development70
• Table 10.1 Robustness Test 74
• Table 10.2 Endogeneity Test 76
• List of Figures
• Figure 1 Technology Roadmap 7
• Figure 2. Research Model 37