New quality productivity and firm value in the chemical manufacturing industry: an empirical study based on quantile regression
DOI:
https://doi.org/10.51599/is.2026.10.01.01Keywords:
new quality productivity, innovation, company value, chemical manufacturing industry, quantile regression.Abstract
Purpose. The purpose of this study is to determine how new quality productive forces catalyse firm value and to identify the optimal integration of their constituent components for peak performance.
Results. Against the backdrop of declining gross profit margins and transformation pressures in China’s chemical manufacturing industry, this study examines listed chemical manufacturing firms from 2020 to 2024. Using quantile regression, it investigates the relationship between new quality productivity and firm value, and constructs four dimensional indicators of new quality productivity to identify their relative importance across different stages of value development. Our empirical analysis demonstrates that new quality productivity serves as a critical driver for enhancing corporate valuation. Additional nuances are taken into account using quantile regression, which makes it possible to identify varying effects across different value strata. In particular, although the positive contribution of the living labour component remains constant across the entire range of distribution, its marginal utility decreases as the value of the enterprise increases. In contrast, the materialised labour factor primarily bolsters firms within the median-to-high value range. Notably, the hard technology dimension yields a significant premium only for firms situated at the lowest value quantile.
Scientific novelty. Current research on new quality productive forces is largely characterised by macro-level analyses focused on constructing evaluation frameworks and outlining strategic growth trajectories. Consequently, there is a significant lack of empirical research at the micro level linking these factors to company valuations. Furthermore, existing literature has failed to adequately analyse how distinct developmental stages contribute to the multifaceted process of value generation. In this study, this gap is addressed by combining the ordinary least squares method with quantile regression. This design overcomes the limitation of traditional OLS models that yield only average effects and reveals how new quality productivity functions across heterogeneous stages of firm value creation.
Practical value. The findings offer differentiated strategic guidance for firms at different stages of value development and provide useful insights for policymakers in evaluating corporate sustainability and long-term socio-economic impacts.
References
Asni, N., & Agustia, D. (2022). The mediating role of financial performance in the relationship between green innovation and firm value: evidence from ASEAN countries. European Journal of Innovation Management, 25(5), 1328–1347. https://doi.org/10.1108/EJIM-11-2020-0459
Bo, W. (2023). General Secretary Xi Jinping’s emphasis on “new quality productive forces”. Available at: http://theory.people.com.cn/GB/n1/2024/0318/c40531-40197632.html
Bui, T. N., Nguyen, X. H., & Pham, K. T. (2023). The effect of capital structure on firm value: a study of companies listed on the Vietnamese stock market. International Journal of Financial Studies, 11(3), 100. https://doi.org/10.3390/ijfs11030100
Cheng, A., & Cheng, G. (2024). A study on the impact of R&D expenditure capitalization on enterprise value – taking listed companies in the electronic equipment manufacturing industry as an example. Modern Industrial Economics and Information Technology, 14(12), 215–218. https://doi.org/10.16525/j.cnki.14-1362/n.2024.12.069 [In Chinese]
Cheng, A., & Zhang, J. (2019). Examining the mechanism of related-party transactions from the perspective of equity pledge. Finance and Accounting Monthly, 11, 9–16. https://doi.org/10.19641/j.cnki.42-1290/f.2019.11.002 [In Chinese]
Cheng, E., & Gu, Y. (2001). New monism on living labor creating value. Journal of Contemporary Economic Research, 11, 16–20. [In Chinese]
Dai, F., & Zhao, X. (2025). New productivity drives enterprise value creation – from the perspective of organizational resilience. Wuhan Finance, 6, 42–53. [In Chinese]
Dang, J., & Motohashi, K. (2015). Patent statistics: a good indicator for innovation in China? Patent subsidy program impacts on patent quality. China Economic Review, 35, 137–155. https://doi.org/10.1016/j.chieco.2015.03.012
Gao, J. (2014). The impact of capitalizing R&D expenditure on company value in the high-tech industry. Finance and Accounting Monthly, 10, 28–31. https://doi.org/10.19641/j.cnki.42-1290/f.2014.10.006 [In Chinese]
Gao, Y., & Jin, X. (2021). Cost stickiness, asset structure, and corporate value: based on data from coal listed companies. Friends of Accounting, 1, 80–85. [In Chinese]
Ge, J., Wu, M., & Fan, W. (2025). Marketing investment, financing constraints, and e-commerce firm value. Finance Research Letters, 85(C), 108062. https://doi.org/10.1016/j.frl.2025.108062
Guo, C., & Zhao, S. (2025). Developing new quality productive forces to promote high-quality industrial development. Journal of Shenyang University of Technology (Social Sciences),18(01), 1–8. https://doi.org/10.7688/j.issn.1674-0823.2025.01.01 [In Chinese]
Henderson, R., & Cockburn, I. (1996). Scale, scope, and spillovers: the determinants of research productivity in drug discovery. The RAND Journal of Economics, 27(1), 32–59. https://doi.org/10.2307/2555791
Hoang, H., Vu, T., & Nguyen, D. (2023). Debt and firm value, the new approach of hierarchical method. Journal of Organizational Behavior Research, 8(1), 158–172. https://doi.org/10.51847/ZMCT8rFVcP
Huang, Z., & Li, Y. (2017). Corporate governance, cash dividends, and corporate value. Securities Market Herald, 3, 26–36. [In Chinese]
Kong, D., Yang, Y., & Wang, Q. (2023). Innovative efficiency and firm value: evidence from China. Finance Research Letters, 52, 103557. https://doi.org/10.1016/j.frl.2022.103557
Li, Y., & Chen, G. (2025). Impact of new quality productive force on high-quality development of manufacturing industry in China. Journal of Qinghai Normal University (Natural Science Edition), 41 (3), 44–56. https://doi.org/10.16229/j.cnki.issn1001-7542.2025305 [In Chinese]
Luo, Y., Li, X., & Zhang, X. (2025). The impact of digital transformation on enterprise value from the perspective of intellectual capital. Friends of Accounting, 8, 35–42. [In Chinese]
Nikmah, C., & Hung, R. (2024). The impact of ASEAN economic community, firm characteristics and macroeconomics on firm performance and firm value: an investigation of Shariah-compliant firms in Indonesia. Heliyon, 10(11), e32740. https://doi.org/10.1016/j.heliyon.2024.e32740
Ogundajo, G. O., Kujore, O. A., & Kassim, S. K. (2022). Human resource accounting information disclosure and firm value. South Asian Research Journal of Business and Management, 4(5), 182–187. https://doi.org/10.36346/sarjbm.2022.v04i05.002
Pang, S., Hua, G., & Yan, Z. (2024). Why do Chinese corporate innovations emphasize quantity over quality? A new perspective on R&D capital market distortions. China Finance Review International. https://doi.org/10.1108/CFRI-04-2024-0160
Qi, Y., & Liu, J. (2025). New-quality productivity and corporate value from a financial perspective: based on the threshold effect of profitability. Communication of Finance and Accounting, 21, 36–41. https://doi.org/10.16144/j.cnki.issn1002-8072.20250408.001 [In Chinese]
Qiao, X., Ma, F., & Wang, Y. (2025). Shaping new production relations adapted to the development of the new quality productive forces. Jiangxi Social Sciences, 45(6), 54–65. Available at: https://caod.oriprobe.com/articles/29450939786158304/su_zao_shi_ying_xin_zhi_sheng_chan_li_fa_zhan_de_x.htm [In Chinese]
Rahman, M., & Howlader, M. (2022). The impact of research and development expenditure on firm performance and firm value: evidence from a South Asian emerging economy. Journal of Applied Accounting Research, 23(4), 825–845. https://doi.org/10.1108/JAAR-07-2021-0196
Song, J., Zhang, J., & Pan, Y. (2024). Research on the impact of ESG development on new quality productive forces of enterprises-empirical evidence from Chinese a-share listed companies. Contemporary Economic Management, 46(6), 1–11. https://doi.org/10.13253/j.cnki.ddjjgl.2024.06.001 [In Chinese]
Song, S., Huang, W., & Li, X. (2025). Innovative human capital structure and firm value. The Journal of World Economy, 48(3), 180–206. https://doi.org/10.19985/j.cnki.cassjwe.2025.03.007 [In Chinese]
Sun, L., & Guo, J. (2024). Construction and empirical measurement of new quality productive force evaluation index system. Statistics & Decision, 40(9), 5–11. https://doi.org/10.13546/j.cnki.tjyjc.2024.09.001 [In Chinese]
Vithana, K., Jayasekera, R., Choudhry, T., & Baruch, Y. (2023). Human capital resource as cost or investment: a market-based analysis. The International Journal of Human Resource Management, 34(6), 1213–1245. https://doi.org/10.1080/09585192.2021.1986106
Wang, J., & Wang, R. (2024). New quality productivity: index construction and spatiotemporal evolution. Journal of Xi’an University of Finance and Economics, 37(1), 31–47. https://doi.org/10.19331/j.cnki.jxufe.20231124.001 [In Chinese]
Wang, S., & Chen, Z., & Liu, J. (2025). Research on the enhancing effect of new productivity on corporate value. Communication of Finance and Accounting, 1–5. https://doi.org/10.16144/j.cnki.issn1002-8072.20250703.002 [In Chinese]
Wang, X., & Yu, J. (2023). Accumulating human capital: corporate innovation and firm value. International Review of Finance, 23(4), 750–776. https://doi.org/10.1111/irfi.12422
Xie, Z., Wang, J., & Zhao, G. (2022). Impact of green innovation on firm value: evidence from listed companies in China’s heavy pollution industries. Frontiers in Energy Research, 9, 806926. https://doi.org/10.3389/fenrg.2021.806926
Xu, G. (2011). Research on the value of capitalizing and expensing R&D expenditure in enterprises. Statistics & Decision, 12, 176–178. https://doi.org/10.13546/j.cnki.tjyjc.2011.12.050 [In Chinese]
Yan, H., & Chen, B. (2017). Climate change, environment regulation and the firm value of carbon emissions disclosure. Journal of Financial Research, 444(6), 142–158. http://www.jryj.org.cn/EN/Y2017/V444/I6/142 [In Chinese]
Yuniarti, R., Soewarno, N., & Isnalita (2022). Green innovation on firm value with financial performance as mediating variable: evidence of the mining industry. Asian Academy of Management Journal, 27(2). https://doi.org/10.21315/aamj2022.27.2.3
Zhang, X., & Ma, Y. (2024). The necessity, scientificity and focus of developing new quality productive forces in accordance with local conditions. Journal of Beijing University of Technology (Social Sciences Edition), 24(4), 118–130 [In Chinese]
Zhang, Z., & Zhang, C. (2025). Enterprise value creation and new quality productively: a complex mediation model test based on 148 Chinese industrial enterprises. Journal of Hubei University (Philosophy and Social Science), 52(2), 138–148. https://doi.org/10.13793/j.cnki.42-1020/c.2025.02.022 [In Chinese]
Zhang, Z., Zhang, Y., & Ye, R. (2025). An analysis of the path for enhancing corporate market value through new productivity: an empirical test based on the science and technology innovation board. Securities Market Herald, 9, 3–17. [In Chinese]
Zhou, W., & Xu, L. (2023). On new quality productivity: connotative characteristics and important focus. Reform, 10, 1–13. [In Chinese]
