金融理论与教学

基于2015—2023年的上市公司数据，通过实证回归方法深入探讨了经营期望落差对企业新质生产力发展的作用机制，并特别关注了股权结构在这一过程中的影响。研究发现，经营期望落差作为一种关键的内部驱动力，显著促进了企业新质生产力的提升。当企业面临经营期望落差时，会展现出强烈的创新意愿和变革动力，为新质生产力的培育和发展提供坚实的支撑。进一步分析揭示了股权集中度作为重要的调节变量，具有显著的负向调节效应，具体而言，高度集中的股权结构会显著削弱经营期望落差与企业新质生产力之间的正向关系。研究结果不仅丰富了企业战略管理的理论体系，还为在面临经营挑战时如何提升企业新质生产力水平提供了具体的策略指导，具有重要的理论和实践价值。

Based on data from listed companies during 2015-2023, this study employs empirical regression methods to thoroughly examine the mechanism through which performance aspiration gap influences the development of enterprises' new quality productive forces, with particular focus on the role of ownership structure in this process.The findings reveal that performance aspiration gap, as a critical internal driving force, significantly enhances the enterprises' new quality productive forces. When confronted with performance aspiration gap, the enterprises may demonstrate strong willingness to innovate and the motivation for change, providing solid support for fostering and advancing new quality productive forces. Further analysis identifies ownership concentration as an important moderating variable with a significant negative effect. Specifically, the highly concentrated ownership structures substantially weaken the positive relationship between performance aspiration gap and new quality productive forces.These results not only enrich the theoretical framework of corporate strategic management but also offer concrete policy guidance for improving new quality productive forces when facing operational challenges, demonstrating both substantial theoretical and practical value.