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https://doi.org/10.62836/emi.v5i3.0018
Qiao, M., Liang, L., Ma, K., & Yin, J. (2026). Cross-Listing, Innovation Financing and New Quality Productive Forces—Empirical Evidence from Chinese Listed Enterprises. Economics & Management Information, 5(3), 0018. https://doi.org/10.62836/emi.v5i3.0018
Volume 5, Issue 3, September 2026
Copyright (c) 2026 Minjian Qiao, Lishuo Liang, Kang Ma, Jiacheng Yin
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This work is licensed under a Creative Commons Attribution 4.0 International License.

Cross-Listing, Innovation Financing and New Quality Productive Forces—Empirical Evidence from Chinese Listed Enterprises

Under the new development pattern, cross-listing serves as a crucial means for enterprises to integrate capital market resources at home and abroad, and it is also an important approach to promote the improvement of new quality productive forces. Based on the sample of Chinese listed enterprises from 2015 to 2023, this paper systematically analyzes the effect and influencing mechanism of cross-listing on enterprises’ new quality productive forces from both theoretical and empirical perspectives. The research results show that: (1) Cross-listing has a significant positive impact on the improvement of enterprises’ new quality productive forces, and this conclusion still holds after multi-dimensional robustness tests; (2) For large-scale enterprises, high-tech enterprises, and enterprises in regions with a high degree of marketization, cross-listing exerts a more prominent promoting effect on the upgrading of new quality productive forces; (3) Cross-listing improves new quality productive forces by raising the level of corporate innovation financing; (4) The promotional effect of cross-listing on new quality productive forces is persistent and presents a dynamically strengthening trend as the listing duration of enterprises increases. The conclusions of this study provide micro-level empirical evidence for enterprises to foster new quality productive forces and for the opening up of the capital market.

cross-listing new quality productive forces innovation financing level

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Supporting Agencies

  1. Funding: General Program of the National Social Science Fund of China: Research on the Mechanism and Path of High-Quality Import Development in China under Dual Shocks (Grant No.:21BJY009); Youth Program of the National Social Science Fund of China: Research on the Impact of Chinese Enterprises’ Overseas Listing on Capital Allocation Efficiency under the Dual Circulation Pattern (Grant No.:21CGJ045).