Spatiotemporal Analysis of New Quality Productivity and Corporate Credit in China (2012-2023)

Abstract

Abstract

This study presents a spatiotemporal analysis of new quality productivity and corporate credit among Chinese publicly listed firms from 2012 to 2023, focusing on the high-tech sectors as representative industries. Using 25,812 firm-year observations, the study applies panel econometric models, including fixed and random effects, IV-2SLS, and System GMM, to examine how productivity improvements influence trade credit utilization and net credit positions. Results indicate that higher new quality productivity significantly reduces reliance on trade credit, while increasing the likelihood of firms acting as net creditors, reflecting improved internal financing capability and strategic credit extension to customers. Spatial analysis reveals regional clustering and spillover effects, with high-productivity provinces such as Beijing and Guangdong demonstrating stronger credit substitution patterns. Temporal trends further highlight the effects of economic cycles, policy interventions, and external shocks on the productivity-credit relationship. Framing corporate activity as a multi-node, time-resolved information system, the study offers an engineering-oriented perspective on the dynamics of resource allocation, networked interaction, and efficiency optimization in large-scale industrial systems, providing quantitative insights for strategic financial planning and policy design.