The Impact of Institutional Investors’ Shareholding on the New Quality Productivity of “Specialized, Refined, Special, and New” Small and Medium-Sized Enterprises

Based on the data of Chinese A-share listed “Specialized, Refined, Special, and New” (SRSN) small and medium-sized enterprises (SMEs) from 2011 to 2023, this study examines the relationship and mechanism between institutional investors’ shareholding and enterprises’ new quality productivity through theoretical analysis and empirical research. The results show that institutional investors’ shareholding significantly promotes the new quality productivity of SRSN SMEs, and this effect is achieved by alleviating enterprises’ financing constraints. Finally, this paper puts forward policy suggestions including optimizing the financial support system, strengthening institutional investors’ sense of responsibility, and promoting regional coordinated development.