The fundamental driving role of human capital as a key factor of production has reached a consensus in both theory and practice, yet the micro-mechanisms through which it affects new quality productive forces remain to be systematically explained. In this context, using Chinese A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2011 to 2023 as the research sample, this paper empirically examines the impact of human capital level on enterprise new quality productive forces. The study finds that an increase in human capital level promotes the development of enterprise new quality productive forces, with absorptive capacity playing a partial mediating role, and financial flexibility positively moderating the relationship between the two. The findings of this paper offer insights for enterprises to optimize human capital allocation and enhance new quality productive forces.

Jiangfeng Chao, Ruonan Zhou. How the Level of Human Capital Enhances Enterprises' New Quality Productive Forces. Academic Journal of Business & Management (2026), Vol. 8, Issue 6: 87-92. https://doi.org/10.25236/AJBM.2026.080611.

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