选取2011~2022年沪深A股上市企业数据，实证检验政府补助、数字化转型对制造业企业新质生产力提升的作用机制。研究发现：①政府补助显著促进新质生产力提升，但在补助水平过低时产生反效果。②数字化转型对新质生产力的影响呈现U形关系。当数字化转型从低向中等水平发展时，其边际效应递减；当转型超越临界点后，能显著促进新质生产力提升。同时，数字化转型在其中充当中介角色。③数字化转型的驱动效应在企业生命周期、行业类型和污染特征上均表现出显著异质性。淘汰期2阶段企业相较于初创企业，数字化转型的驱动效应最为显著；高科技行业表现出更加显著的U形关系，而高污染行业则有所不同。

This study investigates the mechanisms through which government subsidies and digital transformation affect the enhancement of new quality productive forces in manufacturing enterprises. Based on panel data from A-share listed companies in Shanghai and Shenzhen between 2011 and 2022, the empirical findings are as follows: ①Government subsidies significantly promote the development of new quality productive forces, but an excessively low subsidy level may yield adverse effects. ②The relationship between digital transformation and new quality productive forces exhibits a U-shaped pattern. As digital transformation progresses from a low to a moderate level, its marginal effect decreases; however, once a critical threshold is exceeded, digital transformation strongly facilitates the growth of new quality productive forces. Moreover, digital transformation serves as a mediating role in this process. ③The driving effect of digital transformation shows significant heterogeneity across firm life cycle stages, industry types, and pollution characteristics. Compared to initial-stage firms, the impact is most pronounced for enterprises in the decline stage. High-tech industries display a more evident U-shaped relationship, whereas high-pollution industries show a different pattern.