As a pivotal instrument for optimizing resource allocation in the post-incremental era， urban renewal plays a cornerstone role in fostering and advancing new quality productive forces. Utilizing panel data from China's Shanghai and Shenzhen A-share listed companies spanning 2015 to 2024， this study empirically examines the impact of urban renewal policies on corporate new quality productive forces and its underlying mechanisms from the perspective of resource reallocation effects， employing a Difference-in-Differences model. The findings reveal that urban renewal significantly enhances the level of corporate new quality productive forces. Specifically， technological innovation， digitalization enhancement， and labor productivity surges emerge as vital pathways through which urban renewal drives the formation of new quality productive forces via resource reallocation. Moreover， the empowering role of urban renewal demonstrates significant resource endowment dependence： the promotional effect is more pronounced in regions with robust fiscal capacity， the eastern region， as well as among state-owned enterprises and large-scale firms. Based on these conclusions， policy recommendations are formulated to provide empirical evidence and strategic insights for transforming urban renewal governance， achieving balanced factor allocation， and facilitating the high-quality development of new quality productive forces.