Utilizing panel data from Chinese cities spanning 2011 to 2023, this article employs a multi-time point progressive difference-in-differences model to systematically investigate the impact of the national green data center construction pilot policy on the development of the new energy industry. The research findings are as follows: (1) The national green data center construction pilot policy significantly promotes the development of the new energy industry; (2) Mechanism analysis reveals that the establishment of national green data centers fosters the development of the new energy industry through green innovation cooperation and enhanced computing power support; (3) Heterogeneity analysis indicates that the construction of national green data centers has a more pronounced positive effect on the new energy industry within the Internet sector, central cities, and non-resource-based cities. This article addresses the critical question of whether the deployment of green computing power can effectively facilitate the advancement of the new energy industry, thereby providing empirical evidence to support the promotion of green computing power initiatives and the attainment of high-quality development in the new energy sector.
As an important measure to achieve the "double carbon" goal, carbon emission trading policy will inevitably have an impact on the employment of high-carbon enterprises in the process of promoting low-carbon transformation. Based on the natural experiment of carbon emission trading policy, this paper constructs a triple difference model and combines the micro-data of listed companies to empirically test the impact of carbon emission trading policy on the employment of high-carbon enterprises in pilot areas. The results show that the carbon emission trading policy has led to a 14.83% decline in the level of employment in high-carbon enterprises in the pilot areas. Mechanism analysis shows that capital investment and output of enterprises are the main channels for carbon trading policies to reduce the employment of high-carbon enterprises in pilot areas. Heterogeneity analysis shows that the carbon emission trading policy has a more significant inhibiting effect on the employment of small-scale high-carbon enterprises, non-state-owned high-carbon enterprises and mature high-carbon enterprises in pilot areas. This paper provides policy inspiration for stabilizing employment in the process of low-carbon transition.
Given the practical needs of advancing the "dual-carbon" strategy and green supply chain collaboration, studying how green finance development addresses supply chain carbon reduction dilemmas through transmission mechanisms is significant. Based on resource orchestration theory, using 2010-2023 A-share listed company data, this paper explores green finance's essential impact on supply chain carbon reduction via the "structuring, capability-building, value-creation" process of inter-organizational resource redistribution. Findings show green finance significantly boosts supply chain carbon reduction, with stronger effects on upstream than downstream enterprises. Mechanism tests reveal a chain mediation path: "green finance development-eased financing constraints-digital transformation-supply chain carbon reduction". Heterogeneity analysis indicates state-owned enterprises and those with low customer dependence better utilize green financial resources for supply chain emission reduction. This study clarifies inter-organizational collaborative reduction mechanisms of green finance at the supply chain level, offering theoretical and practical support for optimizing green finance and strengthening low-carbon supply chains.
Based on the panel data of 285 prefecture-level and above cities in China from 2011 to 2024, this paper examines the specific relationship between science & technology finance and inclusive green growth of the economy. The research finds that science and technology finance significantly promotes inclusive green growth of the economy. Dimensional tests reveal that both public and market science & technology finance can drive inclusive green growth of the economy, but their synergistic empowerment effect has not yet been demonstrated. The transmission mechanism test indicates that science and technology finance can indirectly promote inclusive green growth of the economy by driving green technological innovation, enhancing entrepreneurial activity, and promoting residents' consumption. The threshold effect test show that, influenced by the upgrading of the industrial structure, the enabling effect of science and technology finance on inclusive green growth of the economy shows phased differences. The research conclusion provides empirical evidence for science and technology finance to better support inclusive green growth of the economy.
Against the backdrop of continuously increasing global carbon emissions and complex game relationships among various participants in the green supply chain, it is particularly crucial to study how to achieve a win-win situation for economic and environmental benefits in the competitive and cooperative landscape of green supply chains. Taking new energy vehicles as an example, this paper constructs three supply chain models consisting of suppliers, manufacturers and consumers with government subsidies and based on the non-cooperative-cooperative game theory, adopts the Stackelberg equilibrium and Shapley's value theory to reveal the relationship between the green supply chain and the green supply chain. theory, the interaction mechanism of price competition and technology synergy among green supply chains is revealed. It is found that R&D subsidies and production subsidies provided by the government have obvious differentiated impacts on the pricing decision and profit distribution of the supply chain: although R&D subsidies can effectively enhance the level of green technological innovation, there is a diminishing marginal benefit effect of over-subsidization; whereas production subsidies can stably promote the continuous expansion of market demand and increase the overall profit of the supply chain, so the government should set the subsidy intensity according to the stage of the supply chain's development. Therefore, the government should set the subsidy intensity reasonably according to the development stage of the supply chain.
Using panel data of Chinese prefecture-level cities from 2003 to 2023, this paper examines the effects and channels of sci-tech finance policy on the entry of new sci-tech service firms. The results show that the sci-tech finance policy significantly promotes the entry of new sci-tech service firms in the pilot cities, with an average of 12 new sci-tech service firms per 10000 people, and this conclusion holds after a series of robustness tests. Mechanism tests reveal that sci-tech finance policy positively affects the entry of new sci-tech service firms primarily through three channels: fiscal and tax policies support, direct financing promotion, and indirect financing optimization. Heterogeneity analysis shows that the incentive effect of sci-tech finance policy on the entry of new sci-tech service firms varies with policy background uncertainty, regional characteristics, and local business environment. The paper provides policy implications for deepening sci-tech finance policy to cultivate new quality productivity.
Suppliers and customers are important stakeholders of enterprises, influencing their operations and development.The relationships between upstream and downstream entities in the supply chain have a significant impact on firms.Supply chain shareholding represents a unique type of supply chain relationship, and whether it affects corporate sustainable development performance is a question worth exploring.Based on data from Chinese A-share listed companies from 2010 to 2024, this study investigates the impact of supply chain shareholding on corporate sustainable development performance and its underlying mechanisms.The results indicate that supply chain shareholding inhibits the improvement of sustainable development performance.Path analysis reveals that supply chain shareholding negatively affects sustainable development performance by significantly suppressing green innovation activities and exacerbating corporate financing constraints.Further analysis shows that the inhibitory effect of supply chain shareholding on sustainable development performance is more pronounced in state-owned enterprises, firms with high bargaining power, industries with low prosperity, and large-scale enterprises.Through empirical analysis, this study reveals the negative impact of supply chain shareholding on corporate sustainable development performance and its transmission channels, providing new empirical evidence for corporate sustainable development in China.
The transformation of the global political and economic landscape has exacerbated the uncertainty of the operating environment for multinational enterprises (MNEs), making how to enhance MNE resilience a critical research agenda. Based on the panel data of Chinese listed multinational companies spanning from 2007 to 2024, this paper employs the multi-period difference-in-differences (DID) method to explore the impact mechanism of capital market opening on MNE resilience. The findings indicate that capital market opening can significantly enhance MNE resilience. Mechanism analysis reveals that ESG performance and digital capabilities of MNEs exert a full mediating effect and a partial mediating effect respectively, while macro-environmental volatility attenuates this facilitating effect. Heterogeneity analysis shows that the policy effect is more pronounced in MNEs with state-owned equity, a high level of major shareholder expropriation, as well as labor-intensive and technology-intensive MNEs. Further research finds that the proportion of foreign shareholdings also has a significant positive impact on MNE resilience. Drawing on institutional theory, this paper systematically analyzes the influence mechanism of capital market opening on MNE resilience by constructing an analytical framework of"cross-border capital-capability reconstruction-resilience enhancement". It expands the theoretical system of MNE resilience and provides empirical evidence for risk governance of MNEs and policy optimization of capital markets.
This paper uses SV-TVP-FAVAR model to analyze the impact of digital development on China's innovation representation variables. Furthermore, the innovation resilience of different markets under the digital shock is measured from the dual perspectives of"resistance"and"resilience", and the cumulative effect among the innovation resilience of different markets is investigated by using the TVP-VAR-DY model. Research shows that digitalization mostly presents a positive impact attribute on innovation resilience, and different markets have"heterogeneous"response characteristics. Under the impact of digital development, different market innovation variables represent the deceleration effect of differentiation. The phased characteristics and point-in-time distribution differences of innovation resilience in different markets are in line with economic facts. There is a positive superposition relationship among the innovation resilience of different markets, and it shows the characteristics of market heterogeneity and stage differences. The superposition effect among the innovation resilience of different markets can enhance China's innovation resilience. By deeply understanding the superimposed effects among the innovation resilience of different markets, it is conducive to enhancing the innovation resilience of the Chinese market.
In the context of deep integration between the digital and real economies, whether data assetization can help enhance supply chain resilience has become an urgent question to address. Based on data from A-share listed companies from 2007 to 2024, this study empirically examines the impact of corporate data assetization on supply chain resilience. The findings indicate that: (1) Corporate data assetization significantly improves supply chain resilience, and the results remain robust after a series of endogeneity treatments and robustness tests. (2) Data assetization primarily enhances supply chain resilience by increasing corporate information transparency, reducing supply chain coordination costs, and improving product competitiveness. Furthermore, information transparency and coordination costs play a chained mediating role in this process. (3) The empowering effect of digitalization is more pronounced in technology-intensive enterprises, competitive industries, and in the eastern and central regions of China. This study provides evidence and insights from the perspective of data assetization on how to enhance supply chain resilience under the Digital China strategy.
As one of the three major economic forms, the development and influence of the digital economy are both global and systematic. Exploring the external effects of digital transformation of different entities is an important part of understanding the digital economy. Based on the matching data of suppliers and customers of listed companies, this paper examines the impact effect of suppliers' digital transformation on customers' financing costs. Research shows that the digital transformation of suppliers helps to reduce the financing costs of client enterprises. Mechanism research indicates that the digital transformation of suppliers helps guide the digital transformation of client enterprises and enhance the willingness to provide supply chain loans to client enterprises, thereby reducing the financing costs of client enterprises. Heterogeneity analysis reveals that in non-state-owned enterprises, those with low debt ratios and low industry concentration, the impact of suppliers' digital transformation on customers' financing costs is more pronounced. This paper's research enriches the external spillover effects of enterprise digital transformation from the perspective of the supply chain, providing important inspirations for the collaborative cooperation of enterprises on the supply chain during the stage of digital economy transformation.
Driving resource allocation optimization through intelligent transformation is pivotal for cultivating new quality productive forces and overcoming the "low-end locking" dilemma in China's manufacturing sector. Utilizing a sample of Chinese A-share listed manufacturing companies from 2011 to 2024, this study constructs a three-dimensional intelligent transformation index encompassing infrastructure, technology, and application layers, weighted by the entropy method. We investigate the impact of intelligent transformation on internal value chain upgrading and its underlying mechanisms. Findings reveal that intelligent transformation significantly promotes enterprise value chain upgrading by effectively alleviating capital and human capital misallocation. This empowerment effect is more pronounced in non-state-owned, technology-intensive, and application-layer focused transforming enterprises, as well as in the R&D and design upgrading segment. Furthermore, senior management teams with digital backgrounds, future-oriented strategic configurations, and innovation-focused content configurations are found to amplify this positive effect. This paper contributes by constructing an "intelligent transformation-resource misallocation alleviation-value chain upgrading" framework, extending micro-level influencing factors, and offering policy implications for differentiated transformation strategies.
Digital transformation is a "must-answer question" for enterprises in the digital economy era. As an important subject of high-quality economic development in China, private enterprises make it of great practical significance to explore how to promote their digital transformation. Based on the perspective of combining a proactive government with an efficient market, this study takes the State Council's special supervision action on clearing government arrears as a quasi-natural experiment, and uses the DID method to systematically examine the impact of local government arrears settlement on the digital transformation of private enterprises. Research has found that local government arrears settlement significantly promotes the digital transformation of private enterprises, and this conclusion still holds true after a series of robustness tests. The increase in the scale of R&D innovation investment, upgrading of the human capital structure, and enhancement of risk-taking ability are the channels through which local gove-rnment arrears settlement promotes the digital transformation of private enterprises. Heterogeneity analysis found that the promotion effect of local government arrears settlement on the digital transformation of private enterprises is more significant in regions with high fiscal pressure and poor legal system environment, as well as in enterprises with high financing constraints.
As a key carrier for the in-depth integration of new-generation information technology and the manufacturing industry, the industrial internet has become a crucial means to drive the transformation and upgrading of the manufacturing sector and foster new-quality productive forces. Taking industrial internet demonstration projects as a quasi-natural experiment, this study explores the impact and mechanism of the industrial internet on the high-quality development of manufacturing enterprises, based on the data of Chinese A-share manufacturing enterprises from 2012 to 2023. The results indicate that being selected into industrial internet demonstration projects, particularly platform-type ones, significantly promotes the high-quality development of manufactu-ring enterprises. This effect is mainly achieved through labor empowerment to optimize the human capital structure, management empowerment to reduce internal control costs, and value empowerment to enhance the level of value-added creation. Furthermore, the empowerment effect of the industrial internet is more pronounced in enterprises operating in industries with higher competition intensity, large-scale enterprises, and labor-intensive enterprises, which suggests that the core value of the industrial internet in reconstructing resource allocation still needs to be further enhanced. This research provides a sufficient theoretical basis and targeted suggestions for clarifying the path of enterprise transformation to implement the Manufacturing Power Strategy.
The agglomeration of advanced manufacturing industries has emerged as a core driver in fostering the development of new quality productivity. Leveraging panel data from 59 prefecture-level and above cities within the Yangtze River Economic Belt spanning 2013 to 2023, this study conducts an empirical analysis on the impact and underlying mechanisms through which the agglomeration of advanced manufacturing influences the cultivation of new quality productivity. The findings indicate that the agglo-meration of advanced manufacturing industries significantly promotes the development of new quality productivity. This conclusion remains robust across a series of rigorous robustness tests. Furthermore, the positive effect of advanced manufacturing agglomeration on new quality productivity is more pronounced in the lower reaches of the Yangtze River, regions characterized by high levels of financial technology, and areas with strong intellectual property protection. Additionally, the agglomeration of advanced manufactu-ring industries facilitates the development of new quality productivity by driving industrial structure upgrading and innovation activity level. These research outcomes provide valuable theoretical underpinnings and practical strategies for the Yangtze River Economic Belt to leverage advanced manufacturing agglomeration in cultivating new quality productivity.
The accelerated global shift toward a green and low-carbon economy has elevated graphite to a strategic critical mineral. Ensuring a stable and secure graphite supply chain is now critical for advancing key modern sectors like new energy, new materials, and aerospace. Based on complex network theory, this study examines the resilience of the global graphite industry chain trade network from three dimensions: static structural resilience, dynamic disturbance resistance, and key node resilience. The findings indicate that: (1) the graphite trade network exhibits scale-free and small-world characteristics, yet significant structural differences exist across product tiers. The deep-processed product network is tightly connected, efficient, and resilient, whereas the raw material and primary product networks rely heavily on core nodes, display high heterogeneity, and are more vulnerable to geopolitical factors and supply shocks; (2) under dynamic scenario shocks, the primary raw material network deteriorates rapidly and recovers slowly under targeted attacks, while the deep-processed product network demonstrates stronger functional maintenance and recovery capacity due to diversified pathways and redundant connections; (3) key nodes show structural disparities in resi-lience—upstream and midstream links exhibit centralized control and high vulnerability, whereas downstream links feature more decentralized functions and enhanced structural resilience. China holds prominent control and transit capabilities in upstream and midstream segments and sustains influence downstream, while countries such as the Netherlands and Germany maintain pivotal roles across the entire chain. Finally, this paper proposes policy recommendations to enhance the resilience of the global graphite trade network and ensure the security and stability of key mineral resource supply chains.
