The Fourth Plenary Session of the Twentieth Central Committee of the Communist Party of China has drawn a grand blueprint for the development of the Fifteenth Five-Year Plan period and a longer period. It clearly calls for achieving significant progress in high-quality development, substantially enhancing the capacity for greater self-reliance and strength in science and technology, and striving for the next 15 years to basically realize socialist modernization by 2035. To achieve the above goals, the key lies in building a modern industrial system, consolidating and strengthening the foundation of the real economy, following the direction of intellectualization, greening and integration, and accelerating the construction of a modern industrial system with advanced manufacturing as the backbone. It is essential to accelerate digital and intelligent transformation, optimize and upgrade traditional industries, cultivate and strengthen new industries and future industries, promote the high-quality and efficient development of service industry and build a modern infrastructure system, and promote the adjustment of industrial policies and the optimization of industrial structure. We must seize the historical opportunity of a new round of scientific and technological revolution and industrial transformation, coordinate the construction of a strong country in education, science and technology and talent, enhance the overall effectiveness of the national innovation system, comprehensively enhance the ability of independent innovation, seize the commanding heights of scientific and technological development, and constantly promote new quality productivity. From the two grand coordinate systems of the historical process of Chinese-style modernization and the profound evolution of the world's 100-year changes, we should accurately grasp the strategic implications of green transformation, consolidate the development foundation, enhance the tenacity of development, and shape the future development advantages. We should pay close attention to the insufficient imbalance of regional development in China, analyze the causes of the problem, make overall plans and lay equal stress on the north and the south, put forward systematic strategies to solve the problem, and promote the formation of a regional economic layout that is compatible with the modern industrial system and has complementary advantages and high-quality development.
This essay takes A-share listed companies in Shanghai and Shenzhen from 2013 to 2024 as the research sample and employs the pilot policy of"Supply Chain Innovation and Application"as a quasi-natural experiment. It utilizes the Difference- in-Differences (DID)method to investigate the impact of smart supply chains on enterprises' new quality productivity and its underlying mechanisms. The findings reveal that smart supply chains contribute to the development of enterprises' new quality productivity. Mechanism tests indicate that smart supply chains can enhance enterprises' new quality productivity by mitigating financing constraints and stimulating investment efficiency through regulatory pathways. Heterogeneity analysis demonstrates that the promotional effects of smart supply chains on enterprises' new quality productivity are more pronounced in central and eastern regions, high-tech industries, and enterprises with low supply chain tightness.
Private enterprises play a key role in cultivating new quality productivity and promoting high-quality economic development. This paper analyzes the practical difficulties and causes that private enterprises face in promoting new quality productivity, explores the mechanism through which reverse mixed-ownership reform broadens managers' strategic vision, explains its theoretical path for enhancing new quality productivity, and tests it using A-share private listed companies from 2010 to 2024 as a sample. The results indicate that: (1)reverse mixed-ownership reform can promote the development of new quality productivity in private enterprises by alleviating managerial short-termism; (2)economic policy uncertainty significantly weakens the positive effect of reverse mixed-ownership reform on new quality productivity; (3)the aforementioned effects are more pronounced in strategic emerging industries and technology-intensive sectors. From a managerial cognition perspective, this paper enriches research on the economic consequences of reverse mixed-ownership reform and provides theoretical support and practical guidance for private enterprises to cultivate new quality productivity through optimizing their equity structure.
Government subsidies are an important means to support and guide the development of enterprises. Under the current backdrop of vigorously promoting high-quality development, whether government subsidies can achieve the expected effect and help enterprises enhance their new quality and productivity has become a focus of concern for both the academic community and go-vernment departments. This paper empirically examines the impact of government subsidies on the new quality productivity of enterprises by using the data of A-share listed companies from 2015 to 2024, and further examines the influence of enterprise strategic choices on the relationship between the two. The research findings show that: (1) There exists an inverted U-shaped nonlinear relationship between government subsidies and the new quality productivity of enterprises. This conclusion still holds true after a series of robustness tests. (2) Different strategic choices made by enterprises will also affect the effectiveness of government subsidies. Adopting differentiated strategies and cost leadership strategies will both mitigate the negative impacts brought about by excessive subsidies. Further analysis shows that moderate government subsidies and enterprise financialization can achieve internal and external synergy, jointly promoting the improvement of new quality productivity of enterprises. Conversely, it will accelerate the deterioration of the subsidy effect. The research conclusion of this paper has reference significance for how to enhance the expected effect of government subsidies and promote the improvement of new quality productivity of enterprises.
Against the backdrop of the digital economy, exploring the transformation and upgrading of digitalization and servitization in China's manufacturing enterprises to achieve high-quality development has become a focal point of current research and practical attention. From the perspective of digital technology innovation, this study using a sample of China's A-share listed manufacturing enterprises from 2012 to 2024, empirically analyzes the influence mechanism of the synergy between digitalization and servitization on the high-quality development of manufacturing enterprises. The research findings are as follows. The synergy between digitalization and servitization facilitates the high-quality development of manufacturing enterprises through the mediating role of di- gital technology innovation. Compared to basic servitization, the synergy between digitalization and advanced servitization has a more significant promoting effect on the high-quality development of manufacturing enterprises, and is conducive to enhancing digital technology innovation, thereby achieving high-quality development of manufacturing enterprises. Robustness test indicates that the above research conclusions are robust. Heterogeneity analysis reveals that non-state-owned enterprises, labor-intensive enterprises, technology-intensive enterprises and non-equipment manufacturing enterprises can more fully leverage the potential of the sy-nergistic effect of digitalization and servitization, demonstrating a stronger promoting effect on high-quality development of enterprises. This paper provides theoretical basis and practical insights for manufacturing enterprises to synergistically promote digitalization and servitization, realizing high-quality development.
The marketization of data elements can accelerate the release and circulation of data value, enable enterprises to acquire and utilize data resources more efficiently, thereby providing key impetus for the integration of the digital and real economies and driving high-quality economic development.This article takes the establishment of a data trading platform as a quasi natural experiment and uses the difference in differences method to empirically test the impact of data element marketization on the integration of data and reality at the micro enterprise level.Research has shown that the marketization of data elements can significantly promote the integration of data and reality in enterprises, and the conclusions are stable after robustness and endogeneity tests.Mechanism analysis shows that the marketization of data elements promotes the integration of enterprise data and reality by enhancing the level of urban technological innovation, improving the digital financial environment, alleviating financing constraints, and reducing information asymmetry.Heterogeneity analysis shows that this effect is more significant in enterprises with low management myopia, more prominent in high-tech and stronger in enterprises with lower levels of national unified market construction and factor market development.This article provides decision-making basis for the government to optimize data element allocation policies and promote the deep integration of digital economy and real economy, which has practical value for high-quality economic development.
Open government data(OGD)reduces the costs and technical barriers to corporate data acquisition, providing new momentum for high quality enterprise development.Leveraging the quasi-natural experiment of city-level OGD platform launches and using panel data from China's Shanghai and Shenzhen A-share listed firms(2009~2024), this study employs a multi-period DID model to identify the causal effect of OGD on firm-level high quality development and its underlying channels.The fin-dings reveal that OGD significantly promotes high quality firm development.These effects are more pronounced in cities with better digital infrastructure, and among firms in technology-intensive and capital-intensive industries, as well as those with stronger motivation and capacity for adjustment.Mechanistically, OGD drives high quality development through three synergistic channels: reducing data access costs to build a resource foundation, enabling digital transformation to enhance operational capabilities, and stabilizing market expectations to improve the institutional environment.
The panel data of the local government adopts an empirical analysis method to deeply explore the impact of local government digital financing service platforms on corporate credit availability.The results show that the use of local government di-gital financing service platforms significantly improves the credit availability of enterprises.Further analysis shows that the local go-vernment digital financing service platform significantly reduces the transaction cost and default risk of enterprises in the financing process, improves the financing efficiency of small and medium-sized enterprises, and improves the efficiency of asset operation.The heterogeneity analysis shows that the promotion effect of the platform on improving the availability of corporate credit is more obvious in mature enterprises, enterprises with low risk of default and enterprises with a high level of financialization.Therefore, efforts should be made to deepen the construction and functional integration of local government digital financing service platforms, give full play to their precise empowerment advantages in reducing transaction costs and optimizing resource allocation, effectively improve the quality and efficiency of financial services for the real economy, and inject strong financial momentum into the high-quality development of China's economy.
Platform supply chain has become a typical form of modern supply chain.Building a highly resilient platform supply chain is an important means to promote the modernization of industrial chain and supply chain, and a decisive measure to cope with complex economic environment and enhance the level of national security.Based on the perspective of multi-configuration, this paper integrates five antecedents from the dynamic capability level and the resource-based level, develops a research model of the factors affecting the resilience of the platform supply chain, and uses fuzzy-set qualitative comparative analysis(fsQCA)to carry out empirical research.This study finds that: (1)A single factor can not be a necessary condition to achieve high resilience of platform supply chain, and the resilience of platform supply chain is the result of synergy among multiple factors.(2)Digital technology is an indispensable factor to achieve high resilience of the platform supply chain.(3)There are three types of configuration path strategies to improve the resilience of platform supply chain, namely, perception-response type, transformation-adaptation type and resource-redundancy type.
Enterprises' digital and green transformation synergy is the key to improve productivity and achieve sustainable development, while inovative industrial clusters pilot plicy provides a new opportunity to accelerate the upgrading of industrial structure and promote innovative transformation.Based on a sample of listed companies from 2011 to 2024, this paper empirically exami-nes the impact of inovative industrial clusters pilot plicy on enterprises' digital and green transformation synergy and analyses its mechanism of action by applying the progressive difference-in-difference model.It is found that inovative industrial clusters pilot plicy have a significant role in promoting enterprises' digital and green transformation synergy.Among them, the business environment plays a positive role and environmental regulation plays a negative role.Further, the pilot policy can promote enterprises' digi-tal and green transformation synergy by optimising operational efficiency.In addition, the policy has stronger incentive effects in large-scale firms, state-owned enterprises and non-highly polluting industries.
Firstly, the logic of several mainstream Total Factor Productivity (TFP) calculation methods, including traditional OP models, LP models, WRDG models, OP and LP models corrected based on ACF, as well as DEA-Malmquist models, has been reviewed around the two approaches of "Solow residual" and "production frontier". Then, continuously operating companies listed on China's A-share main board from 2010 to 2023 were selected to construct a balanced panel data set. The heterogeneity and convergence of estimated TFP values of listed companies under different algorithms were not only deeply explored and cross-validated but also led to some new findings. (1) The results of the several TFP calculation methods compared in this paper are within reasonable ranges and show consistency and reliability from a statistical perspective. (2) The temporal evolution of TFP among listed companies is largely synchronized with national TFP over the sample period, with both micro and macro production efficiencies being jointly influenced by systematic factors such as institutional changes, technological cycles, and sudden events. (3) As high-quality market entities, listed companies generally exhibit higher TFP than the national average due to their more efficient resource allocation capabilities, lower financing constraints, and stronger risk resistance abilities. (4) Significant heterogeneity is observed in enterprise TFP estimates across industries, regions, and ownership types. Specifically, during the sample period, the mean TFP of state-owned enterprises surpasses that of non-state-owned enterprises, revealing a significant association between ownership efficiency advantages and economic cycles. These new evidences derived from empirical data not only assist enterprises in formulating more scientifically sound strategies but also provide data support for the country's initiative to further establish mechanisms suitable for developing new quality productivity according to local conditions.
As a new type of equity linkage model, the potential impact of overlapping ownership along the supply chain on the audit quality of enterprises needs to be studied in deplorable research. Based on the analysis of A-share public companies from 2007 to 2023, this paper investigates how common ownership along supply chain influences audit quality. It is discovered that supply chain common-ownership can significantly promote audit quality. Mechanism test indicates that vertical common ownership enhances audit quality by suppressing managemnet risk, mitigating principal-agent issues and optimizing internal control system. In heterogeneity analysis, vertical common ownership exerts a more notable effect on audit quality among enterprises with higher analyst attention, lower equity balance, more fierce industry competition, or durable goods industry. The conclusions broaden the audit ramifications of common ownership along supply chain, while offering abundant proof to push high-quality development of enterprises and capital market.
Supply chain security and stability is an important prerequisite for coping with uncertainty risk and realizing the smooth flow of the"double cycle", and the existing literature mostly examines the impact of supply chain risk from the perspective of supply chain relationship changes. In this study, we use the data of Chinese A-share listed companies from 2008 to 2024 to exa-mine the impact of supply chain risk on their innovation quality from the perspectives of supply chain risk exposure and risk perception. It is found that supply chain risk exposure increases firms' innovation quality, while risk perception decreases firms' innovation quality. Mechanism analysis shows that risk exposure improves innovation quality through supply chain restructuring and digital empowerment, while risk perception reduces innovation quality through financing constraints and resource crowding out effects, which are mainly found in firms with high supply chain concentration, technology-intensive industries, and regions with high marketisation levels. Further, supply chain risk exposure and risk perception interact with each other to drive firms' innovation quality. The study is useful for coping with domestic and international uncertainty risks, building secure and stable supply chain relationships, and promoting corporate innovation.
Currently, China's economic development faces severe resource and environmental constraints.The traditional extensive development model can no longer meet the needs of high-quality urban development, and how to improve the level of green total factor productivity in cities has become an urgent challenge for promoting high-quality economic development in China.Based on China's urban panel data from 2009 to 2023, this paper empirically tests the impact of artificial intelligence technological innovation on the level of green total factor productivity in cities, after measuring the levels of artificial intelligence technological innovation and green total factor productivity in cities.The study finds that artificial intelligence technological innovation can significantly improve the level of green total factor productivity in cities, thereby demonstrating good economic and ecological effects.Further research reveals that the impact of artificial intelligence technological innovation on the level of green total factor productivity in cities is mainly achieved through promoting green technological innovation.Heterogeneity analysis shows that artificial intelligence technological innovation only improves the level of green total factor productivity in large and medium-sized cities, central cities, and non-resource-based cities.Expansion analysis finds that strict environmental regulations can strengthen the role of artificial intelligence technological innovation in enhancing the level of green total factor productivity in cities.The research results of this paper not only provide empirical evidence for improving the level of green total factor productivity in cities through artificial intelligence technological innovation, but also offer references for formulating artificial intelligence technological innovation policies that promote the unification of economic growth and environmental governance.
Amidst the deepening global climate governance landscape, corporate green governance has emerged as a novel pathway for value creation. This study integrates signalling theory and reputation theory to construct a dynamic Kreps-Milgrom-Roberts-Wilson (KMRW) reputation model, systematically examining the intrinsic mechanisms through which green governance influe-nces firm value. We develop a comprehensive evaluation framework for corporate green governance capability that incorporates climate-related factors, and empirically test our hypotheses using a two-way fixed effects model with panel data from China's A-share listed companies from 2018 to 2023. The results indicate that: (1) green governance capability significantly enhances firm value; (2) the reputation mechanism partially mediates this relationship, though excessive green investments may trigger stakeholder sceptici-sm about"greenwashing"motives; (3) heterogeneity analysis reveals stronger value effects among non-state-owned enterprises and firms in China's northeastern region. This research advances governance optimization strategies for corporate green transition under China's"Dual Carbon"goals while expanding theoretical boundaries regarding non-economic determinants of firm value.
