Accelerating the construction of an innovation system centered on new quality productivity is an important foundation for China to accelerate the realization of high-level technological self-reliance and high-quality development.This paper constructs a new quality productivity level indicator measurement system from three dimensions of new quality workers,new quality labor materials and new quality labor objects.This paper uses the projection pursuit model to measure the development level of new quality productivity at the prefecture level city level in China in 2011~2021,and uses Dagum Gini coefficient method,Kernel density estimation method,and Moran's I to comprehensively explore and verify the dynamic evolution characteristics of new quality productivity on different time and space dimensions.This paper finds that the development level of new quality productive forces is showing a steady growth trend.Compared to new quality workers and new quality labor objects,new quality labor materials account for a larger proportion of new quality productive forces.There are significant differences in the development level of new quality productivity among different regions.Among them,the eastern region is the highland for the development of new quality productivity,while the western and northeastern regions are the depression for the development of new quality productivity.Moreover,there are also significant differences in the level of new quality productivity within the region.The emergence of new quality productivity has a certain degree of coordination with production relations,and new quality productivity can positively promote the improvement of total factor productivity in the region.This article provides a reference on how to capture the dynamic evolution characteristics of new quality productivity and how production relations can better guide the energy efficiency of new quality productivity.

Since the establishment of the PRC,our Party's understanding of the law of economic works has developed and deepened increasingly along with the times,from Mao Zedong's On Ten Major Relations to Deng Xiaoping's "science and technology constitute a primary productivity", and further to the General Secretary Xi Jinping's "obtaining an integration of technology and innovation resources,leading the development of new strategic industries and future industries to speed up the formation of new quality productivity". The General Secretary Xi Jinping's important speech at the 11th Group Study session of the Political Bureau of the CPC Central Committee held on January 31,2024 has pushed this understanding to a new height. When presiding over the study,the General Secretary clearly pointed out that "we must bear in mind that high-quality development is the hard truth of the new era"; "high-quality development needs the guidance of new theory of productivity,and the new quality productivity has taken shape in practice and shown a strong impetus and support for high-quality development.All this calls upon us to sum up and generalize in theory to guide our new development practice". He also emphasized that "technological innovation can foster new industries,new models and new growth drivers,and is the core element of developing new quality productivity". In order that we can thoroughly study and carry out the spirit of the General Secretary's speech and focus on the core topics of economic development in the new era of "developing new quality productivity and promoting high-quality economic development", this magazine sincerely invites articles from famous domestic experts and scholars for the sake of our readers.

Based on the panel data of 31 provinces (autonomous regions and municipalities) in China from 2013 to 2022,this paper establishes a fixed-effect model,and empirically tests the impact and mechanism of China's digital economy on the formation of new quality productivity from four dimensions,data elementalization,digital industrialization,industrial digitization,and digital governance.It is found that the digital economy has a significant and positive impact on the formation of new quality productivity,which is most obvious in the eastern region of China,followed by the central region and less obvious in the western region.The grey relevancy analysis shows that development foundation of the strategic emerging industries and the foundation of future industry are the most related to the level of new quality productivity in China.By examining the mechanism of action,it is found that digital industrialization,industry digitization and digital governance are effective routes to promote the formation of new quality productivity with the development of China's digital economy.Vigorously developing the digital industry,promoting digital technology innovation,accelerating the digital transformation and upgrading of industries,building a modern industrial system,improving digital governance capabilities,and narrowing regional gap of new quality productivity are important policy implications to help the formation of new quality productivity in China.

With the rapid development of digital technology,digital finance has become an important driving force for improving supply chain resilience.The entropy weight method is used to measure the supply chain resilience level of manufacturing enterprises.The impact and mechanism of digital finance on supply chain resilience are analyzed based on the panel data analysis of manufacturing enterprises in China from 2011 to 2021.The study shows that digital finance has a significant role in improving supply chain resilience,and this conclusion is still true after a series of robustness tests.The intermediary mechanism test shows that technological innovation and corporate financing constraints are important channels for digital finance to affect supply chain resilience,and digital finance can improve supply chain resilience by improving the level of enterprise technological innovation and alleviating financing constraints.The examination of the adjustment mechanism shows that financial supervision has a positive regulating effect on digital finance and supply chain resilience.Based on the research conclusions,this paper puts forward policy suggestions to improve supply chain resilience in the context of digital finance.

This paper studies the dynamic impact of changes in China's macroeconomic environment on corporate financing decisions from a holistic perspective,investigates the mechanism of this impact from an individual perspective,and further explores the differences in the impact of regional financial development levels and financing constraints.The research results indicate that from an overall perspective,in the recovery stage of macroeconomic environment changes,enterprises prefer internal financing,in the expansion stage,enterprises prefer debt financing,in the recession stage,enterprises prefer equity financing,and in the contraction stage,enterprises prefer short-term debt financing.From an individual perspective,the macroeconomic environment can affect a company's debt and equity financing by influencing its Tobin Q and internal cash flow.The impact of macroeconomic environment on corporate financing decisions may also vary depending on regional financial development levels and financing constraints.This paper proposes that establishing a multi-level stock and bond market,adopting precise matching credit policies,and launching more monetary policy tools that directly reach the real economy are of great significance for promoting financial supply side structural reform and supporting high-quality development of the real economy.

New quality productivity is an important component of China's economic development strategy,and high-quality human capital is an important new quality productivity.Generation Z has gradually become the mainstay of the labor market,creating new quality productivity through both factor and collaboration forms.Based on Marx's labor theory of value,a productivity intertemporal model with labor as a variable is constructed.Subsequently,based on relevant theories of economics,sociology,and"three new"economic statistics,a labor"ability willingness"evaluation index system is constructed,and labor related indicator data is extracted from the results of the 2021 China Social Situation Comprehensive Survey(CSS),compare the levels of new qua-lity productivity among different generations of population using a cross generational model of productivity.The results show that in terms of ability dimensions,Generation Z has higher education levels and experiences,participates in more vocational skills trai-ning in professional fields,uses the Internet more frequently for business and work,and has a higher proportion of high-quality human capital in professional and technical work and emerging industries,creating more new productive forces in the form of elements.Through the"Seventh Census"data such as the development practice of educational informatization and the employment situation in the information industry should be provided to confirm.In terms of willingness to participate in new productive forces,Generation Z shows a high enthusiasm for social service participation,but a low level of trust in interpersonal relationships,which may reduce the collaborative productivity of labor.Finally,suggestions are given for Generation Z to create higher quality productivity from both abilities and willingness.

The article uses the quasi natural experiment of setting up new energy demonstration cities and uses panel data from 280 prefecture level cities from 2005 to 2021 to study how energy transformation policies affect carbon emissions.Research has found that policies for new energy demonstration cities can significantly promote carbon emissions reduction,and over time,the effect of reducing carbon emissions becomes more pronounced.Mechanism analysis found that increasing the intensity of environmental regulations and technological innovation are the main mechanisms for achieving carbon reduction in policies for new energy demonstration cities.Heterogeneity analysis finds that the policy effect of reducing carbon emissions in new energy demonstration cities is significant in eastern cities,non resource-based cities,cities with low FDI inflows,and cities with high administrative levels.Furthermore,further research has found that the carbon reduction effect of the new energy demonstration city policy has a significant demonstration effect,which can reduce carbon emissions in neighboring areas.The research conclusion of this article provides empirical evidence for promoting the implementation of new energy policies and expanding the capacity of new energy demo-nstration cities.

Based on the essence of New Quality Productivity,this study constructs an evaluation indicator system for the level of regional New Quality Productivity in China,focusing on new manufacturing,new services,new business forms,and comprehensive indicators.The study employs the entropy-weighted TOPSIS method and the complete permutation polygon illustration met-hod for measuring and visually presenting the level of regional New Quality Productivity in China.Furthermore,it utilizes Quadratic Assignment Procedure(QAP) analysis and spatial econometric models for structural decomposition and convergence analysis of China's regional New Quality Productivity levels.The results indicate:(1) China's New Quality Productivity is on a general upward trend,presenting a gradient pattern of"Southern Coastal>Eastern Coastal>Northern Coastal>National Average>Middle Yangtze River>Southwest>Middle Yellow River>Northeast>Northwest".(2) Improvements in new manufacturing and new service indicators contribute to the enhancement of New Quality Productivity levels.(3) There exists absoluteβ convergence in China's New Quality Productivity levels across the eight major geographical divisions,with most regions demonstrating accelerated convergence speeds under the influence of certain factors.

Taking the Yangtze River Delta urban agglomeration as a sample,this paper constructs a measurement index for urban green development,and uses the spatial Durbin model and mediating effect model to explore the spatial effect and transmission mechanism of technological innovation on urban green development.The results show that:(1)Technological innovation has a significant positive effect on urban green development.(2)There is spatial heterogeneity in the impact of technological innovation on urban green development.The direct effect of technological innovation in non-metropolitan cities is significant,but the direct effect in metropolitan cities is weakened and the spillover effect is insignificant.The direct and spillover effects of technological innovation in non-resource-based cities are both significantly positive,while the direct and spillover effects in resource-based cities are both insignificant.(3)Technological innovation has a positive impact on urban green development through energy-saving and emission reduction effects,as well as industrial upgrading effects.In the future,cities in the Yangtze River Delta urban agglomeration need to focus on encouraging enterprises' green technology innovation,establishing regional cooperation mechanisms,and leveraging the innovative radiation effect of metropolitan cities and non-resource-based cities.

This paper uses the A-share listed companies in Shenzhen Stock Exchange from 2012 to 2022 as the research sample to construct a double difference model to explore the impact of the opening of high-speed rail on the quality of information disclosure.The research shows that the opening of high-speed rail can significantly improve the quality of information disclosure of Listed Companies in China,and this conclusion is still true after controlling endogenous problems.At the same time,this paper explores the mechanism of the impact of the opening of high-speed rail on the quality of information disclosure.The results show that the improvement of the degree of marketization and the increase in the number of investors' field research are the internal mechanism of the opening of high-speed rail to improve the quality of information disclosure.This study provides micro empirical evidence for the effectiveness of transportation infrastructure construction in promoting information dissemination and promoting capital markets.

This paper takes the pharmaceutical collection policy implemented in China in 2019 as an exogenous shock,and uses the difference-in-differences method to examine the impact of this policy on the R&D efficiency of pharmaceutical enterprises from the perspective of market competition.The empirical results show that the pharmaceutical collection policy makes the market competition in the pharmaceutical circulation link more transparent and sufficient,and improves the R&D efficiency of pharmaceutical enterprises through the scale effect and competition effect of R&D respectively.Further research also shows that due to the scale effect of R&D,the promotion effect of centralized procurement on R&D efficiency is more obvious in pharmaceutical enterprises with weak financing constraints,high customer concentration and small scale.Due to the competitive effect of R&D,this effect is more obvious for innovative pharmaceutical companies.

Based on panel data of 280 prefecture-level cities in China from 2006 to 2021,this paper employs a multi-period difference-in-differences model to examine the impact,underlying mechanisms,and heterogeneity of the "Broadband China" pilot policy on urban green innovation efficiency.The research reveals:(1)the implementation of the "Broadband China" pilot policy significantly enhances urban green innovation efficiency,and the results remain robust after a series of robustness checks.(2)Labor mobility and the agglomeration of productive service industries are two mechanisms through which the "Broadband China" pilot policy improves urban green innovation efficiency.(3)The promotion effect of the "Broadband China" pilot policy on urban green innovation efficiency is stronger in eastern cities,large-scale cities,and non-resource-based cities.(4)Formal and informal environmental regulations positively moderate the driving effect of the "Broadband China" pilot policy on urban green innovation efficiency.This study provides important policy implications for advancing the construction of information highways and improving urban green innovation efficiency in the era of the digital economy.

As an advanced productive force with the transformation of traditional productive forces,new quality productive forces are the core driving force to promote the digital intelligent transformation and upgrading of the whole chain of key industries,and are also an important material and technological basis for realizing Chinese-style modernization.Taking the panel data of 30 provinces(autonomous regions and municipalities)in China from 2010 to 2022 as research samples,based on theoretical analysis,this paper empirically examines the relationship between new quality productivity and the modernization of Chinese-style industrial chain and its mechanism by constructing a variety of econometric models.It is found that the new quality productivity plays a positive role in promoting the modernization of Chinese industrial chain.The mechanism test results show that the new quality productivity can promote the modernization of Chinese industrial chain by enhancing entrepreneurial activity.Digital transformation plays a positive moderating role in the relationship between new quality productivity and Chinese-style industrial chain modernization.Heterogeneity test results show that in the southern region and small-scale industrial areas,the new quality productivity has a strong positive promoting effect on the modernization of the Chinese industrial chain.

This article takes listed companies from 2011 to 2022 as research samples,and based on the deep logic of digital transformation empowering the improvement of new quality productivity,examines the impact,mechanism,and heterogeneity cha-racteristics of digital transformation on enterprise new quality productivity.Research has found that:(1)digital transformation has a significant positive impact on the development of new quality productivity in enterprises,and the technological and management innovations brought about by digital transformation meet the conditions for the emergence of new quality productivity.(2)The digital transformation of enterprises with different characteristics has heterogeneity in the development of new quality productivity.Compared to other types of enterprises,digital transformation is more conducive to improving the new quality productivity of technology intensive enterprises,eastern enterprises,and state-owned enterprises.This helps enterprises to deeply understand the characteristics of new quality productivity and help them improve it.(3)The mechanism test results show that digital transformation mainly promotes the development of new quality productivity in enterprises through two channels:technological innovation and management innovation.Technological innovation is the underlying support for the development of new quality productivity,while management innovation provides institutional guarantees for technological innovation.

Financial exclusion is an important factor hindering enterprise innovation,and the development of financial technology provides a new tool to alleviate this financial exclusion.Based on the dual perspectives of the external development environment and internal development level of fintech,this paper explores the function mechanism of financing channels in promoting enterprise innovation output by fintech from the dual channels of external constraints and internal capabilities of enterprise financing.The empirical results show that the external fintech development environment is mainly to improve the innovation output of enterprises by easing the external financing constraints of enterprises,while the internal fintech development level is to improve the internal financing ability of enterprises.

With the in-depth development of the new round of scientific and technological revolution and industrial change,new quality productivity,as a key force to promote high-quality economic and social development,and its level and difference status in each region of China are of great significance to the formulation of scientific regional development strategies.This paper measu-res the level of new quality productivity of 30 provinces(autonomous regions and municipalities)in China from 2012 to 2022 through the entropy weight-TOPSIS method and analyzes its regional differences and its dynamic evolution.It is found that China's new quality productivity level shows an overall upward trend,but the development is unbalanced among regions,with the eastern region significantly higher than other regions.The Gini coefficient decomposition results show that interregional differences are the main reason for the overall imbalance.The article also analyzes the spatial evolution characteristics of the level of new quality productivity using the kernel density estimation method and finds that the differences in productivity levels between regions are narrowing,indicating that China has made positive progress in promoting balanced regional development.To further promote the ba-lanced development of new quality productivity,the article puts forward policy recommendations such as strengthening support for scientific and technological innovation,deepening the reform of institutional mechanisms,implementing differentiated regional development strategies,focusing on talent cultivation,and improving infrastructure construction.

A new wave of technological revolution and industrial transformation is in full swing,and competition among major powers is escalating.Developed economies are intensifying the implementation of industrial policies to promote frontier technologi-cal innovation and the development of future industries,aiming to secure strategic advantages.In the face of a complex international environment and daunting domestic tasks of reform,development,and stability,Xi Jinping creatively proposed the important concept of developing new quality productivity.Promoting the development of new quality productive forces requires constructing new types of production relations that align with them,further advancing systemic,institutional,and mechanistic reforms.This involves both leveraging the decisive role of the market in resource allocation and enhancing the role of the government.The empowerment of new quality productivity by the government and the market is not a simple linear relationship.Systematic research is urgently needed to explore how the dual forces of government and market can synergistically empower the development of new quality productivity.Therefore,this paper elucidates the intrinsic logic of the synergy between effective markets and proactive governments in empowering new quality productivity from three perspectives:theoretical logic,historical logic,and practical logic,and proposes corresponding recommendations.

Based on the perspective of constructing a modern industrial system,this paper systematically sorts out the theoretical basis of the impact and mechanism of digital new productive forces on common prosperity,and conducts empirical analysis using panel data from 30 provinces(autonomous regions and municipalities)in China from 2012 to 2022.Research has shown that digital new productivity can significantly promote common prosperity,and this conclusion still holds true after many endogeneity and robustness tests.Analysis of the mechanism of action reveals that the construction of a modern industrial system is an important intermediary channel for empowering common prosperity with digital new productive forces.Rooted in this,it is proposed to strengt-hen digital empowerment and improve the level of digital new productivity.Promote industrial transformation and accelerate the construction of scientific and technological innovation industrial system.Implement a differentiation strategy and accelerate the narrowing of regional economic disparities.

In the context of high-quality development,much attention has been paid to how environmental regulations can achieve the win-win outcome between economic enhancement and environmental governance.On this basis,this research refers to "Air Pollution Prevention and Control Action Plan" (hereinafter referred to as the "Atmosphere Ten Articles" policy),a 2013 command-based environmental regulation targeting air pollution issues,as a quasi-natural experiment to examine the economic effects of environmental policies.Moreover,this research employs a time-varying DID approach to investigate the impacts of air pollution control policies on the total factor productivity of enterprises.The research findings are as follows:(1)the implementation of the "Atmosphere Ten Articles" policy significantly enhances the total factor productivity of enterprises,while the effectiveness of this policy diminishes over time and does not have a long-term.(2)The heterogeneity analysis indicates that the impact of this policy on enterprises' total factor productivity exhibits heterogeneity,it is found that some enterprises and regions demonstrate greater level of sensitivity to the implementation of the "Atmosphere Ten Articles" policy,such as non-state-owned enterprises,young enterprises,as well as regions with lower environmental regulatory intensity and regions under high fiscal pressure.(3)Mechanism analysis reveals that the policy exerts a positive driving force on the total factor productivity of enterprises through pathways,such as enhancing innovation capability and improving capital allocation efficiency.This research provides valuable insights into governmental acts and firm decisions following the implementation of command-type environmental regulations in China.Also,this research enriches the theoretical studies and empirical evidence on such policies,which offers important policy implications for further implementation and optimization of command-type environmental regulations.Correspondingly,the policies of air pollution prevention and control will be improved as well.

Promoting the digital transformation of enterprises is crucial for enhancing total factor productivity and fostering new quality productivity.This paper analyzes data from China's A-share listed enterprises between 2012 and 2022 to study the impact,mechanisms,and heterogeneity of digital transformation on enterprise productivity.The study finds that digital transformation significantly enhances the level of enterprises' new quality productivity.Mechanism analysis reveals that digital transformation boosts enterprises' new quality productivity through strengthening human capital,easing financing constraints,and improving innovation quality.Heterogeneity analysis shows that the impact of digital transformation on enterprises' new quality productivity varies depending on the ownership,size,and industry type of the enterprise.The effect of digital transformation on enhancing new quality productivity is more significant in state-owned enterprises,small-scale enterprises,and non-physical enterprises.This study provides empirical evidence and policy implications for steadfastly advancing digital transformation in enterprises and exploring new measures for developing enterprises' new quality productivity.

Artificial intelligence(AI),as an important driving force of the new round of technological change,will inevitably also have a significant impact on green innovation in manufacturing firms while promoting corporate intelligence,automation and informationization.This paper empirically examines the influence and action mechanism of AI application on corporate green innovation with the industrial robots data and firms green patents in China.The research shows that AI application helps to promote manufacturing firms green innovation.The action mechanism shows that cost saving,knowledge spillover,and human capital effect play a partial mediating role between AI application and manufacturing firm green innovation.Further research shows that the promotion effect of AI application on manufacturing firms green innovation is more obvious in the east central region,non-heavily polluted and low financial incentive firm groups.The findings of this paper both enrich the literature on the micro green innovation effects of AI and provide insights into how governments and firms can improve green innovation.

This paper constructs an evaluation index system based on the five connotative features of Chinese-style modernization,measures the Chinese-style modernization level of 30 provinces in China from 2011 to 2021 using the objective assignment method,and examines the dynamic evolution,regional differences and structural sources of the modernization level of the whole country and the four major regions by using the Kernel density estimation,Dagum's Gini coefficient and variance decomposition.The study finds that the overall national modernization level shows a steady upward trend.The regional modernization level is the highest in the east,the second highest in the center,and the lowest in the west and the northeast; the Kernel density curve has changed from a three-peak to a two-peak curve,and the phenomenon of regional polarization has significantly weakened; the overall national difference shows a downward trend and interregional differences are the primary source of regional differences in Chinesestyle modernization; the difference in population size is the primary structural source of the differences in the modernization of the country.The contribution of civilization coordination and commonwealth differences is also relatively significant.In contrast,peaceful development differences are the most minor source,and there is apparent regional heterogeneity in the contribution of differences in each dimension.

The DEA game cross efficiency model is used to measure the energy efficiency of various regions based on carbon emission constraints during 2012~2021,and the influence factors of energy efficiency on the construction of dynamic spatial Dubin model are studied,and the direct effects and spillover effects are analyzed.The results show that the regional energy efficiency shows a significant spatial dependence during 2012~2021.Technological progress and industrial structure have a significant positive impact on energy efficiency,while urbanization level and energy consumption structure have a significant negative impact.In addition,the industrial structure of other regions will have a significant positive spillover effect on the local energy efficiency,while the urbanization level of other regions will have a negative spillover effect.

The article selects the annual data of China's A-share listed companies from 2011 to 2022 as the research sample to examine the impact of digital transformation on the level of new quality productivity of enterprises,and explore the mechanism and heterogeneity factors between the two.The empirical findings show that digital transformation can significantly improve the level of new quality productivity of enterprises.The mechanism test shows that digital transformation can promote the increase of new quali-ty productivity of enterprises by alleviating financial constraints,strengthening managerial capabilities,and improving information transparency.The heterogeneity analysis shows that the implementation of digital transformation has a more significant effect on the improvement of new quality productivity in state-owned enterprises,technology-intensive enterprises,and enterprises in regions with weaker digital infrastructure.The conclusion of the article provides a useful reference for formulating relevant policies to promote the digital transformation of enterprises and the construction of new quality productivity.

In the era of globalization of the digital economy, cross-border data flow has become a new driving force for high-quality economic development, which has given rise to the construction of cross-border data flow rule in various regions to activate the potential of data elements. RCEP has become China's first regional trade agreement to include provisions to relax cross-border data flows and restrict data localization, marking the relaxation of restrictions on cross-border data flow in China's rule-making. However, at the policy level, whether supporting cross-border data flow is conducive to promoting the innovation and development of Chinese manufacturing industry is rarely explored by scholars. This paper takes the signing of RCEP as a natural experiment, combined with the generalized DID, to quantify the impact of cross-border data flow on the innovation ability of Chinese manufacturing enterprises from two channels:enterprise compliance cost and production efficiency. The results show that cross-border data flow significantly promotes the innovation output and innovation efficiency of China's manufacturing industry. The heterogeneity analysis finds that cross-border data flow has a greater impact on substantive innovation than strategic innovation, and the management has an IT background and the digital transformation of enterprises is more conducive to promoting the innovation spillover of cross-border data flow. Mechanism analysis shows that cross-border data flow can enhance the innovation output and efficiency of enterprises by improving the production efficiency of enterprises, but the innovation output can only be improved through the cost channel of enterprise compliance, but not the innovation efficiency of enterprises. For the first time, this paper uses the generalized DID method to measure the innovation spillover effect of cross-border data flow, and provides a policy reference for China to formulate higher standard data flow rules to promote enterprise scientific and technological innovation in the future.

In the context of China's initiative to expand imports,this article first uses theoretical model to explore whether and how import competition affects the export value climbing of Chinese manufacturing firms.Then we utilize China's entry into the WTO as a quasi-natural experiment for import competition and conducts difference in difference approach to provide empirical evidence.This paper finds that import competition has a significant positive impact on the export value of firms through increasing the innovation outputs and promoting innovation transformation.Heterogeneity analyses show that import competition significantly promotes the export value of non-state-owned firms and central and eastern firms,but it decreases the export value of state-owned firms and has no significant effect on firms in the western region.In addition,firms used to survive in the fierce competition environment have stronger ability to cope with import competition.Based on these findings,we put forward the policy suggestions on how to increase the export value in import competition from the perspective of government and firms.

This article is based on panel data from 247 prefecture-level and above cities in China from 2011 to 2019, and empirically tests the impact of local government debt on green technology innovation. It also explores the mediating effect of heterogeneous environmental regulation in this context. The study finds:(1) Local government debt generally promotes green technology innovation. (2) Mechanistically, local government debt promotes green technology innovation by weakening directive environmental regulation and enhancing punitive environmental regulation, thereby compelling enterprises and other entities. (3) The level of green economic development, the upgrade of industrial structure, and the level of digital economy all have a positive moderating effect on the impact of local government debt on green technology innovation.

Taking the "Green Credit Guide" promulgated in 2012 as the research object, this paper theoretically analyzes the mechanism of action affecting labor income share, and uses the differences in difference method to evaluate the specific impact of the policy on the labor income share of enterprises based on microenterprise data. The study finds that:(1) green credit policies significantly reduce the share of labor income of polluting firms, mainly by exacerbating the capital deepening process of enterprises, rather than reducing the scale of output, and that external financing constraints also affect the share of labor income. (2) The policy significantly improves the labor productivity of enterprises, and the process of capital deepening will also have an impact on labor productivity. (3) Green credit has a greater negative impact on the share of labor income of enterprises with higher market concentration and lower technology bias, and the stronger solvency of enterprises has a positive effect on the share of labor income. This paper provides important empirical evidence for further promoting the coordinated development of environmental regulation and labor income distribution.

This paper takes A-share listed companies as a sample from 2012 to 2022,defines star executives' status accor-ding to four lists,including "Economic Person of the Year" and "Best CEO of Listed Companies in China", and examines the impact of star executives on corporate green innovation.The study finds that star executives significantly promote the level of corporate green innovation;agency costs play a mediating role between star executives and corporate green innovation;public environmental concern and property right nature play a positive moderating role in the promotion relationship between star executives and corporate green innovation.Further research finds that star executives not only promote firms' strategic green innovation,but also contribute to firms' substantive green innovation.

Corporate governance is the basis for corporate decision-making and action.Studying whether the Carbon Emissions Trading Pilot Policy(CETPP) has corporate governance effects will help clarify the mechanism of CETPP on environmental governance.This paper argues that CETPP has broken the game equilibrium between shareholders and executives,and it is necessary to adjust the executive compensation contract to achieve a new equilibrium.Based on data from listed companies,the paper finds that CETTP has reduced the sensitivity of executive compensation to performance,which is more significant in high carbon industries.The mechanism test results indicate that due to CETTP reducing corporate performance,in order to enhance the internal motivation for green transformation of enterprises,enterprises have made decisions to reduce the sensitivity of executive compensation performance.The paper also finds that pilot enterprises are more likely to adopt equity incentives,and those that reduce the sensitivity of executive compensation performance will have more green innovation and better ESG performance.The paper is a supplement to the literature on the effectiveness of CETTP and can also provide insights on how to stimulate the internal motivation of corporate environmental governance.

The paper clearly put forward the strategic deployment of "accelerating the green transformation of development mode", and manufacturing enterprises,as the key implementation subjects of green transformation,continue to use network embedding and knowledge reorganization to promote their smooth and orderly progress in energy consumption and pollution emissions.This paper takes the A-share listed companies in China's manufacturing industry as the research object,sorts out the joint application data of invention patents,uses social network analysis software to measure the status and effective network scale of the technology network embedded in the external technology network,explores the direct effect analysis of external technology network embedding on energy conservation and emission reduction of manufacturing enterprises based on the logical idea of "external cooperation-knowledge reorganization-energy conservation and emission reduction", and discusses the intrinsic driving mechanism of knowledge creation ability and knowledge reuse ability from the perspective of knowledge reorganization ability.The results show that the status of technology network and effective network scale are conducive to reducing energy consumption and pollution emissions of cooperative enterprises,and the effect of energy conservation and emission reduction is significant,and knowledge creation ability and knowledge reuse ability have a significant driving role in the impact of technology network status and effective network scale on energy conservation and emission reduction effectiveness.Therefore,according to the research conclusions,corresponding management enlightenment is proposed to improve the effectiveness of energy conservation and emission reduction of manufacturing enterprises,and provide certain empirical evidence for promoting "coordinated development and green and low-carbon transformation,and in-depth implementation of green manufacturing".

The development of Shared Economy is of great significance to the economic growth in backward areas and the promotion of common prosperity.This paper takes 110 cities in the Yangtze River Economic Belt from 2013 to 2022 as research samples,integrates digital economy into the spatial Solow model analysis framework,and explores the impact of digital economy on economic growth convergence.The findings are as follows:(1) the economic growth of cities in the Yangtze River Economic Belt shows an obvious convergence trend on the whole,and the development of digital economy can significantly promote the convergence of economic growth,and this conclusion is still valid after replacing the spatial weight matrix and the explanatory variables.(2) Under the square of inverse distance weight matrix,there is a spatial spillover effect on the convergence of economic growth in the Yangtze River Economic Belt,and the digital economy also has an obvious spatial spillover effect on the promotion of economic growth convergence.(3) From a spatial dimension,the promotional effect of the digital economy on economic growth convergence is most pronounced in the upstream cities of the Yangtze River Economic Belt,followed by the midstream cities,and is least impactful in the downstream cities.(4) From the perspective of time,the convergence speed of the Yangtze River Economic Belt shows a trend of gradual increase during 2013~2022,and the impact of digital economy on the convergence of economic growth has an obvious buffer period,and its promoting effect only appears after 2016.

Existing research on the breakthroughs of key technological has yet to comprehensively reveal how executive teams lead enterprises to achieve challenging technological innovation goals.This paper applies the theory of dynamic managerial capabi-lity,proposing that dynamic managerial capability,encompassing executive team managerial cognition,human capital,and social capital,is a crucial factor influencing key technological breakthroughs.Building on this,a theoretical model is constructed to investigate and examine the intermediary role of cross-boundary integrated innovation.The study concludes that top executives'dynamic management capabilities significantly advance key technological breakthroughs,with cross-boundary integrated innovation playing an intermediary role.We systematically deconstruct the mechanism through which executives contribute to key technological breakthroughs,deepening the theoretical understanding of the interrelated mechanisms among influencing factors in key technolo-gical breakthroughs.Additionally,our paper innovates the research methodology providing a feasible solution for future related studies.The practical significance lies in guiding enterprises to prioritize the development of management teams with dynamic managerial capability along the progress of technological innovation breakthroughs.

New quality productivity are contemporary advanced productive forces nurtured by innovative allocation of production factors,revolutionary breakthroughs in technological factors,and transformation and upgrading of industrial structure.In recent years,China's strategic emerging industries have developed rapidly,fully exerting their engine role in cultivating new quality productivity.This article is based on China's urban panel data from 2010 to 2022,using a bidirectional fixed effects model to conduct in-depth research on how the digital economy promotes the entry of strategic emerging enterprises and thus nurtures new quality productivity.The empirical results indicate that the digital economy can attract strategic emerging enterprises to enter through talent aggregation effects,rational industrial structure empowerment functions,and key digital technology innovation.Further research has found that this impact is more significant in eastern regions,cities that attract more foreign investment,and cities with well-deve-loped infrastructure construction.Finally,the economic consequences test indicates that the digital economy promotes the entry of strategic emerging enterprises while also contributing to the cultivation of new quality productivity.The research conclusion of this article provides inspiration for promoting the development of strategic emerging industries and new quality productivity,thereby contributing to sustained economic growth and innovation.

The modernization of the industrial chain is deployed by the central government of China,and is a major strategic task in China's economic development in the current and future period.Firstly,this paper explores the factors that affect the modernization of the industrial chain from different perspectives.Secondly,the Random forest model is used to identify the contribution rate and importance of each element to the modernization of the industrial chain.Finally,the partial effect model is used to reveal the marginal effects of different factors on the modernization of the industrial chain,and to explore how each region can find the optimal path for the development of industrial chain modernization based on its own situation.The research finds that: first,the driving factors of industrial chain modernization include four parts: social demand,scientific and technological innovation,institutional arrangement and resource endowment.Secondly,the marginal contributions of different factors to the modernization of the industrial chain are at different stages,with technological innovation contributing the most to the modernization of the industrial chain,and resource endowments contributing the least to the modernization of the industrial chain.Thirdly,there are significant differences in the development of investment factors for industrial chain modernization in different regions,and the paths for industrial chain modernization to enter the optimal range vary among different regions.

Digitization and intelligence are important driving forces leading to common prosperity.This paper constructs an indicator system of digital intelligence economy from the dimensions of digitization and intelligence and empirically analyzes the impact of digital intelligence economy on common prosperity using China's provincial panel data from 2012 to 2022.The results show that digital intelligence economy promotes common prosperity by increasing agriculture total factor productivity.At lower levels of regional economic development,the development of the digital intelligence economy may hinder the realization of common prosperity,but this inhibiting effect will be further weakened until the regional economy reaches a certain level of development where the development of the digital intelligence economy can help promote common prosperity.Furthermore,there is also an obvious spatial spillover effect of the digital intelligence economy,which can increase the common prosperity of neighboring regions.Therefore,all regions should speed up the progress of the development of the digital intelligence economy so that the construction of the digital intelligence economy can serve the goal of common prosperity more effectively.

Under the background of low-carbon economy,breakthrough green technology innovation has become an important way for enterprises to alleviate the pressure of environmental regulations.Using data from A-share listed companies in China's Shanghai and Shenzhen stock markets from 2005 to 2022,this study investigates the driving mechanism of low-carbon pilot policies on breakthrough green technology innovation in enterprises.The results indicate that: the low-carbon pilot policy can promote breakthrough green technology innovation in enterprises,and this conclusion is still valid after a series of robustness tests.According to mechanism testing,low-carbon pilot policies promote breakthrough green technology innovation in enterprises through environmental information disclosure and green finance.Heterogeneity analysis found that low-carbon pilot policies have a more significant driving effect on breakthrough green technology innovation in state-owned enterprises and high-tech enterprises.Based on this,it is proposed to deepen the implementation of low-carbon pilot policies,introduce support policies tailored to enterprises,and strengthen the support for green finance,in order to provide assistance for promoting the green transformation and upgrading of enterprises.

Under the background of achieving carbon neutrality and carbon peaking goals,this paper selects the panel data of 273 prefecture-level cities in China from 2003 to 2021,takes the carbon emission trading pilot (CETP) as the starting point,measures the level of green development with ecological efficiency,empirically tests the direct effects,indirect effects and spatial spillover effects of CETP on green development by PSM-DID and SDID models,and finds that: (1) CETP can significantly promote green development,and has passed the placebo test and robustness test.(2) The innovation effect generated by CETP has a promoting effect on green development,but the industrial structure effect is not significant.(3) CETP has a significant negative spillover effect on surrounding pilot cities,but has no obvious impact on the ecological efficiency of non-pilot cities.Finally,combined with the above research conclusions,policy recommendations are put forward.

Green technology innovation is the core driving force to achieve green and low-carbon development,and it is of great practical significance to clarify the role of fiscal decentralization in the process of green technology innovation.Based on China's provincial panel data,this paper empirically examines the impact of fiscal decentralization on green technology innovation by using fixed-effect models and other data analysis methods.The study finds that fiscal decentralization inhibits green technology innovation.Financial science and technology expenditure and environmental regulation are the main channels for fiscal decentralization to inhibit green technology innovation.Further analysis shows that fiscal decentralization inhibits green technology innovation in low-income regions,while it promotes green technology innovation in middle and high-income regions.This study provides policy enlightenment for deepening the reform of our fiscal decentralization system and speeding up the innovation of green technology.

This paper selects Chinese A-share listed companies from 2010~2022 as the research sample, and investigates the relationship and mechanism between supply chain relational transaction and green innovation. The empirical results show that supply chain relational transaction significantly inhibits green innovation, and this effect is mainly realized through two paths:reducing the quality of information disclosure and increasing corporate risks. The relationship is more significant in non-state-owned enterprises, non-polluting industries, and the central and western regions, while supplier relational transaction is more harmful to green innovation than customer, and supply chain relational transaction has a more negative effect on green substantive innovation. It is further found that supply chain digitization and analysts' attention negatively moderated the relationship between supply chain relational transaction and green innovation, and mitigated the inhibitory effect of supply chain relational transaction on green innovation. The findings of this paper enrich the research on the influencing factors of corporate green innovation, and provide empirical evidence and management insights for the development of an enterprise-led and market-oriented green innovation environment system.