Developing new quality productivity is an inherent requirement and an important focus for promoting high-quality development. Characterized by technological intensity, the development of new quality productivity requires adequate financial support. Based on panel data from 30 provincial-level administrative regions in China from 2012 to 2023, this paper employs a range of econometric methods, including ordinary least squares (OLS) regression, instrumental variable-two-stage least squares (Ⅳ-2SLS), and lagged regression, to validate the impact of digital finance on new quality productivity. Building upon these results, threshold effect models and spatial Durbin models are applied to systematically explore the non-linear and spatial effects of digital finance. The findings reveal that: (1) digital finance significantly promotes the enhancement of new quality productivity; (2) the impact of digital finance exhibits a significant threshold effect related to the scale of social financing, with its promoting effect further strengthening as the scale expands, showing a nonlinear pattern; (3) the development of new quality productivity across provinces exhibits a certain degree of spatial interdependence, whereby improvements in local new quality productivity generate positive spillover effects on neighboring regions; (4) the improvement of digital finance levels in adjacent regions can indirectly inhibit the deve-lopment of local new quality productivity through a "siphon effect". This paper innovatively reveals the threshold and spatial effects of digital finance on new quality productivity, providing a novel perspective for understanding inter-provincial economic integration. Furthermore, it offers theoretical and practical insights for advancing the construction of a "strong financial nation" and fostering new quality productivity.

Under the wise leadership of the Party Central Committee with Comrade Xi Jinping as its core, the development of AI industry, and the R & D and application of large language models in China have been in the first echelon in the world.In August 2025, the State Council's Opinions on the In-depth Implementation of the Artificial Intelligence Plus Action drew a grand blueprint for further promoting the extensive and deep integration of artificial intelligence with various sectors of the economy and society.The vigorous development of intelligent economy is inseparable from the rapid progress of intelligent technology, critically, it also requires enterprises to renew their organizations and adjust strategies to grasp new opportunities and tap into new potential.However, the intelligent economy with unlimited potential also contains greater technological and social risks, such as data security, unemployment of vulnerable workers and so on.Therefore, the society should actively foresee all kinds of risks and formulate countermeasures to promote the stable and healthy development of AI economy.

With the rapid development of digital technology, digital transformation has gradually become an important driving force for enterprises to realize green and low-carbon development. Based on the data of A-share listed manufacturing enterprises in Shanghai and Shenzhen Stock Exchanges from 2013 to 2022, this paper explores the impact of digital transformation on firms' carbon performance and its mechanism of action. The baseline regression indicates that digital transformation can significantly improve firms' carbon performance. The carbon performance level will increase by 0.013% for 1% increase in the degree of digital transformation. The mediating effect test shows that green technology innovation plays an intermediary role between digital transformation and firm carbon performance. The moderating effect test shows that industry competition plays a positive moderating role in the impact of digital transformation on firms' carbon performance. Heterogeneity analysis indicates that the promotion effect of digital transformation on carbon performance is more significant in enterprises with high pollution, low financing constraints and high R&D investments. These findings deepen our understanding of enterprise digital transformation and offer guidance on how to improve the carbon performance of manufacturing enterprises.

Based on the panel data of China's Shanghai and Shenzhen A-share listed companies in 2014~2023, this paper constructs a chain multiple mediating effect model to empirically test the heterogeneous impact of financial subsidies and tax incentives on the new quality productivity of enterprises and its action mechanism.The research shows that financial subsidies and tax incentives can significantly promote the development of new quality productivity of enterprises, and the conclusion is still established after the robustness test and endogenous analysis.Mechanism analysis shows that financing constraints and risk assumption not only play an independent intermediary role, but also play a chain intermediary role between financial subsidies, tax incentives and the new quality productivity of enterprises.The heterogeneity analysis shows that the fiscal subsidy and tax preferential policies have a more significant marginal promotion effect on the new quality productivity of non-state-owned enterprises and enterprises located in central cities.

Based on the resource-based theory and information asymmetry theory, this paper uses Shanghai and Shenzhen A-share listed companies from 2012 to 2023 as samples to verify the relationship between digital transformation, green innovation, and high-quality enterprise development using a bidirectional fixed-effects model. The research results show that digital transformation has a significant positive impact on the high-quality development of enterprises, and digital transformation indirectly exerts a positive impact on high-quality enterprise development through green innovation. Both corporate social responsibility and enterprise risk-taking levels positively moderate the effect of digital transformation on the high-quality development of enterprises.

The explosion of artificial intelligence technology and the leap of big model and big data function, as well as its deep integration with future industries and traditional industries, have greatly promoted the development of new quality productivity. The following eight articles are published, ranging from"theoretical innovation of total factor productivity from the perspective of big data function"to"big data driving the development of new quality productivity", from"digital transformation of supply chain to promote enterprise efficiency"to"transformation and upgrading of traditional industries from the perspective of new quality productivity", from"China's 6G industrial Internet development strategy"to"the practical path of artificial intelligence driving the development of new quality productivity", from"low-altitude economy under the background of large model landing"to"develo-pment of brain-computer interface industry based on large model", profoundly reveal the prospects of deep integration between ar-tificial intelligence and the real economy, outlining a blueprint for high-quality development empowered by new quality productivity.

Open government data is a crucial measure in advancing the Digital China strategy and the construction of a digital government. Based on panel data of 284 cities in China, taking the launch of open government data platforms as a quasi natural experiment, this paper builds a difference-in-differences model to evaluate the impact of open government data on urban innovation. The research finds that, first, open government data has a significant effect on the level of urban innovation. Second, mechanism analysis suggests that open government data promote urban innovation through three aspects: attracting scientific and technology ta-lents to enrich the supply of innovation resources, inspiring entrepreneurial vitality to expand the scope of innovation subjects, and optimizing business environment to improve innovation environment. Third, heterogeneity analysis shows that the digital policy environment, digital financial environment, and digital infrastructure strengthen the role of open government data in promoting urban innovation. Fourth, expansion analysis shows that open data quality and platform construction quality have a positive impact on urban innovation. Based on this, the government should actively build open government data platform, pay attention to the heterogeneous impact of open government data on different regions, in order to better unleash the dividends of open sharing of data elements.

The digital economy is a key driving force for the development of new quality productivity. This study constructs an evaluation index system based on two dimensions: "technological progress" and "factor upgrading". It empirically measures the development level of new quality productivity in 30 provinces(regions, municipalities)of China from 2012 to 2023, and explores the impact and mechanism of the digital economy on the development of new quality productivity. The results show that the level of new quality productivity in China has continuously improved, but significant regional disparities exist. The digital economy significantly promotes the development of new quality productivity, with the conclusion holding even after addressing endogeneity and conducting robustness checks. Additionally, the promoting effect follows a geographic gradient: "East > West > Northeast > Central". The digital economy drives the development of new quality productivity through structural optimization, technological innovation, and resource allocation effects. Furthermore, it exhibits a spatial spillover effect, promoting development within a region while exerting a suppressive effect on neighboring regions.

With China's economic development entering a new stage of improving quality and efficiency, cultivating and developing new quality productivity has become the key task of high-quality economic development at present.Patience capital is a practical requirement to guide the integration of innovative resources and factors and promote the formation of new quality productivity.Therefore, this paper focuses on how patient capital can empower the formation of new quality productivity, and analyzes its synergy in the transformation of innovation achievements, industrial structure optimization and talent gathering.Through empirical analysis, it is found that patient capital has a significant role in promoting the formation of new quality productivity, and patient capital can promote the formation of new quality productivity in areas with low economic development level, and its influence is mainly realized through three aspects: improving innovation level, rationalizing industrial structure and promoting talent gathering.Therefore, we should give full play to the guiding role of patient capital in technological innovation and structural transformation, promote the more stable and fair flow of capital elements, continuously release the potential of innovation, and form new quality productivity.

The digital transformation of enterprises can help reduce market transaction costs, improve the level of specialization, and improve their Total Factor Productivity (TFP). An empirical analysis based on the data of A-share manufacturing listed companies in Shanghai and Shenzhen from 2010 to 2023 shows that: (1)The digital transformation of manufacturing enterprises can improve their TFP, which is still true after a series of robustness tests; (2)The specialization has a significant mediation effect and a double threshold effect, and when the level of specialization crosses the high threshold, the TFP improvement effect of digital transformation is greater, but this effect is not obvious when it is below the low threshold. (3)There is a significant spatial spillover effect of digital transformation on TFP, and the specialization has a significant spatial mediating effect. (4)Large enterprises, high-tech enterprises, enterprises in eastern China and enterprises in the National Big Data Comprehensive Pilot Zone have a greater increase in TFP from digital transformation. In order to enhance the TFP improvement effect of the digital transformation of the manufacturing industry, it is necessary to strengthen the policy support system and capacity building for the digital transformation of the manufacturing industry, and implement differentiated digital transformation strategies.

Based on financial data from non-financial companies listed on the main boards of the Shanghai and Shenzhen stock exchanges from 2011 to 2023, this paper examines the impact of science and technology finance on new quality productivity.The findings indicate that optimized tech-financial services significantly enhance productivity and total factor productivity, with results remaining robust.Mediation analysis reveals that tech finance boosts R & D investment through improved funding and reduces costs via better resource allocation, promoting low-carbon transformation.Heterogeneity tests show that these effects are more potent in eastern and central regions, strategic emerging industries, private firms and non-Big 4 audited companies, especially when accompanied by high analyst coverage, strong investor attention and generous regional subsidies.This study provides micro-level evidence supporting the role of science and technology finance in advancing technological self-reliance and fostering a virtuous cycle among technology, industry and finance.

This paper analyzes and empirically tests whether and how supply chain finance can affect the operational performance of enterprises from the perspectives of enterprise specialization division of labor and total factor productivity by selecting the sample data of listed enterprises in China's capital-intensive industries from 2014 to 2022. The results show that supply chain finance(SCF)can significantly improve the operational performance of enterprises, and that promoting the specialized division of labor and enhancing total factor productivity are two important ways for supply chain finance to help improve the operational performance of enterprises. This paper not only provides a new explanation for the influencing factors of the operational performance of enterprises from the perspective of supply chain finance, but also reveals the mechanisms and ways in which supply chain finance contributes to the improvement of the operational performance of enterprises.

Industrial transformation is a natural part of the new round of industrial revolution, and the arrival of the artificial intelligence era has transformed the industrial productivity innovation in the sense of "Internet of Things" into a new industrial revolution of "data+algorithm+sensor+behavior tokenization+control system". Artificial intelligence has transformed industry from the meaning of the Internet of Things to the embodied AI meaning of "AlphGo+OpenAI", putting the era of intelligent industry on the eve of Grokking. On the one hand, AI deeply accelerates industrial transformation, and on the other hand, it directly reconstructs into an intelligent industrial system, thereby directly achieving the original goal of industrial transformation. However, at present, the shortcomings of energy and the old industrial production system urgently need to be addressed through industrial transformation, otherwise the era of intelligence will be difficult to truly achieve. At the same time, there are a large number of technical and hardware difficulties that slow down the marketization of intelligent industry. Without considering costs, it is possible to first achieve "laboratory intelligent industry" and then gradually realize it in real industrial application scenarios over the long term.

Enterprise digital transformation is an important link to implement the digital economy strategy and promote the integrated development of the digital economy and the real economy. This paper focuses on the transmission mode of government digital attention-enterprise digital transformation, and empirically tests the influence and mechanism of government digital attention on enterprise digital transformation. Based on the data of China's Shanghai and Shenzhen A-share listed companies from 2007 to 2023, the study found that the government's digital attention significantly promoted the digital transformation of enterprises, and the above effect was more obvious when state-owned enterprises, small-scale enterprises, and regional digital infrastructure were better. The effect of government digital attention on enterprise digital transformation mainly plays a role through two transmission paths of government and enterprise. On the one hand, government digital attention improves digital subsidies; on the other hand, it plays a role in the peer effect among enterprises, that is, the imitation learning behavior that promotes enterprise digital transformation. The research conclusions are of great significance for enriching relevant researches on enterprise digital transformation and exploring how to give full play to the effectiveness of policies to solve the dilemma of enterprise digital transformation.

Market demand serves as a powerful internal driver for fostering new quality productivity. Therefore, it is crucial to unlock the potential of the robust domestic market to enhance both the scale and quality of production, effectively nurturing and advancing new quality productivity. Using provincial panel data from 30 provinces between 2012 and 2023, this paper measures the level of new quality productivity across these regions and empirically examines the role and mechanism of market potential in cultivating it. The findings indicate that enhancing market potential significantly boosts the development of new quality productivity by expanding the quantity and upgrading the quality of production. The heterogeneity analysis results indicate that in the eastern regions, densely populated areas, regions with high degree of marketization, and areas along the "Belt and Road", the promotional effect of enhanced market potential on the development of new quality productivity is more pronounced. Based on these insights, this paper offers several policy recommendations, including deeply tapping into market potential, stimulating equipment renewal and investment demand through production expansion, and driving innovation and technological empowerment through quality upgrades in production.

As a reverse regulatory mechanism in international capital flows, foreign capital withdrawal has emerged as a criti-cal issue affecting supply chain stability within the framework of national economic circulation.Utilizing supply chain data from Shanghai and Shenzhen A-share listed companies spanning from 2010 to 2023, the research reveals that the retreat of foreign capital notably diminishes supply chain resilience.Mechanism analysis identifies dual transmission pathways: the capital chain exacerbates corporate financing constraints, while the innovation chain diminishes bidirectional technology spillovers across horizontal and vertical dimensions.Heterogeneity analysis further indicates that this weakening effect is more pronounced in non-state-owned enterprises, asset-intensive enterprises, enterprises with high virtual agglomeration, and those with significant environmental sensitivity.Additionally, foreign capital withdrawal exhibits multi-level spillover effects within the industry, while the establishment of free trade zones exhibits dual positive impacts on optimizing capital structure and bolstering supply chain stability.This paper offers crucial policy insights for attracting and effectively leveraging foreign capital, as well as enhancing the quality and efficiency of China's supply chain.

Digital new quality productivity can assist in the transformation of industrial production methods, activate the potential of factors, and promote industrial integration, which is of great significance for the development of green total factor productivity. This article is based on panel data from 30 provinces (regions, municipalities) in China from 2012 to 2023. Using visuali-zation methods, it explores the spatiotemporal evolution characteristics of the development level of digital new quality productivity in China, and empirically examines the impact and mechanism of digital new quality productivity on regional green total factor productivity. Research has found that digital new quality productivity can significantly promote the development of green total factor productivity, with the role of digital workers being the most significant. In addition, the promotion effect of digital new quality productivity on green total factor productivity is more significant in the eastern region, regions with high levels of green total factor productivity development, and regions with high policy intensity. Mechanism analysis shows that optimizing industrial structure and enhancing green technology innovation are effective paths for promoting the development of green total factor productivity through digital new quality productivity. Therefore, this paper suggests that efforts should be made to cultivate digital new quality productivity, actively promote industrial structure upgrading and enterprise green technology innovation, combine regional characteristics, adapt to local conditions, and implement precise policies.

As a new high ground for reform and opening up in the new era, the establishment of comprehensive pilot zones for cross-border e-commerce provides a favorable environment and conditions for the development of new quality productivity.Based on the data of 278 prefecture-level cities from 2010 to 2022, this paper explores the impact of the pilot policy of comprehensive cross-border e-commerce pilot zones on the level of new-quality productivity forces using a multi-period DID model.The results of the study show that the construction of comprehensive cross-border e-commerce pilot zones can significantly enhance the level of new quality productivity, and the effect has a certain degree of continuity.The results of the mechanism test show that the construction of the comprehensive cross-border e-commerce pilot zone drives the new-quality productivity forces level mainly through three channels, namely strengthening regional innovation accumulation, optimizing resource allocation, and improving the level of industrial agglomeration.Heterogeneity analyses show that the policy's promotional effect on the level of new quality productivity is more pronounced in the sample of cities within the five major urban agglomerations, with a higher degree of market integration and a favorable business environment.

With the advancement of the digital economy, big data technology has emerged as a critical component of national development competitiveness.This study examines Shanghai and Shenzhen A-share listed companies in China from 2012 to 2023.Grounded in Resource Dependency Theory and Innovation Ecosystem Theory, we construct a theoretical framework analyzing how the national big data comprehensive pilot zone policy influences corporate open innovation.Using a difference-in-differences (DID)approach, we empirically identify the net policy effect on enterprise open innovation.The study found that the establishment of national big data comprehensive pilot zones significantly promotes corporate open innovation, with enhanced effects observed in state-owned enterprises, eastern-region enterprises, and labor-and technology-intensive enterprises; transmission mechanisms analysis indicates that the policy facilitates open innovation through three channels: driving corporate digital transformation, alleviating financing constraints, and reducing information asymmetry.Therefore, this article proposes a strategic path for deepening the develo-pment of big data and promoting collaborative open innovation in enterprises.

Although many enterprises adopt short-term debt and long-term use to break through the constraints of financing constraints, in fact, short-term debt and long-term use brings great instability to the sustainable operation and high-quality deve-lopment of enterprises.Existing literature, when exploring the impact of digital economy policies on short-term debt and long-term use, is limited to formulating hypotheses from a single theoretical perspective and then analyzing the direct relationship between the two.Based on fault-tolerant control theory, signaling theory, and information asymmetry theory, this study uncovers and elaborates the mediating mechanism of the digital economy policy affecting the long use of short-term debt of enterprises from the perspective of urban economic resilience.Moreover, this study reveals the boundary mechanism of urban economic resilience on corporate short-term debt longevity from three aspects: new quality productivity at the city level, socially responsible investment and executive traits at the firm level.Using the double-difference empirical research method, this study finds that the implementation of digi-tal economy policies, i.e., the pilot policy of the national-level big data comprehensive experimental zone, reduces firms' short-debt long-term use based on the consolidated data of China's prefecture-level city-level and A-share listed firms from 2010 to 2021.It is further found that city economic resilience plays a significant mediating role in the relationship between digital economy policies and firms' short-term debt longevity.Specifically, with the implementation of the digital economy policy, the city's economic resilience is increasing, and firms' short-term debt and long-term use of debt are significantly reduced.In addition, this study finds that the reduction of urban economic resilience on short-term debt overhang is more significant in cities with higher levels of new quality productivity.Meanwhile, this study finds that at the firm level, the reduction of short debt for long term use is more significant for firms that invest more in responsive social responsibility than in strategic social responsibility.Finally, urban econo-mic resilience has a more significant effect on the reduction of short-term debt and long-term use if the CEO of the firm has ever had the experience of suffering a disaster.This study analyzes the intrinsic theoretical mechanisms of digital economy policies and firms' short-term debt longevity from the theoretical level, and further reveals the situational mechanisms of urban economic resilience affecting firms' short-term debt longevity in the context of digital economy policies from multiple perspectives at the city level and firm level, respectively.In addition, this study provides practical references on how to optimize corporate strategies to achieve high-quality development in the face of financing constraints.

It has been an important subject to explore out the digital transformation's new quality productivity potentials for manufacturing industry. It is significant for China to empowering its manufacturing power construction and high-quality target realization. Based on enterprise resource-based theory and dynamic capability theory, the digital transformation's influential mechanism is analyzed in details on new quality productivity. Main conclusions are as follows. Firstly, the influence mechanism is classified into two types which are short-term and long-term effects. Short-term effects are those such as improving enterprise's integration, allocation and utilization ability of its own resources. Long-term effects are the changes and innovations' perception, grasping and transformation ability growth. Secondly, the empirical results show that the impact of digital transformation on new productivity is significantly positive. Moreover, short-term effect is significant while long-term effect is not significant. Meanwhile, market competition intensity plays positive moderating effect concerning the relations between digital transformation and the new quality productivity. Thirdly, the heterogeneity effect shows that the eastern region has a significant positive effect, while the central and western regions have a weak effect. At the same time, compared with non-state-owned enterprises, the driving effect of state-owned enterprises is significantly higher than that of non-state-owned enterprises, and provides a new research idea for the future research on the new quality productivity of manufacturing industry.

In an era marked by unprecedented global transformation, enhancing enterprise resilience amidst environmental uncertainties has become a critical concern for policymakers, particularly the Central Committee of the Communist Party of China. This study employs data from Chinese listed companies spanning 2010 to 2023. This research investigates the impact of the technology convergence of real and digital economy on enterprise resilience and its underlying mechanisms. The findings indicate that: (1) The technology convergence of real and digital economy significantly enhances enterprise resilience through the upgrading of labor skills and wages, dismantling industry barriers, and decreasing customer concentration. (2) Environmental uncertainty is found to positively influence the relationship between the technology convergence of real and digital economy and enterprise resilience. (3) The positive effects of the technology convergence of real and digital economy on enterprise resilience are more pronounced in non-dual-role enterprises, enterprises with low financing constraints, and profitable enterprises. This paper offers a theoretical foundation and policy insights for facilitating the integration of real technology and enhancing the resilience of enterprises.

As a strategic technology driving the new wave of scientific and technological revolution and industrial transformation, artificial intelligence(AI) plays a significant role in enhancing the total factor productivity(TFP) of enterprises. Based on the theories of regional innovation systems and endogenous growth, this study uses panel data from companies listed on the Shanghai and Shenzhen A-shares between 2016 and 2024 to examine the impact of AI innovation development pilot zone policies on improving enterprise TFP. The results demonstrate that this policy significantly boosts corporate TFP, and these results remain robust after a series of robustness tests. Heterogeneity analysis reveals that the policy has a stronger effect in the central and western regions and for non-high-tech industries. Further analysis indicates that the policy influences TFP through two channels: deepening the application of AI and improving resource allocation efficiency. The policy not only enhances enterprise TFP but also strengthens profita-bility. This study provides empirical evidence for the role of the AI Innovation Pilot Zone policy in fostering corporate TFP growth and offers important policy implications for improving enterprise productivity.

The establishment of big data management institutions marks the transformation of data elements from disorderly market flow to scientific government governance, and improves the government data governance system. Based on the data of A-share listed companies from 2011 to 2023, this paper regards the impact of government data governance on enterprises' new-quality productivity is examined from the perspective of digital ecology by treating the establishment of big data management agencies in each province (autonomous regions and municipalities) as a quasi-natural experiment. It is found that government data governance improves digital ecology, which in turn significantly enhances firms' new quality productivity. Specifically, government data gover-nance enabled firms to receive more digital innovation subsidies, improved the regional digital economy development environment, and facilitated firms' digital change and digital innovation collaboration. Government data governance fails to completely break down the inter-departmental data barriers and inter-regional digital divide, and its enabling effect on enterprises' new productivity shows significant heterogeneity. Specifically, when the depth and breadth of governance of big data management institutions are increased, the new productivity enhancement effect is more significant for state-owned enterprises, enterprises with higher digitisation levels and enterprises located in the eastern region. The findings provide empirical evidence that government data governance helps enterprises' new productivity development in the data era, and they also provide insights into the functional settings of government agencies and the fair allocation of data elements.

To examine how national supercomputing deployment indirectly influences technological innovation outputs (quantity, quality, and departmental diversification) in low-altitude economy through enhancing resilience of digital-intelligent innovation ecosystems, this study identifies 20 technical subtopics (e.g., system architecture, intelligent control) and 5 departmental clusters (e.g., aircraft navigation systems) from patent texts using BERTopic modeling. And quantifies ecosystem resilie-nce through genetic reproduction, structural redundancy, functional upgrading, habitat adaptation, and lock-in resolution dimensions. And conducts empirical analysis using double machine learning models on panel data from 30 provinces (2011~2023). Key findings: (1) National supercomputing significantly enhances regional innovation quantity/quality; (2) Mediates 4 departmental innovations except firefighting drones; (3) All resilience dimensions demonstrate mechanism effects with partial pathway limitations.

Digital infrastructure, as a core pillar of the development of the digital economy, is profoundly reshaping the pathways for corporate sustainable development. Based on data from listed companies on the Shanghai and Shenzhen A-share markets between 2014 and 2022, this study constructs a digital infrastructure index to evaluate its impact on corporate sustainable development performance. The results demonstrate that the construction of digital infrastructure significantly enhances corporate sustainable development performance, a conclusion that holds true under a series of robustness tests. Heterogeneity tests reveal that the benefits of digital infrastructure development are more pronounced in the eastern regions, the manufacturing industry, and large-scale enterprises. Further analysis shows that digital infrastructure improves corporate sustainable development performance through three main channels: alleviating financing constraints, enhancing innovation input and output, and improving internal control quali-ty. Additionally, the increased public attention to environmental issues further strengthens the positive effects of digital infrastructure. This study uncovers the multi-dimensional mechanisms through which digital infrastructure enhances corporate sustainable development performance, providing empirical evidence for companies to seize opportunities in the digital economy and achieve sustainability goals.

Based on the quasi-natural experiment of the"Low Carbon City Pilot"policy, this study identifies the effect of low-carbon city construction on the development of new quality productivity by using the multistage dynamic difference-in-differe-nces model with a sample of 263 prefectural-level and above cities in China, and further analyzes its intrinsic mechanism and spatial effect.The results show that: (1)low-carbon city construction can significantly promote the development of new quality productivity, and the reliability of this conclusion is verified by a series of robustness tests.(2)There is heterogeneity in the effects of low-carbon city construction on the development of new quality productivity in terms of city location, resource endowment and carbon emission intensity, in which low-carbon city construction can significantly promote the development of new quality productivity in cities in the east and west, non-resource cities and high-carbon emission cities.(3)Low-carbon city construction can promote the development of new quality productivity through three paths: promoting green technological innovation, enhancing the level of industrial agglomeration, and improving the development level of green finance, and fiscal decentralization has a significant positive moderating effect in promoting the development of new quality productivity in low-carbon city construction.(4)Low-carbon city construction has obvious spatial spillover effects on the development of new quality productivity, and it has significant promotion effects on the development of new quality productivity in pilot cities and neighboring cities.The conclusions of this study provide guidance for strengthening the construction of low-carbon cities and broadening the path of urban new quality productivity development.

Energy structure transformation is vital for fostering harmony between humanity and nature and for promoting high- quality economic growth.This study evaluates the impact of the new energy demonstration city pilot policy on urban Green Total Factor Productivity (GTFP)using panel data from 279 Chinese prefecture-level cities from 2006 to 2024.A super-efficiency SBM-GML model is employed to measure GTFP, while a difference-in-differences (DID)approach with propensity score matching (PSM) identifies policy effects.Results show that the pilot policy significantly enhances urban GTFP.Mechanism analysis reveals that the effect operates mainly through substantive green technological innovation, with industrial structure optimization playing a positive moderating role.Heterogeneity analysis suggests stronger policy effects in central and western regions, non-resource-based cities, and cities with stricter environmental regulations.Based on these findings, the paper recommends: establishing an integra-ted policy framework covering institutional design, market incentives, and behavioral guidance; promoting green innovation and in- dustrial upgrading; and adopting region-specific, resource-based coordinated development strategies.

Green manufacturing is an important part of ecological civilization construction and industrial transformation and upgrading. Realizing green transformation of enterprises from the perspective of green manufacturing construction is crucial to the high-quality development of Chinese enterprises. Based on the data of China's A-share listed firms from 2012~2023, a staggered DID model is used to empirically test the impact of green factory ratings on corporate ESG performance. The study finds that the certification of green manufacturing, represented by green factory ratings, is beneficial to the ESG performance of firms. Mechanism analysis shows that the green factory can promote corporate ESG performance through two channels: accelerating the green and low-carbon transformation of enterprises and alleviating corporate financing constraints. Heterogeneity analysis finds that the impact effect of green factory certification is stronger in enterprises with higher media attention, non-heavily polluting industries, and the eastern region. In addition, the green factory certification policy can improve the economic performance of enterprises and realize emission reduction and efficiency. Moreover, there is a spillover effect on upstream and downstream enterprises, which plays the role of a model enterprise as a benchmark. The study provides important policy references on how companies can achieve green and sustai-nable development.

Deepening financial reform and improving financial services are important paths for promoting the transformation of China's manufacturing industry from a trading power to a trading powerhouse through high-quality financial development.Therefore, this article takes commercial banks and manufacturing enterprises from 2015 to 2024 as research samples, and uses enterprise loan data to associate them with banks.And use machine learning algorithms to calculate the financial new quality productivity index, and study its impact on the technological complexity of enterprise exports.Through the deduction of theoretical models and empirical analysis, the following conclusions are drawn: (1)There is a positive correlation between financial new quality productivity and the complexity of enterprise export technology, and it plays a positive role in promoting enterprise technological progress, optimizing credit allocation, and improving credit governance mechanisms and channels; (2)Heterogeneity analysis shows that at the regional level, in areas with strong financial regulation and high popularity of online commercial banking services, the role of financial new quality productivity in the transformation and upgrading of foreign trade is particularly evident.However, at the enterprise level, it only plays a role in enterprises with high risk-taking levels and non high-tech industries; (3)Further analysis shows that the coordinated development of enterprise digital transformation and financial new quality productivity can further promote the positive effect of unilateral new quality productivity of banks on the complexity of enterprise export technology.

In the context of intensifying global climate change and the growing urgency of sustainable development, green finance has emerged as a crucial tool for supporting sustainability, with its policy effects garnering significant attention.This study aims to investigate how green finance policies influence enterprises' sustainable development capabilities, particularly their new quality productivity.Grounded in institutional theory and social capital theory, we examine the impact of green finance reform and innovation pilot zone policies using a difference-in-differences model.Our analysis of panel data from Chinese A-share listed companies from 2012 to 2023 reveals that these policies significantly promote the development of enterprises' new quality productivity.This effect is primarily achieved through enhancing management's environmental awareness and strengthening enterprises' centrality in industry networks.Furthermore, we find that patient capital, as a long-term oriented investment strategy, significantly reinforces the positive impact of green finance policies, environmental awareness, and network centrality on new quality productivity.These findings not only enrich the cross-disciplinary research on green finance and corporate innovation but also deepen our understanding of long-term investment's role in corporate sustainable development.The study concludes by offering practical guidance for policymakers and corporate leaders in advancing green finance innovation and promoting sustainable corporate development.

In the context of the current complex global economic landscape, enterprises are facing heightened uncertainties in their operating environments. Enhancing resilience to various risks in the digital age has become a critical area of focus. This study adopts a digital technology empowerment perspective and examines Chinese A-share listed companies using panel data from 2012 to 2023. Employing multiple econometric methods, including fixed effects models, two-stage least squares regression, and mediating effect models, the research investigates the impact and mechanisms through which digital technology influences enterprise resilience. The findings indicate that digital technology significantly enhances enterprise resilience, with resilience increasing progressively as the extent of digital technology application deepens. From the perspective of factor empowerment, digital technology boosts enterprise resilience by fostering innovation, alleviating financing constraints, and reducing human resource management costs. Heterogeneity analysis reveals that the impact of digital technology on enterprise resilience varies across different dimensions, such as the level of urban agglomeration and the nature of enterprise ownership. This study provides both theoretical foundations and empirical insights for unlocking the value of digital technology, developing new quality productivity, and enhancing enterprise resilience through factor empowerment.

In a retailer-led Stackelberg game, considering that the competing supply chain system consists of two manufacturers and one retailer, one manufacturer and two retailers, and two manufacturers and two retailers, this paper analyzes the impact of consumers' low-carbon preference and competition intensity on the optimal decisions and profits of supply chain players. The results show that, (1)as consumers' low-carbon preference increases, retailers and high-efficiency manufacturer will benefit, while the profits of low-efficiency manufacturer may decrease. (2)As manufacturer competition intensity increases, the profits of low-efficiency manufacturer will decrease, while the profits of high-efficiency manufacturer may increase. The profits of retailers depend on competitive structure and market size. (3)As retailer competition intensity increases, manufacturers will always benefit, the profits of large-scale retailer will tend to decrease, while small-scale retailer may benefit. (4)By comparing with the manufacturer-led supply chain, it is found that in the retailer-led supply chain, retailers can allocate more profits, though the carbon reduction level of the supply chain remains unchanged; low-efficiency manufacturer will always benefit from retailer competition.

In the era of digital economy, data monopoly manifests the deep coupling between capital logic and technological power. From the perspective of formation mechanism, data monopoly is essentially a process through which capital achieves exclusive control over data elements by technological means, specifically demonstrated by capital-driven centralized accumulation of data, technological barriers constructed by algorithmic power, and institutional monopoly formed by platform ecosystems. Such monopolistic structure not only distorts market competition order, but also intensifies the inherent contradictions of digital capitalism through data exploitation mechanisms. Governance innovation needs to break through traditional paradigms and establish an institutional system centered on"data commonality". At the property rights level, it is necessary to construct a fair distribution system for data rights and interests; at the technological level, advance the construction of public data infrastructure; at the governance level, promote transnational collaboration and multi-stakeholder governance. Through systematic institutional innovation, data elements can be transformed from tools of capital accumulation into carriers of public welfare, providing a new governance path for equitable development in the digital age.

As a core link in modern industrial economic management, industrial risk prediction plays an irreplaceable role in ensuring coordinated economic development, optimizing industrial structure and scientifically formulating industrial development poli- cies.This paper proposes an innovative solution-Mixed-Frequency Temporal Fusion Dual Attention Network (MF-TF-DAN).What is particularly critical is that the MF-TF-DAN model innovatively introduces a dual attention mechanism, which starts from the two dimensions of time and features to deeply mine and evaluate the importance of the information processed by GRU and CNN. This paper conducted comprehensive and in-depth experimental verification on the industrial risk data set, including model compari- son experiments and ablation experiments with different prediction step sizes.Experimental results show that the MF-TF-DAN model performs significantly better than other comparison models in the mixing data prediction task.This result not only proves the scientific and effectiveness of the model design, but also brings new breakthroughs in the field of industrial risk prediction.This model provides industry managers with unprecedented accurate risk warning capabilities, allowing managers to have a deeper insight into market changes, identify and evaluate potential risks in advance, and thereby formulate more scientific and reasonable corporate strategies and market response strategies.

Based on the industrial robot data of IFR database and the manufacturing value chain data of UIBE-GVC from 2008 to 2019, this paper empirically tests the impact of artificial intelligence on the resilience of manufacturing value chain and the moderating effect of intellectual property protection.The results show that artificial intelligence significantly improves the value chain resilience of manufacturing industry, which is more significant in the samples of economically developed countries, downstream of value chain division and capital-intensive industries."Promoting technological innovation"and"saving trade costs"are important channels for artificial intelligence to influence the resilience of the manufacturing value chain.The impact of artificial intelligence on the resilience of manufacturing value chain is regulated by intellectual property protection.After crossing the threshold of intellectual property protection, the promotion effect of artificial intelligence on intellectual property protection is significantly enhanced.This paper explores the channels and boundary conditions of artificial intelligence affecting the value chain resilience of manufacturing industry, and provides some empirical enlightenment for fully releasing the enabling role of artificial intelligence to ensure the value chain resilience and safety.

Venture capital is characterized by high risk, high returns, and a focus on innovative sectors.These attributes are closely aligned with the essence of new quality productivity, making the relationship between the two worthy of exploration.This paper empirically examines the impact and mechanisms of venture capital on enterprises' new quality productivity using data on venture capital activities from 2011 to 2023 and listed companies on the SME board, growth enterprise market, and STAR Market.The findings reveal that venture capital significantly enhances enterprises' new quality productivity.The mechanism analysis indicates that venture capital promotes the improvement of enterprises' new quality productivity by promoting breakthrough innovation in enterprises, alleviating enterprises' financing constraints and enhancing their risk-taking capabilities.Further analysis indicates that the positive effect of venture capital on new quality productivity is more pronounced for enterprises facing greater financing constraints.Additionally, non-state-owned enterprises, high-tech firms, technology-intensive industries, and enterprises in eastern regions exhibit stronger effects of venture capital in boosting new quality productivity.The conclusions of this study provide empirical evidence and policy references for China's strategic decisions to leverage venture capital in empowering technological innovation and advancing new quality productivity.

Taking the data of A-share listed companies in Shanghai and Shenzhen from 2000 to 2023 as the research object, based on the dynamic capability theory, the resource base theory and the stakeholder theory, we constructed a double mediation model of enterprise digital transformation affecting organizational resilience through enterprise profit and enterprise scale.The results indicate that enterprise digital transformation significantly enhances organizational resilience, and the conclusion passes multiple robustness tests; enterprise profit and enterprise size empower the enhancement of organizational resilience through partial mediation effects; and the extent of the impact of enterprise digital transformation on organizational resilience shows significant differences among different enterprise natures, geographic locations, and age of enterprises.The empirical findings further explain the path of enterprise digital transformation on organizational resilience, enrich the relevant theories of digital transformation, and also provide useful references for enterprises to optimize operation management and decision-making in the process of digital transformation.