基于2008～2017 年中国30个省域大中型上市工业企业面板数据， 本文选用固定效应分析（FEM） 测度， 实证分析主要的两种针对高新技术企业的所得税优惠政策的激励效果； 应用双重差分法（DID）， 实证分析一种税收激励政策局部变动所带来的政策效应； 基于国际上其他国家先进经验， 结合之前研究， 为我国税收激励政策体系的改进及政策环境下企业研发效率的提升提供建议： （1） 调整已有税收激励的对象， 改变税收优惠方向； （2） 建立企业研发投入的税收优惠税率动态享受机制； （3） 针对行业特点， 调整研发支出抵免优惠年限及设定“ 研发准备” 科目， 进而提升税收政策的执行力； （4）创立一个以研发投入为主体的政策效应动态监查系统。本文对于提升我国科技水平、经济实力， 进而影响我国的国际竞争力提供了政策数据支持。

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.

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.

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.

The concept of“internet financial platform development degree” is introduced to study the influencing factors of platform development degree under the subdivided formats.The internet financial platform is divided into P2P online lending,crowdfunding and third-party payment platform.The empirical analysis results of 165 internet financial platforms show that:platform type,loan period and operation time have the greatest impact on the development degree of P2P online loan platform;company size,platform type and media exposure are the top three factors influencing crowdfunding platform;and innovation business ability,platform business scope and registered capital are the main influencing factors of hird-party payment platform.There are great differences in the influencing factors of the development of different subdivision formats,and the third payment platform is more different than the other two platforms.Finally,the suggestions for improving the development performance of the platform are put forward from the perspective of regulators and managers according to the situation of the platform.

The paper investigates the dynamic evolution characteristics of the global PV industry chain's core product trade network from 2007 to 2022, and analyzes its influencing factors using the QAP method. It is found that: (1) the overall network indicators of the upstream, midstream and downstream of the industry chain increase sequentially. However, the upstream network is stable and the midstream and downstream tend to be denser, the midstream of the industry chain is most affected by trade protection policies. (2) Global PV trade tends to be active; sanctions and circumvention make the industry radiate from China to Southeast Asia, and intra-European industries move to Central and Eastern Europe. (3) Economic scale, manufacturing capacity, and distance have had a sustained impact on trade in each link of the PV industry chain. In summary, the market expanded by the PV industrial policy can ensure a certain level of manufacturing scale and technological progress, and then gain a dominant position in trade and feed the trade policy to ensure its effectiveness. This paper provides data support for grasping the future trade direction of China's photovoltaic industry and formulating differentiated policies.

The marketization of data elements can accelerate the release and circulation of data value, enable enterprises to acquire and utilize data resources more efficiently, thereby providing key impetus for the integration of the digital and real economies and driving high-quality economic development.This article takes the establishment of a data trading platform as a quasi natural experiment and uses the difference in differences method to empirically test the impact of data element marketization on the integration of data and reality at the micro enterprise level.Research has shown that the marketization of data elements can significantly promote the integration of data and reality in enterprises, and the conclusions are stable after robustness and endogeneity tests.Mechanism analysis shows that the marketization of data elements promotes the integration of enterprise data and reality by enhancing the level of urban technological innovation, improving the digital financial environment, alleviating financing constraints, and reducing information asymmetry.Heterogeneity analysis shows that this effect is more significant in enterprises with low management myopia, more prominent in high-tech and stronger in enterprises with lower levels of national unified market construction and factor market development.This article provides decision-making basis for the government to optimize data element allocation policies and promote the deep integration of digital economy and real economy, which has practical value for high-quality economic development.

Taking the relevant data of China's A-share listed manufacturing companies from 2012 to 2021 as a sample,this paper uses the two dimensions of construction text and quantification,uses the entropy method to construct comprehensive indicators to measure the digital transformation of enterprises,and empirically studies the relationship between digital transformation and enterprise performance.The results show that:Digital transformation has a significant effect on enterprise performance.Furthermore,based on the value chain theory,this paper analyzes the impact of digital transformation on enterprise performance in each link of the value chain.and the results show that:from the perspective of each link,R&D digitalization,production digitalization,operation digitalization,marketing digitalization and enterprise performance are significantly positively correlated.Finally,the heterogeneity of the impact of digital transformation on enterprise performance in different enterprise clusters,finds that:compared with non-technology-intensive enterprises,state-owned enterprises and small and medium-sized enterprises,the role of digital transformation in promoting enterprise performance is more obvious in technology-intensive enterprises,non-state-owned enterprises and large enterprises.

As a new core factor of production and strategic resource for enterprises, data assets are reshaping corporate value creation models and capital structures.This paper examines A-share listed companies in China from 2010 to 2023, analyzing the impact of corporate data capitalization on the cost of debt financing by quantifying the extent of enterprise data assetization.The study finds that data capitalization significantly reduces the cost of debt financing.Specifically, data assetization reduces debt financing costs not only through a defensive mechanism of lowering financial risk but also via a proactive mechanism of enhancing financial flexibility.The research conclusion not only provides empirical support for clarifying the reduction path and functional boundary of debt financing costs by data assetization, but also offers theoretical support and policy guidance for further developing specific data assets of enterprises.

Promoting supply chain digitization is one of the core paths for the deep integration and development of the real economy and digital economy, and it is also an important lever for driving sustainable development of enterprises at present. This article is based on micro panel data of listed companies, systematically exploring the impact mechanism of supply chain digitization on the sustainable development performance of enterprises. The research found that: firstly, the benchmark regression results confirmed that supply chain digitization has a significant positive promoting effect on the sustainable development performance of enterprises, and this conclusion still holds true after robustness testing; Secondly, innovation investment plays an intermediary role between the two, and supply chain digitization can indirectly empower sustainable development of enterprises by increasing the intensity of research and development investment. Thirdly, heterogeneity analysis shows that this impact exhibits regional and firm differentiation characteristics, with more significant positive effects observed in enterprises in the eastern region, as well as in state-owned and private enterprises. This study is helpful for enterprises to accurately promote the digital transformation of their supply chain, enhance their sustainable development capabilities, and provide empirical reference for the government to formulate differentiated support policies.

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.

Promoting the green transformation of electricity production with the help of green credit has become an important way for China to achieve the carbon peaking and carbon neutrality goals.Selecting 30 provinces in China from 2008 to 2020 as research samples,this peple mainly focus on how green credit can help the low-carbon transformation of power generation industry.The study found that green credit steadily promoted the low-carbon transformation of power generation industry,and the effect is stronger in areas with large scale of electricity consumption,high degree of opening to the outside world and high level of industrialization.Based on the perspective of front-end input, power generation process and terminal output, green credit can reduces the carbon emission of the power generation industry by stimulating the potential of green power generation,promoting the progress of production technology and greening the output structure.In addition,the research on innovative refinement of technological innovation found that green credit mainly promotes the low-carbon transformation of power generation industry by stimulating independent technological innovation,rather than cooperative innovation and technology introduction.The conclusion of this paper provides direction guidance for promoting the steady development of transitional finance and encouraging the power generation industry to accelerate low-carbon transformation through independent technological innovation.

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.

Open government data(OGD)reduces the costs and technical barriers to corporate data acquisition, providing new momentum for high quality enterprise development.Leveraging the quasi-natural experiment of city-level OGD platform launches and using panel data from China's Shanghai and Shenzhen A-share listed firms(2009~2024), this study employs a multi-period DID model to identify the causal effect of OGD on firm-level high quality development and its underlying channels.The fin-dings reveal that OGD significantly promotes high quality firm development.These effects are more pronounced in cities with better digital infrastructure, and among firms in technology-intensive and capital-intensive industries, as well as those with stronger motivation and capacity for adjustment.Mechanistically, OGD drives high quality development through three synergistic channels: reducing data access costs to build a resource foundation, enabling digital transformation to enhance operational capabilities, and stabilizing market expectations to improve the institutional environment.

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.

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.

In the context of increasing global changes in supply chain uncertainty, how to build resilient supply chains through digital transformation and drive total factor productivity growth has become a theoretical gap and policy proposition that urgently needs to beovercome in the digital economy era. This article takes A-share listed companies in Shanghai and Shenzhen from 2012 to 2024 as the research object, and deeply explores the impact path of digital transformation on the total factor productivity of enterprises. The mechanism test finds that digital transformation promotes the improvement of total factor productivity of enterprises by reducing the risk level of supply chain interruption. Heterogeneity testing finds that digital transformation has a more prominent effect on improving the total factor productivity of enterprises in areas with state-owned nature, high financing constraints, low supply chain discourse power, low supply chain efficiency, high digital infrastructure, and high government digital attention. This study focuses on the supply chain perspective, providing empirical evidence for enterprises toexplore effective strategies for digital transformation, as well as practical policy references for stimulating new drivers of economic growth and achieving high-quality economic development goals.

Against the backdrop of the digital economy, exploring the transformation and upgrading of digitalization and servitization in China's manufacturing enterprises to achieve high-quality development has become a focal point of current research and practical attention. From the perspective of digital technology innovation, this study using a sample of China's A-share listed manufacturing enterprises from 2012 to 2024, empirically analyzes the influence mechanism of the synergy between digitalization and servitization on the high-quality development of manufacturing enterprises. The research findings are as follows. The synergy between digitalization and servitization facilitates the high-quality development of manufacturing enterprises through the mediating role of di- gital technology innovation. Compared to basic servitization, the synergy between digitalization and advanced servitization has a more significant promoting effect on the high-quality development of manufacturing enterprises, and is conducive to enhancing digital technology innovation, thereby achieving high-quality development of manufacturing enterprises. Robustness test indicates that the above research conclusions are robust. Heterogeneity analysis reveals that non-state-owned enterprises, labor-intensive enterprises, technology-intensive enterprises and non-equipment manufacturing enterprises can more fully leverage the potential of the sy-nergistic effect of digitalization and servitization, demonstrating a stronger promoting effect on high-quality development of enterprises. This paper provides theoretical basis and practical insights for manufacturing enterprises to synergistically promote digitalization and servitization, realizing high-quality development.

Based on the digital input information of listed companies from 2015 to 2022, this article empirically tests the impact of digital transformation on total factor productivity. Research has found that the impact of digital transformation on total factor productivity has a time lag, and the positive effects of digital transformation gradually emerge and strengthen over time. Specifically, digital transformation in production and management has a positive impact on improving productivity, while digital transformation in user and technology has not yet empowered enterprise efficiency. Channel mechanism testing shows that digital transformation has increased total factor productivity by driving enterprise innovation, improving operational models, and reducing agency costs. The heterogeneity analysis results show that the positive effects of digital transformation are more significant for enterprises with better human capital structure, greater emphasis on collaborative and creative culture, and relatively smaller organizational inertia.

This paper selects data from Chinese A-share listed companies from 2008 to 2023 and uses the difference-in-differences model to investigate whether the green credit policy will have an incentive effect or a crowding-out effect on the green innovation of heavily polluting enterprises. The study finds that the implementation of the green credit policy has promoted the green innovation of heavily polluting enterprises, and the green innovation induced by this policy is an incentive effect superimposed on existing innovation activities and has not crowded out other technological innovations. Mechanism analysis shows that the implementation of the green credit policy can promote the green innovation of heavily polluting enterprises by strengthening the green cognition of senior executives. Heterogeneity analysis shows that the green innovation of heavily polluting enterprises is more obvious in the western regions, areas with strong environmental regulations, and highly competitive industries. This paper expands the research perspective on the impact of green credit policies on corporate green innovation and provides valuable policy inspiration for promoting the green transformation of the economy.

By collecting data related to A-share manufacturing listed companies from 2009~2020,the double difference model and PSM-DID method are selected to study the effect of digital transformation on total factor productivity of manufacturing enterprises with or without digital transformation,and further analyze the influence mechanism with enterprise innovation capability as the transmission path.The results show that the implementation of digital transformation can significantly improve total factor productivity by increasing the innovation capability of enterprises,and the productivity improvement effect is about 57.0% compared with that of non-transformed enterprises;enterprises in western provinces with relatively low level of digital economy development and relatively weak economic development are relatively more affected by the productivity improvement effect brought by digital transformation,while enterprises in capital-intensive industries and private enterprises can also obtain greater productivity improvement.Private enterprises are also able to obtain a greater productivity improvement effect.This paper has some implications for enterprises to integrate digital industrialization reforms and stimulate the potential of the digital economy to contribute to high-quality economic transformation development.

Implementing servitization is an important means for manufacturing enterprises to form differentiation advantages.The industrial Internet platform is of great significance in promoting the servicization of manufacturing enterprises.However, there is a lack of discussion on the mechanism of industrial Internet platform empowerment on the performance of manufacturing enterprise servitization in the current academic circles.In order to better reveal the mechanism of how the industrial Internet platform influences the performance of manufacturing enterprise servitization, this study constructs a logical framework from the empowerment of the industrial Internet platform to value co-creation, and then to the service performance of manufacturing enterprises based on Service-Dominant Logic.By using survey data from 383 manufacturing enterprises, regression analysis and mediation effect tests reveal that the empowerment of the industrial Internet platform significantly improves the service performance of manufacturing enterprises.The two dimensions of value co-creation, namely interactive cooperation and resource integration, play a partial mediating role in the positive impact of the empowerment of the industrial Internet platform on the service performance of manufacturing enterprises.This study provides important insights for promoting the construction of industrial Internet platforms and the long-term development of manufacturing enterprises.

This paper uses the panel data of China's provinces from 2003 to 2019,from the perspective of carbon emission constraints,to empirically examine the differences in the impact of industrial intelligence on regional economic gaps and the mechanism by which industrial intelligence affects regional economic gaps.Research shows that industrial intelligence has a significant positive effect on narrowing the economic gap between provinces in the country,eastern,central and western regions.Further considering the carbon emission constraints,it is found that the carbon emission constraints have positively adjusted the positive effect of industrial intelligence on the regional economic gap.Due to its own industrial structure and location factors,the western region inhibited the positive effect of industrial intelligence on the regional economic gap.Finally,the two sub-dimensions of industrial structure upgrading are tested for the mediating effect between industrial intelligence and regional economic gap,and it is found that the mediating effect of industrial structure upgrading exists,and the mediating effect of industrial structure upgrading is more significant than that of industrial structure rationalization.

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.

Against the backdrop of deepening reforms and accelerating the cultivation of new quality productivity, enhancing the resilience of industrial and supply chains has become a critical pathway to achieving high-quality economic development.This study employs balanced panel data from 285 prefecture-level cities in China from 2009 to 2023 to empirically examine the spatial spillover effects of new quality productivity on regional industrial and supply chain resilience, as well as the underlying mechanisms.The findings reveal that improvements in new quality productivity significantly enhance resilience and exhibit notable spatial spillovers, primarily through the alleviation of regional labor and capital misallocation.Heterogeneity analysis further indicates that non-resource-based, non-transport hub, and small to medium-sized cities benefit more prominently.These results offer important policy implications for place-based reform strategies, optimized resource allocation, and the cultivation of new growth drivers, thereby contributing to regional balanced development and stronger industrial and supply chain resilience.

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.

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.

从 2013年起， 我国已经连续 5 年成为全球最大的工业机器人市场， 在促进我国制造业产业转型升级的同时， “机器换人” 引发的制造业劳动力失业问题也引起广泛的争论。 本文运用我国 2012～2017 年工业机器人进出口数据， 依据技术进步的就业效应等理论分析了工业机器人对中国制造业就业的影响。 研究发现， 在我国各省份地区， 工业机器人对整体制造业就业有显著的破坏效应， 在沿海省份地区工业机器人对制造业非技术劳动就业的破坏效应尤为突出。 并且， 在我国要素扭曲度较高的省份地区， 工业机器人对制造业就业的破坏效应相对更大。 因此， 为了缓解这种破坏效应， 本文认为我国应该加快制造业劳动力结构转型升级， 提升制造业非技能劳动力技能水平， 提高要素市场化发展水平。

In the era of digital economy, virtual agglomeration based on the network has become a new form of industrial spatial organization.Its interaction and coupling with traditional geographical spatial agglomeration are deepening increasingly, which plays an important role in expanding the agglomeration effect of industries and enhancing regional innovation capabilities.Based on the perspective of knowledge flow, this paper conducts an empirical test using the panel data of 30 provinces, regions and municipalities in China from 2008 to 2022.The results show that the interactive coupling of virtual agglomeration and geographic agglomeration can significantly improve regional innovation ability, and knowledge flow plays a part of mediating role.Heterogeneity analysis shows that the interactive coupling of virtual agglomeration and geographic agglomeration has a significant regional difference on regional innovation ability, which is significantly positive in eastern region, positive but not significant in central region, and significantly negative in western region.Therefore, it is proposed to accelerate the layout of new digital infrastructure, promote the interaction between virtual agglomeration and geographic agglomeration, promote knowledge flow by relying on industrial internet, industrial innovation alliance, flexible talent introduction and other measures, constantly release the overall efficiency of regional innovation system, and enhance regional innovation capacity.

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.

ESG rating is an important indicator to guide the strategic decision of enterprises.How will the inconsistency of rating results affect the investment decision of enterprises? In this paper, Shanghai and Shenzhen A-share listed companies from 2016 to 2022 are selected as research samples to empirically test the impact of ESG rating divergence on corporate green innovation efficiency.The results show that the greater the differences in ESG ratings, the lower the efficiency of green innovation.The cost of debt capital plays a partial mediating role between ESG rating divergence and green innovation efficiency.In firms with high analyst attention and governance, the negative impact of ESG ratings on green innovation efficiency is weakened.This paper extends the exi-sting research from ESG performance to the field of ESG rating divergence, providing reference and inspiration for improving the construction of ESG rating system and improving the efficiency of enterprises' green innovation.

Supply chain security and stability is an important prerequisite for coping with uncertainty risk and realizing the smooth flow of the"double cycle", and the existing literature mostly examines the impact of supply chain risk from the perspective of supply chain relationship changes. In this study, we use the data of Chinese A-share listed companies from 2008 to 2024 to exa-mine the impact of supply chain risk on their innovation quality from the perspectives of supply chain risk exposure and risk perception. It is found that supply chain risk exposure increases firms' innovation quality, while risk perception decreases firms' innovation quality. Mechanism analysis shows that risk exposure improves innovation quality through supply chain restructuring and digital empowerment, while risk perception reduces innovation quality through financing constraints and resource crowding out effects, which are mainly found in firms with high supply chain concentration, technology-intensive industries, and regions with high marketisation levels. Further, supply chain risk exposure and risk perception interact with each other to drive firms' innovation quality. The study is useful for coping with domestic and international uncertainty risks, building secure and stable supply chain relationships, and promoting corporate innovation.

In the wave of the digital economy, enterprise digital transformation, serving as an excellent booster for the digi-tal economy, provides new pathways for enhancing the resilience of industrial chains.This paper analyzes the connotation of indust-rial chain resilience from the perspective of the general characteristics of industrial chain networks.It posits that industrial chain resi-lience can be decomposed into two dimensions: the resilience of industrial chain network nodes and the resilience of industrial chain network structure.Utilizing data from A-share listed companies from 2010 to 2022, this study verifies the impact and mechanism of enterprise digital transformation on industrial chain resilience.The research finds that enterprise digital transformation significantly enhances industrial chain resilience.This enhancement primarily occurs through two mechanisms: reducing internal agency and production costs to strengthen industrial chain network nodes, and reducing external transaction costs to optimize the industrial chain network structure.Further research reveals that the presence of state-owned enterprises and technology-intensive enterprises amplifies the reinforcing effect of enterprise digital transformation on industrial chain resilience, while the presence of labor-intensive enterprises suppresses this reinforcing effect.This paper elucidates the intrinsic micro-mechanism of how enterprise digital transformation reinforces industrial chain resilience, providing a theoretical foundation and policy implications for promoting the digitalization of industrial chains to enhance their resilience and security.

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.

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.

In today's global environment, where VUCA features are becoming more prominent, organizational resilience plays a crucial role in helping firms cope with crises and achieve sustainable development.This study aims to investigate the impact of corporate ESG performance on organizational resilience using a sample of non-financial A-share listed companies in China from 2010 to 2023.The empirical results demonstrate that good corporate ESG performance can significantly enhance organizational resilie-nce.Moreover, this positive effect is more pronounced in large firms, firms with executives who possess overseas backgrounds, and non-high-tech firms.The mechanism analysis reveals that ESG performance primarily aids in the enhancement of organizational resilience through three channels: improving firms' innovation abilities, alleviating financing constraints, and reducing agency costs.Furthermore, additional research indicates that media attention positively moderates the contribution of ESG performance to organizational resilience.This paper provides a theoretical foundation for enterprises to actively promote ESG practices and build organizational resilience to achieve sustainable development within the VUCA world of today.

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.

首先， 本文基于 Laplume 等人提出的利益相关者理论研究问题的划分， 对 2008 年以来发表在国内外权威管理学期刊上的有关利益相关者理论的 162 篇文献 （124 篇英文文献、38 篇中文文献） 进行回顾， 揭示了近年来利益相关者理论发展趋势和研究焦点。 其次， 本文从战略理论视角出发， 从企业层战略内涵与企业逻辑、 人力资本产权与公司治理、 价值创造与价值分配的关系、 “经营” 和 “维持” 利益相关者管理模式方面， 对本领域的研究进展进行分析， 提出转型发展情境下的中国利益相关者理论发展的未来方向。 最后， 结合中国转型时期政府作为重要利益相关者的特定情境， 提议从战略管理视角探讨确立良性合作型政企关系作为利益相关者理论发展的一个重要方向。

In the context of the "dual-carbon" goal, enterprises promote green technological innovation through digital transformation, which not only concerns their own survival and development, but also serves as the microfoundation for promoting China's sustainable economic development.Based on the data of A-share listed companies in Shanghai and Shenzhen from 2009 to 2022, the study examines the impact of digital transformation on enterprises' green technological innovation.The study finds that digital transformation helps to improve the level of green technology innovation of enterprises, and the estimation results are very robust.The mechanism test shows that digital transformation promotes corporate green technology innovation through enhancing internal capacity building, increasing external market attention and increasing government subsidies.Heterogeneity analysis shows that digital transformation promotes firms' green technology innovation more significantly in state-owned enterprises and regions with high environmental regulation intensity.This study provides empirical evidence for understanding that digital transformation empowers enterprises' green technology innovation, and provides theoretical and practical references for promoting digital transformation for sustainable economic development in China.