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.

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.

With the development of digital economy, enterprise digital transformation has become the focus of academic attention. The 20th National Congress of the Communist Party of China (CPC) and the Third Plenary Session of the 20th CPC Central Committee of the Communist Party of China (CPC) emphasized the need to accelerate the digital transformation of enterprises, promote the comprehensive upgrading of R&D, production, operation, sales and other businesses, and use technologies such as AI and big data to lead the transformation of production methods, lifestyles and social governance. The study Taking high-tech enterprises as an example, this study uses structural equation model to study the impact of digitalization on the innovation performance of high-tech enterprises, and verifies the mediating role of absorption capacity. The results show that digital transformation has a positive impact on enterprise innovation performance. Absorption capacity has a positive impact on the innovation performance of enterprises. Digital transformation has a positive impact on absorptive capacity. Absorptive capacity plays a mediating role between digital transformation and enterprise innovation performance. This paper reveals the innovation mechanism of digital transformation to high-tech enterprises, so as to enhance the core competitiveness of enterprises.

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.

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 new quality productivity is the innovative development and creative transformation of Marx's productivity theory, the "leap" of productivity in line with the construction of modern industrial system in the new era, and the "first chess pla-yer" to accelerate the modernization of Chinese industrial chain.Based on the panel data of 30 provinces in China from 2013 to 2023, this paper analyzes the relationship between new quality productivity, national unified large market and Chinese-style industrial chain modernization.It is found that the new quality productivity can promote the modernization of the Chinese-style industrial chain, and the national unified large market plays a positive regulating role in it.Heterogeneity results show that the effect of new quality productivity on the modernization of Chinese industrial chain is more obvious in high innovation level regions.The expansion test finds that the new quality productivity can produce a positive spatial spillover effect, and play a driving role in the modernization of the Chinese industrial chain in the surrounding areas.Therefore, we should actively promote the construction of a national unified large market, accelerate the cultivation of new quality productivity, and accumulate energy for accelerating the modernization of the Chinese industrial chain.

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 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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。

This paper takes A-share listed enterprises from 2015-2021 as samples, and measures the level of corporate digi-talization based on text mining technology to explore the impact of corporate digitalization on financing constraints.The study finds that corporate digitalization has a mitigation effect on financing constraints, which is mainly achieved by reducing information asymmetry and reducing agency problems;when enterprises are in the mature stage, have rela-tively high strategic deviance and face relatively high economic policy uncertainty, the mitigative effect is more significant.The study not only provides new empirical evidence for understanding the economic effects of corporate digitalization, but also provides important enlightenment for accelerating the construction of a new development pattern and promoting high-quality economic development.

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 digital economy has become a new momentum for improving the productivity of full factor and achieving high-quality economic development.Based on 2011~2020, Chinese urban data is constructed, and the urban digital economy development index is constructed, and combined with the data of China's Shanghai-Shenzhen A-share listed companies data, it inspects the impact of digital economy development on the entire factor productivity of enterprises.Studies have found that the development of the digital economy has significantly improved the level of productivity of the enterprise's full factor;the mechanism test shows that the digital economy mainly improves the level of the enterprise's full factor productivity by accelerating the digital transformation of enterprises, improving the technological innovation capabilities of the enterprise, and improving management efficiency.Heterogeneous analysis found that the development of digital economy has a stronger promotion effect on non-state-owned enterprises, innovative enterprises, and enterprises with high digital attention.This study not only provides theoretical support for accelerating the development of the digital economy, but also provides policy inspiration for the deep integration of the digital economy and the real economy.

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.

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.

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.

Artificial intelligence (AI), as an important driving force for industrial transformation and upgrading, will inevitably have a significant impact on corporate capital market performance while promoting firm digitization.This article empirically tests the impact and its mechanism of AI applications on capital market performance using A-share listed companies in Shanghai and Shenzhen from 2010 to 2024 as samples.The research shows that promoting the firm AI applications can significantly improve their capital market performance, manifested in increased stock liquidity.The channel mechanism indicates that AI applications promotes the improvement of capital market performance by alleviating financing constraints.Heterogeneity indicates that the promotion effect of AI applications on capital market performance is more pronounced in non-state-owned, weak management power, and low mana- gement age firm groups.The research conclusion of this article not only enriches the economic effects of artificial intelligence, but also provides empirical evidence to support the understanding of stock liquidity in the capital market.

Government subsidies are an important means to support and guide the development of enterprises. Under the current backdrop of vigorously promoting high-quality development, whether government subsidies can achieve the expected effect and help enterprises enhance their new quality and productivity has become a focus of concern for both the academic community and go-vernment departments. This paper empirically examines the impact of government subsidies on the new quality productivity of enterprises by using the data of A-share listed companies from 2015 to 2024, and further examines the influence of enterprise strategic choices on the relationship between the two. The research findings show that: (1) There exists an inverted U-shaped nonlinear relationship between government subsidies and the new quality productivity of enterprises. This conclusion still holds true after a series of robustness tests. (2) Different strategic choices made by enterprises will also affect the effectiveness of government subsidies. Adopting differentiated strategies and cost leadership strategies will both mitigate the negative impacts brought about by excessive subsidies. Further analysis shows that moderate government subsidies and enterprise financialization can achieve internal and external synergy, jointly promoting the improvement of new quality productivity of enterprises. Conversely, it will accelerate the deterioration of the subsidy effect. The research conclusion of this paper has reference significance for how to enhance the expected effect of government subsidies and promote the improvement of new quality productivity of enterprises.

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.

This paper empirically examines the impact of corporate supply chain concentration on default risk using listed companies in Shanghai and Shenzhen from 2011 to 2021 as the research sample.It is found that there is a significant positive correlation between supply chain concentration and corporate default risk, i.e., the higher the supplier concentration and customer concentration of a firm, the higher the expected default probability.It is further found that financing constraints have a negative mode-rating role in the positive relationship between supply chain concentration and corporate default risk, while institutional investors' shareholding ratio plays a positive moderating role in the positive relationship between the two.Mechanism analysis reveals that innovation investment and firm performance play a mediating role in the relationship between supply chain concentration and firm default risk, and that higher supply chain concentration reduces firms' innovation investment and performance levels, thus increasing the expected default probability of firms.The findings of this paper enrich the research connotation of the economic consequences of corporate supply chain concentration and the influencing factors of default risk, and provide useful reference for enterprises to reduce default risk by adjusting supply chain concentration.

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.

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.

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.

Based on the panel data of 286 Chinese cities from 2011 to 2022, from the perspective of innovation and entrepreneurship, this paper uses fixed effect model, mediating effect model, moderating effect model and spatial econometric model to exa-mine the influence of innovation policy and digital economy on high-quality development and its mechanism in multiple dimensions.It is found that digital economy and innovation policy can significantly promote high-quality urban development, and this result remains robust under various tests such as considering endogenous problems and controlling fixed effects.Mechanism test shows that there is a significant positive interaction effect between innovation policy and digital economy on high-quality development, which can promote the high-quality development of cities by improving the activity of innovation and entrepreneurship.Heterogeneity analysis finds that the interactive effect of innovation policy and digital economy is mainly manifested in large-scale cities and high innovation and entrepreneurship vitality, and it is easier to promote the high-quality development of cities in eastern and central regions.The spatial effect study shows that the implementation of innovation policy and the development of digital economy have significant spatial spillover effects, which can significantly improve the high-quality development level of surrounding cities.The research can provide enlightenment for optimizing China's innovation policy system, giving full play to the empowering role of the digital economy, and realizing innovation-driven high-quality development.

Given the practical needs of advancing the "dual-carbon" strategy and green supply chain collaboration, studying how green finance development addresses supply chain carbon reduction dilemmas through transmission mechanisms is significant. Based on resource orchestration theory, using 2010-2023 A-share listed company data, this paper explores green finance's essential impact on supply chain carbon reduction via the "structuring, capability-building, value-creation" process of inter-organizational resource redistribution. Findings show green finance significantly boosts supply chain carbon reduction, with stronger effects on upstream than downstream enterprises. Mechanism tests reveal a chain mediation path: "green finance development-eased financing constraints-digital transformation-supply chain carbon reduction". Heterogeneity analysis indicates state-owned enterprises and those with low customer dependence better utilize green financial resources for supply chain emission reduction. This study clarifies inter-organizational collaborative reduction mechanisms of green finance at the supply chain level, offering theoretical and practical support for optimizing green finance and strengthening low-carbon supply chains.

The transformation of urban digital intelligence is gradually promoted under the development of artificial intelligence, and plays a role in enabling the high-quality development of economic society and enterprises.Based on this, taking the national new generation of artificial intelligence innovation and development pilot zone as an exogenous impact, this paper explores the effect of urban digital intelligent transformation on enterprise labor income distribution by constructing a differential model.The results show that compared with non-pilot cities, the labor income share of enterprises in pilot cities has increased significantly.Heterogeneity analysis shows that the increasing effect of the establishment of pilot zones on the labor income share of enterprises is more obvious in state-owned enterprises, capital-intensive enterprises, enterprises with high bargaining power of employees, eas-tern and central regions and enterprises with low marketization level.According to the mechanism analysis, urban digital intelligent transformation can increase the cash abundance of enterprises, improve the level of human capital of enterprises, and then increase the share of labor income.Further analysis shows that the establishment of pilot zones can improve the income inequality within enterprises, especially in areas with large labor mismatch.This paper enriches the research on the economic consequences of artificial intelligence pilot zones, and provides policy implications for promoting the implementation and development of artificial intelligence and increasing the share of labor income.

Focusing on the artificial intelligence industry, we constructed an indicator system for the integration of innovation chain, industry chain, and talent chain (hereinafter referred to as the "three chains"), and explored the spatiotemporal characteristics of the integration of artificial intelligence "three chains" in 281 prefecture level and above cities in China from 2014 to 2022, as well as the spatiotemporal heterogeneity of different influencing factors. Research has shown that: (1) the level of integration of urban artificial intelligence in the "three chains" exhibits significant temporal growth and spatial differentiation characteristics of "high in the east and low in the west".(2) The integration of the "three chains" of artificial intelligence has significant spatial positive correlation, and spatial heterogeneity continues to increase. High high agglomeration cities are expanding towards the eastern metropolitan area, forming a core periphery gradient pattern and multipolar differentiation trend. Low low agglomeration is mainly distributed in western and northeastern cities, and the overall level of urban integration is improving while structural differentiation coexists. However, there are still relatively few cities with high levels of integration.(3) The impact of urban economic deve-lopment, employment density, and commercial credit environment shows a significant gradient pattern of high in the east and low in the west. The impact of financial development exhibits coastal polarization characteristics. Digital infrastructure and government technology support have formed a spatial pattern of "digital divide" and imbalanced policy resource allocation, respectively.

Since 2018, the United States has actively pushed for technological decoupling from China to maintain its dominant position in science and technology, which is bound to have profound impacts on the economy and trade of both China and the United States, as well as other countries around the world.As the degree of technological decoupling between China and the United States deepens, the GDP, investment, and welfare levels of both countries decline significantly, but the decline in the United States is more obvious.At the same time, the total trade volume between the two countries sharply decreases, and the country of origin and industrial structure of imports and exports show diverse changes.In contrast, the GDP, investment, and welfare levels of other countries or regions around the world improve slightly in the scenario of technological decoupling, and their trade volume expands.Except for high-tech industries, the export of other industries is severely damaged, but the import is significantly improved.In this regard, China should manage differences through negotiation and expand the space for science and technology coo-peration between the two countries.At the same time, China should deepen its opening-up and open up new channels for technological exchanges on this basis.In addition, China should increase its efforts in independent innovation and cultivate new quality productivity to achieve the autonomous and controllable industrial supply chain.

Innovation is an important measure to enhance the competitiveness of the supply chain.In the context of supply chain spillover effects, does customer ESG performance affect supplier enterprise innovation?This article takes the listed companies that disclosed the top five customers from 2010 to 2024 as samples to investigate the spillover effect of customer ESG performance on supplier enterprise innovation.The study has found that well ESG performance of customers promotes supplier enterprise innovation by alleviating financing constraints, reducing information asymmetry, and operational risks.Further research shows that when suppliers are in heavily polluting industries, the more stable the supply chain relationship and the stronger the bargaining power of customers, the positive ESG performance of customers has a stronger effect on the innovation of supplier enterprises.This paper expands the research on the influencing factors of enterprise innovation and the economic consequences of customer ESG performance in the context of cross enterprise relationships.The research findings provide empirical evidence for optimizing supply chain relationship management and improving supply chain autonomy and controllability.