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    20 December 2025, Volume 46 Issue 12 Previous Issue   

    6561D43B-1C2

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    6561D43B-1C2
    Research on the collaborative innovation mechanism of mega-projects: A case study of China′s high-speed railway
    Li Xiaoyi, Tang Fangcheng, Liu Chuanyu
    2025, 46(12): 1-10.  DOI: 10.19571/j.cnki.1000-2995.2025.12.001
    Abstract ( 185 )   PDF (1934KB) ( 86 )  
       Under the technology decoupling of China from the US, overcoming the "neck strangling" challenges posed by key core technologies has become a primary problem for Chinese megaprojects. Based on the innovation ecosystem theory, using a longitudinal single case analysis, this paper explored the mechanism of collaborative innovation among numerous participants in mega-projects to analyze the "catch-up" process of China′s high-speed railway technology. The results indicated that: (1) the changes in core platform promote the evolution of the innovation ecosystem; (2) the collaboration models and mechanisms of collaborative innovation among participants evolve at different stages of the innovation ecosystem′s development in mega-projects; and (3) collaboration among institutions, organizations, and knowledge interacts mutually, supporting and promoting the formation, evolution, and technological innovation efficiency of the innovation ecosystem. The study will enrich the theoretical framework of innovation ecosystems based on Chinese practices, expand the scope of research on platform theory and collaborative innovation theory, and provide enlightenment for overcoming the "neck strangling" dilemma of critical core technologies in mega-projects in China.
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    Research on the construction path of China′s autonomous and controllable industrial value chains: A case study of China′s large UAV industry
    Zheng Shuwen, Ouyang Taohua, Chen Xintong, Ma Qiang
    2025, 46(12): 11-22.  DOI: 10.19571/j.cnki.1000-2995.2025.12.002
    Abstract ( 96 )   PDF (1703KB) ( 42 )  
       Under the backdrop of de-globalization, the construction of China′s industrial value chain not only pursues efficiency but also takes security into account. Especially for the strategic high-tech industries of latecomer countries, an autonomous and controllable industrial value chain that prioritizes security while considering efficiency profoundly influences their technological catch-up, economic development, and stability and security. In response to the theme of how to build an industrial value chain with the goal of autonomy and controllability in China, this paper conducted a longitudinal case study on China′s large unmanned aerial vehicle (UAV) industry from the perspective of system resilience, exploring the typical characteristics, construction paths, and boundary conditions of the "China Chain". The research findings are as follows: Firstly, unlike mass-produced manufactured goods that can begin as "embedded participants" to cultivate competitive advantages through deep engagement in global value chain (GVC) divisions, complex sensitive products like large UAVs must start as "dominant players" to avoid the "low-end lock-in" risks of embedded participation and secure control over core value chain segments. This paper thus extracted five dimensions of the "China Chain" model—applicable products, initial conditions, actors, action pathways, and operational logic—anchored in the "dominant player" starting point. Secondly, a processual theoretical framework for building autonomy and controllable China Chains was proposed: the two ends of the industrial value chain (R&D and service sectors) constitute critical junctures. System resilience operates through anticipatory and process-based mechanisms across these junctures. Technological innovation and organizational synergy serve as dual drivers for achieving autonomy and controllability. Thirdly, opportunity windows and China′s aviation industry collaboration model emerge as necessary conditions for constructing autonomy-controllable value chains. This study will contribute to expanding the system resilience theory, enrich the academic discourse on "China Chain", and unveil the "black box" of their construction. It will also offer practical insights for "chain-leading" enterprises to strengthen their dominant positions and spearhead innovation in global industrial value chains.
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    A study on the impact of artificial intelligence applications on industry chain resilience: A digital innovation ecosystem-driven perspective
    Jia Weifeng, Jiang Zeyu
    2025, 46(12): 23-32.  DOI: 10.19571/j.cnki.1000-2995.2025.12.003
    Abstract ( 126 )  
       The construction and improvement of digital innovation ecosystems provide huge opportunities for artificial intelligence (AI) applications to enhance industry chain resilience. Based on the provincial panel data from 2008 to 2021, this study employed a dual fixed-effects model, a mediation effect model, and a moderation effect model to empirically examine the impact of AI applications on industry chain resilience driven by digital innovation ecosystems. The findings are as follows: (1) AI applications positively influence industry chain resilience, and this conclusion remains robust after a series of robustness tests and addressing endogeneity issues; (2) Driven by digital innovation ecosystems, digital innovation bodies and digital innovation platforms partially mediate the impact of AI applications on industry chain resilience, while the digital ecological environment plays a moderating role in this relationship; and (3) The heterogeneity analysis revealed that the impact of AI applications on industry chain resilience is more pronounced in central and western regions, areas with high-level digital innovation ecosystems, and regions with lower levels of advanced industrial structures. This study has not only unveiled the intrinsic mechanisms through which AI enhances industry chain resilience from a novel research perspective, providing empirical evidence for strengthening chain resilience amidst global transformations, but also advanced quantitative research on digital innovation ecosystems, enriching the existing theoretical content.
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    Research on the influence of artificial intelligence on the new quality productive forces of the NEV industry
    Liu Hongwei, Tan Min
    2025, 46(12): 33-44.  DOI: 10.19571/j.cnki.1000-2995.2025.12.004
    Abstract ( 72 )  
       In the context of the wide application of digital intelligence technology, it is of great significance to clarify the relationship between artificial intelligence and new quality productive forces and its action mechanism for economic transformation and upgrading, as well as high-quality development. Based on the panel data of listed companies in China′s new energy vehicle industry (NEV) from 2011 to 2022, this paper used the two-way fixed effect, threshold effect model and tool variable method to discuss the influence and action mechanism of artificial intelligence on the new quality productive forces of the new energy vehicle industry. The results showed that: (1) Artificial intelligence can not only directly promote the improvement of the industrial new quality productive forces, but also indirectly promote the development of industrial new quality productive forces by reducing the stickiness of R&D costs and transaction costs, improving the quality and efficiency of innovation; (2) The promotion effect of artificial intelligence on the industrial new quality productive forces has obvious heterogeneity characteristics and threshold effect. In the non-state-owned enterprises, eastern regions and after Tesla set up factories in China, as well as enterprises with short establishment time, moderate listing time and large number of employees, the promotion effect is more obvious; and (3) Analysis of the transmission effect within the industrial chain reveals that the downstream industry has a stronger transmission effect on the upstream industry. This research has revealed the emergence mechanism of artificial intelligence to promote new quality productive forces, and it will provide important inspiration for the better use of digital intelligence technology to empower new quality productive forces under the new development pattern.
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    AI for X: Typical patterns, formation mechanisms, and evolutionary mechanisms
    Li Tianzhu, Yang Fengyue, Wan Yujing
    2025, 46(12): 45-53.  DOI: 10.19571/j.cnki.1000-2995.2025.12.005
    Abstract ( 76 )  
       A salient trend in the evolution and application of contemporary artificial intelligence is its provision of novel impetus for creative endeavors, including scientific research, technological innovation, and artistic creation, thereby engendering the phenomenon of AI for X, which holds significant value in both practical and theoretical contexts. To this end, this paper delineated AI for X as "artificial intelligence-driven creative activities", drawing on an analysis of current trends and theoretical contemplation to examine its typical patterns, formation mechanisms, and evolutionary mechanisms. Our research made three theoretical contributions: First, AI for X encompasses three distinct patterns: outsourcing, teaming, and principal-agent relationships. Moreover, the extent and depth of artificial intelligence′s engagement in creative activities differ across these patterns. Second, the formation mechanisms of these patterns are predicated on the collaborative creation between artificial and human intelligence, establishing a division of labor and cooperative relationships among operators, managers, and entrepreneurs within creative activities. Third, as artificial intelligence′s capacity to engage in creative activities advances, AI for X undergoes an evolutionary process from "outsourcing" to "team" to "principal-agent" models. Furthermore, the cognitive transition of artificial intelligence from being perceived as a "technical tool" to a "collaborative partner", along with the relative structuring of creative activities, modulates the evolution of AI for X′s patterns. In conclusion, this research will not only enhance our comprehension of the development and application of contemporary artificial intelligence but also offer a reference for selecting and applying the different patterns of AI for X in practical applications. 
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    The empowerment of data elements: Public data opening and enterprise investment efficiency
    Zhang Tingting, Ding Fei, Li Yanxi, Chang Wei
    2025, 46(12): 52-64.  DOI: 10.19571/j.cnki.1000-2995.2025.12.006
    Abstract ( 104 )  
       Breaking public data monopoly, enabling seamless data flow, and releasing data dividends are crucial for constructing new national competitive advantages. This study employed a quasi-natural experiment utilizing the opening of China′s municipal government data to construct a staggered difference-in-differences (DID) model, assessing the impact of public data opening (PDO) on enterprise investment efficiency. The findings showed that PDO significantly improves investment efficiency by mitigating both underinvestment and overinvestment inefficiencies, primarily through information empowerment and institutional empowerment mechanisms. The heterogeneity analysis revealed that the impact of PDO on investment efficiency is influenced by enterprise characteristics, public data quality, and policy convergence. Further analysis identified supply chain diffusion, investment scale, and regional spillover effects. Furthermore, PDO has been found to drive "productive" investment through "efficient" investment. In addition, it has been determined that PDO can promote total factor productivity of enterprises. This study will contribute to the theoretical understanding of PDO′s role in market decision-making, highlight its positive externalities of PDO, and provide empirical evidence for optimizing resource allocation through data—reflecting the micro-level implementation of the nation′s "developing data productivity" strategy. It will also underscore the significance of government data infrastructure in fostering high-quality economic development.
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    Research on the connectivity of the multi-layer innovation network of "knowledge-technology-product" in the field of chip manufacturing
    He Xijun, An Jiajun, Dong Ying, Shi Anjie, Zhang Zhihao
    2025, 46(12): 65-77.  DOI: 10.19571/j.cnki.1000-2995.2025.12.007
    Abstract ( 45 )  
       The chip manufacturing industry is a strategic pillar for China′s technological self-reliance and high-quality development. The connectivity of its innovation networks directly affects China′s position and competitive advantage in the global innovation, industrial, and supply chains. However, existing studies have seldom explored the interactive connectivity of knowledge, technology, and product elements from a percolation-based multi-layer network perspective. This paper constructed a multi-layer innovation network for China and the world in the "knowledge-technology-product" dimensions, using the data from research papers, patents, and product supply collaborations in the chip manufacturing sector from 2013 to 2022. By applying the generating function method based on the percolation theory, the study characterized the dynamic percolation process, measures the inter-layer and intra-layer connectivity, and revealed its structural evolution and connectivity thresholds. The findings are as follows: (1) There are significant differences in the connectivity of single-layer innovation networks in China′s chip manufacturing sector. The knowledge network remains stably connected, while the technology network has exhibited disconnection since 2018, and the product network shows an inverted U-shaped trend in connectivity. (2) The interactive connectivity of the "knowledge-technology-product" innovation chain is relatively low. The diffusion paths from knowledge to technology and from knowledge to products are technically connected but inefficient, and the path from technology to products is disrupted. (3) The distribution of the largest subgroups in the multi-layer innovation networks is uneven, with low aggregation of heterogeneous innovation resources, resulting in insufficient resilience across the overall network. This article provides a methodological reference for investigating percolation connectivity in multilayer innovation networks and offers strategic guidance for innovation network governance in China′s chip manufacturing sector.
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    Impact of the national innovation city pilot policies on upgrading of the manufacturing industry
    Yuan Zheng, Zhang Bing, Zhao Zengming
    2025, 46(12): 78-89.  DOI: 10.19571/j.cnki.1000-2995.2025.12.008
    Abstract ( 43 )  
       The transformation and upgrading of the manufacturing industry are inevitable requirements for China′s high-quality development. Based on the national tax sampling survey data from 2007 to 2015, and matched with the national innovation city pilot policy, we found that the national innovation city pilot policy significantly promoted the upgrading of the manufacturing industry in the pilot cities, and there were spatial spillover effects. After estimating PSM-DID, parallel trend test, placebo test, and excluding other policy influences, the conclusion remained robust. The pilot policy promotes manufacturing upgrading through output adjustment and industry entry and exit, enhances significantly the agglomeration level, R&D intensity, and capital deepening of high-tech manufacturing industries, and improves profoundly the labor, capital input, R&D expenditure, and performance of high-tech enterprises. The policy effect is positively regulated by the degree of marketization and government efficiency, and negatively regulated by the degree of market segmentation. This study has enriched the relevant literature on the driving factors of manufacturing upgrading and the economic effects of national innovative city pilot policies, which has important implications for optimizing urban innovation policies and promoting the transformation and upgrading of the manufacturing industry.
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    A configurational study on the emergence of high-level county digital economy within digital ecosystems
    Yu Weizhen, Zhang Yan, Liu Xiufen, Wang Lu
    2025, 46(12): 90-99.  DOI: 10.19571/j.cnki.1000-2995.2025.12.009
    Abstract ( 260 )  
      The digital economy is a key driver of high-level development in county-level economies, but the determining factors and emergent mechanisms of its development remain to be explored. Based on the configurational perspective, this study constructed a framework for analyzing the input and output of the digital ecosystem using configurational analysis. The QCA method was employed to analyze the complex causal relationships behind the emergence of a high-level digital economy in 90 districts, counties and cities in Zhejiang Province. The study found that individual digital ecosystem factors are neither necessary nor sufficient for the emergence of a high-level county digital economy. Industrial foundations are crucial for high-level industrial digitalization, while digital human resources are equally important for achieving digital industrialization. Besides, three emergent mechanisms and four types of digital ecosystems lead to high-level industrial digitalization, market element agglomeration type, market-driven logic government empowerment type (two digital ecosystems), and policy-driven talent core type, while two emergent mechanisms contribute to high-level industrial digitalization, namely, policy-guided market transformation and upgrading type and market resource optimization type. In addition, five types of digital ecosystems result in non-high-level digital economies. The findings will offer some significant theoretical guidance and practical insights for the layout and realization of high-level digital economy development in China. 
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    Research on the impact of smart supply chain construction on the digital innovation of enterprises
    Liu Zheng, Kuang Huishu, Zuo Yonghua, Zhang Yang
    2025, 46(12): 100-111.  DOI: 10.19571/j.cnki.1000-2995.2025.12.010
    Abstract ( 70 )  
       Polarization is the characteristic of digital innovation of enterprises in China, and it is difficult for tail enterprises to break through digital technology due to the impact of digital divide; can the hand of digital public service be used to promote digital innovation from polarization to inclusiveness? This paper characterized the public policies on smart supply chain with pilot innovation and application of urban supply chains, and explored the effect and mechanism of the digital public service of supply chains on enterprise digital innovation based on the data of A-share listed companies from 2010 to 2023. The study found that the construction of smart supply chain effectively promotes enterprises′ digital innovation, in which the tail enterprises with traditional technology, low efficiency and overcapacity benefit the most, indicating that the construction of smart supply chain effectively bridges enterprises′ digital divide and helps to enhance the inclusiveness of digital innovation. In terms of the mechanism of action, information connectivity and capital financing are important mechanisms for smart supply chain construction to promote enterprise digital innovation, and they are most significant for the tail enterprises. The findings of the study will provide some theoretical guidance and practical insights for improving digital public service policies of supply chains and promoting the inclusiveness of digital innovation.
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    Research on the mechanism of high-tech enterprises′ innovation capability enhanced by foreign access: A case study of BeiDou navigation technology
    Mao Yanbing, Ye Qingqing, Liu Kui
    2025, 46(12): 112-123.  DOI: 10.19571/j.cnki.1000-2995.2025.12.011
    Abstract ( 45 )   PDF (1561KB) ( 18 )  

      The mode of technological innovation in China has entered a critical transitional phase, shifting from imitative innovation to independent innovation, and from a technological follower to a parallel and leading player. In this process of transformation and development, market mechanisms are playing an increasingly important role, gradually becoming the endogenous driving force for high-tech enterprises to achieve technological updates and iterations for independent innovation. This paper took the policy announced on December 27, 2012, which allowed foreign manufacturers to enter the market by publishing the interface control document for the BeiDou Satellite Navigation System′s space signals. Using the panel data from 2000 to 2022 for BeiDou Navigation technology enterprises, a breakpoint regression model was constructed to explore the impact of easing foreign market entry on the innovation levels of high-tech enterprises. The originality of this research lies in its micro-market mechanism analysis approach, which establishes a logical connection between micro-level enterprise behavior and macro-level innovation trends, and provides theoretical justification for the independent innovation model of high-tech enterprises. The empirical results revealed three key findings: (1) Relaxed foreign market access enhances market competition intensity, driving continuous improvements in the innovation capabilities of BeiDou Navigation Technology enterprises. 

    Meanwhile, the BeiDou Navigation System has achieved global market competitiveness and world-leading status in critical technical domains; (2) Liberalized foreign entry leverages China′s advantages of massive market scale, diverse market demands, and complete industrial systems to promote independent innovation in high-tech sectors; and (3) Relaxed foreign access strengthens the role of the new national system in efficiently allocating innovation resources and accumulating capital, thereby accelerating innovation capacity building in high-tech enterprises.

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    Research on the effects of decentralized governance on the innovation performance of focal firms
    Zhang Chidong, Qiu Xuhua, Liu Beini, Zhang Xinyu
    2025, 46(12): 124-133.  DOI: 10.19571/j.cnki.1000-2995.2025.12.012
    Abstract ( 27 )  
       Strategic alliances can mitigate the constraints of resources and capabilities in the innovation processes of individual firms, but they also harbor potential risks like conflicts of interest, opportunism, and moral hazard, which necessitate effective governance. However, research on how governance structures impact the focal firm′s innovation performance is currently insufficient. Drawing on the decentralization theory and the information processing theory, this paper explored the nonlinear impact mechanisms and boundary conditions of decentralized governance in strategic alliances on the innovation performance of focal firms. The data from 236 matched pairs of focal firms and their alliance partners were analyzed using the hierarchical regression and Bootstrap methods. The study found that: (1) Decentralized governance has an inverted U-shaped impact on the innovation performance of focal firms, indicating that moderate decentralization is the optimal governance structure for enhancing innovation performance in strategic alliances; (2) Decentralized governance also exerts an inverted U-shaped impact on the alliance partners′ information elaboration, which positively affects the innovation performance of focal firms. The alliance partners′ information elaboration mediates the inverted U-shaped relationship between decentralized governance and the innovation performance of focal firms; (3) Alliance coordination capability is a key capability for focal firms to gain governance advantages. It moderates and flattens the inverted U-shaped relationship between decentralized governance and the alliance partners′ information elaboration. It also moderates and flattens the relationship through which decentralized governance affects the innovation performance of focal firms via the alliance partners′ information elaboration. These findings will offer significant managerial implications for selecting governance strategies and enhancing innovation performance in strategic alliances.

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    Research on the impacts of recognition policy of SRDI "Little Giants" on the innovation of enterprises
    Liu Wei, Zhang Meng, Wang Xinpei
    2025, 46(12): 134-143.  DOI: 10.19571/j.cnki.1000-2995.2025.12.013
    Abstract ( 63 )  
      Specialized, refined, distinctive and innovative "Little Giant" enterprises (SRDI "Little Giants") are an important force in the national innovation-driven development strategy, but the existing micro-research on the innovation effect of the recognition policy of SRDI "Little Giants" is not deep enough. For this reason, this paper selected the SMEs listed in 2015-2021 and the national SRDI "Little Giants" recognized during this period as the research samples, and adopted the DID method to examine the impact of the recognition policy on the innovation quality and innovation efficiency of enterprises and the influence mechanism. It was found that the policy of recognizing SRDI "Little Giants" can significantly improve the innovation quality and innovation efficiency of enterprises, and this conclusion still holds after a series of robustness tests. It was further found that the recognition policy improves firms' innovation quality and efficiency mainly through alleviating financing constraints, improving human capital acquisition and facilitating digital transformation. At the same time, the effect of the recognition policy on innovation quality and efficiency of SRDI "Little Giants" is more significant in the second batch of selected enterprises, those applying the financial subsidy support means, and those in the maturity and decline periods. This paper has provided intuitive and powerful evidence for the effectiveness of the policy of recognizing SRDI "Little Giants", which will have important theoretical and practical value for better assisting the cultivation of SRDI "Little Giants".
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    Research on the impact of managerial ties on enterprises′ responsible innovation
    Tian Hong, Liu Xinyu
    2025, 46(12): 144-151.  DOI: 10.19571/j.cnki.1000-2995.2025.12.014
    Abstract ( 42 )  
        In the context of public concerns about ethical issues in innovation, how to drive enterprises′ responsible innovation to promote sustainable and high-quality development has become a common concern in academic and practical circles. Based on the social capital theory and resource orchestration theory, this study explored the impact of managerial ties on enterprises′ responsible innovation, and constructed a moderated mediation model. Using the survey data of 309 technology-based enterprises and applying the regression analysis and Bootstrap method, the empirical test found that: both business ties and support ties have a positive impact on enterprises′ responsible innovation; resource orchestration partially mediates the impact of business ties and support ties on enterprises′ responsible innovation; long-term orientation of top management positively moderates the relationship between resource orchestration and enterprises′ responsible innovation, and positively moderates the mediating effect of business ties and support ties on enterprises′ responsible innovation through resource orchestration. The findings have expanded the research on the antecedent of enterprises′ responsible innovation, revealed the path and boundary conditions through which managerial ties affect enterprises′ responsible innovation, and they will provide a theoretical basis for managing enterprises′ responsible innovation practices.
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    Research on the impact of digital transformation strategy of enterprises on their commitment to internationalization
    He Yining, Wu Liang, Cheng Cong
    2025, 46(12): 152-161.  DOI: 10.19571/j.cnki.1000-2995.2025.12.015
    Abstract ( 43 )  
        In the face of the ongoing impact of the digital age and profound adjustments in the global economic landscape, how multinational enterprises leverage digital transformation to cope with a complex and changing international environment has become an urgent and significant issue. This paper examined the multinationals listed on the Shanghai and Shenzhen stock exchanges from 2012 to 2021 and utilized the panel regression methods to explore the impact of digital transformation strategy of enterprises on the commitment to internationalization and the moderating role of legitimacy contexts on this relationship. The study found that: (1) Both endogenousdriven strategy and platformdependent strategy enhance the construction of commitment to internationalization; (2) Successful experiences tend to solidify corporate mindsets and organizational structures, thereby weakening the promotive effect of endogenousdriven strategy on commitment to internationalization. Conversely, failed experiences, by promoting corporate reflection and learning, strengthen this positive relationship; (3) The environments with a high degree of institutional voids and cultural loose enhance the positive impact of platformdependent strategy on commitment to internationalization by providing a more tolerant and supportive developmental atmosphere. The conclusions of the research will advance the theoretical understanding of how digital transformation strategy of enterprises impact commitment to internationalization, and provide new perspectives and empirical evidence for Chinese multinational enterprises to utilize digital transformation to carve out international competitive advantages and deeply integrate into the global economy.
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    Research on the impact of key customer-supplier duality on the innovation efficiency of enterprises
    Wang Jingyu, Wei Wei, Chen Jin
    2025, 46(12): 162-169.  DOI: 10.19571/j.cnki.1000-2995.2025.12.016
    Abstract ( 37 )  
       With the trend towards industry concentration and strengthening of the dominant position of top enterprises in the supply chain, the phenomenon of key customer-supplier duality in the supply chain management practice is becoming increasingly common. However, with the outbreak of the "Amethystum" incident, whether key customer-supplier duality can empower enterprises to develop with high quality has become a focus of academic discussion. This paper selected A-share listed companies from 2007 to 2022 as the research object, and used a combination of panel fixed effects model and quasi-natural experiments to study the impact of key customer-supplier duality on the innovation efficiency of node enterprises. It was found that: firstly, key customer-supplier duality has a negative impact on the innovation efficiency of enterprises; secondly, the mechanism is manifested as increasing corporate financing constraints and reducing supply chain efficiency; thirdly, when a company has strong absorption capacity, effective internal control, low dependence on the supply chain, and its key customers/suppliers are state-owned enterprises, the negative impact of key customer-supplier duality on the corporate innovation efficiency can be effectively alleviated. This paper has incorporated suppliers and customers into a unified research framework, focusing on the impact of supply chain relationships on enterprise innovation from a more comprehensive perspective and enriched existing literature, and it will provide reference for strengthening the supervision of key customer-supplier duality behavior in management practice, suppressing opportunistic behavior, and empowering high-quality development of enterprises.
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    Research on the impacts of synergy of governmental and market-based environmental regulations on carbon performance of enterprises
    Wen Shuhui, Cheng Yuyuan, Liang Jingwei
    2025, 46(12): 170-178.  DOI: 10.19571/j.cnki.1000-2995.2025.12.017
    Abstract ( 46 )  
    Achieving the goal of "carbon peaking and carbon neutrality" requires top-level policy design that balances development with low-carbon goals. Policy innovation is key to realizing government-market synergy. Using the panel data from Chinese listed companies (2005-2018), this paper examined the dual pilot of carbon trading policies and the top-10,000 energy-consuming enterprises program as a quasi-natural experiment, exploring the impact of policy linkage on corporate carbon performance via dual machine learning. The key findings include: (1) The combination of government-mandated regulations and market incentives significantly improves carbon performance, with dual-pilot policies more effective in balancing environmental protection and economic growth than singlepilot approaches; (2) The mechanism analysis showed that dual-pilot policies mitigate the inefficiencies of commandbased regulations through green innovation, reducing market distortions, and improving financial performance; and (3) The heterogeneity analysis revealed stronger effects in technology-intensive, capital-intensive, high-pollution industries, particularly for large, high-growth firms with strong green innovation foundations. This study will provide new insights into how policy synergies impact corporate green transformation and offer micro-level evidence for environmental policy innovation. 
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    Study on the channels and economic effects of digital economic development on green innovation in heavily polluting firms
    Yuan Huaxi1, Huang Xiaohong1, Yuan Gecheng2, Long Jie3
    2025, 46(12): 179-189.  DOI: 10.19571/j.cnki.1000-2995.2025.12.018
    Abstract ( 42 )  
      Green innovation is a key means to achieve high-quality economic development, and how to promote green innovation in heavily polluting enterprises in the digital economy era is an important theoretical and practical problem that urgently needs to be solved. This paper selected the matching data of urban digital economy and China′s Shanghai and Shenzhen A-share heavily polluting listed companies from 2011 to 2019, and used the fixed effect model to analyze the impact, channels and economic consequences of digital economy development on the green innovation of heavily polluting enterprises. The research found that: (1) The development of the digital economy has significantly promoted green innovation in heavily polluting enterprises, and this promotion effect is sustained. (2) The development of the digital economy reduces financing constraints, encouraging enterprises to increase investments in research and development as well as environmental protection, thereby fostering green innovation activities. (3) Further analysis showed that the high level of attention from external stakeholders, including the government, the public, and investors, has enhanced the driving force for corporate green transformation, making the development of the digital economy increasingly significant in promoting corporate green innovation. (4) The green innovation driven by the development of the digital economy not only brings economic benefits to heavily polluting enterprises, but also does not increase the risk of their stock price collapse. This paper has not only provided a new perspective for studying the impact of digital economy development on green innovation of heavily polluting enterprises, but also will provide policy references for exploring the path to enhance green innovation of heavily polluting enterprises.
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    Climate risks, climate actions, and corporate green technology innovation: A logical correlation and empirical evidence
    Tian Lijun, Li Quanming, Ding Yunhan
    2025, 46(12): 190-198.  DOI: 10.19571/j.cnki.1000-2995.2025.12.019
    Abstract ( 36 )  
      Green technology innovation is an important driving force to achieve China′s path to modernization, and it is the only way for enterprises to respond to climate change risks with active climate actions for green sustainable development. To explore the correlation and response effects between climate risk, climate action, and corporate green technology innovation, a theoretical analysis framework and a two-way fixed effects panel model were constructed among variables. China′s A-share listed companies were selected as the research objects, and empirical analysis was conducted using the panel data from 2008 to 2022. The research results showed that: (1) "Climate risk climate action green technology innovation" forms a sequential response correlation, and the transmission of driving forces forms a "funnel-shaped" screening and filtering. There is no statistically significant correlation between overall climate risk and corporate green technology innovation, and there is great uncertainty about whether climate change can stimulate corporate green technology innovation; (2) Climate risks will encourage businesses to take climate action, but there is a time lag and strategic passivity. Only transition risk significantly affects corporate climate action among climate risks. The speed at which climate action evolves from low-level reactive and defensive to high-level adaptive and proactive depends on the accumulation of internal resources and capabilities, as well as the magnitude of external pressures; (3) There is a significant inverted U-shaped relationship between climate action and corporate green technology innovation, with excessive climate action leading to a crowding out effect on green technology innovation. Only adaptive and proactive climate actions have a significant impact on green technology innovation in climate action. This paper established a systematic analysis framework to avoid the overall fragmentation of a single identification logic. The research conclusion will provide empirical evidence for quickly focusing on the most critical influencing factors of green technology innovation, accurately positioning the development stage, laying theoretical support for correcting climate behavior alienation, scientifically formulating climate action plans, and rationally allocating research and development resources.
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    Research on the impacts of intellectual property trade barriers on the innovation of Chinese enterprises
    Liu Xiaoling, Tian Hanzhi, Sun Xiaohua
    2025, 46(12): 199-208.  DOI: 10.19571/j.cnki.1000-2995.2025.12.020
    Abstract ( 87 )   PDF (1241KB) ( 36 )  
       Intellectual property (IP) barriers have become one of the most significant non-tariff barriers in international trade today. Do they serve as obstacles to or catalysts for independent innovation by Chinese export firms? Existing research has yet to provide a clear answer to this question. Taking the United States′ intellectual property infringement investigations against Chinese export firms (commonly known as Section 337 investigations) as an example, this paper empirically examined the impact of IP trade barriers on the innovation activities of Chinese export firms as well as the potential mechanisms at play, using the data from Chinese manufacturing listed companies between 2007 and 2019. The results showed that IP trade barriers significantly promote the innovation of Chinese export firms by encouraging firms to increase R&D investment, reducing reliance on external technology imports, and strengthening government R&D support, thereby significantly improving both the quantity and quality of their patents. Firm growth amplifies the positive effects of IP trade barriers on innovation capabilities, but the innovation-enhancing effects are weaker for non-state-owned enterprises than state-owned enterprises, and firms in highly marketized regions exhibit weaker innovation improvements than those in less marketized regions. Moreover, firms′ export dependency, asset specificity, and human capital levels positively moderate the incentivizing effects of IP trade barriers on innovation. The findings of this study will not only deepen the understanding of the dynamics of innovation among Chinese export firms, but also provide policy implications for China to address technological suppression from Western countries and to reshape its new competitive advantages in the global market.
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    Research on the impact of patent pledge on the digital transformation of enterprises
    Wang Wang, Liu Shuliang
    2025, 46(12): 209-217.  DOI: 10.19571/j.cnki.1000-2995.2025.12.021
    Abstract ( 62 )  
       The digital transformation of enterprises is an important foundation for promoting the development of China′s digital economy. Maximizing the driving effect of patent pledging on digital transformation is of great significance to the sustainable and healthy development of enterprises and the high-quality growth of China′s digital economy. Based on the data of China′s A-share listed companies in Shanghai and Shenzhen from 2005 to 2022, this paper used the multi-period difference-in-differences model to evaluate the impact of the patent pledging pilot policy on enterprise digital transformation and its underlying mechanisms. The research found that the pilot projects of patent pledge financing can promote the digital transformation of enterprises. The mechanism tests indicated that the pilot policy achieves this primarily by alleviating financing constraints and fostering technological innovation. The heterogeneity analysis showed that the promotion effect of pilot policies is more significant in non-state-owned enterprises and capital-intensive enterprises, and mainly concentrated in the fields of big data and business models, with no significant impact on enterprise intelligent manufacturing and informatization. This study has theoretically enriched the research on the influencing factors of enterprise digital transformation and the economic effects of patent pledge, which has reference significance for promoting enterprise digital transformation and improving patent pledge financing pilot policies.
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