China′s digital transformation and innovation development trends have attracted widespread attention. The report of the 20th National Congress of the Communist Party of China clearly pointed out that reinforcing the principal role of enterprises in innovation and giving full play to the guiding and supporting role of key high-tech enterprises. How corporate strategies can improve digital innovation performance and promote the development of the digital economy is now a hot topic in industry and academia. Based on 1,612 unbalanced panel data of A-share listed digital enterprises in China from 2007-2017, this paper studied the mechanism of the impact of digital transformation strategy on corporate digital innovation performance. The research results showed that: (1) corporate knowledge absorptive capacity plays a partially mediating role in digital transformation strategy and corporate digital innovation performance; (2) the nature of ownership positively moderates the positive relationship between knowledge absorptive capacity and digital innovation performance; and (3) the concentration of ownership negatively moderates the positive contribution of knowledge absorptive capacity to digital innovation performance. This study will help enterprises clarify the digital innovation performance path, help companies succeed in digital innovation, enhance the digital innovation capabilities of Chinese companies, and serve the development of the digital economy.

   As an important link between finance and ecological environment, green finance can effectively serve the green technological innovation and it is an important issue in the process of promoting the coordinated development of economy, society and ecological environment. Under the dual background of building a green financial system and a market-oriented green technology innovation system, it is of great significance to analyze how the issuance of green bonds plays a role in corporate green technology innovation, with green bonds as the breakthrough point, the promotion of green technology innovation quality increment as the central point, and the research on the "color" of China′s green bond market as the focus of attention.Taking the A-share listed companies in Shanghai and Shenzhen stock exchanges of China from 2010 to 2019 as the research sample, and adopting the theory of green bond issuance to promote the quality improvement of green technology innovation, this paper used the PSM-DID model to conduct a systematic analysis on the relationship between green bond issuance and corporate green technology innovation, their action mechanism and heterogeneous impact, deconstructed the internal logic of green bond and corporate green technology innovation, and used multiple robustness tests to verify the reliability of the research results.The results showed that: (1) the issuance of green bonds is helpful to improve the quality of green technological innovation of enterprises; (2) the higher the issuing amount and the longer the issuing period of green bonds, the stronger the promotion effect on the green technological innovation ability of enterprises; (3) the test of action path showed that enterprises issuing green bonds can act on the green technological innovation of enterprises through three paths: increasing the investment in research and development, reducing the financing cost of enterprises and increasing the attention of investors; and (4) the test results based on corporate heterogeneity showed that the promotion effect of green bond issuance on corporate green technology innovation is more obvious in non-state-owned enterprises and the western region sample.The research results will theoretically enrich the relevant research on the economic consequences of corporate green debt financing and the influencing factors of corporate green technology innovation, and thus practically provide not only policy references for "building a green financial system" and "building a market-oriented green technology innovation system" in the process of high-quality development in China, but also empirical evidence for decision-making departments and the public to judge the "color" of the current Chinese green bond market and prevent the risk of "greenwashing" of green bonds.

    Promoting green innovation and comprehensively achieving green transformation of economy are significant strategic layouts for China to vigorously promote high-quality economic development. At present, China′s extensive development mode of "high input and low efficiency" has led to more serious problems such as overcapacity, environmental pollution, and resource depletion. In particular, energy-intensive, highly polluting, and inefficient manufacturing companies have become a major source of increased carbon emissions. In this regard, it is urgent to change the disadvantage of low "green concentration" of Chinese enterprises at the technical level, so as to stimulate technological innovation and move up the value chain. Fortunately, digital transformation is pushing more flexible and greener production processes, and optimizing the mobility and integration of production factors, which has a momentous impact on stimulating enterprises′ green innovation. In view of the lack of existing literature on the antecedents of green innovation from the perspective of digital transformation, the present paper proposes the following questions: Can digital transformation directly improve green innovation and what is its potential transmission mechanism? Is there industry heterogeneity in the influence examined? Identifying the results of these problems has far-reaching significance to promote sustainable development and help the government to formulate targeted digital policies.The paper examined the relationship between digital transformation and green innovation by using the data of China′s A-share listed companies from 2012 to 2019 and constructing an industry-time dual fixed effect model. The research results indicated that: digital transformation not only directly improves the green innovation level of enterprises, but also indirectly stimulates green innovation by increasing absorptive capacity and strengthening internal controls. The analysis of industry heterogeneity indicated that compared with non-state-owned enterprises, digital transformation plays a greater role in promoting state-owned enterprises′ green innovation. The digital transformation of non-technology-intensive enterprises has no significant impact on green innovation. Compared with enterprises in areas with weak environmental regulations, digital transformation has a stronger incentive effect on the green innovation of enterprises in areas with strong environmental regulations. With the improvement of the level of green finance, the positive correlation between digital transformation and green innovation remains basically unchanged. The findings will help to provide feasible and favorable policy directions for deepening digital transformation to facilitate green development.The possible innovation of the paper lies in that, on the one hand, the relationship between digitalization and green innovation is clarified from the perspective of micro-subjects, thus solving the long-standing disputes and enriching the understanding of the antecedents of green innovation. On the other hand, the paper provides a framework of "benchmarks-influence mechanism-extensibility analysis (heterogeneity investigation)" and for the first time demonstrates the mediating role of internal control and absorptive capacity between digital transformation and green innovation. This helps to provide clear path guidance for enterprises′ green innovation practice.The findings of this paper have three pivotal policy implications. First, companies need to firmly grasp the idea that digital transformation is an important driver of corporate green innovation. For enterprises, to stimulate technological innovation and construct a cornerstone for green development, they should strengthen the deep integration of digital technologies such as big data, cloud computing, and artificial intelligence with enterprises′ product manufacturing and organizational management. Second, it is necessary to open up the dynamic transmission mechanism of "digital transformation - absorptive capacity / internal control - green innovation", continuously accumulate internal and external knowledge, skills, and experience, and gradually establish confidence in green knowledge restructuring and a good internal governance environment. Ultimately, this ensures the integrity and coordination of building intelligent production systems and intelligent management systems using digital technologies. Third, combined with the results of the heterogeneity test, the government should accurately grasp the unique role of digitalization in different enterprises, attaching importance to the rational allocation between policy formulation, enterprise characteristics, and external conditions, and advocate green development.

  The 14th Five-Year Plan of China calls for accelerating digital development, building a digital China, giving full play to the advantages of massive data and rich application scenarios, promoting the deep integration of digital technology with the real economy, and enabling the transformation and upgrading of traditional industries. As an important social technological and institutional phenomenon, digital transformation is gradually becoming an important starting point for the innovative development mode of global enterprises. At present, China′s manufacturing industry is facing great pressure. Faced with this dilemma, how to give full play to and release the institutional advantages of socialism with Chinese characteristics, integrate government and market resources, use digital and information technology, and concentrate on promoting the digital transformation of manufacturing industry has become the core issue of common concern of politics and industry.At present, how institutional pressures affect the process mechanism of enterprises′ response to digital transformation needs further research and discussion.From the perspective of institutional theory and organizational cognition, this paper discussed the institutional motivation and process of digital transformation of manufacturing and digital transformation of business model. Based on the theoretical path of "institutional environment-organizational cognition-digital transformation", this paper used the structural equation model to test the influence of institutional pressures (regulation, cognition and norm) and organizational cognition (urgency and manageability cognition) on enterprise digital transformation with data from 287 manufacturing enterprises. The results showed that: firstly, different institutional pressures have different impacts on the two types of digital transformation. The digital transformation of manufacturing is more response to normative pressure, and the digital transformation of business model is more response to cognitive pressure, while the regulative pressure from the government is not the primary institutional pressure to be responded by the two digital transformation modes, indicating that the digital transformation of enterprises is more based on the requirements of market legitimacy, rather than responding to the demands of government system. Secondly, in the process of digital transformation of manufacturing and digital transformation of business model, organizational cognition plays a mediating role between institutional pressure and enterprise digitalization response. The research results will enrich the research on the process mechanism of enterprises′ response to digital transformation, and provide theoretical guidance and policy suggestions for China′s manufacturing enterprises to carry out digital transformation.The theoretical contribution of this paper lies in three aspects: First, based on the institutional theory and starting from the "government-market" dual institutional context, this paper found that enterprises will have different responses to digital transformation when facing institutional pressures from different sources of government and market, and extends the relevant research on institutional theory and corporate strategic response. Second, from the perspective of organizational cognition, this paper focused on the process of organizational evaluation of strategic issues, and discussed how urgency cognition and manageability cognition deconstruct the "black box" of the influence process of institutional environment on enterprises′ response to digital transformation. Third, the research on digital transformation of enterprises can be divided into digital transformation of manufacturing and digital transformation of business model. It is considered that the digital transformation of enterprises will not only increase the use of digital technology in enterprises, but also include the integration and cross-application of digital technology in company products and services, internal and external activities, which will expand the existing research based on the coupling perspective of "technology-market" and enrich the research results of digital transformation of enterprises.

   With the wave of a new round of scientific and industrial revolution, digitalization has become an important engine for leading global economic and social changes and promoting high-quality development of China′s economy. This paper focuses on the following questions: Can digital transformation of enterprises improve total factor productivity? If so, what is the mechanism of action? The empirical test on this issue, on the one hand, has provided a new perspective for theoretical researchers to understand the consequences and mechanism of enterprises′ digital transformation; On the other hand, it has also provided unique empirical evidence for practitioners to promote the digital transformation of enterprises and the high-quality development of economy.This paper has taken Shanghai and Shenzhen A-share non-financial listed companies from 2007 to 2019 as research samples, and the study found that: (1) when enterprises pay more attention to digitization, their total factor productivity will be improved significantly. The results remained robust after the test of instrumental variable method, propensity score matching and substitution variable. (2) The heterogeneity test found that the information collection and processing advantages of data production factors can help enterprises with farther distances from suppliers and customers and enterprises with higher business complexity to improve the efficiency of resource allocation. In addition, when the enterprise is a growing one or a small and medium-sized one, strengthening the construction of its own digitization level is more conducive to improve its total factor productivity. (3) The mechanism test found that the digital transformation of enterprises improves the total factor productivity by improving investment efficiency, reducing external transaction costs, expanding customer resources and increasing innovation ability. (4) The economic consequence test found that when the total factor productivity of enterprises increases with the digital transformation, it can help enterprises improve their competitive position.The possible theoretical contribution and practical significance of this paper are as follows: firstly, this paper has enriched the relevant research on the consequences of digital transformation. The existing literature mainly studies the impact of digital transformation on the survival and development of traditional industries, internal organizational change and enterprise investment. There is still no empirical discussion on how digital transformation affects the resource allocation efficiency and even the competitive position of non-financial enterprises. This paper found that enterprise digitization does improve the efficiency of enterprise resource allocation, and will eventually help enterprises obtain competitive advantage, which provides a new perspective for academia to understand the value creation results of digitization. Secondly, this paper tested and found the path of digitization on the efficiency of enterprise resource allocation from four ways: investment efficiency, transaction cost, customer channel and innovation ability, which provides a new perspective and verified basis for the theoretical and practical circles to understand the mechanism of digital transformation. Thirdly, this paper introduced four scenarios: the distance between enterprises and suppliers and customers, business complexity, enterprise size and growth. On the one hand, it verified that the information collection and processing advantages of data production factors can promote enterprises to improve the efficiency of resource allocation. On the other hand, it found that digitization is an important support for small and medium-sized enterprises or growing enterprises to shape their competitive advantage.This paper has the following important policy suggestions and implications: firstly, this paper proves the driving effect of digital transformation on enterprise total factor productivity through empirical evidence, indicating that the advantages of enterprise digital transformation outweigh the disadvantages, which is consistent with the policy guidance direction in the era of digital economy. Government should continue to facilitate the integration of digital technology with the real economy, guide and support enterprises to empower traditional industries with information technology. Secondly, for enterprises that are far away from suppliers and customers and face information asymmetry with upstream and downstream members of the supply chain, as well as enterprises with high business complexity, they should make full use of information collection and processing advantages of emerging information technology to realize optimal allocation of resources. For growing enterprises and small and medium-sized enterprises, they should realize that digitalization plays a stronger role in optimizing the efficiency of resource allocation, and actively participate in and realize digital transformation. Finally, in the process of digital transformation, enterprises should focus on using digital and internet platforms to gain insight into market information and explore investment opportunities, reduce external transaction costs by using the characteristics of digital technology, accurately identify the diversified needs of customers and expand their own customer resources when efficiently dealing with massive data information, and strengthen the innovation driving role of digital change.

    In September 2020, China clearly put forward the "double carbon" goals of "carbon peaking" by 2030 and "carbon neutrality" by 2060, which set the direction and requirements for the green transformation of Chinese enterprises. However, whether the green development policies proposed by government departments can be transformed into the motivation for corporate green innovation often depends on the interaction between corporate non-market strategies and market strategies. In the context of striving to create a new era of socialist ecological civilization, it is important to explore the influence of CSR on corporate green innovation and reveal its influence mechanism, in order to promote the development of corporate green transformation and ultimately achieve both economic and environmental benefits at this stage in China. In the context of innovation becoming the first driving force of development, the study of CSR and technological innovation performance and its economic effects has received sufficient attention. 
      Although there are abundant studies, there is still room for in-depth research. First, most of the existing studies have examined the relationship between CSR and green technology innovation with developed countries as the sample, but less attention has been paid to developing countries. Second, the moderating role of how corporate redundant resources play in this is unanswered for now. Therefore, this paper examines how CSR affects the quantity and quality of green technology innovation in the Chinese scenario, and further explores the moderating role of the two types of redundant resources. This paper focuses on the relationship between CSR and green technology innovation output using 2012-2019 State Intellectual Property Office (SIPO) green patent grant and R&L Global CSR Rating data. 
      We found through the study that, first, CSR performance significantly contributes to firms′ green technology innovation output; second, CSR can significantly contribute to firms′ green technology innovation output by providing more redundant resources; third, after considering the moderating role of redundant resources, it is found that unabsorbed redundant resources strengthen the role of CSR performance in promoting green technology innovation output, while non-precipitated slack resource do not have a significant positive moderating role in the relationship between CSR performance and green technology innovation, indicating that it is the long-term investment and financing capability of enterprises that may truly promote green technology innovation. This paper shows that good CSR performance contributes to green technology innovation output even when the resource boundaries of the firm are also taken into account, which can enable scholars to understand the relationship between fulfilling CSR and green technology innovation more comprehensively. 
     This study has important practical implications. First, since the effectiveness of CSR performance in promoting green technology innovation is affected by redundant resources, firms can enhance the effectiveness of CSR in promoting green technology innovation output by improving their capabilities, controlling redundant resources flexibly according to available redundant resources. Second, government managers should focus on environmental policies and the adoption of policies that facilitate and accelerate corporate sustainability CSR strategies. This can promote the development of green technology innovation and enhance the competitive advantage of enterprises，which is beneficial to the economic and environmental sustainability of the companies themselves and the society as a whole.

     "Mass Entrepreneurship and Innovation" is an important strategy for accelerating the construction of an innovative country, promoting regional innovation and entrepreneurship through the digital economy is a powerful tool for in-depth implementation of the innovation-driven development strategy. At present, China′s economy is in a critical period of transition from a high-speed growth stage to a high-quality development stage. The wide application of digital technologies such as big data, cloud computing, and artificial intelligence has gradually pushed the society into the era of digital economy, which has become a "new engine" for economic growth and occupies an important position in the national development strategy. The vigorous rise of the digital economy has brought new opportunities to enhance urban innovation and entrepreneurship capabilities, making innovation and entrepreneurship activities that rely on digital technology media to reflect unprecedented openness, borderlessness and strong interaction. It provides support for the comprehensive implementation and in-depth promotion of China′s "Mass Entrepreneurship and Innovation" strategy. However, there is no systematic research about the impact of the digital economy on the innovation and entrepreneurship. Then, can the development of the digital economy effectively promote regional innovation and entrepreneurship in China? What is the internal mechanism? And will there be differentiated impacts due to the differences in regional distribution, city level and other factors? The answer to these questions will be the focus of the following research in this paper. Based on the panel data of 281 prefecture-level cities in China from 2005 to 2019, this paper systematically examines the impact of the digital economy on regional innovation and entrepreneurship. The research found that: (1) The digital economy plays a significant role in promoting regional innovation and entrepreneurial in China. This promotion is still established after a series of endogenous tests and robustness tests, which affirms the positive impact of the digital economy on innovation and entrepreneurship and provides support for the in-depth implementation of innovation and entrepreneurship in China from the development of digital economy, which will lay a solid foundation for accelerating China rise to the forefront of the world′s innovative countries; (2) The mechanism test shows that the digital economy promotes regional innovation and entrepreneurship by reducing transaction costs, thereby smoothing the flow of factors, suppressing resource mismatches, and promoting regional innovation and entrepreneurship. It provides a new explanation from the aspect of transaction cost of the digital economy to promote innovation and entrepreneurship in the perspective of institutional economics; (3) This paper examines the different influences of digital economy on the regional innovation and entrepreneurship in China from three aspects: regional heterogeneity, city-level heterogeneity and innovation and entrepreneurship intensity heterogeneity. And the heterogeneity test shows that the digital economy has a stronger effect on promoting the innovation and entrepreneurship activities in southern cities, general-level cities and lower-level innovation and entrepreneurship cities. It is necessary to attach great importance to the further differentiation of the development of the digital economy on the innovation and entrepreneurship between northern and southern cities.Based on the new development stage and new development pattern, in the face of the complex and severe international and domestic economic situation, in order to further build China into a strong country both in the digital economy and innovation and entrepreneurship, and create a "new benchmark" for driving regional innovation and entrepreneurship with the digital economy, combining with the above research conclusions of this paper, some policy implications are put forward as follows: First, vigorously promote the development of the digital economy, release the positive driving effect of the digital economy on regional innovation and entrepreneurship, and provide strategic support to enter the forefront of the world′s innovative countries at an early date. Second, strengthen the effect of the digital economy in reducing transaction costs, accelerate the free flow of information and other resources, optimize the allocation of innovation and entrepreneurship resources, and continuously enhance regional innovation and entrepreneurship capabilities. Finally, attach great importance to the development gap between the north and the south of the digital economy, strengthen the positive role of the digital economy in promoting the balanced development of innovation and entrepreneurship, and effectively ensure the comprehensive, sufficient, and balanced driving role of the digital economy in regional innovation and entrepreneurship in China.

   As governments and the public pay more and more attention to the environmental pollution of enterprises, how to balance environmental protection and economic benefits has become an important challenge for the sustainable development of enterprises. As one of the important ways for enterprises to achieve the balance of environmental benefits and economic benefits, green innovation has become a hot topic in academic circles. However, most of the existing researches focus on the influence of external factors on green innovation of enterprises, while there are fewer researches on internal factors. Upper echelons theory provides a possible way to explore the influencing factors of green innovation from the internal perspective of enterprise. According to this theory, the differences in cognitive basis and values brought by the heterogeneity of executive team will affect the decision-making of the team, and then influence the strategic choice and innovation performance of enterprises.This paper takes the panel data of 927 A-share listed manufacturing enterprises from 2015 to 2019 as samples to explore the impact of heterogeneity of executive team on enterprise green innovation performance, and introduces corporate environmental strategy as an intermediary variable to further dissect the influence mechanism. In the specific research design, on the one hand, this paper focuses on the task-oriented heterogeneity in executive team heterogeneity, including the heterogeneity of tenure and functional background. On the other hand, green innovation is divided into green technology innovation and green management innovation, and it constructs an empirical model containing two explanatory variables, two explanatory variables and mediating variables.The research finds that: (1) The tenure heterogeneity of executive team has a significant positive effect on green management innovation, and the functional background heterogeneity of executive team has a significant positive effect on green technology innovation and green management innovation. The reason is that the differences among team members can effectively make up for the adverse effects of rigid thinking and emotional dependence on business decisions, so that the executive team can maintain enthusiasm and motivation for green innovation activities. (2) The corporate environmental strategy plays a partial mediating role in the relationship between tenure heterogeneity and functional background heterogeneity of executive team and green innovation. Executive team heterogeneity can make the team more sensitive to identify environmental risks, so as to adopt proactive environmental strategies, and finally improve the green innovation performance of enterprises. (3) It is also noted that the tenure heterogeneity of executive team has no significant effect on green technology innovation. Executives with shorter tenure are more receptive to external knowledge and more likely to take corresponding innovative measures than those with longer tenure. Therefore, when the tenure of executive team members tends to be shorter, it may significantly promote green technology innovation, which may be one of the reasons why tenure heterogeneity has no significant effect on green technology innovation.The theoretical contributions of this paper are as follows: first, it enriches the research related to the influencing factors of corporate green innovation, and validates and extends the research logic of the influence of executive team characteristics on organizational output; second, it responds to the view that the characteristics of the executive team may indirectly affect the green innovation of enterprises, and empirically tests the classic theoretical model that the characteristics of the management team in the upper echelons theory can affect the performance of enterprises through strategic choice.At the end of this paper, it concludes with some managerial insights that may help China′s listed manufacturing cooperates′ green innovation practices based on the findings of the study, including: moderately strengthening the recruitment of new executives, absorbing staff with experience in different functions into the executive team, and elevating the emphasis on environmental issues to the corporate strategy level.

   China′s new energy vehicles is a strategic emerging industry, which is urgent for the government to implement relevant industrial policies to support them. Since 2009, the Chinese government has successively introduced "supportive" policies by means of subsidies and incentives and "threshold" policies by means of standard constraints in order to accelerate the development of the new energy vehicle industry. Although the development of the new energy vehicle industry cannot be separated from the support of various "supportive" policies, unreasonable "supportive" policies also lead to enterprises to carry out "strategic" innovation, fabricate false sales data and other "fraud" problems. Under this situation, it is particularly important to evaluate the "supportive" and "threshold" policy innovation incentive effects of new energy vehicles, and study which type of policy tools can better adapt to the current development of China′s new energy vehicle industry and help China to move from a big automobile country to an automobile power.Theoretical studies on the innovation incentive effect of new energy vehicle industry policy mainly focus on two types: "supportive" and "threshold". For example, Dosi et al. (2006) and Chi et al. (2022) found that the "supportive" policy effectively stimulated the technological innovation of enterprises; A single "supportive" policy may disturb the market order (Dosi,1988); Different combinations of "supportive" policy tools have different impacts on innovation(Wang and Zhang ,2020), and both tax incentives and financial subsidies can promote the technological innovation of new energy vehicle enterprises. ZEV credits policies such as "double credits" have also significantly promoted the R&D investment of new energy vehicle enterprises (Melton et al.,2016; Li and Xiong,2021); Based on product attribute catalog standards, enterprises may "seek subsidies" for production instead of innovation (Chen et al.,2021). Compared with the previous studies, this paper provides a new perspective to test the similarities and differences between the two types of new energy vehicle industrial policies in terms of stimulating technological innovation. Based on the difference-in-difference model and a unified empirical analysis framework, this paper  selects listed companies in the new energy vehicle industry from 2007 to 2018 as research samples  and compares the innovation incentive effect and mechanism of the single policy and the synergy of the two policies. We find that: (1) Both types of policies have stimulated technological innovation of enterprises; the "threshold" policy has a greater innovation incentive effect than the "supportive" policy, and there are complementary effects between the two types of policies; the synergy of the two types of policies has a greater incentive effect on enterprise technological innovation than a single policy type. Our conclusions remain reliable after a series of robustness tests. (2) The mechanism test found that the "supportive" policies stimulated enterprise innovation by increasing R&D intensity and other resource compensation effects; while the innovation incentive effect of "threshold" policies was closely related to the degree of market competition: moderate market competition increases the incentive effect of the "threshold" policy on enterprise innovation, while excessive market competition inhibits the effect. (3) There is heterogeneity found at firm and regional level. Based on the above conclusions, this paper draws the following policy implications. First, the government should pay attention to the complementary coordination of "supportive" and "threshold" policies when formulating industrial policies. Second, promote industrial policies for new energy vehicles in an orderly way. In the implementation of "supportive" policy, we should give full play to the positive role of resource compensation in promoting enterprise innovation. When implementing "threshold" policies, we should adhere to market leadership and government guidance. Third, the government should accurately implement new energy vehicle industrial policies and continue to promote high-quality development of the new energy vehicle industry.

   The key to promoting high-quality development in China lies in implementing the strategy of innovation-driven development. However, there are obvious differences in development levels between different regions in China, posing new challenges to innovation subjects in how to accelerate their integration into the new regional development pattern and improve their innovation performance. "SRDI" middle and small-sized enterprises emphasize the competitive strategy of the Porter market segmentation dimension, which is closer to the current situation of industrial development in China and deeply integrates into regional development. It is at the core link of the regional industrial chain and has gradually become the key carrier to implementing the regional innovation-driven development strategy and achieving high-quality development. Reviewing existing studies, there is no relevant research focusing on the relationship between regional high-quality development and innovation performance of "SRDI" middle and small-sized enterprises around differentiated development situations of different regions in China, so it can′t provide guidance for these small and medium-sized enterprises to break through existing development bottleneck, accelerate their integration into new regional development pattern, and improve their innovation performance.In view of this, this research analyzes the internal mechanism of the whole process of high-quality development in different regions affecting their innovation performance on the basis of analyzing the current development situation of "SRDI" middle and small-sized enterprises in different regions in China. Results show that: first, development advantages of a single dimension or some of the dimensions of high-quality development can′t be converted into advantages of cultivation efficiency; at the same time, differences in economic development efficiency between different regions have an impact on the cultivation of these enterprises. Second, the innovation emergence of these enterprises can be boosted by improving innovative, coordinated and open development levels in the process of regional high-quality development. Third, the improvement of green and shared development levels in the process of regional high-quality development can′t effectively promote the innovation emergence of these enterprises.The innovation of this paper is mainly embodied in the following aspects: First, other than the existing literature on regional innovation systems that pays less attention to the innovation subjects and the development level of China, this paper focuses on the impact of regional high-quality development on innovation performance of "SRDI" middle and small-sized enterprises. Second, different from existing literature that doesn′t clear the embedded environmental boundary, this paper matches regional high-quality development and data related to the innovation output of "SRDI" middle and small-sized enterprises at the provincial level and tests the relationship between the two. Third, this paper has found that not all dimensions of high-quality development can promote the innovation performance of these enterprises; in addition to the possible shortcomings of such enterprises themselves, it may also be that relevant factors related to such innovation subjects have not been paid attention to in the process of deconstructing the partial dimension of regional high-quality development.

    Over the past 40 years of reform and opening-up, China′s economy has maintained rapid growth, and has made a great achievement that amazed the world. In 2010, it became the world′s second largest economy. However, extensive economic growth has led to increasingly serious problems such as waste of resources and environmental pollution, which have seriously affected the sustainable and green development of the economy. It urgently needs to transform economic development model that relies on the input of a large amount of labor, energy, and other traditional factors, and transform to a total factor productivity (TFP) growth model that relies on technological progress, innovate economic development methods, and achieving high-quality economic development. Foreign Direct Investment (FDI) is an important driving force for achieving high-quality economic development in China. We must always attach great importance to the use of foreign capital in the process of promoting high-quality economic development and modernization. Technological innovation capability is the most critical manifestation for a country′s strength, which depends not only on independent R&D, but also on international technology spillover such as FDI. FDI is an important way to take advantage of late-comer advantages and accelerate innovation and development. At present, China′s economy has shifted from a stage of high growth to high-quality development. In the process of "higher level of opening to the outside world", how to attract and make use of FDI at a higher level, especially with high-quality, to promote innovative development, which is a practical problem that needs to be resolved urgently. Based on the above realistic background, this paper fully draws on the existing literature and explores the ways and mechanisms of FDI affecting high-quality economic development. The paper uses the panel data of 30 provincial-level regions in China from 2003 to 2017 to conduct an empirical analysis of theoretical expectations by using the instrumental variable (IV-2SLS), intermediary effects and threshold models. The research found that: under the constraints of environmental regulations, there is a significant role in promoting technological innovation, and "Spillover Effect" is obvious; FDI can improve the quality of China′s economic development, and it do not support the "pollution paradise" hypothesis in China; The interaction of FDI and environmental regulations significantly improved the quality of economic development, and environmental regulations have a certain "screening" effect on FDI; The results of the intermediary effect show that FDI will affect high-quality economic development through three pathways such as technology innovation, industrial structure and productivity effect; compared with the transmission channel of technological innovation and industrial structure on FDI, the effect of production efficiency mechanism is more obvious. FDI has significantly promoted the increase in productivity, and it is the main source and power that drives high-quality economic development; In general, FDI has a negative effect on high-quality economic development through technological innovation, which is contrary to theoretical expectation. Further analysis found that the impact of technological innovation and FDI on high-quality economic development has a significant threshold effect, which is reflected in different levels of technological innovation. Both technological innovation and FDI should reach a certain threshold level to promote high-quality economic development. Based on the above conclusions, this paper reveals the following policy implications. Firstly, we must increase the intensity of FDI, increase the level of opening-up, effectively bring into play the reversing effect of environmental regulations, and efficiently promote high-quality economic development. Secondly, we must adhere to the concept of innovation-driven high-quality development, and high-level opening to promote high-quality development. The local government should reasonably formulate the policies in different regions at different stages of economic development based on threshold conditions of technological innovation and FDI for economic quality to avoid the inefficiency of technological innovation and reduce the negative impact of FDI intermediary channels. In addition, due to the influence of the COVID-19 and changes in the domestic and international situation, China′s economic is facing great difficulties and challenges. The government should cautiously implement the economic stimulus policies and measures to prevent a large amount of capital from flowing to traditional pollution and overcapacity industries, guide capital to invest in advanced manufacturing, emerging and environmentally friendly industries, and promote the development of "new infrastructure", "new services", improve production efficiency, advocate a green economy, and achieve high-quality economic growth. 

   The traditional innovation theory has been challenged by the digital enabling of technological innovation. This is mainly manifested in the following areas. (1) The basic assumptions of technological innovation management have been changed by the interaction between the results and process of innovation. (2) The boundaries of innovation activity have been broken by digital innovation platform. (3) The expansibility of old technology has been enhanced by digital technology. However, current literatures have not gone further than the discussion or induction of the digital technology′s influence on business operations. There has been no in-depth study on the complex mechanism of enterprises′ innovation activities enabled by digital technology. The digital enabling of technological innovation carries important implications for the innovation-driven development pattern of manufacturing enterprises in China. 
    Hence, to enrich the digital innovation theory, this paper explores the "black box" of digital enabling of technological innovation in manufacturing enterprises. It is difficult to put forward hypotheses and conduct empirical research, since existing literatures have not yet proposed the theoretical framework of digital enabling of technology innovation. Therefore, this paper conducts exploratory research through case study method and using coding technique of grounded theory in data processing. Three manufacturing enterprises are taken as research samples: Changan automobile, Midea Group and Suofeiya Home. 
    Based on the research above, the following conclusions are obtained. (1) The connotation of digital enabling of technological innovation in manufacturing enterprises is defined in three dimensions: the enabling of the subject, process and product of technological innovation. (2) The model of digital enabling of technological innovation in manufacturing enterprises is proposed. Intelligent transformation of enterprises lays the foundation for digital innovation, and provides the hardware and software base for digital innovation and innovation knowledge sharing. And the enterprises are embedded in the collaborative innovation among the value co-creation network. After that the digitalization of products and services, and the high-quality development are realized. (3) Three paths of technological innovation enabled by digital technology in Chinese manufacturing enterprises and their selective mechanism are concluded. The three paths are the collaborative innovation path of industrial chain centered on technology integration, the open innovation path centered on product intelligence, and the consumer-oriented innovation path at both ends. Moreover, technical level of industry, degree of industrial modularization and characteristics of market competition are three factors that influence the choice of innovation paths. 
    The conclusions of this paper reveal the following implications for manufacturing enterprises in technological innovation enabled by digital technology. (1) In high-tech industry with high degree of modularization, enterprises should choose the first path. (2) In industry where product intelligent is becoming an important trend, enterprises should choose the second path. (3) In industry with personalized market demand and homogeneous product, enterprises should choose the third path. 
   Finally, there are still some limitations in this research. (1) The coding method of grounded theory itself contains some shortcomings. For instance, coders′ subjective cognition cannot be eliminated totally. (2) Although three samples are adopted and the theoretical saturation are reached, the external reliability of this research should be further examined.

   With the revolution of information technology, digital technologies are being embedded into the process of products and services with unprecedented breadth and depth. It not only penetrates into the value chain of product design, manufacturing and marketing, but also promotes the digitization, networking and intelligent development of manufacturing industry, and fundamentally changes the innovation ecosystem of manufacturing enterprises. The integration of digital technology and industrial development has gone beyond the traditional innovation theory. However, there are relatively few studies discussing the innovation activities of manufacturing firms in the new scenarios of innovation ecosystem. Whether Chinese manufacturing enterprises can achieve a successful transformation by the application of digital technology? How does the digital technology affect enterprise innovation? And what is the mechanism of its effect? 
   With the increasing popularity of digital technology, a growing body of literature has analyzed the role of digital technology in manufacturing transformation and upgrading. Due to the limitation of data, these studies generally adopt the methods of qualitative discussion and case analysis, and there is no empirical evidence to validate the innovative effect of digital technology. Fortunately, the nationwide projects of smart city construction in China, which started in 2012, can be regarded as an exogenous event for manufacturing firms to apply digital technology. Therefore, we define a time dummy variable to indicate whether the time is before or after the intervention of smart city construction, and divide manufacturing enterprises into two groups according to the digital intensity. Then we design the quasi-natural experiment method to carry on the empirical analysis. 
   Specifically, this paper investigates the effects of digital technology application on enterprise′ R&D investment and innovation output by using the difference-in-difference (DID) and quasi difference-in-difference（QDID）method. The method can effectively identify causal relationships without suffering from selection bias. We employ an unbalance panel data of Chinese A-share listed manufacturing enterprises of the Shanghai and Shenzhen Stock Exchanges from 2007 to 2017. We use the variables R&D intensity and intangible assets ratio, which define as the ratio of R&D expenditures to the annual income of a firm and the ratio of intangible assets to total assets, represent the explained variables of R&D investment and innovation output. According to previous studies in the field of innovation, the control variables include enterprise size, enterprise age, return on assets, Tobin′s Q, the ratio of liability to total asset, the ratio of fixed assets to total assets, share of major shareholders and ownership. We also control the industry fixed effect and time fixed effect, which capture the time invariant characteristics of manufacturing industry and trend characteristics, respectively. Our financial data are collected from the China Stock Market and Accounting Research (CSMAR) database.
   Firstly, this paper displays descriptive statistics for two group of manufacturing enterprises. According to descriptive statistical, there are grouping differences of the two variables —— R&D intensity and intangible assets ratio —— between treatment enterprises and control enterprises. The grouping differences may be due to the exogenous impact of digital technology, or the differences of enterprise characteristics. We need to further investigate whether the exogenous event incurs the increase of R&D investment and intangible assets ratio of enterprises or not.
Secondly, we use the univariate DID estimation to test for the grouping differences of enterprise innovation. Specifically, the mean values of enterprise innovation are calculated across samples belonging to the treatment group versus the control group over the sample periods before versus after the intervention of smart city construction. Judging by the testing results for the DID estimation, the application of digital technology has a statistically significant effect on R&D intensity at the 5% significance level, while the effect on intangible assets ratio is insignificant at 1% level. In addition, the null hypothesis of no difference between the two groups is rejected, and thus may distort the evaluation of causality. 
   Thirdly, in order to identify the causality of digital technology and enterprise innovation, this paper introduces regression-based DID method to control enterprise characteristics. In terms of enterprises′ R&D intensity, the regression coefficients are significantly positive at the 1% level, indicating that the application of digital technology has a significant effect on enterprises′ R&D investment. In terms of enterprises′ intangible assets ratio, the coefficient of DID model is not significant and the T value is 1.38, while the coefficient of QDID model is significantly positive at the level of 10%. It indicates that the digital technology has significantly positive effect on the innovation output of treated enterprises, and this conclusion is not the same as univariate DID estimation. The robustness test shows that the above conclusion is still true. There is strong evidence that the digital technology application has significant effect on enterprise innovation.
   Fourthly, this paper divides the combination of digital technology and manufacturing industry into two types: the integration mode of machine coupling and substitution and the collaborative mode of group information interaction. We investigate the influence of the integration mode and the collaborative mode on enterprise innovation, respectively. For the integration mode, the effect of digital technology on R&D investment is significant, while the effect on innovation output is not significant. More time is needed to exert an effect on innovation output for intelligent manufacturing. For the collaborative mode, both the effects on R&D investment and innovation output are significant, the digital technology has promoted the prosperity of product innovation and business innovation. 
    Finally, this paper divides our sample firms into two groups of state-owned enterprises (SOEs) and non-state-owned enterprises (non-SOEs) and examine the treatment effect separately for each of the two subsamples based on DID regression. We also divide our sample firms into three groups according to firm size and investigate the heterogeneity effects. It can be concluded that there are heterogeneity effects of digital technology on enterprise innovation. Because of the advantages of digital resources, the treatment effects are significantly larger for SOEs and for large-sized enterprises.
    Our findings are enlightening for enacting better policies involving digital technology. For example, supporting policies for intelligent manufacturing, encouraging technological innovation of manufacturing enterprises, and reducing the digital divide of non-SOEs and private enterprises.

   Digital transformation is defined as the use of new digital technologies to enable strategic changes in organizations. Companies, particularly those in traditional industries, now are increasingly considering digital transformation as a strategic way to deal with the dynamic environment and to gain strategic advantages. Although a variety of diversified organizations have attempted to achieve organizational transformation by leveraging new digital technologies, this phenomenon of digital transformation has remained surprisingly unnoticed in the literature. In particular, we know very little on the processes and inherent mechanisms of digital transformation in these companies in traditional industries. These knowledge gaps may account for the difficulties encountered by most companies in traditional industries when considering digital transformation.
  To fill these knowledge voids in the literature, this study conducts an explorative analysis on the processes and the underlying mechanisms of digital transformation via a longitudinal case study on a typical company in traditional industries-Double Star Group (DSG). After nearly going bankruptcy in 2012, DSG started a journey of "fulfilling the second undertaking" by primarily leveraging digital technologies (including information technology, the Internet of things, cloud computing, robotics, etc.) to instigate managerial innovations, business model innovations and organizational transformation, and now it has evolved into an international enterprise group with the integration of tire manufacturing, smart equipment, smart logistics (e.g. Robot) and smart cyclic utilization of wasted rubber. The results of the digital transformation at DSG are evident: not only has its profit ratio significantly been improved, but also it has been listed in the "Asia′s 500 Most Influential Brands" and the "China′s 500 Most Valuable Brands" for three consecutive years.
  By applying technology affordance theory and sensemaking theory to the phenomenon of digital transformation and the case analysis, this study uncovers that the digital transformation of traditional companies is a top-down process, including three phases, e.g., the initialization of transformation, the consensus formation of transformation and the actualization of transformation. In each phase, the perceived digital strategic affordance for transformation (i.e., transformation cognition for each phase) arises from the dual social structure composed by both actors and digital technology. This study then further reveals four digital affordances that enable organizational transformation, including the perceived digital strategic affordance, the shared digital strategic affordance, the perceived digital business affordance and the actualized digital business affordance. Sensemaking is the primary mechanism to enable the formation of digital affordance that supports organizational transformation in each phase. Sense-breaking and sense-giving are the primary mechanisms for the actors in higher organizational levels to influence the sensemaking of the actors in lower organizational levels, and thereby, they are the primary mechanisms that enable the process transition in digital transformation. 
   This study reveals the processes of digital transformation for traditional companies and offers deep understandings on the underlying relations among actors, digital technologies and transformation cognitions, providing three contributions to existing research. First, the top-down processual perspective not only helps to provide detailed description and deep explanations to the complex phenomenon, but also is helpful to analyze the conditions and transmitting mechanisms for each phase. Thus, this paper opens the black box of digital transformation processes conducted by the traditional companies, making good complements to the IT-enabled organizational transformation research. Second, existing research that adopted technology affordance theory focused on team and individual level; however, this research rarely paid attention to the strategic level. This study indicates that the dual "actor-digital technology" social structure acts as the foundation of digital transformation, and thereby expands technology affordance theory to the strategic research. The digital affordances enabling organization transformation identified in this study, e.g. the perceived digital strategic affordance, could be used as the constructs to be explored by future studies. Third, this study suggests that digital transformation is significantly different from the IT-enabled organizational transformation. In the digital context, the digital technology begins to fuse with the organizational strategy. This fusion thus embodies not only in the dual "actor-digital technology" structure, but also in the proactive role of actors in making sense of the potentials of digital technologies in enabling transformation. 
   This study also offers two managerial implications for practitioners. First, for government agencies that make polices, this study indicates that digital technologies are the major transformative forces that enable organizational transformation, as well as the new and old kinetic energy conversion in our country. Thus, when making policies and guidance, government agencies should think highly of the effects of transforming, leading and fusing of digital technologies, and guide traditional companies to conduct digital transformation via subsidies, demonstration promotion, etc. Second, this study reveals that digital transformation is a top-down process with a gradual improvement, following the path from "the strategic cognition by the initiator" to "the collective and shared cognition by the key actors" to "the collective cognition by the actors in the operational level". This study then offers the top managers of traditional companies a reference process model that will guide their practices for digital transformation. Digital transformation should pay more attention to the leadership framework and the top-level design, as well as the relationships between digital technologies and human actors in organizations. 

   Since the reform and opening up, China′s industrial development model is characterized by high investment, high energy consumption and high emission. Although this development model has played a major role in economic growth, it has also brought serious environmental pollution problems. Therefore, promoting industrial green transformation has become the primary problem that the governments have to face to realize the China′s economy high-quality growth. The 13th Five-Year Plan points out continuing to strengthen the integrated ecological management process. In the meanwhile, the 19th National Congress of Communist Party of China also emphasizes building a market-oriented green technology innovation system. These all indicate the way for the future development of the industry. Accordingly, this paper focuses on the relationship among environmental regulation, clean-technology innovation and industrial green transformation. The conclusions have important theoretical and practical guiding significance for formulating reasonable environmental supervision policies and clean-technology innovation incentive policies to promote industrial green transformation.
    The existing research draws relatively more attentions on the relationship between environmental regulation and technology innovation and the discussion of combining the environmental regulation and clean-technology innovation is less during the process of analyzing the core driving elements of industrial green transformation. Furthermore, there are big differences in the research conclusions. Some scholars believe that environmental regulation is the main strength driving China′s industrial green transformation，and some other scholars do not agree with this view. The possible reason why the research conclusions are different lies in the nonlinear effects of environmental regulation on the industrial green transformation．
   In the content of research, the main work and contributions of this paper mainly focus on the following two aspects: Firstly, this paper argues the complex non-linear relationship between environmental regulation and industrial green transformation, and constructs panel threshold model to validate the conclusion. Secondly, environmental regulation, clean-technology innovation and industrial green transformation are integrated into the uniform framework, and then this paper deeply analyzes the interactive effect of environmental regulation and clean-technology innovation on the industrial green transformation. Meanwhile, this paper also tests the different interactive effect of environmental regulation and clean-technology innovation on industrial green transformation between clean industry and pollution industry.
   According to the above analysis, this paper tests the impact mechanism of environmental regulation and clean-technology innovation on industrial green transformation based on panel data of 26 industrial sectors in China from 2005 to 2013. By constructing the panel threshold regression model, this paper tests whether the relationship between environmental regulation and industrial green transformation is nonlinear. This model not only determines the number of threshold values automatically, but also determines the specific threshold value. This paper also examines the interactive effect of environmental regulation and clean-technology innovation on industrial green transformation by introducing interactive term between environmental regulation and clean-technology innovation into the panel data econometric model. 
  The main research conclusions of the paper are as follows:
  Firstly, there is a triple threshold effect between environmental regulation and industrial green transformation. As a result of threshold effect, lower environmental regulation has a significant positive effect on industrial green transformation, and higher environmental regulation has a negative effect on industrial green transformation. The relationship between environmental regulation and industrial green transformation is inverted U-shape through innovation compensation effect and following cost effect. On one side, environmental regulation improves the industrial enterprises green productivity growth level, and presents the innovation compensation effect. On the other side, when environmental regulation is very high, environmental regulation also reduces the industrial enterprises investment in R&D, and presents the following cost effect. 
   Secondly, environmental regulation can positively influence the effects of clean-technology innovation on industrial green transformation. Under the pressure of government environmental regulation, enterprises will shorten the time for equipment renovation. Then, clean-technology innovation plays the role of energy-saving and emission reduction. In addition, environmental regulation can change consumer choices. Affected by environmental regulations, consumers′ awareness of environmental protection has increased, and they have gradually accepted green products and their demand has continued to expand. Driven by market demand, enterprises are willing to produce green products. Once some enterprises benefit from the green products, and the positive feedback loop kicked in. This will attract more enterprises to use clean-technology to produce more green products, and accelerate the whole industry toward green development ultimately. 
   Thirdly, the interactive effect of environmental regulation and clean-technology innovation on industrial green transformation has an industrial heterogeneity. Compared with polluting industry, the interactive effect is more obvious in the clean industry. There are two reasons to explain this result. The environmental regulation squeezes fewer resources for clean industry. Therefore, the clean- technology innovation will better promote industrial green transformation with more financial support. Besides, the government′s environmental supervision can enhance consumers′ preference for green products. The clean industry has the advantage of clean-technology to accelerate the production of green products, which is conducive to improving the competitiveness. By forming a virtuous circle of "clean production technology, green products, market competitiveness", the interactive effect of environmental regulation and clean-technology innovation on industrial green transformation is more obvious in clean industry. 

    As a new financial business model under the deep integration of digital technology and finance, digital finance has an important impact on high-quality economic development. Based on China′s huge population and emerging new digital economy business models, China′s digital finance continues to innovate business application scenarios, and its scale continues to grow rapidly. Previous studies have shown that digital finance can encourage residents to start businesses and promote firms′ innovation input and output.
    However, the existing research on the mechanism of digital finance on innovation has great limitations. The vast majority of studies believe that digital finance mainly works by alleviating the financing constraints of companies themselves, while ignoring the potential path of digital finance affect firm innovation through corporate governance. The main manifestations of agency conflicts of listed companies in China are cash occupation, related transactions and share pledge. Share pledge refers to the behavior of shareholders applying for loans from financial institutions with their stock as pledge objects. The decline in stock prices may cause the controlling shareholder to lose control of the listed company, and the risk of control transfer will intensify the agency conflicts of the controlling shareholder and external shareholders. In order to reduce the risk of share pledge liquidation caused by the decline in stock prices and retain control of listed companies, controlling shareholders may reduce R&D to smooth profits. Surprisingly, there is very little literature on how to prevent and resolve the issue of pledged shares of major shareholders. The essence of controlling shareholder′s equity pledge is financing constraints, that is, the traditional financial system cannot meet the normal commercial financing needs of enterprises or individuals due to various reasons. So, can digital finance meet the financing needs of controlling shareholders and reduce the proportion of share pledges, thereby reducing agency conflicts and promoting corporate R&D? This research will fill this gap.
     This paper contributes to the existing literature in several ways．Firstly, this paper expands the mechanism of digital finance influencing corporate innovation based on the perspective of share pledge. Although the existing literature finds that digital finance can promote corporate innovation, it is mainly attributed to the financing constraints of listed companies themselves. Different from the existing research, we find that digital finance can reduce the controlling shareholder share pledge rate, reduce the agency conflict between controlling shareholders and other shareholders, thereby promoting R&D. Secondly, this paper is a useful supplement to the research on how digital finance serves the development of the real economy. Although some papers have tried to analyze the effect of digital finance to the real economy, but the efforts and evidence in this regard are far from enough. The results of this paper show that digital finance can not only alleviate the financing constraints of companies, but also alleviate agency problems by alleviating the financing constraints of the listed company′s stakeholders—controlling shareholders, and promote corporate R&D investment. Thirdly, this study also enriches the literature of share pledge. The existing literature on share pledge mostly focuses on the economic consequences of controlling shareholders′ share pledge, and rarely discusses how to reduce and resolve share pledge risks. From the novel perspective of digital finance, this study examines the inhibitory effect of the development of digital finance on controlling shareholder′s share pledge, thus enriching the related research on share pledge.
     In order to fill the blank of related research, this study uses China′s A-share listed companies from 2011 to 2018 and the "Digital Financial Inclusive Index" compiled by the Digital Finance Research Center of Peking University to examine the impact of digital financial development on the company′s innovation investment. The results show that: (1) the development of digital finance can significantly promote enterprise innovation investment; (2) The analysis of intermediary effect shows that digital finance can promote enterprise innovation investment by reducing the pledge rate of controlling shareholders and improving corporate governance; (3) Further study also found that the role of digital finance development in promoting enterprise innovation investment through controlling shareholder equity pledge is more significant in private enterprises and non-four audit enterprises.

    Green transformation and upgrading of enterprises has been a central focus in governance in China for more than a decade; it is also one of the most important corporate endeavors to promote China′s economic restructuring and high-quality development. This commitment has received extensive attention from academic community. From the perspective of dynamic capacity theory, some researchers attempted at interpreting the connotation of transformation and upgrading of enterprises; other researchers exploring the approaches to promoting and assessing transformation and upgrading of enterprises, and discussing the opportunities and challenges arising from this innovation trajectory. 
    Inspired by the insights of responsible innovation which is a convergence of technology innovation, corporate responsibility and sustainable development, the present paper intends to explore the approaches to implementing green transformation and upgrading in coal-production enterprises such as CHN Energy Co. Ltd., Yankuang Group Co., Ltd., Jizhong Energy Group Co., Ltd., and Lu′an Group Co., Ltd. through the combination of responsible innovation and dynamic capacity, in the hope of making clear of the motivations, mechanisms, and practical procedures of implementing green transformation and upgrading in such enterprises. The present paper adopted multi-case study approach and the approaches proposed by grounded theory as its research method, to establish general entries for determining specific interrelated conditions, and analyze action-oriented interactive development process at micro level. 
    This paper had the following finding: (1) Responsible innovation in the green transformation and upgrading of these enterprises was motivated by both internal need and external pressure. While such enterprises undertook the pressure of internal survival and development, severe market competition, played a significant role in implementing green transformation and upgrading in these enterprises. The driving force of responsible innovation, however, is primarily the external institutional response, including national mission, government regulation, social responsibility, green development, and other elements reflecting the unified goals of responsible innovation and green transformation and upgrading of enterprises. (2) Primarily, the green transformation and upgrading of enterprises is the result of the interaction between responsible innovation and dynamic capability of enterprises. Driven by internal and external pressure, the notion of green development is internalized in technology innovation in enterprises; this forms responsible innovation. As dynamic processes, responsible innovation and dynamic capability affect each other; dynamic improvement of the two promotes the green transformation and upgrading of enterprises. (3) Green transformation and upgrading of enterprises could be implemented along two lines: One is to intensify technologically green-process innovation inside enterprises while improve their application-oriented dynamic capability; and the other is to implement green-product innovation in enterprises to improve external market competitiveness and fulfill social responsibility. 
     Theoretically, the paper proposed a model of "pressure-behavior/ability-performance", which indicates that exogenous and endogenous motivation account for the transformation and upgrading of enterprises, and that the paths for implementing transformation and upgrading in enterprises depend primarily on the enterprise′s dynamic capability of competitiveness and innovation. In addition, this paper identified the four indexes that characterize responsible innovation: anticipation, responsiveness, inclusiveness, and reflexivity. "Anticipation" indicates the enterprise′s pressure for technological innovation. "Responsiveness" indicates the enterprise′s responses to external environment variation. "Inclusiveness" shows the collaborative integration in the process of innovation. "Reflexivity" shows the enterprise′s performance of transformation according to internal and external pressure feedback. 
    Although we have obtained the above research conclusions and theoretical contributions from the case studies, the above four cases are based on the results of the analysis of large state-owned or state-owned holding groups, and the resulting inferences are still relatively challenging in terms of universality, and further empirical studies are needed in non-state-owned and small and medium-sized enterprises.

    Although the extensive mode of growth, characterized by high investment and high consumption, achieve the rapid economic growth in the last few decades, the accompanying resource shortage and environmental pollution problems have become increasingly prominent, while sustainable economic and social development is facing severe challenges. However, it is not easy to effectively balance economic growth and environmental protection. Strengthening environmental regulations and promoting the green transformation of the economy will often experience the pain of slowing growth in the short term.
    As the main policy tool oriented to environmental protection, whether environmental regulations can stimulate the vitality of firms′ technological innovation, is crucial to achieving a win-win goal for economic development and environmental protection. As a new type of environmental policy tool, green finance was introduced to China in 2007, "Thirteenth Five-Year Plan Outline′ further elevate the construction of green financial system to the national strategic level. Under the constraints of environmental regulations, can green finance provide strong support for green technological innovation and green enterprises, ease the financial pressure on enterprises caused by environmental regulations, give full play to the technological innovation incentive effect of environmental regulations, and finally solve the dilemma of economic growth and environmental protection, what is of great significance to achieve high-quality development in the period of the new normal.
    Basing on the data of China′s manufacturing industry listed companies, this paper investigates the impact of environmental regulation on the firms′ technological innovations and the adjustment effect of regional green financial development on the relationship between environmental regulation and firms′ technological innovations. The results show that, environmental regulation has a significant positive impact on the firms′ technological innovations. The promotion effect is relatively weak in strong financing-constrained firms. Green financial development has a significant positive adjustment effect on the promotion effect of environmental regulation on the firms′ technological innovations. The positive adjustment effect of green financial development plays a more obvious role in strong financing-constrained firms. Furthermore, compared with firm located in regions with low environmental regulations, the positive adjustment effect of green financial development is relatively larger in firm located in regions with strong environmental regulation. The conclusion of this paper provides a new perspective and decision support for guiding the innovation and incentive effect of environmental regulation, and expands the research field of the economic consequences of green finance development.
     The conclusion of this paper has some policy implications. Firstly, simply increasing the intensity of environmental regulations regardless of the firms′ financial situation will strengthen the substitution relationship between environmental regulation and technological innovation. Secondly, from the perspective of promoting firms′ innovation, the development of green finance and environmental regulation policies are mutually complementary. Thirdly, the financial constraint is an important factor restricting the stimulation effect of environmental regulation policy on the firms′ innovation. In addition to promoting the development of green finance, the allocation of government R&D funding should be more inclined to the firms with strong financing constraints, and encouraging firms to achieve green transformation through technological innovation.

   As one of China′s strategic emerging industries, the level of technological innovation of new energy vehicles determines whether China can occupy a favorable position in the international market. In order to encourage new energy vehicle companies to overcome technical difficulties, the Chinese government uses policy tools such as government subsidies and tax incentives to support corporate innovation. Among them, government subsidies, as unpaid government expenditure items, have high fund specificity. Enterprises that receive subsidies will list these funds as R&D investment, so as to reserve funds for technological innovation activities. The tax incentives are the after-tax income obtained when a company′s products are tested by the market, which can not only offset part of the research costs, but also alleviate the risks of corporate innovation to a certain extent. These policies respectively represent the "pre-incentive" and "post-incentive" of the enterprise innovation process, and the combination of them can realize the complementary advantages of policies.
    Many studies have analyzed the incentive effect of each policy on enterprise output. In reality, the government often uses a variety of policy tools to support the technological innovation of new energy vehicles. If there is a lack of effective policy linkage and combination allocation between different policies, resulting in policy tools "working alone", they will not be fully utilized and financial funds will be wasted. However, at present, there is a lack of theoretical and empirical research on the effects of different policy combinations, which makes it difficult to provide more accurate theoretical support for policy making.
    Based on the above analysis, this paper selects the data of listed companies in China′s new energy vehicle industry from 2010 to 2018 as the research object. On the one hand, this paper studies the effects of government subsidies and tax incentives on patent quality. On the other hand, from the perspective of policy collocation, this paper also constructs a panel threshold model to further analyze the threshold effect on patent quality when the two policies are used in combination. The research yielded three main findings. First, both policies have a positive incentive effect on patent quality, though the effect of government subsidies is stronger. Second, when used in combination, subsidies need to be at a medium level to maximize the effect of tax incentives. Third, high-level tax incentives are most conducive to promoting the effect of government subsidies. Only by identifying and making full use of the thresholds can the optimal combination of the two policy tools be realized.
    Therefore, the government should make full use of the direct advantages of government subsidies and the indirect advantages of tax incentives to achieve optimal coordination of policies. When different policies are used in combination, it is still necessary to pay attention to the appropriate policy inclination. Empirical evidence shows that excessive government subsidies will weaken the effectiveness of tax incentives. Therefore, it is necessary to grasp the appropriateness of new energy vehicle enterprises′ subsidies. At the same time, the government should further increase the scope of tax incentives for new energy vehicle companies, and use the supplementary function of tax incentives in stimulating innovation, so as to achieve complementary advantages of different policies.

    In the context of China′s high-quality development, the driving force of development is gradually changing to innovation driven, and the importance of independent innovation is further enhanced. Enterprise innovation is the key to national independent innovation, which is of great significance to the high quality and sustainable development of enterprises. Compared with non-state-owned enterprises, insufficient innovation motivation of state-owned enterprises will not only reduce the competitiveness and sustainable development capabilities, but also have an adverse impact on the high-quality development of the entire society and industrial transformation and upgrading. However, with the deepening of mixed ownership reform, state-owned enterprises have changed the original ownership structure and governance mechanism. Improving R&D capacity and stimulating innovation vitality will be the focus of state-owned enterprise reform, which is bound to have an important impact on the innovation level of state-owned enterprises. Then, how to promote the innovation performance of state-owned enterprises has become an important topic of common concern in academic and practical circles.
    At present, scholars have carried out a lot of research on the relationship between the mixed reform of state-owned enterprises and innovation, most of the literature mainly focuses on the impact of ownership structure. As the fundamental institutional arrangement of enterprises, the ownership structure has an important impact on the innovation behavior of enterprises. There is a lack of research on the "reform" level of state-owned enterprises, that is, the impact of high-level governance on innovation. Based on this, from the perspective of "mixed" and "reform" of state-owned enterprises, this paper will explore whether the mixed ownership reform measure of introducing non-state-owned capital into state-owned enterprises can activate the innovation vitality of state-owned enterprises and improve their innovation performance, and try to clarify the mechanism of the impact of mixed reform of state-owned enterprises on innovation performance, so as to promote the high-quality sustainable development of state-owned enterprises and the whole national economy. Sustainable development has important theoretical and practical  significance. Based on the data of manufacturing listed companies of state-owned enterprises from 2008 to 2017, this paper discusses the influence mechanism of state-owned enterprises mixed ownership reform on innovation performance. 
    The main conclusions of this paper are as follows:(1) The change of ownership structure does not have a significant impact on innovation performance of state-owned enterprises, while non-state-owned shareholders play a significant role in promoting innovation performance through high-level governance.(2) The mixed ownership reform improves the promotion effect of state-owned enterprises′ cash holdings on innovation performance.(3) The different nature of control right, industry characteristics and market environment of state-owned enterprises will result in the different impact of mixed reform of state-owned enterprises on innovation performance.(4) The appointment of directors, supervisors and senior executives by non-state-owned shareholders has a positive impact on the substantive innovation of enterprises.(5) The mixed ownership reform improves the total factor productivity and enterprise value of state-owned enterprises. This paper has certain theoretical significance and practical value to deeply understand the economic consequences and mechanism of mixed ownership reform of state-owned enterprises.
     The conclusions of this paper provide more specific policy implications for state-owned enterprises to improve the level of innovation performance and stimulate the innovation vitality of state-owned enterprises. First, in the process of mixed ownership reform of state-owned enterprises, non-state-owned shareholders should expand their participation, give full play to its governance role, the motivation of appointing management should be improved, the governance system of state-owned enterprises should be perfected, and the existing decision-making mechanism should be optimized. Second, combined with the characteristics of industry types, the state-owned enterprises should further implement the classified reform ideas, carry out targeted mixed reform of state-owned enterprises, and do not copy mechanically or blindly reform. Third, strengthen the construction of the regional institutional environment, improve the degree of regional openness and establish a fair external competitive environment, optimize the allocation of market resources, and comprehensively improve the level of marketization. Fourth, the mixed reform of state-owned enterprises is not the purpose, on the basis of paying attention to the ownership structure, we should implement and improve the enterprise management and decision-making mechanism, fully mobilize the enthusiasm of non-state-owned capital, stimulate the innovation vitality of state-owned enterprises, and better assist the high-quality development of state-owned enterprises.

    To cultivate and develop the new energy vehicle industry is an effective solution to reduce the pressure on fossil energy and environment. But its technological bottleneck is a main problem in the industrial development. To promote R&D and Innovation is an important way to obtain industrial technological progress by governmental subsidies to compensate firm R&D and innovation input for high uncertainty and spillover effects. Currently, there are three main theoretic problems to be discussed, i.e., how do governmental subsidies and market financing stimulate firm innovation in China new energy vehicle industry? Whether governmental subsidies encourage firms to increase innovation input with their own financing funds？In the context of the reduction in government subsidies，how to balance the monetary policy and fiscal policy for the new energy vehicle industry in the future?
    Existing studies mainly focus on the vertical comparison to stimulate innovation between government subsidies and market financing. Some literatures focused on the impact of government subsidies on firm innovation，emphasizing its stimulative effect and crowding out effect on firm innovation. Others focused on the relationship between financing constraints and firm innovation to analyze their promoting effect and exclusion effect of firm innovation in terms of firm financial growing. However, very few studies have integrated governmental subsidy and market financing into the same research framework to explore the different impacts of the two aspects on innovation input of new energy vehicle industry and their coordinative effects between the two variables on firm innovation. Therefore, it is difficult to answer whether the government subsidy policy can stimulate firms to increase private innovation input, and how the government should design fiscal policy and monetary policy for the new energy vehicle industry so far.
    In this study, we collected the data in the annual reports of 110 new energy vehicle firms listed during 2015 to 2018 in China stock market from the CSMAR database and the WIND database, to classify the data of fiscal subsidies and tax incentives, equity and credit financing by careful reading their annual reports. In terms of the panel data, we have done comparative studies between governmental subsidies incentives, such as fiscal subsidies and tax incentives to the firm innovation, between equity financing and credit financing to firm innovation effects. And，this paper explores the collaborative effect on firm innovation by the interaction between government subsidies and market financing, comparative studies by upper, middle and downstream firms in terms of industrial chains, and state owned and non-state-owned firms in terms of firm ownership. 
    The empirical study shows that government subsidies and market financing have different incentive effects on firm innovation. Specifically, both fiscal subsidies and tax incentives can significantly stimulate firms to increase R&D investment, and the role of fiscal subsidies is greater than that of tax incentives, while credit financing and equity financing do not promote firm R&D investment significantly. On the one hand, firms do not use their market financing funds into the R&D activity. On the other hand, the study also shows that government fiscal subsidies do not drive firms to input private R&D, instead of, making more dependence on government.
   Moreover, the coordination between government subsidies and market financing can effectively promote firm innovation of new energy vehicle industry. The study indicates that when firms have more market financing, they are more willing to use government funds for innovation. On the contrary, when it is difficult for firms to obtain external market financing, they will use government subsidies for other purposes.
    Furthermore, this study finds that firms in the industrial upstream are more dependent on government subsidies and seldom use the funds obtained from the market financing for R&D purpose, and there is no driving effect of governmental policy. The middle and downstream firms can use the government subsidies funds for R&D purpose, and input market financing for R&D use either. In this case, governmental policy can generate driving effect in good results. Therefore, in the downstream of the industry, combination between government subsidy and market financing can generate greater incentive effects on firm innovation than that of middle and upstream firms.
    Finally, the empirical study also reveals that there are differences of governmental policy incentive effects to innovation between state owned firms and non-state-owned firms. The policy has greater positive impacts on non-state-owned firm than that of state-owned firm significantly. In other words, it means that non-state-owned firms are more likely to use market raising money into R&D and innovation，and government subsidy policies plays more significant positive effect to promote equity and credit financing of non-state-owned firms than that of state counterpart, because these firms got from government subsidy can transmit positive information to the market.
    The conclusions of this paper have the following policy implications: (1) In the context of reduced government subsidies year by year, the government should gradually shift from fiscal subsidy policy to monetary policy based on market mechanism. For instance, policies such as interest rate subsidy and loan guaranty are more effective tools to reduce firm financing cost, so as to encourage firm innovation input. (2) government policies for the new energy vehicle industry need to be reformed and more focused in terms of different industrial chain stages and in different ownership precisely. For these firms in the middle, upstream of the industry and non-state-owned firms, government should focus policy on fiscal subsidies and loan supporting, helping them overcome financing constraints. For these firms in downstream of the industry, government should cut down fiscal subsidies, and increase loan support, to encourage firms to carry out innovation in market orientation. (3) Governmental policy should be more precise and flexible depending on the industrial chain and firm ownership, combination of fiscal subsidy and monetary policies based on market orientation would be more effective to firm innovation, and the subsidies should be more focusing on non-state-owned firms because they are more efficiency to use their subsidy.

    Technological innovation is the driver for economic growth. The world economic pattern is undergoing in-depth adjustment. China is at a critical junction in transforming growth mode, optimizing economic structure, and switching growth drivers. Quality development led by technological innovation is the key to overcome obstacles stunting economic development. The efficacy of innovation-driven strategy is, however, lies in the firm′s initiative in and potential of innovation. For a long period of time, the patent innovation output of firms in China has been featured by large quantity, low quality, and speculative strategy, locking China at the low end of the global technological chain. But for firms, an innovation project is a typical long-cycle, high-risk, and high-cost activity with huge capital input and uncertain output. Information asymmetry at the marketplace may result in issues like adverse selection and moral risks, leading to dual constraints by high adjusted costs and financing costs. Therefore, stable and adequate financial resources are an essential guarantee for continuous innovation at firms. Efficient and low-cost financial services are key elements for the quality output of firm innovation.
   Finance is a rare resource. Appropriate financial allocation means its flow towards efficient sectors and firms. But financial resource allocation shows a mismatch featured by low-efficiency and imbalance, that is the finance mismatch between allocation structure and efficiency. The significant finance mismatch in the traditional financial system is closely associated with a low initiative for and low output efficiency of innovation among Chinese firms. In recent years, driven by emerging technologies like big data, cloud computing, and artificial intelligence, a new type of inclusive financing mode called digital inclusive finance has emerged and instantly become the focus of academia. It is of practical significance in investigating whether digital inclusive finance mitigates finance mismatch and propels firm innovation through its low-threshold, low-cost, and convenient services.
    The rapid development of science and technology promotes the integration of finance and digital information, gives rise to a series of new financial businesses, and brings huge changes in people′s life. Accelerating the building of an innovation-driven country is a major task in implementing new development philosophy and developing a modern economic system. Against this backdrop, it is of practical significance to examine the impact of digital inclusive finance on firm innovation. This study adopts data of firms listed on A share of China from 2011 to 2018, matches digital inclusive finance of prefecture level cities with firm innovation, and investigates the impact of digital inclusive finance development on firm innovation and its mechanism on an empirical basis. We find the development of digital inclusive finance in regions promotes the innovation output of firms significantly. The conclusion remains consistent when a series of robustness checks like endogeneity test, and replacing dependent variables are conducted. Investigations on impact mechanism reveal the development of digital inclusive finance mitigates finance mismatch in traditional financial service and delivers incentive effect on firm innovation. Further investigation on the heterogeneity of digital inclusive finance′s impact on firm innovation shows digital inclusive finance mitigates finance mismatch and promotes innovation more evidently for firms in central and western China. This demonstrates digital inclusive finance indeed delivers inclusive effects and offers solutions to financing issues in underdeveloped regions. As for the impact of firm ownership, the results show digital inclusive finance promotes innovation at state-owned firms more evidently compared with its impact on private firms.
   The conclusion of this study is of vital significance in promoting the development of digital inclusive finance, optimizing financial resource allocation, improving the level of independent innovation in China, and spurring the building of an innovation-driven country. We propose the following policy suggestions.
    (1) The government should promote the stable development of digital inclusive finance and optimize financial resource allocation. The development of digital inclusive finance can, to some extent, mitigate the degree of finance mismatch and deliver incentive effect on firm innovation, spurring the development of the real economy. At present, China is at a critical junction for the transformation from high-speed growth to high-quality growth. It should follow the trend of science and technology, encourage the integration between information technology and the financial market, and promote the development of diverse financial services. Efforts should be made in promoting the development of digital inclusive finance, optimizing financial resource allocation, and lowering the financial service threshold. The purpose is to unleash the inclusive effect of digital inclusive finance and promote its role in fueling technological innovation and new growth drivers.
      (2) The government should implement policies tailored for different firms and regions. One of the major differences between digital inclusive finance and traditional finance is that the former is able to identify the firm with innovation capability and offer targeted financial service, reducing the room for rent-seeking. The government should better its services by offering innovation support services for firms with different ownership, providing ample room for the development of private firms, and encouraging state-owned firms to shake off innovation inertia and to harness their potential in innovation. In particular, the government should deepen financial system reform in the central and western regions to promote coordinated and balanced development of digital inclusive finance among regions in order to fully unleash the incentive effect of digital inclusive finance on innovation. 
    (3) The supervision authority should improve regulatory policy to prevent systematic risk in the digital financial system. Digital inclusive finance integrates finance, technology, and the Internet. Its rapid development improves the efficiency of financial resource allocation and brings huge convenience for micro firms. The boundary between regions and financial institutions is also blurred, which may result in systematic financial risks. Therefore, the supervisory authority should develop a new supervision model and improve regulatory policy to tackle the potential risk which may result from the development of digital inclusive finance. Meanwhile, the evaluation of and accurate management of risks from digital inclusive finance worth further study.

As an emerging innovation model, digital innovation profoundly reshapes the behavior, process and essence of innovation, and plays an important role in promoting China′s innovation-driven, high-quality economic development and enhancing international competitiveness. Digital innovation, as the frontier of innovation management research, has attracted special attention from scholars at home and abroad. However, on the whole, foreign attention has been relatively early and research results are relatively rich, while domestic research results are relatively small, and theoretical research is relatively lagging, making it difficult for China to flourish. The practice of digital economy provides timely and effective guidance. Therefore, systematic combing and analysis of digital innovation research literature, and then constructing the basic theoretical framework of digital innovation, has important theoretical significance and practical value for promoting the theoretical research of China′s digital innovation, leading and guiding China′s digital innovation practice.The paper uses the literature analysis method to review and sort out the literature in the past 20 years, and construct the basic theoretical framework of digital innovation. The main research conclusions are as follows: (1) It systematically sorts out the connotation of digital innovation from the perspectives of process theory, consequence theory and holism, defines the connotation of digital innovation, and points out that digital innovation is the process of using digital technology to innovate, which can be used to describe some of the results of innovation or all of innovation. (2) It summarizes the characteristics of digital innovation from three aspects: technology, organization and management attributes. In terms of technical attributes, it has the characteristics of self-growth and integration. In terms of management attributes, it has the characteristics of innovation platformization, innovation combination and innovation distribution. In terms of organizational attributes, it has the characteristics of convergence, openness and dynamics. (3) According to the form of expression, this paper divides digital innovation into five types: digital product innovation, digital service innovation, digital process innovation, digital organization innovation, and digital business model innovation. It proposes that digital innovation has the functions of improving operational efficiency, improving organizational performance, promoting high-quality development and changing the competitive landscape. (4) It believes that digital innovation is composed of five basic elements: digital innovator, digital innovation citizen, digital technology, digital innovation platform and digital innovation culture. It proposes that digital innovation organization and management include digital innovation strategy formulation, digital innovation organization preparation, and digital innovation operation management. (5) It points out that the future research of digital innovation should focus on the process and mechanism of digital innovation, decision-making, organization and management, government management strategies, the expansion of research objects, and digital innovation research in the Chinese context.The theoretical contributions of this paper are as follows: First, it has done a systematic review of the digital innovation literature, clarified the basic theories such as the connotation and characteristics, types and functions, basic elements, organization and management of digital innovation, and established the basic theories of digital innovation The theoretical framework has certain reference significance for domestic digital innovation research. Second, it innovatively puts forward the connotation and characteristics of digital innovation. From the perspectives of process theory, result theory and holism, the connotation of digital innovation is sorted out, and the connotation of digital innovation is defined. It summarizes the characteristics of digital innovation in three aspects: technology, organization and management attributes, and has a certain degree of innovation. Third, it proposes the functions and basic elements of digital innovation. It summarizes the functions of digital innovation from the perspective of digital innovation empowerment, clarifies the basic elements of digital innovation, and expands and enriches the content of digital innovation research. Fourth, it puts forward the main content of digital innovation organization and management, which has certain guiding value for promoting digital innovation practice management.

The related issues of digital transformation have gradually been integrated into the innovation, entrepreneurship, and many other research areas, and become one of the important research directions of the current. In view of the lack of systematic and exploratory retrospective research in this field, this paper systematically combs the economic and management literature in the field of digital transformation, and focuses process of the development of digital transformation research and the evolution of application scenarios. Focusing on the impact of digital technology on the overall development of different industries, this paper explores the evolution process of digital transformation research. The research combines the specific research content of important documents and the degree of integration of digital technology and social development, and analyzes the evolution process of digital transformation research from three stages by combining quantitative and qualitative methods. There are three innovations in this paper：First, around the impact of digital transformation on social development, this paper comprehensively combs the economic and management literature. The systematic analysis is carried out by combining quantitative and qualitative methods, which complements the existing research gaps; Secondly, this study analyzes the evolution process of digital transformation from three stages by combining the specific research content of important literature and the degree of integration of digital technology and social development. The research combines the evolution of theory, the iteration of research hotspot and the change of application scenario, which provides a new perspective for the research of digital transformation；Third, combined with the actual situation of the current global economic development, the future research direction in the field of digital transformation is prospected. Specific chapter arrangement: In Chapter 1, bibliometric analysis is carried out on the development process of digital transformation research; Chapter 2 systematically analyzes the evolution process of digital transformation research. Chapter 1 and Chapter 2, as the main content of this paper, specifically expounds the hot spot distribution and changes of digital transformation research and development. Finally, Chapter 3 summarizes the research conclusions of this paper, and prospects the key research and development direction of digital transformation in the future. The research results prove that: First, The application of digital technology brings new challenges to the development of traditional industries, prompts the transformation of innovation theory and practice at the industrial level, and promotes the academic circles to continuously focus on the research of digital technology innovation and its application scenarios; Secondly, In the era of digital transformation, digital technology changes the industry by creating new products, and promotes the academia to focus on the research on key issues such as its value acquisition and value creation methods; Third, Digital innovation has become an important basis for industrial digitalization, digital entrepreneurship has become an important support for digital industrialization and an important practice for value creation of digital innovation, which promotes the continuous emergence of "digital-based"research in academic circles. On this basis, the paper looks forward to the future research of digital transformation. It focuses on the analysis of five main contents of the future research: innovation governance digital transformation, the structure of production factors in the era of digital transformation, the process of industrial digital transformation, the construction of digital transformation into the social development environment, and the normative development of platform economy and regulatory governance. The conclusion provides knowledge increment for the development of theoretical research and industrial practice innovation in this field.

    Since the 18th CPC National Congress, great achievements have been made in both innovation input and innovation output at the macro level, which cannot be separated from the continuous optimization on the innovation environment by our government. However, the reality that cannot be ignored is that since 2011, such phenomenon as "preferring virtual economy to real economy", "virtual hot but real cold", and "excessive financialization" gradually appears. Specifically, at the micro level, the proportion of financial assets of the enterprises is increasing, and financial assets have increasingly become an important and indispensable part of their balance sheet. On the one hand, since innovation is essentially a kind of behavior with higher market risk, longer investment cycle and greater uncertainty, enterprise could obtain considerable profits by investing in financial assets rather than just relying on innovation input. Thus, if the financialization of the enterprise is based on the motivation to alleviate the financing constraints in the process of innovation, it will have a positive impact on corporate innovation in the long run; On the other hand, if the financialization of the enterprise is based on the motivation of profit-seeking, it will have a negative impact on corporate innovation, and finally result in a lack of sustainable competitiveness in the long run. Therefore, it is of great significance to examine the exact motivation behind corporate financialization, "profit-seeking motivation" or "reservoir motivation"?
   Furthermore, how to avoid or reverse the adverse impact of firms′ "preferring virtual economy to real economy" on corporate innovation has become an increasingly important topic of the academic world, and industrial policy may be one of the various tools. However, there are two opposite views on the validity of industrial policy. Meanwhile, it is still unclear what kind of effect industrial policy has on the relationship between corporation financialization and corporate innovation. Therefore, starting from different motivations of financialization, enterprises may produce completely heterogeneous consequences by obtaining resource supply under the support of industrial policies.
    Based on A-share listed non-financial companies in China from 2009-2017, this paper empirically examines the motivations behind the financialization of entity enterprise and its impact on corporate innovation, focusing on examining the micro mechanism of how corporate financialization influence the corporation innovation from the perspective of industrial policy.
    The results show that: (1) The dominant motive of companies′ financial asset allocation is "speculation arbitrage", and there is a significant "crowding out" effect of financialization on corporate innovation input and innovation output in the current year and next two years. This still holds after dividing the financial assets into four types, such as available-for-sale securities, investment real estate, long-team investment on financial stocks, entrusted and trust investment. Besides, the "crowding out" effect is more sensitive when the firm′s financial constraint is weak. (2) Industrial policy can significantly weaken the "crowding out" effect of corporate financialization on corporate innovation input, which plays a role of "roadblock" between corporate financialization and corporate innovation mainly through government subsidies and administrative control. Meanwhile, this inhibition effect is more sensitive under the coordination of central industrial policy and local industrial policy, which means coordination of central and local industrial policies could also effectively weaken the negative effect of corporate financialization on corporate innovations. However, under the case of non-coordination of central and local industrial policies (central support while local not support, central not support while local support), we don′t find significant evidence that industrial policy could play a role of "Roadblock". (3) Heterogeneity analysis shows that industrial policy significantly weakens the "crowding out" effect of corporate financialization and improves the innovation activities of non-state-owned and high-tech enterprises, while the state-owned enterprises enlarge the "crowding out" effect of corporate financialization with a more obvious speculation incentive. This shows that the development of high-tech and non-state-owned enterprises need more guidance, support and supervision from the government.
    Our contribution is that: on the one hand, we first verify that there exists heterogeneous influence of the motivation behind the corporate financialization on corporate innovation. Next, we deeply excavate the mechanism of how industrial policy weaken the "crowding out" effect of corporate financialization from the perspective of innovation-simulation and resource-supply role of the industrial policy, which expands the prior research on the simple relationship between corporate financialization and innovation. On the other hand, since we find that the current government-leading industrial policies can make up for the companies′ lack of incentives for innovation, especially in China, an emerging economy with imperfect institutional environment, we provide a practical basis for the government to optimize innovation policies and industrial policies and build a more innovative environment to improve the enterprises′ capabilities of innovation input, innovation implementation, and innovation output.

The implementation of national innovation strategy is based on the improvement of urban innovation capability. The rise of digital economy has brought new opportunities for improving urban innovation capability. However, the existing research on digital technology mainly focuses on the enterprise-level from micro perspectives. Few studies have researched the relationship between digital economy and urban innovation capability from the macro perspective yet. And researchers have not explored the influence of innovation environment (such as talent aggregation and financial development) on the relationship. What′s more, the research methods only stuck on explanatory theory analysis, and the research conclusions lack the support of empirical analysis. Therefore, the purpose of this paper is to investigate the relationship between digital economy and urban innovation capability from the perspective of urban level, and the moderating effect of talent aggregation and financial development as well.This paper used panel data of prefecture level cities in China from 2011-2016. Fixed effect model and quantile regression model were used to test the hypothesis. The results show that the digital economy can significant urban innovation capability, which is moderated by talent agglomeration and financial development. Specifically, in cities with high level of talent aggregation or financial development, the empowering effect of digital economy on urban innovation capability is stronger. The relationship between digital economy and urban innovation capability is positively moderated by talent aggregation and finical development. Further heterogeneity investigation shows that the contribution of digital economy to urban innovation is more obvious in cities with high innovation level, and the digital economy may expand the gap of innovation capability between cities. In order to resolve the problem of endogeneity caused by sampling selection bias, simultaneous causality, and omitted variable, three methods were adopted to examine the robustness， including the method for eliminating special sample, the instrument tool method of historical data and the method for replacing development variable, and the robust test showed that the results are positive.The contributions of this paper cover the following areas. First, it reveals the significant positive effect of digital economy on urban innovation capability, and the application of digital technology will expand the gap of innovation capability between cities, providing empirically evidences of the digital economy empowering urban innovation capability at the city level. Second, this paper enriches the research contents of relationship between digital innovation and urban innovation. We examined the moderation function of talent aggregation or financial development on the relationship between digital economy and urban innovation capability. The research shows that talent aggregation and financial development have a catalytic effect on the relationship. Finally, the conclusions provide some enlightenments for policy makers to take advantage of digital economy, such as paying attention to the fact that the digital economy may lead to the bigger gap of innovation capability between cities, and increasing investment to digital infrastructure and R&D activities. It is suggested that local government should take talent aggregation and financial development as important starting points to accelerate digital technology-enabled innovation.

   Rapid and pervasive digitization of innovation processes and outcomes has upended the way that innovative actors jointly creating value, deepened the development of extant theories on innovation ecosystems, and triggered the discussion on building digital innovation ecosystems. Innovation ecosystem studies have underlined the importance of coordinate symbiosis between innovative actors. The ecosystem members jointly create value around a hub actor, which means they work cooperatively and competitively to support new products, new technologies, and coherent customer solutions. Going digital not only introduces data as a new productive factor but also enhances the collaboration among actors, which changes the behavior logic of innovation ecosystems. Therefore, understanding digital innovation ecosystems in a proper way contributes to guiding the innovation practice in a digital era, as well as expanding or reconstructing relative theories on innovation ecosystems. However, most of the existing studies have neglected the new characters, new trends, or new challenges. There is an urgent need for scholars conducting in-depth studies to understand the nature of digital innovation ecosystems. 
   To fill the research gap, this paper put forward two basic manifestations of digital innovation ecosystems, that is, innovation-oriented digital ecosystems (or say, digital innovation ecosystem Ⅰ type) and digital-enabled innovation ecosystems (or say, digital innovation ecosystem Ⅱ type). On the one hand, innovation-oriented digital ecosystems are defined as digital ecosystems that serve for the creation, application, and diffusion of digital innovations. The innovation-oriented digital ecosystems could realize the join value creation among digital actors through innovation, and therefore can be regarded as innovation ecosystems established around digital actors. Such ecosystems also have characters that they inherit from digital ecosystems, that is, convergence, scalability, generativity, and modularity. On the other hand, the digital-enabled innovation ecosystems are the deep integration between the digitalization process and the behavior logic of ecosystem actors. From the perspective of a complex adaptive system (CAS), this paper constructed a theoretical analytical framework on the behavior logic of innovation ecosystems consisting of five dimensions, that is, actors, structures, institutions, functions, and evolution. Going digital enables new characters to innovation ecosystems, which also changes the behavior logic of innovation ecosystems.
    The two types of digital innovation ecosystem permeate each other and push forward each other. Such intertwined relationships change the way of jointly value creation among innovative actors and improve the innovation capability and innovation effectiveness in an all-round way. This paper introduces a conceptual framework for studying digital innovation ecosystems by integrating the above two concepts: innovation-oriented digital ecosystems and digital-enabled innovation ecosystems (i.e., digital innovation ecosystem Ⅰ type and Ⅱ type). This paper clarified the nature of digital innovation ecosystems by describing how the actors, structures, institutions, functions, or evolution perform when convergence, scalability, generativity, and modularity influence the ecosystems profoundly in a digital era. At last, this paper outlines a new research agenda to fill the gap in our understanding of digital innovation ecosystems. It points out that the following scholars could modify or polish the theories on digital innovation ecosystems by conducting convincing empirical analysis like measuring or case study, analyzing the pathway of ecosystem growth or development, or studying the policy on supporting the establishment or development of digital innovation ecosystems.

Dealing with the challenge of resource and environment constraints tightening, China has intensively issued a series of policies, laws and regulations on environment protection and pollution control. Green credit policy issued is one of the important components of environmental policy system.Although there are many literatures discussing effects of green credit policy from marco perspective and micro perspective, such as green development, heavily polluting firms′ debt financing and bank operating performance etc., the discussions about the impact of green credit policy on the innovation and transformation of firms is still few. In addition, existing literatures ignores the role of local governments in the implementation of green credit policies. Will the green credit policy lead to the adjustment of government subsidies allocation, and what does effect of government subsidies on the micro-effect of green credit policies? The role of government subsidies in the effects of green credit policy is still unclear. 
    Among green credit related laws and regulations, the "Green Credit Guidelines" issued in February 2012 is the most representative. "Green Credit Guidelines" clearly establishes the standards and principles of green credit in the banking industry and is widely regarded as the core of the current Chinese green credit system. In this regard, using the data from 2010 to 2017 A-share non-financial firms as sample, this paper provides empirical evidence on the impact of "Green Credit Guidelines" of 2012 on the enterprise innovation transformation and the regulating role of government subsidies play in the relationship between green credit policy and enterprise innovation transformation. 
    The empirical results show that: Firstly, the green credit policy significantly promoted the firms′ innovation transformation. Compared with firms in non-polluting-intensive industries, the promotion effect of green credit policy on innovation intensity is relatively weak in firms in polluting-intensive industries. Secondly, the government subsidies play a significantly positive regulating role in the relationship between green credit policy and firms′ innovation transformation. And, the regulating role of government subsidies is difference between firms in polluting-intensive industries and firms in non-polluting -intensive industries. Thirdly, the effect of green credit policies on firms innovation transformation and the regulating role of government subsidies are heterogeneous between different nature of ownership, debt leverage and regional marketization level. 
    This paper contribute to existing literature in following ways: (1) This paper expands the relevant research scope of green credit policy from micro perspective by analyzing the impact of green credit policy on the innovation and transformation of firms. (2) This paper enriches the literatures about government subsidies by examining the regulating role of government subsidies in the relationship between green credit policy and firms′ innovation transformation. (3) Taking exogenous event of the implementation of green credit policy to construct a quasi-natural experiment, and examine the related hypothesis based on difference-in-difference methods, which could alleviate interference of estimation results causing by endogenous problems in a certain extent. (4) Considering the firms heterogeneities exist in property rights, financial leverage, and regional marketization environment, this study further investigates the different impact of green credit policy on the enterprise innovation transformation and the regulating role of government subsidies among heterogeneous firms, which provide policy implications for related policy-making department to formulate and implement differentiated green credit policies.