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Research on the strategic path, theoretical framework and logic of China′s digital development Li Zhendong, Chen Jin, Wang Weinan 2023, 44(7): 1-10.  Abstract ( 312 )        The rapid development and application of digital technology is weakening the traditional national advantage and reconstructing the world′s competition landscape, which urges countries to develop digital development strategies to seize the high ground of digital technological innovation and form the digital competitive advantage. By sorting out and summarizing the digital development strategic path models of major developed countries, and exploring the internal relationship mechanism and theoretical framework of digital economy, digital government and digital social development, it will provide theoretical support and model mirror for China′s current digital development. However, the existing literature on digital development mostly discusses its development path and construction logic from of digital government, digital economy, and digital society respectively, few literatures analyze the development logic and theoretical framework from an overall perspective. Based on the analysis of the evolution law and practical experience in digital development strategies of major developed countries such as the United States, the United Kingdom, Germany and Japan, this paper constructs a theoretical framework of national digital development based on digital economy, digital government and digital society.       The results found that: (1) The origin of digital development in various countries is different, but its content focuses on three aspects: digital economy, government and social development; (2) The digital development strategy evolution of the four countries, the United States, the United Kingdom, Germany and Japan, has formed different digital economy development modes, such as "technology-system" double-wheel driving, "government-policy" pulling, industrial upgrading promoting, social demand pulling, but all development focus of the evolution process has turned to the digital economy as the center of gravity; (3) The digital development strategy should take the digital economy as the main body, the digital government and the digital society as the two wings. The three aspects support each other, penetrate and blend with each other, and advance together.       Based on this, the study puts forward the logic and countermeasures of digital development in the Chinese context. The development logic is the development of the digital economy continues to provide technical and service support for the constructions of digital government and digital society, the digital government empowers the digital economy and digital society to deepen development through top-level design and system reshaping; and the digital society provides long-term growth momentum for the digital economy and help the overall improvement of the effect of digital government governance.      The policy implications include: reconstructing the top-level design of the digital background, giving full play to the leading role of the government, guiding the participation of multiple parties, cultivating the digital literacy of the whole society, building a digital ecology, and activating data productivity. In addition, it puts forward the prospect of the future path of China further digital development in the three aspects of digital economy, digital government and digital society. References | Related Articles | Metrics

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Digital transformation path of enterprises: A transition from internal transformation to external empowerment Chen Ling, Wang Xiaofei, Guan Ting, Xue Bing 2023, 44(7): 11-20.  Abstract ( 252 )       The digital transformation of manufacturing enterprises is not only related to the rise and fall of the manufacturing industry but also decides whether countries can seize the new leadership in the digital age. Industrial digitalization has captured wide concern in academia and industry. At present, there is controversy about the core of digitalized transformation and the undertaker. Some scholars believe that industrial digitalization requires government intervention. Governments can introduce policies to enhance business viability, and governments can increase investment in digital infrastructure. However, some scholars oppose government intervention in the digital transformation process. Therefore, it is necessary to clarify the driving force for the digital transformation of enterprises. More precisely, what is the relationship between internal digital transformation and external empowerment, alternatives or complements? Can enterprises realize the spontaneous evolution from internal digitalization to external digitalization?       This paper explored the above questions from both empirical and theoretical perspectives. From the empirical point of view. This paper used the questionnaire survey data of 977 manufacturing enterprises in China, Germany, and Brazil. This paper explored the main trends of industrial digital transformation on the enterprise level and provided an empirical basis for the debate on whether to enhance the self-viability of enterprises or a cooperation-supporting environment. The relationship between internal digitalization and external digitalization of manufacturing enterprises was clarified. From the theoretical point of view. This paper extended transaction cost theory, resource-based view, and resource-dependent view to digitization research. This paper explored the relationship between internal digitization and external digitization from the perspective of efficiency and capability and explored the heterogeneous characteristics of the process from the perspective of power, in which internal digitization promotes external digitization. It provided a new perspective and reference for digital transformation for manufacturing enterprises and enriched the related research on digitalization and industrialization theory.      The research drew three conclusions: (1) The internal digitalization of manufacturing enterprises promotes external digitalization. Relying on the endogenous capacity, the enterprise can realize the spontaneous evolution from internal digital integration to external digital linkage. The direct impact of the introduction of digital technology into the enterprise is to improve the accuracy of the production process and reduce the resource allocation cost. Along with the internal digital integration, the organizational structure suited to the traditional market goes ineffective. To reduce costs and improve the efficiency of resource allocation, enterprises will spontaneously apply digitalization to the process of external cooperation. (2) If the scale of the enterprise is large and the technical level is high, the positive impact of internal digitization on external digitization will increase. Given that organizational boundaries should maximize the control of external forces, large-scale enterprises and high-tech enterprises with stronger control over external forces may be more inclined to apply digitization to cooperative networks to continuously expand organizational boundaries to obtain more knowledge and resources. The larger the scale and the higher the technical level of the enterprise, the greater the positive impact internal digitalization has on external digitalization. (3) Analyze country-level differences. Internal digitization has a positive effect on external digitization in the German and Chinese samples, but this effect is not significant in the Brazilian sample. Brazil has a low degree of internal digitalization, and the digital transformation is dominated by small-scale and low-tech industries, so the external enabling effect of digitalization in Brazil is not significant.      Finally, according to the research results, this paper puts forward the following practical suggestions: (1) Enterprises should pay attention to the integration of digital resources and traditional resources. (2) In the process of digital transformation, the government′s top-down administrative measures are no longer efficient, and the government needs to transform its functions from a controller to a service provider. (3) The government should focus on providing the market environment, rather than intervening in the development stage through selective industrial policies. Related Articles | Metrics

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Research on the evolution and effectiveness of the policy coordination of China′s IC industry 2023, 44(7): 21-31.  Abstract ( 167 )     The effective coordination of policy measures has key significance to promote the growth of China′s IC industry. China′s government has invested in the IC industry to carry out large-scale policy support. China′s IC industry has achieved greatly in chip design, packaging and testing fields. However, there are also lots of technology shortcomings that make China highly dependent on other countries and regions in high-end materials, high-precision integrated lithography machine, chip design EDA tools and other core technologies and products. Therefore, it is difficult to fully explain the paradox of "policy support for the IC industry" and "weakness of technical or industrial competitiveness" in China from the perspective of policy tool or policy strength analysis. It is urgent to introduce the perspective of policy coordination, to systematically evaluate the synergetic evolution of Chinese IC industrial policy, and its internal evolutionary mechanisms and impact on industry development. According to the theoretical perspective of mission-oriented policy, this paper studied the influence of policy synergy on the development of Chinese IC industry.      Based on the IC related policies at the national level in China during 2000-2020, this paper constructed the quantitative criteria of policy intensity and the scoring criteria of policy tools through the analysis of policy text and the expert review method, and measure the intensity of various policies in China′s IC industry. A model of policy tool synergy degree was built to systematically analyze the evolution of synergy degree among major policy measures and its impact on the development of IC industry. The results showed that since 2000, the key policy that encouraging the development of IC industry issued by the State Council was characterized by mission-oriented, which had a significant effect on the overall improvement of the IC policy. Coordination of financial support and guidance measures and coordination of financial support and R&D innovation had a significant positive impact on the development of IC industry. Guidance measures such as encouraging high-tech IC enterprises to list on the Science and Technology Innovation Board further strengthen the effectiveness of financial support policies.      However, coordination of tax incentives and intellectual property measures has not effectively promoted the development of China′s IC industry. In the current development stage, it is urgent to encourage enterprises to carry out high-quality IC patent layout, minimize the crowding out incentive effect of preferential-tax-policy in enterprise′s intellectual property layout by production capacity expansion, and promote the synergistic interaction between preferential-tax-policy and intellectual property policies. The main policy measures and guidance measures in China′s IC industry maintain a high degree of synergy, while the degree of synergy with implementation measures is low.       This paper also provides some policy implications. It is suggested to strengthen the continuously mission-oriented policy support to IC industry. It is highly important to strengthen the effective coordination between financial support and other measures, and also optimize the coordination mechanism between tax incentives and intellectual property measures. 〖JP2〗At the same time, it is necessary to further strengthen the precise support of financial support and tax incentives, improve the organization and supervision mechanism of government guidance fund, and prevent the negative impact of disorderly expansion of production capacity. Related Articles | Metrics

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The construction of the user-driven innovation ecosystem of megaprojects 2023, 44(7): 32-40.  Abstract ( 98 )       Megaproject innovation has become an effective model of independent innovation in Chinese industry. This paper adopts the case study method, based on the general analysis framework of innovation ecosystem theory, and takes Shenhua Coal-To-Oil Indirect Liquefaction Demonstration Project of Four Million Tons Per Year as the case, to investigate the process of user enterprises leading the relevant parties under the common vision to participate in and cooperate in the realization of megaproject innovation in the way of innovation ecosystem.      The conclusion of this paper is that in the user-driven megaproject innovation ecosystem, the experience accumulation and participation ability of users enable them to promote the value creation activities as the orchestrator, collaborator and complementor. In the definition stage, as an ecological organizer, Shenhua defines requirements from the common vision of independent localization of major equipment and materials of coal-to-oil key technologies, so as to clarify the value creation content of each participant in the ecosystem. In this stage, the national leading mechanism is mainly in the design stage. As the ecological leader, Shenhua demonstrates the technology through pre-research and feasibility report. First, in the user-led innovation ecosystem of major projects, market approved conditional procurement and bidding, joint activities and coordination institutions established based on common interests are indispensable operating mechanisms. Second, user enterprises in megaprojects have dual identities: it not only bears the national strategic mission, but also represents the market foresight demand. Third, the experience accumulation and participation ability of users enable them to promote the value creation activities as the arranger leader, collaborator and complementor.     In this stage, the market mechanism is mainly in the construction stage. As an ecological synergist, Shenhua integrates the advantages of the participants in the ecosystem to realize the project-oriented resource integration. This stage is mainly the ecological mechanism. In the commissioning stage, as an ecological complementor, Shenhua solves the challenges in the commissioning process through the technological innovation activities of complementary suppliers and complementors. In this stage, the ecological mechanism mainly needs to be explained. Due to the large scale and complex process of the project and the difficulty of collaboration, the mechanisms used in the life cycle of the project are often overlapping and repeated. In general, different phases of the construction mechanism have different focus.      In terms of theoretical contributions, this paper puts forward the theoretical framework of user-driven innovation ecosystem, and analyzes the case of megaprojects. Based on this theoretical framework, two findings are drawn: First, in the innovation of complex product systems such as megaprojects, the unique application scenarios and process requirements of end users are conducive to the demonstration of megaproject design, organize and implement, and accelerate the innovation process of system participants, especially supplier groups. This is reflected in the ability of leading users to be the first to obtain market access qualifications and lead core technology suppliers with their accumulated experience and capabilities in open innovation cooperation. The joint actions of complementary technology providers based on a common vision not only increase the possibility of users adopting domestic technologies and products, but also provide market opportunities for domestic suppliers to develop and apply new products. It is a value creation activity based on symbiotic relationship, and then drives the co-evolution of relevant participants in the domestic industrial innovation chain with systematic value creation. Second, in the innovation ecosystem of megaprojects, end users bear dual missions. In megaprojects, end user enterprises are often central or state-owned enterprises, which shoulder both the public mission of the government and the market interests of enterprise users. End-user enterprises play the role of system integrator, and the government has a strong guiding role in ecological formation and joint cooperation. Its measures to promote scientific and financial support in the localization of market access conditions directly affect whether end-user enterprises can form an ecosystem around megaprojects and create value.       This paper has promoting significance for the practice and theoretical research of the organization of megaproject innovation. As a megaproject bearing public mission, it has increasingly become an important way to make breakthroughs in industrial technology. How can megaproject technologies and products built by users spread quickly and achieve market benefits? In the early stage, demand incentive measures such as government procurement targeted subsidies given by the government will help the diffusion and application of industrial technology. References | Related Articles | Metrics

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Research on the configuration path of knowledge fusion in the innovation ecosystem Cheng Qiongwen, Zhao Yixuan 2023, 44(7): 41-49.  Abstract ( 97 )        Knowledge fusion is critical for increasing firm productivity and its innovation competitiveness, and an innovation ecosystem is a critical organizational environment for achieving knowledge fusion. The value propositions in the innovation ecosystem with different value goals are heterogeneous, resulting in significant differences in knowledge fusion paths. Regrettably, however, previous literature has rarely investigated it, leading to a misunderstanding of knowledge fusion, which leads to idle knowledge, invalid fusion and reverse fusion of knowledge. As a result, to reverse the current low level of knowledge fusion in an innovation ecosystem, it is critical to investigate the knowledge fusion paths in an innovation ecosystem.     Based on the Organizational Symbiosis Theory and the perspective of value proposition heterogeneity, this paper followed the "subject-network-environment" logic and investigates the configuration of knowledge fusion in the technology-dominant and the market-dominant innovation ecosystems. This study employed the survey data from firm-level innovation ecosystems in China, including information technology, intelligent manufacturing, electronic communication, college and technology incubator. A sample of 272 valid questionnaires was drawn from the above organizations, all of which have experiences with knowledge fusion within two types of innovation ecosystems. The configuration relationship was tested using the fuzzy set qualitative analysis (fsQCA) method.      The results show that the technology-dominant innovation ecosystem has two knowledge fusion configurations and the market-dominant innovation ecosystem has three knowledge fusion configurations. There are general and special configurations, and further comparative analysis revealed that the two types of innovation ecosystems′ core conditions for high-level knowledge fusion differ, as do the matching and substitution relationships between the conditions. The "focal firm-led" and "actors-network-environment linkage" characteristics of the technology-dominant innovation ecosystem can be summarized. The two paths have different conditions, but they both emphasize high-level knowledge integration. The integration is primarily dependent on the focal firms′ breakthrough improvement in their independent innovation capability. The driving paths of market-led innovation ecosystem driving high-level knowledge fusion can be summarized as "environment-driven", "complementary depending on actors′ ability", and "main actors′ ability-network-environment linkage-type". Although the conditions of the three paths are different, they all emphasize that a high degree of knowledge fusion is primarily driven by complementary actors, innovation networks and exogenous driving forces from the external environment. The general configurations of knowledge fusion of technology-dominant and market-dominant innovation ecosystem are "subject-network-environment linkage-type", but the core conditions differ from the marginal conditions, indicating that knowledge fusion is affected by cross-level multi-factors, but the importance of antecedents to produce a high degree of knowledge fusion differs due to the different value orientations of the innovation ecosystem.     The findings enrich and strengthen related research on the antecedents and conditions of knowledge fusion in the innovation ecosystem from the perspective of heterogeneity value goals, allowing enterprises and governments to develop targeted innovation strategies, deepen cross-domain knowledge integration, and achieve high-quality innovation development. This paper reminds managers that when some of the conditions are missing or immature, they can compensate and balance by strengthening other conditions as much as possible, thus they must pay close attention to scientific matching and adjustment. Related Articles | Metrics

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Research on the relationship between technological progress and global advanced manufacturing trade network Yang Wenke, Ma Qianting, He Jianmin, Su Yi, Zhao Yicheng 2023, 44(7): 50-59.  Abstract ( 96 )         Clarifying the trade network distribution of the intermediate products and final products of the global advanced manufacturing and its dynamic evolution process is beneficial to understanding and breaking trade shackles. This research aims to fill this gap and investigate the interdependency among technological progress, military strength and global advanced manufacturing trade network by using the global data of 43 countries (regions) obtained through network analysis from 2005-2014, a general equilibrium model, gravity models and the PPML-HDFE method.      In the light of empirical research, we can obtain the following results. First, the trade scale of intermediate products is significantly higher than final products in the whole decade, and the global trade in advanced manufacturing shows obvious power law tail characteristics. Then, the global intermediate products trade network of the global advanced manufacturing appears to have manifest core-periphery structures, and so have the final products trade network. In addition, DEU, CHN and USA rank TOP 3 in the importance of intermediate products trade networks, and so do DEU, CHN and ESP in final products trade networks. Furthermore, we also find that the influences of technological progress on the relative position of intermediate products and final products export in advanced manufacturing are significant negative, which is not in the traditional sense and means that the tendency of a country′s(region′s) technological progress is opposite to its relative position of export. Meanwhile, the relationship between technological progress and export trade is mediated by military strength.      Moreover, the influences of technological progress and military strength on the relative position of advanced manufacturing have heterogeneous characteristics of trade agreement signing and economic development. On the one hand, signing trade agreements between countries(regions) can significantly strengthen the negative effect of technological progress on the relative position of export trade of intermediate products of advanced manufacturing, however it may relieve the destructive effect of military strength on that of intermediate products and final products. Besides, signing trade agreements between countries(regions) can significantly weaken the negative effect of technological progress on the relative position of final products export. On the other hand, the more developed the countries(regions) are, the less likely they are to break the existing global pattern of export trade of advanced manufacturing. Much worse, the "crowding out effect" on the development of intermediate products export in advanced manufacturing may happen when these advantage countries(regions) blindly pursue technological progress.     This research extends the mechanism between technological progress and trade network of advanced manufacturing, and provides a new viewpoint for improving the structure and layout of the global advanced manufacturing and exploring its influencing factors. Above all, this paper reckons that the government ought to focus on the whole cycle of inter-regional trade of advanced manufacturing. Specifically, the periphery region should strengthen the regional trade links with sub-core regions and core regions, and further the trade cooperation of advanced manufacturing within the region to realize the "three cycles" of inter-region trade of advanced manufacturing, namely "the cycle between the core regions and sub-core regions", "the cycle between core regions", and "the cycle between the periphery regions and sub-core regions".  References | Related Articles | Metrics

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Dynamic spatial measurement of the production of China′s industry with green collaborative innovation Shi Fengguang, Zhou Ming, Xu Bin 2023, 44(7): 60-72.  Abstract ( 62 )       At present, the economic and social ties among regions are becoming closer and closer. Studying the mechanism and reasons of collaborative innovation input on green collaborative innovation output from a dynamic and spatial perspective is very important to improve the ability and efficiency of green collaborative innovation and realize green transformation and development.      This paper used the input and output data of industrial collaborative innovation in 30 provincial-level regions in China from 2010 to 2017 to conduct the research. Firstly, this paper estimated the green collaborative innovation output of industrial enterprises above designated size, the capital stock of collaborative innovation materials and the full-time equivalent of collaborative innovation personnel. Then, the spatial measurement based on transcendental logarithm production function was carried out by using economic distance matrix, human capital matrix, innovation infrastructure matrix and economic linkage matrix.      The results show that: (1) the Moran I index scatter diagram of China′s provincial industrial green collaborative innovation output and the Moran index of differential GMM regression residual show that China′s provincial industrial green collaborative innovation has a significant positive spatial spillover effect. (2) The LM Test under the economic distance matrix, human capital matrix, innovation infrastructure matrix and economic linkage matrix shows that the dynamic spatial error model is more suitable than the dynamic spatial lag model when studying the green collaborative innovation production of China′s provincial industries. (3) Through comparison, it is found that the regression effect of regional fixed effect of DSEM under the economic linkage matrix is better. The regression results show that collaborative innovation capital has a significant inverted "U" effect on the output of green collaborative innovation, while collaborative innovation personnel have a non-significant "U-shaped" effect on the output of green collaborative innovation, The interaction between collaborative innovation capital and collaborative innovation personnel will have a significant compound effect on the output of green collaborative innovation. (4) Further, the dynamic spatial threshold regression with the marketization level as the threshold variable is carried out. The results show that the collaborative innovation capital has a significant inverted "U-shaped" effect on the output of green collaborative innovation, but its inverted "U-shaped" effect should gradually weaken with the improvement of the marketization level. When marketization is at a low level, collaborative innovation personnel have a significant inverted "U-shaped" effect on the output of green collaborative innovation, but with the improvement of marketization level, its inverted "U-shaped" effect will change into "U-shaped" effect, and its "U-shaped" effect will weaken with the further improvement of marketization level. The interaction of collaborative innovation capital and collaborative innovation personnel has no significant threshold effect on the output of green collaborative innovation. (5) Through dynamic spatial threshold effect test of the introduction of time trend, in sub regions and dynamic spatial GMM test in sub regions, it is found that the symbol and change trend of model parameters are basically consistent with the benchmark regression results, which shows that the research conclusion of this paper has good robustness.     The research conclusion of this paper helps to clarify the action mechanism of collaborative innovation input on green collaborative innovation output, and provides an important policy reference for improving the ability and performance of regional green collaborative innovation. Related Articles | Metrics

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Has digital finance promoted the upgrading of industrial structure through technological innovation? Zhu Dongbo, Zhang Xiangwei 2023, 44(7): 73-82.  Abstract ( 171 )        As a new feature of financial development, digital finance can help to break the financial exclusion that traditional financial institutions conduct to small and micro enterprises, alleviate the misallocation of financial resources, reduce the enterprise cost of borrowing, and diversify R&D risks. Thus, it will stimulate technological innovation of enterprises and inevitably affect industrial development. Especially in the context of the new technological revolution and industrial transformation marked by digital technology, it is of great practical significance to explore whether digital finance stimulates technological innovation and promotes the upgrading of industrial structure for the establishment of modern industrial system and the realization of high-quality development.     This paper firstly analyzed the mechanism of digital finance, technological innovation and its intermediary effect on the upgrading of industrial structure from the aspects of capital formation, risk dispersion and consumption guidance, and research hypotheses were proposed. Then, based on the mediating effect method, fixed-effect model was constructed, and the impact of digital finance and technological innovation on the upgrading of industrial structure and its regional heterogeneity were empirically tested on the basis of measuring the upgrading of industrial structure, technological innovation and other indices, combined with Chinese urban panel data. The empirical results showed that digital finance and technological innovation both promote the upgrading of industrial structure. The results of the sub-dimensional heterogeneity test showed that the breadth of coverage, depth of use, and degree of digitialization of digital finance all promoted the upgrading of the industrial structure. The results of the regional heterogeneity test showed that the promotion effect of digital finance in the central and western regions is greater than that in the eastern region, indicating that digital finance can help narrow regional gaps and promote coordinated regional development. The results of the mediating effect test confirmed that digital finance promotes the upgrading of industrial structure by stimulating technological innovation in China and the central and western regions. Based on the above conclusions, in order to accelerate technological innovation, promote the upgrading of industrial structure and coordinate regional development, this paper put forward some policy recommendations from the following aspects:     (1) The development of digital finance should be promoted. Firstly, the government should lead the formation of a frontier digital technology research group to break down the technical barriers between regions, enterprises and scientific research institutes to accelerate the development process of digital technology. Secondly, a regional digital financial development policy should be implemented. The eastern region should make full use of good technical conditions, strong capital base and economic policy advantages to achieve major digital technology breakthroughs as soon as possible while the central and western regions should start with the construction of new infrastructure such as 5G, and make full use of late-mover advantages to achieve the leap-forward development. Thirdly, digital financial education should be strengthened. The small-, medium- and micro-enterprises or other groups in the central and western regions need to be guided to use digital financial resources correctly and expand the coverage of digital financial services.        (2) The digital transformation of traditional finance should also be enhanced. Firstly, the integrated development of traditional finance with digital technology should be promoted; the limitations of banks and other traditional finance be overcome in terms of business network and operation time; and more inclusive development of traditional finance be promoted. Secondly, focus should be given on the theme of "scientific and technological innovation", and on such traditional financial institutions as the four major state-owned commercial banks of "ICBC, ABC, BOC, CCB" so as to promote the digital technology innovation process. Thirdly, the reform of the financial system should be further deepened to make the market play a decisive role in resource allocation, and financial support and preferential policies for small, medium and micro high-tech enterprises should be appropriately strengthened by financial institutions.        (3) The technological innovation process should be accelerated. Firstly, regional innovation incentive policies should be implemented to meet the demands of different regional industrial development and market consumption. Secondly, various types of policies such as financial policy, industrial policy, fiscal subsidy policy and environmental regulation measures should be comprehensively adopted to guide the allocation of economic and social resources to enterprises in high-tech industries. Thirdly, a cooperation model between the government and private capital for technological innovation should be established to alleviate the problem of lack of funds faced by China′s technological innovation. References | Related Articles | Metrics

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Can science and technology finance promote high-quality development of enterprises? Kang Yanling, Wang Man, Chen Kejing 2023, 44(7): 83-96.  Abstract ( 139 )       China′s economy is experiencing a transition from a phase of rapid growth to a stage of high-quality development, and the economic growth mode is changing from being pushed by nature resources to being pulled by innovation. Innovation has become an effective way to enhance an enterprise′s market competitiveness, and finance played a decisive role in this process. Thus, the combination between finance and technology is the most effective way to promote an enterprise′s technological innovation and improve its competitiveness. However, the influencing role of science and technology finance remain controversial. The strong connection between the measurement of technological finance and macro-economic variables leads to serious endogeneity issues. The policy of "promoting the pilot integration of technology and finance" issued in 2011 by the Ministry of Science and Technology and other competent departments provides us with an excellent cooperation opportunity to examine the relationship between science and technology finance and firm innovation.    Based on the policy of "promoting the pilot integration of technology and finance" implemented in batches in 2011 and 2016, this paper studied the role of the policy in promoting high-quality corporate development from the perspective of innovation. We found that: firstly, the policy of science and technology finance significantly promotes the substantive innovation of enterprises rather than strategic innovation. The results are robust after a battery of tests, including placebo tests, controls for other policy effects and introduction of alternative explanatory variables. Secondly, the results of mechanical tests on financing constraints showed that the policy of science and technology finance can guide banks to increase technological credit support, establish specialized institutions, and support enterprises to raise funds in the multi-level capital market to promote corporate innovation. And the results of mechanical tests on government spending on science and technology show that science and technology finance policy can promote corporate innovation through innovation-related tax incentives and innovation subsidies. The cross-sectional analyses showed that the policy of science and technology finance has a more significant impact on non-state-owned enterprises and high-tech enterprises. Finally，the policy of science and technology finance promote high-quality development of enterprises through innovation.     This paper contributes to the literature from three aspects. First, we use difference-in-difference (DID) model to solve potential endogenous issues based on the policy of "promoting the pilot integration of technology and finance", which was implemented in batches in 2011 and 2016 to examine the impact of technology and finance on corporate innovation. Second, this paper extended the literature on the influencing factors of corporate innovation. Although a lot of literature have examined the determines of innovation, the role of science and technology finance on corporate innovation has been unclear. This paper confirms the essential role of technology and finance in enterprise innovation, and sorts out the channels through which the technology finance policy affects corporate innovation from the perspectives of financing constraints and financial technology investment, helps to clarify the effect of the technology finance policy in practical and in academic and enriches the existing literature on research on the mechanism of technological finance′s impact on corporate innovation. Third, this paper confirms that science and technology finance have significantly positive effect in promoting high-quality economic development, and provides a reliable theoretical basis for the comprehensive promotion of technology and finance integration policies. Related Articles | Metrics

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A literature review of the development of green credit in China based on the knowledge map Tian Lihui, Nie Yanming 2023, 44(7): 97-104.  Abstract ( 238 )   China needs sustainable green development and green credit is an important market means for energy conservation, emission reduction, environmental protection and industrial structure optimization. How is the current research status and development prospect of the Chinese green credits? In order to understand the current development of green credit research in China, we selected the relevant literature from 2007 to 2020 as research object that has been published by the CSSCI source journals and the Chinese core journals in the database of China National Knowledge Infrastructure (CNKI). As a side note, non－academic literature among them, such as news reports, book reviews and so on.Finally, we got 263 domestic documents in the database of CNKI.As quantitative research can reflect the research hotspots and research status in a certain field more objectively, the CiteSpace software was used in this paper to draw knowledge maps， which was more simple and effective. The visual and quantitative analysis on those full literature samples were conducted in this way.Then the maps were utilized to analyze the literature，and the current research topics were to be grasped and the research trends were also to be judged，which may provide a useful reference for the in-depth study of green credit.    The main research conclusions in this paper are as follows: (1) The research objects of green credit have been shifted from macroscopic research to microscopic research. The early research focused on the concept and necessity of developing green credit in China and the factors affecting the implementation of green credit. After the green credit policy was issued and implemented, academia began to analyze the effects of green credit implementation from a micro level such as commercial bank performance, investment and financing of heavy pollution firms. (2) The research methods of green credit have been evolved from a predominantly qualitative to a predominantly quantitative study, but the availability of data limits the progress of micro-empirical research. However, the samples are often too small with limited data in the research on green credit and commercial bank performance, which significantly reduces the accuracy of empirical research. As for the empirical research on green credit and heavy-polluting companies, most studies can only use dummy variables to represent green credit policies, and there are short of data to support further empirical research. (3) The relationship between research and practice of green credit is in need of further work. There are few evaluative studies on the effect of green credit implementation, which makes it hard to judge the effectiveness of green credit policies.〖JP〗 Our work not only brings about systemic references for new researchers，but also suggests the further research directions. We need to advance the academic research, better the government policies and promote the business practices of green credits. It is therefore in need to improve the green credit policy system and statistical system in order to provide enough data support for green credit research and supervision, to strengthen and deepen the evaluation research on the effect of green credit policy implementation and to expand research on green credit incentive and restraint policies is also important. References | Related Articles | Metrics

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Research on the operational mechanism of digital enabled maker space Fang Zixu, Xu Li 2023, 44(7): 105-113.  Abstract ( 66 )   Mass entrepreneurship and innovation are important forces that stimulate the vitality of social innovation and entrepreneurship, and create new driving forces for economic development. As a carrier of "mass entrepreneurship and innovation", the maker space is an important component of the innovation and entrepreneurship ecosystem, which drives China to become one of the top innovative countries and a world power in science and technology innovation. However, the supply of entrepreneurial services in the maker spaces is currently facing bottlenecks, and the effectiveness of entrepreneurial services is poor. The main reason is that the operating mechanism of the maker space is not standardized, which is reflected in the mutual independence and information asymmetry between the relevant entities in the operation and management of the maker space, forming a "data island", which hinders the collaborative interaction between entrepreneurial supply and demand and reduces the quality of entrepreneurial services.        Based on a review of previous literature, this paper mainly focused on the operational mechanism of traditional maker spaces, neglects specialized maker spaces, separates the composition of elements and operational mechanism of maker spaces, thus failing to systematically reveal the operational way of maker spaces. Reviewing the research on digital technology and entrepreneurial activities, it mainly focuses on a single perspective and level. However, entrepreneurship is a process that requires exploring the impact of digital technology on entrepreneurial activities from the perspective of integrating entrepreneurial projects and resources, as well as cross-level exploration of entrepreneurial ecosystems. Therefore, this paper attempts to introduce digital technology into the operation and management of maker spaces. Taking "Zhongke Xinke" as the case of study, we will build the operational mechanism for a specialized maker space based on digital enabling, promoting the maker space to become a low-cost, high-quality, and widely covering innovation and entrepreneurship service system.       The research conclusions are as follows: the operational mechanism of the maker space based on digital enabling includes the composition of the elements, internal logic, and operational ways of the maker space. As the foundation of the operation mechanism of the maker space, the elements of the digital enabled maker space include three parts: the entrepreneurial subject, the entrepreneurial service ecosystem, and the entrepreneurial peripheral ecosystem. As the logical basis for the operation mechanism of the maker space, the inherent logic of digital enabling of the maker space is the interaction and influence of the three elements, achieving a progressive consensus on demand, collaborative symbiosis, and value co-creation. Among them, demand consensus is the foundation, collaborative symbiosis is the core, and value co-creation is the goal. As the main body of the operation mechanism of the crowdsourcing space, the operation method of the digital enabled crowdsourcing space includes precise identification of entrepreneurial needs (including precise perception, precise mining and precise analysis of entrepreneurial needs), as well as precise docking and precise supervision of entrepreneurial needs.      The innovations of this paper are as follows: Firstly, it attempts to introduce digital technology into the operational mechanism of maker space, explore the impact of digital technology on entrepreneurial activities from a cross level perspective in the entrepreneurial ecosystem, build the operational mechanism of maker space based on digital enabling, and expand the research scope of digital technology and entrepreneurial activities. Second, different from focusing on the operational mechanism of the traditional maker space, which overemphasizes the traditional entrepreneurial ecological systems theory and ignores the development practice of maker space, this paper focuses on the specialized maker space and explores its operational mechanism by introducing the typical case of "Zhongke Xinke". Thirdly, it analyzes the roles and internal connections of its constituent elements, integrates them into the operational mechanism, systematically reveals the operational ways of the maker space, and thus building a hierarchical operational mechanism for the maker space. Related Articles | Metrics

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Carbon trading policy, R&D innovation and carbon performance of polluting enterprises Ma Qian, Ren Xiaosong, Zhang Hongbing, Zhao Guohao 2023, 44(7): 114-123.  Abstract ( 156 )       As an essential governance tool for the implementation of China′s dual carbon target strategy, carbon trading policy is crucial to the green transformation and development of polluting enterprises. Facing the pressure of emission reduction, enterprises actively respond to the situation through many strategies such as R&D innovation, information disclosure and cost control, etc. Whether carbon performance can be effectively improved, its mechanism needs to be explored in depth. This paper took the data of Chinese listed companies from 2010 to 2018 as the research sample. Firstly, the difference-in-difference-in-differences (DDD) method was used to assess the impact of carbon trading policies on the carbon performance of polluting enterprises in general. Then, the mediating effect of R&D innovation was tested by the mediating effect model, and the difference of mediating effect under the heterogeneity of firm size was analyzed. Finally, the moderated mediating model was used to explore the moderating effect of information disclosure on the mediating effect of R&D innovation. The multiple mediating effect model was used to consider the comprehensive impact of compliance cost pressure and R&D innovation motivation on the carbon performance of polluting enterprises. The main conclusions we have obtained from this study are as follows: (1) Carbon trading policy has a significant effect on carbon performance of polluting enterprises, and the findings remain valid through a series of methods such as common trend test, PSM-DDD, and replacement time window for robustness. (2) R&D innovation plays a partial mediating role in the relationship between carbon trading policy and carbon performance of polluting enterprises, and there is significant heterogeneity in the mediating effect. Compared with large-scale enterprises, the effect of R&D innovation on carbon performance of small-scale enterprises is more obvious. (3) Under the moderating effect of information disclosure, the mediating effect of carbon trading policy to enhance the carbon performance of polluting enterprises through R&D and innovation gradually increases. (4) Cost compliance pressure and R&D innovation motivation play multiple mediating roles in the relationship between carbon trading policy and carbon performance of polluting enterprises, in which the cumulative mediating role of cost pressure negatively overshadows the parallel mediating role of R&D innovation, so that the Porter effect of carbon trading policy has not yet appeared. And, the effect of carbon performance improvement is still in the stage of "cost compliance".    The possible marginal contributions of this paper are as follows: (1) In the research design, carbon trading policy, R&D innovation and carbon performance of polluting enterprises are incorporated in the same analytical framework, focusing on the impact of carbon trading policy on carbon performance of polluting enterprises, adding new empirical evidence to the micro mechanism of carbon trading policy. (2) In terms of mechanism analysis, the moderated mediating model and multiple mediating model are innovatively introduced to explore the moderated mediating effect and serial mediating effect that may exist between carbon trading policy and carbon performance of polluting enterprises, broadening the micro channels for carbon trading to exert institutional dividends. (3) On the theoretical boundary, the Porter hypothesis is subdivided into the stage of cost pressure and innovation motivation. The impact of the combined effect of cost pressure and innovation motivation on the carbon performance of enterprises is considered comprehensively, to clarify the realization context of the Porter hypothesis on carbon trading policy and add new theoretical literature on whether the Porter hypothesis is valid and the conditions of its action. References | Related Articles | Metrics

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Whether environmental regulation affects the industrial upgrading effect of two-way FDI Han Xianfeng, Song Wenfei, Zhu Chengliang 2023, 44(7): 124-133.  Abstract ( 84 )      In the new era, accelerating industrial upgrading has become a key measure for China to achieve high-quality economic development. It is generally believed that, whether it is cross-border capital inflow or outflow, it is often accompanied by overall transfer and reallocation of a large number of technologies, human capital and management experience, so that the role of two-way FDI in driving industrial upgrading cannot be ignored. In particular, with the continuous deepening of the concept of green development in China, the government has continuously raised the "quality threshold" of international capital flows, which invisibly promotes environmental regulation to become an important tool for regulating international capital flows. Unfortunately, few academic studies have paid attention to this issue. Under such circumstances, scientific analysis of whether environmental regulation can become a "regulator" for two-way FDI-driven industrial upgrading in the new era undoubtedly has important theoretical and practical significance.     Literature analysis found that there are still some shortcomings among existing research: Firstly, the dynamic evolution law and phase characteristics of the role of two-way FDI in the process of industrial upgrading are ignored; Secondly, there is no literature systematically explaining whether environmental regulation can become a "regulator" for two-way FDI to drive domestic industrial upgrading. The main innovation of this paper is that it effectively identifies the effects of environmental regulation on international capital inflows, outflows and domestic industries, as well as the dynamic and differentiated adjustment characteristics in the process of upgrading the internal correlation, and then based on the new perspective of two-way regulation of environmental regulation, it provides a feasible solution for effectively realizing the coordinated development of international capital investment and domestic industrial upgrading.     Using panel data from 30 provincial-level regions in China from 2004 to 2019, and threshold measurement technology, we empirically examined whether environmental regulations can effectively force and dynamically correct the industrial upgrading effect of two-way FDI. The results show that: The impact of OFDI and IFDI on industrial upgrading has the characteristics of "U" and negative "U" evolution respectively; Environmental regulation can completely reverse the potential adverse impact of two-way FDI on industrial upgrading, and can completely become a two-way "regulator" for international capital to effectively drive industrial upgrading. The current intensity of environmental regulations is most conducive to forcing OFDI′s reverse industrial upgrading, but the correction effect on IFDI-driven industrial upgrading is generally negative; Although the current environmental regulations affect OFDI in various regions, the reverse industrial upgrading effect of China has produced various degrees of positive adjustment effects, but it has not effectively forced the eastern and western regions to achieve the coordinated development of IFDI and industrial upgrading. 〖JP〗 This paper has the following policy implications: Firstly, the government should not only exert the positive impact of OFDI on industrial upgrading, but also avoid the adverse impact of IFDI on industrial upgrading as much as possible. Maintaining a moderate or high intensity OFDI strategy is conducive to industrial upgrading, while the IFDI strategy has relatively little room for policy adjustment. It should be ensured that the IFDI intensity is kept at a relatively high level within a certain limit; Secondly, the government should implement a heterogeneous environmental regulation strategy, so as to keep the intensity of environmental regulation in the process of "going out" at a moderate level. In addition, it is necessary to continue to enhance the intensity of environmental regulation in the process of "bringing in", forcing IFDI companies to continuously improve their technological content in China; Thirdly, the eastern region should implement a strict and heterogeneous environmental regulation strategy of "bringing in" rather than "going out", the central region should maintain a moderate environmental regulation strategy in the process of two-way opening, and the western region should take lower environmental regulation strategies in the process of "going out", while moderate environmental regulation means should be implemented in the "bringing in" process. Related Articles | Metrics

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Research on the matching between network dual embeddedness and digital innovation search strategies Xiao Yanhong, Zhang Gang, Pang Lijun, Ma Jingmei 2023, 44(7): 134-143.  Abstract ( 71 )       With the development of digital economy, the innovation activities of enterprises have covered the external network, and the improvement of innovation performance is always the goal pursued by enterprises. The mismatching of network dual embeddedness with digital innovation search strategy is serious. There are such frontier problems as how to carry out two-dimensional matching between network dual embeddedness and digital innovation search strategy, and how the matching influences performance of open innovation in the field of innovation. The matching that is helpful to optimize and allocate resource becomes one of the important sources of open innovation performance. Under the condition of limited resources, it is urgent to solve the mismatching and improve performance of innovation.    This paper based on the perspective of two-dimensional matching, has explored two-dimensional matching between network dual embeddedness and digital innovation search strategy, and analyzed the impact of matching on open innovation performance. It constructed patterns of network dual embeddedness and digital innovation search strategies. Data were collected via questionnaire survey, and valid questionnaires were obtained from 209 enterprises. The data was analyzed with the methods of SPSS and AMOS, and it was also tested empirically with the methods of ANOVA, independent-samples T test and other methods.      Results of the research show matching of network dual embeddedness (strongly relational, highly structural) with digital innovation search strategies (highly exploitative, highly exploratory), network dual embeddedness (weakly relational, highly structural) with digital innovation search strategy (lowly exploitative, highly exploratory), network dual embeddedness (strongly relational, lowly structural) with digital innovation search strategy (high exploitative, lowly exploratory), network dual embeddedness (weakly relational, lowly structural) with digital innovation search strategy (lowly exploitative, lowly exploratory). Moreover, matching of network dual embeddedness with digital innovation search strategy positively affects open innovation performance. It is of great significance to explore the matching of network dual embeddedness with digital innovation search strategies. Theoretically, this paper extends the study of network dual embeddedness and digital innovation search strategies to the level of two-dimensional matching. It makes up for the shortage of literatures, overcomes the limitations of matching, improves the theory, enriches the research of matching. Practically, this paper provides a basis for strategic decision-makers to choose the appropriate digital innovation search strategy, and a new direction for enterprises to improve performance of open innovation in the same cost. Enterprises can take two-dimensional matching as an effective way to improve the performance of open innovation. Managers may adopt appropriate combination of digital innovation search strategies according to the degree of network dual embeddedness.     There are still some limitations in the study. Firstly, when exploring the influence of two-dimensional matching patterns on open innovation performance, comparison of the four matching patterns is not made. Comparative studies can be carried out in the future; Secondly, although four two-dimensional matching patterns are constructed and tested, it is not explored which pattern should be adopted by enterprises in different development stages. In the future, case studies can be conducted to explore the correlation mechanism between two-dimensional match patterns and the development stage of enterprises, and reveal the matching law of enterprises in different stages. References | Related Articles | Metrics

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Boundary-spanning search and radical innovation: The role of knowledge inertia and knowledge orchestration capability Zeng Jingwei 2023, 44(7): 144-152.  Abstract ( 144 )       In order to deal with potential challenges, radical innovation has become an important measure for the sustainable development of enterprises in the new era. Due to the characteristics of high uncertainty and high risk of radical innovation, it needs the joint action of internal and external resources. Boundary-spanning search provides an effective way for enterprises to obtain external heterogeneous resources. However, the existing research has not clarified the relationship between boundary-spanning search and radical innovation. Based on knowledge-based view and resource orchestration theory, this paper discusses the relationship between boundary-spanning search and enterprise radical innovation, and introduces knowledge inertia as mediating variable and knowledge orchestration capability as moderating variable.     Firstly, based on the literature review, the paper analyzed the relationship between boundary-spanning search and radical innovation, clarified the mediating role of knowledge inertia and the moderating role of knowledge orchestration capability, and put forward six hypotheses. The paper further constructed the conceptual model of the research, which provided a theoretical basis for empirical research.     Secondly, the paper used the method of questionnaire survey for empirical analysis. The empirical test was carried out through the questionnaire data of 269 enterprises. The paper tested the reliability and validity of the questionnaire, carried out descriptive statistics, and used the method of hierarchical regression analysis to test the six hypotheses. The results showed that: (1) The impact of boundary-spanning search on enterprise radical innovation presented an inverted U-shaped relationship. (2) The influence of boundary-spanning search on knowledge inertia presented a U-shaped relationship. (3) Knowledge inertia had a negative effect on radical innovation. Knowledge inertia played a significant mediating role between boundary-spanning search and radical innovation. (4) Knowledge orchestration capability moderated the relationship between knowledge inertia and radical innovation, and moderated the mediating role of knowledge inertia. In addition, the paper used MEDCURVE and PROCESS program developed by Hayes to further verify the nonlinear mediation and moderated mediation.     Finally, the paper defined the internal mechanism and boundary conditions of boundary-spanning search affecting radical innovation, deepened the understanding of the relationship between boundary-spanning search and radical innovation, and opened the black box of their internal influence mechanism, which had important theoretical significance and practical enlightenment.       The theoretical significance of the paper is reflected in the following aspects: (1) The paper enriches the research on the influencing factors of enterprise radical innovation, and further defines the inverted U-shaped relationship between boundary-spanning search and radical innovation. (2) From the idea of reducing the negative effect of factors in the organization, the research reveals the internal mechanism of boundary-spanning search affecting radical innovation. (3) The research defines the role of knowledge inertia on radical innovation, further finds the negative impact of knowledge inertia on radical innovation, and enriches the literature of knowledge inertia. (4) Based on the resource orchestration theory, this paper introduces the knowledge orchestration capability as the moderating variable, clarifies the boundary conditions of boundary-spanning search affecting radical innovation, and expands the theoretical framework of boundary-spanning search research.     Enterprises should pay attention to the following aspects in their operations: (1) enterprises should properly  carry out boundary-spanning search activities and reasonably control the scope and degree of boundary-spanning search. (2) Enterprises should establish a continuous learning team, expand relevant knowledge channels and reduce the negative effect of knowledge inertia. (3) Enterprises need to pay attention to the role of knowledge orchestration capability and effectively allocate enterprise knowledge resources, so as to help the emergence of radical innovation. Related Articles | Metrics

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Construction of intellectual property demonstration cities and investment in enterprise innovation Feng Yuan, Nie Changfei 2023, 44(7): 153-161.  Abstract ( 102 )      Since its reform and opening up, China has achieved 42 years of rapid growth, with an average annual GDP growth of 9.44 per cent, as against 3.22 of the world average over the same period. However, this economic development mode, driven mainly by traditional factors such as labor force, capital and land, does not bring about a year-on-year improvement in the quality of economic development. At the new stage of development, it is urgent to accelerate the transformation of old growth drivers with new ones, foster new momentum of economic development, and establish innovation as the core of economic development. In order to stimulate the innovation vitality of enterprises, the Chinese government has implemented the construction policies for intellectual property demonstration cities (IPDCs) since 2012, and has continuously expanded the scope of demonstration cities.      In the field of economic theory, there has been controversies over whether intellectual property protection can increase enterprise innovation investment and truly play an effective role in ‘protecting innovation’. The underlying reason for the controversy is that intellectual property protection has a ‘double-edged sword’ effect on enterprise innovation. On the one hand, intellectual property protection can effectively reduce the possibility of stolen new technology and the sinking cost of innovation investment, increase the enterprise technology exclusive, improve enterprise innovation output, and thus play an important role in enterprise innovation activities; on the other hand, intellectual property protection will not only directly increase enterprise imitation cost, but also hinder the diffusion of new technology, and even protect monopoly, thus inhibiting on enterprise innovation activities. Can intellectual property protection really ‘protect innovation’ in the context of China? This is precisely the central concern of this paper.      Specifically, this paper took the IPDCs construction policy as a quasi-natural experiment, based on the data of A-share listed companies in China from 2007 to 2019, and using the difference-in-differences (DID) model to investigate the impact of intellectual property protection on enterprise innovation investment. We found that the IPDCs construction policy has significantly increased the enterprise innovation investment. This finding was obtained from a series of tests, such as the parallel trend test, the PSM-DID test, instrumental variable (IV) estimation, and so on. The mechanism analysis showed that the channels for the IPDCs construction policy to increase enterprise innovation investment are as follows: strengthening the judicial protection and administrative protection behavior of local governments, and alleviating the financing constraints faced by enterprises. The results of the heterogeneity analysis showed that, compared to the state-owned enterprises, for the enterprises with lower intellectual property dependence and the enterprises in traditional sectors, the IPDCs construction policy played a greater role in promoting the innovation investment of non-state-owned enterprises, enterprises with high intellectual property dependence, and enterprises in high-tech industries. Further research has found that the fiscal pressure faced by local governments will play a negative role in regulating the relationship between the IPDCs construction policy and enterprise innovation investment.  The marginal contributions of this paper are mainly in two aspects: First, in terms of measurement of intellectual property protection, this paper applies the IPDCs construction policy to portray the level of intellectual property protection at the city level, which can effectively overcome the measurement error of intellectual property protection and the potential endogeneity problems. Second, this paper not only confirms the positive externality role of intellectual property protection in promoting enterprise innovation investment, but also further reveals its internal mechanism.       In conclusion, this paper not only provided the latest empirical evidence for the assertion that ‘protecting intellectual property is protecting innovation’, but also provided a reference for further promotion of intellectual property protection and innovation incentives in China.  References | Related Articles | Metrics

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Research on the influence mechanism of innovative city construction on the quality of economic growth Zhang Hongfeng, Huang Lu, Zhang Xinying 2023, 44(7): 162-172.  Abstract ( 76 )      Since the reform and opening up, China has experienced nearly 40 years of rapid economic growth, made remarkable achievements, and has become the second largest economy in the world. However, there are still many problems in the economic and social development in China, which restrict the improvement of the quality of economic growth. The construction of innovative cities is an important institutional design to effectively enhance the ability of independent innovation and accelerate the transformation of the mode of economic development. The significance of the construction of innovative cities lies not only in innovation itself, but also in the transformation of economic development mode and long-term high-quality economic development. In 2008, Shenzhen was established as the first innovative pilot city. By 2022, there are 103 innovative pilot cities in China. The construction of innovative cities in China is a gradual reform process of "urban pilot-central summary-urban promotion". The development process has stage characteristics and gradually shows a trend of transformation from specialization to generalization. Does the construction of innovative cities effectively improve the quality of economic growth based on certain achievements? The exploration of this issue is of great significance for the comprehensive evaluation of the effectiveness of innovative city construction, the optimization of the development path of innovative cities, and the construction of innovative countries.     Numbers of scholars have discussed the construction of innovative cities. Based on the relevant literature, it is found that the construction of innovative cities has had a wide impact on economic and social development. However, few scholars have explored the heterogeneous impact of innovative city construction on the quality of economic growth and its constituent elements. Further analysis of the internal impact mechanism is also urgently needed to be supplemented. This research focused on the relationship between the construction of innovative cities and the quality of economic growth, providing Chinese empirical evidence for "innovation driven development". Specifically, this research used urban panel data to estimate the impact of innovative city pilot policy on the quality of economic growth through the difference-in-differences (DID) method, and further analyzes its internal mechanism and heterogeneity based on the decomposition of components.     The empirical study found that the construction of innovative cities significantly improves the quality of economic growth, and the construction of innovative cities promotes the technological progress and technological efficiency, but inhibits the scale efficiency of cities. A series of robustness tests have verified the above conclusions. Intellectual property protection and institutional environment improvement can strengthen the role of the construction of innovative cities in improving the quality of economic growth, and this role is stronger in eastern regions and cities with lower administrative levels. The construction of innovative cities mainly promotes technological progress through investment structure improvement and innovation incentive effect, and plays a role in technological efficiency through resource allocation optimization and industrial structure upgrading. The industrial competition effect and the entry substitution effect among enterprises are the main channels for the construction of innovative cities to affect scale efficiency.      This study aims to identify the impact of the construction of innovative cities on the quality of economic growth, deepen the understanding of innovation driven theory, enrich relevant research on China′s public policy evaluation. This study also provides new empirical evidence for "innovation driven development" and how to achieve high-quality economic development in the context of China. From the perspective of decomposition of constituent elements, this study deeply analyzes the theoretical mechanism and action path of the impact of innovative city construction on the quality of economic growth. While affirming the policy effect, this study proposes improvement directions for the future development of innovative cities, which has important policy implications for China to accelerate its entry into the forefront of innovative countries. References | Related Articles | Metrics

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Normative dilemma of digital collections: Causes, motivations and risks Tang Xiaofei, Tian Dan, Gong Yongzhi, Chang En-Chung 2023, 44(7): 173-182.  Abstract ( 134 )      Digital collections (DCs) are non-fungible tokens (NFT) in China, which are digitally distributed, purchased, collected and used by using blockchain technology to generate unique digital credentials for specific artworks on the basis of protecting their digital copyrights. DCs have quietly emerged in China since 2021, when well-known Internet companies such as Ant Group, Tencent entered the DC industry in a "flurry", which has led to unprecedented development of DCs. However, the lack of regulatory polices has led to frequent chaos and disputes in the DCs market. People′s Daily advocates strengthening the regulation of digital collections with topics such as "In the digital era, we should make good use of the positive value of DCs" and "Resist disorderly speculation and hold the line of behavior to prevent the risk of financialization of DCs". The growing DCs market has gradually become a new field of digital governance and a new object of academic research. This study attempts to explore the policy risk perceptions of Chinese investors in DCs at a special stage when the regulatory system is inadequate from a psychological perspective.     Previous studies have shown that social conventions and policy norms are important predictors of the public′s willingness to invest in innovative products (or services). So, how should the public make decisions on investing DCs when they are faced with the dual contradictory situations of "tasting new" social conventions and "ambiguous" policy norms? Facing the special and complex environment of DCs, we explored the motivation and policy risk perception of public participation in DCs investment from the perspectives of "tasting new" social conventions and "ambiguous" policy norms. We conducted a two-week data collection, and finally collected 706 questionnaires to test the relevant hypotheses.       As a result, we obtained the following research findings: (1) The "tasting new" social convention and the "ambiguous" policy norm have opposite effects on the policy risk perception of consumers′ DCs investment. The "tasting new" social convention reduces the policy risk perception, while the "ambiguous" policy norm enhances the policy risk perception. (2) The public′s autonomous motivation to invest in DCs plays a mediating role between "tasting new" social conventions ("ambiguous" policy norms) and policy risk perceptions. (3) The public′s subjective understanding of DCs innovation experience can enhance (or weaken) the effect of "tasting new" social conventions ("ambiguous" policy norms) on the autonomous motivation.     The core contribution of this study is to verify that norms are an important factor influencing policy risk perception, and to further clarify the different roles of "tasting new" social conventions and "ambiguous" policy norms on investors′ policy risk perception. In addition, by exploring the mediating role of autonomous motivation and the moderating role of subjective understanding of innovative product experience, this study not only enriches the existing theoretical framework of regulation and policy risk, but also expands the field of application of theories related to autonomous motivation and subjective understanding.      The results of this study have several policy implications. (1) The government needs to strengthen social supervision to regulate the behavior of public participation in DCs investment, and reasonably warn consumers about the financial risks of DCs to avoid the public from investing in DCs blindly in the absence of basic knowledge. (2) The government needs to strengthen and improve laws and regulations, including the formulation of technical standards and the improvement of copyright system, so as to establish a legal framework for the development of DCs and achieve compliance with the law. (3) The government needs to popularize and strengthen the education of policies related to DCs in order to improve investors′ awareness of policies on DCs and enhance risk control ability. (4) The government should strictly formulate industry norms and effectively regulate the participating elements, to avoid the chaos at the early stage of industry development and establish a DCs market system with legal compliance and standardized operation, so as to create a good trading environment for consumers and promote the high-quality development of digital economy. References | Related Articles | Metrics

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Research on the enterprise crisis repair mechanism from the perspective of organizational improvisation Guo Xiaochao, He Ziwei, Zhang Qiang, Zhang Shengtai, Wen Zongchuan 2023, 44(7): 183-192.  Abstract ( 76 )        With the increasingly complex and changeable internal and external environment of the organization, the dissemination of crisis information has the characteristics of diffusion and openness. The frequency of crises ranges from accidental to normal, from original to derivative. A crisis event may trigger a series of secondary crises, making it difficult for enterprises to repair crisis. For example, the new mobile phone products launched by Samsung caused accidental explosions due to hidden battery safety problems. The rapid spread of the incident through the media and public opinion seriously affected the normal sales of other series of the brand. For example, Toyota was also reported by the media for airbags. There are flaws and they are collectively questioned by the public, and the public trust in the brand has dropped sharply. Sudden crisis events not only cause huge damage to the operation capacity of enterprises, but also have incalculable negative effects on the reputation and image of enterprises. The COVID-19 epidemic crisis has made it difficult for many companies to maintain normal business activities, and some even face bankruptcy crisis, which is undoubtedly a huge test for enterprises. How to quickly respond to sudden changes and solve the crisis repair problem has attracted great attention from the academic and practical circles. Based on the perspective of organizational improvisation, this paper took Yili Group as the case study object, analyzed its behavior characteristics in the face of COVID-19 epidemic crisis and melamine crisis, explored how enterprises carry out organizational improvisation activities under the crisis situation based on organizational improvisation theory, and revealed the realization mechanism of enterprise crisis repair.       The findings of this research are as follows: firstly, crisis pressure is the key incentive to stimulate enterprises to take organizational improvisation and realize crisis repair, which induces enterprises to promote the realization of crisis repair through the synergy of "letting go" and "making do". The "letting go" and "making do" reflect the organizational improvisation process of enterprises, which is the concrete embodiment of impromptu behavior. Under the crisis situation, enterprises are faced with great uncertainty. Through the cooperation of "letting go" and "making do", strategies can be adjusted in time according to the situation changes to make up for the gap between the plan and the special situation solutions.         Secondly, the "letting do" is the microscopic mechanism for enterprises to realize crisis repair, which embodies the realization mechanism of organizations understanding and internalization of situations and is the logical basis for enterprises to carry out actions. Organizational crisis is highly uncertain, and the situational changes it brings make it impossible for enterprises to take response measures according to organizational practices. Under this background, enterprises can respond immediately to the situation changes brought by organizational crisis through the attention allocation process of "perception-attention-judgment".      Thirdly, the "making do" is driven by managers′ cognition is the key link for enterprises to realize crisis repair, and it constructs a new resource framework through creative activities to adapt to the situation changes and realize crisis repair. Under the pressure of crisis, enterprises will form brand-new cognitive patterns for different concerns according to the changes of external dynamic situations, implement differentiated resource arrangement activities, effectively integrate the resources of enterprise departments and carry out innovative activities to restore the normal operation state and relationship state so as to repair the crisis.     This paper discussed the process of organizing impromptu crisis repair through case analysis. Firstly, this study enriches the research perspective of crisis repair mechanism. Secondly, it perfects the concrete behavior connotation of organization improvisation. Finally, this study expands the situational analysis of organizational improvisation research. This paper reveals the changing process of enterprises cognition and action in crisis situation so as to clarify the internal mechanism of enterprise crisis repair based on organizational improvisation, perfect relevant theories of organizational improvisation, guides enterprises to quickly seize market opportunities and grow up in crisis situation, and provides theoretical and practical enlightenment for enterprises to deal with crisis events. In terms of management practice, enterprises need to update their decisions in real time according to the changes of situations in crisis situations，so as to guide themselves to integrate and utilize resources effectively, carry out innovative activities and make up the gap between strategies and situations in a timely manner in order to quickly mitigate the impact of the crisis on enterprises. References | Related Articles | Metrics