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Research on the nonlinear impact of digital transformation on innovation output of enterprises Luo Jinlian, Wang Xianglu, Geng Xin 2023, 44(8): 1-10.  Abstract ( 545 )       Under the background of the accelerated development of digital economy, human economy and society has rapidly entered a "digital" era. Driven by both policy orientation and practical development, digital transformation is also deeply engraved in the evolution of Chinese enterprises. Although digital technology provides new development opportunities, the effect of digital transformation of most enterprises in practice is not ideal. It should be noted that the essence of digital transformation lies in the reconstruction of productivity and whether enterprises carry out all-round innovation with digital technology in the process of transformation is the key to realize digital drive and build core competitiveness. However, the research on enterprise digital transformation and innovation output has long been controversial. For that reason, a more systematic study on how digital transformation affects enterprise innovation output and what is the internal mechanism of the complex relationship between digital transformation and innovation output has significant theoretical value and practical significance.Based on the data of A-share listed companies in China from 2007 to 2020, this paper empirically tested the nonlinear impact of digital transformation on enterprise innovation output and its mechanism. In the research design, this paper used the natural logarithm of the number of invention patents to measure the innovation output. Meanwhile, the ratio of digital intangible assets to total intangible assets and the natural logarithm of the frequency of digital related words in the annual reports of listed companies were used to measure the digitization degree of enterprises. The empirical analysis results showed that digital transformation has a significant inverted U-shaped impact on enterprise innovation output. With the transformation of digital degree from low to high, enterprise innovation performance presents a nonlinear evolution trend of first rising and then falling. The above conclusions are still valid after the endogenous tests of enterprise level and industry level with the fixed effect model, two-stage least squares model, sys-GMM dynamic panel model and a series of robustness tests. The further mechanism tests by stepwise regression and bootstrap sampling showed that R&D authorization and human capital structure play an inverted U-shaped mediated role between digital transformation and innovation output. On the one hand, digital technology promotes the upward movement of the information cost curve and the downward movement of the agency cost curve to realize R&D authorization, but the limitations of departmental decision-making and resource constraints increase accordingly, making R&D authorization play an inverted U-shaped mediated role between digital transformation and innovation output; On the other hand, digital technology optimizes the human capital structure of enterprises through "substitution effect" and "complementary effect", but the advanced digital construction has a crowding out effect on human capital investment, making the human capital structure act as an inverted U-shaped intermediary between digital transformation and innovation output.The conclusion has enriched and expanded the nonlinear logical exploration between digital transformation and enterprise innovation benefits, and provided important enlightenment for enterprises to improve digital transformation strategy and improve innovation benefits from the following aspects: (1) enterprises should grasp the opportunity of the rapid development of digital economy, actively and steadily implement digital transformation, and continuously improve the integration of enterprises and digital technology in the process of transformation. Meanwhile, At the same time, enterprises need to combine their resource capacity endowment in digital construction to avoid the negative effect of blindly expanding digital investment on innovation output. (2) When using digital technology to reconstruct and integrate the original innovation mode, enterprises should attach great importance to the allocation of R&D power suitable for digitization, and make systematic planning according to the organizational characteristics. (3) Highly skilled talents should play a key role in the process of digital transformation. When introducing digital technology, enterprises should not only systematically consider the coordination of digital investment and human capital investment, but also strengthen the work commitment to employees and give full play to the role of human capital structure in promoting innovation output. References | Related Articles | Metrics

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Digital transformation and resource allocation efficiency of enterprises Lyu Kefu, Yu Mingyang, Ruan Yongping 2023, 44(8): 11-20.  Abstract ( 582 )      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. References | Related Articles | Metrics

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How does the entrepreneurial ecosystem activate opportunity entrepreneurship? Jin Yuying, Ye Guangyu, Peng Shuolong 2023, 44(8): 21-30.  Abstract ( 151 )   Entrepreneurial conduct can be classified into two distinct categories: opportunity entrepreneurship (which actively establishes a business in order to seek commercial possibilities) and necessity entrepreneurship (which is forced to start a business due to lack of employment options). In comparison to necessity entrepreneurship, growth-oriented opportunity entrepreneurship fosters employment growth and economic development and demonstrates a greater capacity for innovation, which is critical for China to accomplish its strategic aim of innovation-driven development. On the other hand, China′s opportunity entrepreneurship index was only slightly higher than those of India, Egypt and Russia, according to the 2018 Global Entrepreneurship Monitor (GEM) report. How to activate opportunity entrepreneurship has emerged as a critical issue that must be resolved promptly in China.Based on the theory of entrepreneurial ecosystem, we used the configuration thinking and fsQCA method to explore how multi-factor entrepreneurial ecosystem influences opportunity entrepreneurship involved 49 economies, whose data is collected from the GEM report (2018). Our findings from this research are shown as follows: (1) any single explanatory attribute of an entrepreneurial ecosystem does not constitute the necessary condition of high opportunity entrepreneurship; However, improving infrastructure plays a more general role in producing high opportunity entrepreneurship; (2) there are four recipes—entrepreneurial ecosystem—for high opportunity entrepreneurship, namely, the finance-market-human-infrastructure-society-driven path, the finance-infrastructure-society-driven path, the finance-human-infrastructure-government-driven path, and the market-human- infrastructure-government-driven path; and (3) there are also two recipes for non-high opportunity entrepreneurship, and they are asymmetrically related to those that generate high opportunity entrepreneurship.The research contributions are as follows: (1) based on the entrepreneurial ecosystem theory, this study explored the relationship between entrepreneurial environmental factors and opportunity entrepreneurship more comprehensively, and it enriched the research in the field of opportunity entrepreneurship. Existing studies focused on the separate effects of financial capital, government policies, or social norms on opportunity entrepreneurship, and rarely discussed the impact of infrastructure on opportunity entrepreneurship; (2) this study used the QCA method to discover the interaction between the various factors in the entrepreneurial ecosystem that drives the process of opportunity entrepreneurship and expanded the literature on entrepreneurial ecosystem theory. According to the entrepreneurial event theory, the entrepreneurial ecosystem influences entrepreneurial behavior by affecting the perception of desirability and feasibility. The conclusion of this paper verified the complementarity of the above mechanisms and found that only the coexistence of resource feasibility perception and capability feasibility perception can promote the feasibility perception of opportunity entrepreneurship. For example, the four recipes found in this paper are all under the guarantee of infrastructure, and the elements of the entrepreneurial ecosystem that affect the perception of desirability combine with other elements that affect the perception of resources and capability feasibility to synergize to produce high-opportunity entrepreneurship; (3) The conclusions of this study provided a new explanation for the inconsistency in the current literature. For example, there are divergent results in scholars′ research on the relationship between social norms and opportunity entrepreneurship. Our analysis showed that whether social norms promote opportunity entrepreneurship depends on the context of social norms and different factors. Specifically, the finance-market-human-infrastructure-society-driven and finance-infrastructure-society-driven paths suggest that matching social norms and other elements can lead to high-opportunity entrepreneurship. However, the finance-human-infrastructure-government-driven and market-human-infrastructure-government-driven paths suggest that high-opportunity entrepreneurship can be achieved in the absence of social norms.The practical inspirations drawn from this research are as follows: (1) the research has strengthened infrastructure construction. Sound infrastructure plays a more general role in promoting opportunity entrepreneurship, which suggests that when formulating policies to promote opportunity entrepreneurship, it is necessary to give full play to the key role of infrastructure. A sound and developed urban infrastructure should be strived to be established to facilitate the flow of business information, and boost the perception of entrepreneurial potential by building high-speed internet networks, strengthening urban road network systems, expanding public rail transit and by means of other measures. (2) Excellent international cases should be learned. This paper found four types of entrepreneurial ecosystems that generate high-opportunity entrepreneurship. For example, for countries or regions with a poor market environment, human capital and government support, opportunity entrepreneurship can be enhanced by creating social norms that support entrepreneurship, improving infrastructure, and optimizing financial capital. Infrastructure combined with the power of financial capital, human capital and government policies should be used to stimulate opportunity entrepreneurship in countries or regions where social norms do not encourage it. Related Articles | Metrics

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Research on the business incubation of new R&D institutions from the perspective of dual integration Zhou Junbi, Wang Mingyue, Yu Lei 2023, 44(8): 31-39.  Abstract ( 95 )      Integrated innovation can be explained from two dimensions: subject integration and resource integration. As a typical representative of integrated innovation, new R&D institutions have broken the organizational boundaries of government, industry, university and research institutions, integrated and pooled various essential resources required for innovation, and effectively promoted the technology transfer and business incubation. At present, new R&D institutions have shown a rapid development trend in China, with more than 2000 by April 2020. In order to give full play to the role of new R&D institutions in the high-quality development of China′s economy and society, it is necessary to identify a more effective operation mode of new R&D institutions, from the perspective of number of sponsors, type of sponsors, and the way of resource allocation. However, the impact of integration of innovation subjects and innovation resources on new R&D institutions is not simple and linear, and it has not yet formed a more unified conclusion. Specifically, the existing research has not systematically analyzed the impact of subject integration and resource integration on business incubation of new R&D institutions.Using the survey data of 1458 new R&D institutions in China, this paper made an empirical analysis on the impact of new R&D institutions on business incubation from three dimensions: type of subject integration, intensity of subject integration, and resource integration. The results showed that the new R&D institutions jointly established by the government and academia are the most effective form to promote business incubation, while the effect of other integration types is relatively weak. The impact of the integration intensity on the business incubation of new R&D institutions presents an inverted "U" relationship, that is, exceeding the threshold number of sponsors will inhibit business incubation. Compared with other resources, the integration of capital, technology, talents, fund and other resources has a more effective impact on the business incubation of new R&D institutions. The conclusion further revealed that if the government wants to establish new R&D institutions for the purpose of promoting enterprise incubation and driving regional industrial and economic development, on the one hand, we should vigorously advocate the joint establishment of new R&D institutions by the government and universities or scientific research institutes, while on the other hand, the number of sponsors should be set scientifically and appropriately. In addition, from the perspective of resource allocation, operators of new R&D institutions should pay attention to setting up industrial funds, attracting high-level talents such as doctors, encouraging invention patent applications and winning government financial supports. The main contributions of this paper are threefold: first, this paper has discussed the impact of new R&D institutions on business incubation from the new perspective of "dual integration", and enriched the empirical application of integrated innovation theory in the analysis of new R&D institutions. The research has proposed that the establishment of new R&D institutions is based on breaking the boundaries of multiple innovation entities to achieve cross-border integration, rather than the previous collaborative innovation cooperation mode. Second, the research has enriched the empirical application of resource integration of new R&D institutions, identified the type of resource for business incubation, and put forward suggestions on how to integrate and optimize the allocation of resources of new R&D institutions at the policy level. Third, the research conclusions will have certain policy significance for the policy-makers for the development of new R&D institutions, and also laid a foundation for supporting China′s self-reliance in science and technology. Related Articles | Metrics

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Embedment of governance chain: The vertical deepening of participatory policy innovation Ai Dezhou 2023, 44(8): 40-46.  Abstract ( 131 )      Participatory policy formulation is an important trend of policy innovation. Regarding to this theme, most of the previous studies are focused on the "de-governmentalization" topics such as participants and methods of democratic decision-making. However, taking "participatory policy formulation" as a process of "democratization" is obviously inconsistent with the reform direction towards "promising government". According to the announcement of the General Administration of Customs on the Implementation of Matters Related to the Management of Enterprise Coordinators \[Announcement No. 181 (2018) of the General Administration of Customs\], Dalian Haier Refrigerator Manufacturing Company has achieved a miraculous innovation through the "internal processing" policy. This paper was based on the example of Dalian Haier Refrigerator Manufacturing Company, and aims to study the deepening process of participatory policy innovation in the context of "promising government". The case of Haier not only has widened social recognition, but also developed in the international, legal, and market-oriented innovation environment. As a result, the basic information of the case can be easily searched, and it does not involve any sensitive issues related to government-enterprise cooperation such as ownership.According to the standard principles of case study, the paper is mainly divided into five parts: introduction, literature review, research design, theoretical analysis, conclusion and contribution. First, in the introduction part, the author posed the problem of the applicability of relevant researches in the context of "promising government" in China based on the literature review of "participatory policy making". Then, relevant theories on the customer′s participation in innovation were mainly introduced in the literature review section. As for the research design, this paper presented a detailed description of the source of the case information and the design of the research program. Besides that, in the research design section, the development history of Haier Refrigerator Manufacturing Company was presented based on research data. Finally, a theoretical analysis was made including two parts: response to traditional theories and that to theoretical innovations.To be specific, Haier Company has realized the customization of policies by participating in policy innovation. In this process, Haier Company not only satisfied its own demands on social policy, but also achieved the collaborative innovation of enterprises and social policies. In previous studies, there were two main theoretical explanations regarding to this topic: the explanation of participatory policy-making by traditional public management theory and the explanation of enterprise capability by traditional enterprise strategic management theory. But both of the two theoretical explanations cannot response to the operation mechanism of Haier Company directly. Through the longitudinal analysis of the case and the communication with traditional theories, the paper put forward the following viewpoints: (1) In the context of Chinese "promising government", only by opening up the co-governance environment will never achieve the vertical deepening of participatory policy formulation. Instead, only the embedding of governance chain will promote the vertical deepening of participatory policy innovation directly; (2) Market entities can promote policy innovation through the embedding of governance chain, which is actually an endogenous process of policy innovation by enterprises. To be exact, the mutual empowerment between external policies and corporate strategies can be realized by improving the accuracy of policy supply. (3) The process of embedding governance chain is a process in which market entities are embedded into governance entities. As a result, the participants in policy innovations embedded in the governance chain cooperate more closely, and the professional complementarity of different entities can be effectively brought into play, which promotes the vertical deepening of participatory policy innovation.In conclusion, the paper has put forward a new idea of promoting participatory policy innovation in the context of "promising government". To be exact, we should start from encouraging the deep cooperation between the government and the enterprises, which will promote them both to play a professional role in the whole process. While at the same time, the most important thing is to enhance the governance chain embedding, which will be the breakthrough for the work. In a word, this paper will have high reference significance for the theory of participatory policy formulation and the practice of participatory policy innovation in the context of "promising government". Related Articles | Metrics

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Research on the evolutionary logic and driving mechanism of the service innovation and transformation of advanced manufacturers: A study from the perspective of the resources and capacities of enterprises Li Qingxue, Qi Tianyi, Wang Lijing, Liu Dejia 2023, 44(8): 47-56.  Abstract ( 140 )      As a new mode of transformation and upgrading of advanced manufacturing industry, service innovation is a new engine for shaping the competitive advantage of advanced manufacturing industry, and the theoretical research related to the evolution of service innovation and transformation of advanced manufacturers has become an important challenge for academia to break through. From the perspective of enterprise resources and capabilities, this paper used the multi-case study method to clarify the logic and driving mechanism of service innovation and transformation of advanced manufacturers based on the analysis of theoretical coding. The research found that: First, the service innovation and transformation of advanced manufacturers goes through the evolution of "traditional manufacturing service innovation stage-whole life cycle management service innovation stage-intelligent manufacturing service digital innovation stage", and follows the evolutionary logic of "resource and capability enhancement-internal and external factors driving-transformation stage evolution". Second, each stage of the service innovation and transformation needs to meet the requirements for the resources of "utilization development-integration configuration-intelligent optimization" and for the capacities of "service cognition-service response-dynamic service innovation". Third, advanced manufacturers are driven by internal and external factors such as service value and dynamic competitive environment, service ecological development and service benefits, service integration innovation needs and service feedback mechanism to promote the evolution and upgrading of service innovation transformation. The study will enrich the research related to the service innovation and transformation and provide theoretical guidance for the evolution of service innovation strategies of the advanced manufacturing industry. Related Articles | Metrics

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Exchange rate changes, corporate innovation and total factor productivity at different levels Chen Fengxian, Guang Yunxia 2023, 44(8): 57-68.  Abstract ( 144 )      Under the intensified trade friction between China and the US and the impact of the COVID-19, the fluctuation of RMB exchange rate has expand since 2015, so that enterprises will inevitably face obvious export pressure and operational difficulties. On the other hand, enterprise innovation, especially key-core technology innovation, is not only regarded as an important path to enhance its own competitiveness and improve Total Factor Productivity (TFP), but also rises to the height of national strategy, which is related to high-quality economic development and China′s process of modernization. Therefore, the innovation behavior of micro-enterprises, especially the innovation effectiveness of key core technologies, is an important breakthrough to transform the macroeconomic development model and achieve high-quality development. In the face of exchange rate fluctuations, can enterprises continue to maintain innovation motivation, enhance innovation vitality, achieve breakthroughs in key core technologies, and then improve their total factor productivity?Using the data from 49,230 enterprises and 310,000 sets of data matched by China′s industrial enterprise database, customs database and patent database, the paper studied the impact of exchange rate changes on the TFP of enterprises. Based on the analysis framework of the mediation effect, this paper investigated the mediating role of innovation and different critical degrees of innovation in the impact of exchange rate changes on the TFP of enterprises.Based on the above analysis, it was found that: (1) Exchange rate appreciation pushes up the TFP of enterprises, with a 1 standard deviation appreciation of the exchange rate increases the TFP of enterprises by 154%; (2) Enterprise innovation plays an mediating role in the impact of exchange rate on TFP of enterprises, with a mediation degree of 4.54%; (3) There are significant differences in the mediating role of enterprise innovation with different core degrees: the mediating role of non-core technology innovation is the largest, followed by key-core technology innovation, and the mediating role of key-core-invention technology is the least. The main reason for this relationship is that the more the R&D of key core technologies, the more funds, talents and time are invested, and in the face of external shocks, the higher the sunk cost or adjustment cost of terminating or restarting an innovation activity, so the more core technology R&D is, the less affected it is by exchange rate changes.The innovation points are as follows: (1) Key core technical indicators have been constructed. This paper used the text analysis method to build a key core technology thesaurus based on the national science and technology planning of China; (2) The real effective exchange rate of enterprises has been accurately described. This paper took the trade amount between enterprises and countries as the weight, and the bilateral exchange rate have been weighted to obtain the enterprise-level real effective exchange rate (REER), which is conducive to more detailed capture of the impact of exchange rate changes on enterprise innovation and productivity; (3) Large number of samples have been analyzed to ensure robustness of results. This paper used the matching data from China′s industrial enterprise database and customs database as samples, with a data volume of more than 300,000, covering all fields of industrial enterprises, to ensure the universality and reliability of the research conclusions. (4) A unified analytical framework for exchange rate, enterprise innovation and TFP has been constructed, and the meditating analysis method has been used to examine the mediation role of enterprise innovation and key core technology innovation, to better identify the impact and channel of exchange rate`s influence on productivity.This paper put forward the following policy implications: First, the more the key-core technology, the greater the promotion effect on the total factor productivity of enterprises. Therefore, differentiated fiscal subsidies and preferential tax policies should be given according to technological innovations of different core levels; Second, the R&D of key core technologies often has the characteristics of large capital demand and long R&D cycle, among which financing constraints. Therefore, government must further deepen the multi-level capital market construction, develop intellectual property financial tools, introduce "financial living water" as "precision irrigation" for enterprise R&D, realize the transformation from "intellectual property" to "asset" of enterprises, and strengthen its concentration and endurance of key core technological innovation. Third, we should continue to deepen the reform of the exchange rate system, reduce the barriers to foreign exchange transactions for micro entities, and make the exchange rate truly reflect market supply and demands. References | Related Articles | Metrics

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Crisis and opportunity interact and impact with each other: Research on the influence of "promotion-defense" effectuation consistency on the entrepreneurial performance of new ventures Wang Tao, Yang Jie 2023, 44(8): 69-77.  Abstract ( 113 )      With the continuous upgrading of China′s "mass innovation and entrepreneurship" strategy, the entrepreneurial enthusiasm of the whole society continues to rise, and the number of new enterprises is increasing with each passing day. Since it is difficult for entrepreneurs to make effective entrepreneurial decisions in a highly uncertain entrepreneurial environment, the high entrepreneurial enthusiasm is in sharp contrast to the generally low survival rate of new ventures. Scientific and rational entrepreneurial decision is the key to the success of the entrepreneur in the uncertain situation. Therefore, improving the quality of entrepreneurial decision-making to improve the success rate of entrepreneurship has become an important issue in theory and practice. Then, under the uncertain situation, how can entrepreneurs make effective entrepreneurial decision logic to break through the resource and opportunity constraints faced by the new venture, so as to realize the survival and growth of the new venture? This is a critical issue for startup entrepreneurs to address.Based on the effectuation theory and the moderating focus theory, this study explored the mechanism of the consistency of "promotion-defense" effectuation on entrepreneurial performance of new ventures, and analyzed the mediating effect of entrepreneurial opportunity identification and development. Based on data collected from a multi-source questionnaire survey of 176 entrepreneurs, the paper revealed the "black box" of the relationship between the effectuation consistency of "promotion-defense" and the entrepreneurial performance of new ventures. The results show that: (1) The higher the consistency of promotion and defensive effectuation, the higher the entrepreneurial performance of new ventures. (2) Compared with the "low promotion-low defense" effectuation, the entrepreneurial performance is higher when the "high promotion-high defense" effectuation is consistent. (3) Compared with the inconsistent of "low promotion-high defense" effectuation, the entrepreneurial performance is higher when the effectuation of "high promotion-low defense" is consistent. (4) Entrepreneurial opportunity identification and development play a mediating role between the consistency of promotion-defense effectuation and the entrepreneurial performance. This research will help to promote the development of effectuation theory, and provide theoretical guidance for entrepreneurs to improve the quality of entrepreneurial decision-making to achieve entrepreneurial success.The conclusion of this study may have some practical significance for the practice of entrepreneurship. Firstly, in an uncertain environment, entrepreneurs should make entrepreneurial decisions "with colored glasses" due to differences in self-regulation focus. Entrepreneurs who implement facilitative effectuation are more positive and optimistic about the institutional environment, unexpected events and opportunity assessment, but may ignore potential risks. Entrepreneurs who implement defensive effectuation will actively avoid risk, but may reject exploratory innovation behavior and risky decision-making. In a highly uncertain business environment, therefore, entrepreneurs should objectively understand their own cognitive tendency, and through widely collect information and resources, such as the dialectical thinking, to the situation, to accurately assess risks and opportunities, which can effectively promote and defense timely transformation between the two kinds of effectuation to guide and piece together, and then improve the success rate of entrepreneurship. Secondly, entrepreneurs should allocate their limited resources in two types of effectuations: promotion and defense, and achieve the consistency of effectuation through the balanced allocation of resources. Finally, there are a large number of entrepreneurial opportunities in the uncertain environment. Entrepreneurs should make full use of effectuation to obtain more resources, so as to quickly identify and develop entrepreneurial opportunities. Therefore, entrepreneurs should allocate resources in a balanced way and actively develop opportunities while avoiding risks, so as to effectively grasp the window of opportunity for entrepreneurship and promote the sustainable survival and development of new ventures. Related Articles | Metrics

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Should pharmaceutical manufacturers win by marketing or by R&D? Ren Haiyun, Xie Xiuling, Wang Bowen 2023, 44(8): 78-88.  Abstract ( 206 )     In the face of fierce competition, rampant viruses and constantly adjusted health care reform policies, should pharmaceutical manufacturers win through marketing or R&D? Taking two typical enterprises, Hengrui Medicine Co., Ltd and Harbin Pharmaceutical Group Co., Ltd, as cases, the author used the longitudinal double case comparison study method to list the typical matters in marketing and R&D in each development stage of the case enterprises according to the time series, compared the performance differences between the two enterprises under different marketing and R&D strategies, and demonstrated how marketing and R&D affect the enterprise performance. The study also introduced the "4+7" Volume Procurement Policy and compared the performance of the two companies after the implementation of the policy to illustrate the difference in risk resistance and performance sustainability between the two enterprises, so as to further illustrate whether pharmaceutical manufacturers should win by marketing or by R&D.The following conclusions were obtained from this research. Firstly, advertising and marketing can expand brand awareness of generic drugs in the short term, bring brand effect, increase the added value of generic drugs and improve corporate performance, but in the long term, without focusing on R&D and innovative drug output, marketing alone cannot ensure sustainable and stable corporate performance. Secondly, improving drug quality and forming high value-added innovative drugs through R&D innovation is conducive to improving enterprise gross margin and anti-risk ability, while the marketing and promotion of innovative drugs need high marketing expenses to support. Thirdly, R&D innovation can improve the quality of generic drugs, which is conducive to passing the consistency evaluation of drugs and entering centralized procurement, and the winning products can realize the quantity for price and keep the market share. Finally, the "4+7" Volume Procurement Policy can achieve real volume for price and failure to win the bid means to lose the market. Pharmaceutical manufacturers should be driven by both marketing and R&D in order to be stable and far-reaching. From the above conclusions, the following insights can be drawn. First, in the face of changes in the domestic and international pharmaceutical market and intensified competition, combining R&D and marketing as a two-wheel drive is the way to the foundation of pharmaceutical manufacturers. Secondly, in the face of the Volume Procurement Policy, pharmaceutical manufacturers should, on the one hand, timely adjust their investment direction, focus on R&D innovation and improve drug quality, and, on the other hand, actively participate in centralized procurement to retain the market and provide continuous financial support for R&D innovation. This paper innovatively adopted a case study approach to explore why and how R&D and marketing affect the performance of pharmaceutical manufacturers. It has not only answered the question of whether pharmaceutical manufacturers should win in R&D or marketing, but also expanded the research on the effect of Volume Procurement Policy. The findings of the study can both enrich the theories related to the relationship between marketing, R&D and corporate performance and provide useful references for corporate investment decisions after the implementation of the band purchasing policy.  References | Related Articles | Metrics

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Customer earnings performance and financing constraints of enterprise innovation An Suxia, Liu Laihui, Wang Lei 2023, 44(8): 89-99.  Abstract ( 74 )      Enterprise innovation is the main driving force of building an innovative country, but the financing constraint faced by enterprises has been a bottleneck affecting their R&D activities. How to alleviate the financing constraint of enterprise innovation activities has been a major problem in both practical and theoretical circles. However, due to the inherent characteristics of innovation such as high investment, high risk and high uncertainty, the spillover of innovation results and the asymmetry of innovation information make corporate innovation often face serious financing constraints. In particular, the disruption of local and global supply chains brought about by the COVID-19 epidemic poses a serious challenge to the development of firms′ production and innovation activities. However, the existing literature has mainly explored the factors influencing the financing constraints faced by firms′ innovation activities based on the macro level (Wan et al., 2020; Tang and Wu, 2015), but rarely explores the impact of customer earnings performance on the financing constraints of firm innovation from a supply chain information spillover perspective.In view of this, this research examined the impact of customer earnings performance on firms′ innovation financing constraints based on the guarantee effect and signaling effect of high-earning customers using manually collated supply chain data from 2009-2018 for 1389 pairs of customers and firms that are both listed companies. It was found that the better the customer earnings performance, the more it helps to alleviate the financing constraint of corporate innovation. Among them, the high earning customer guarantee effect and signaling effect help expand the scale of debt financing and equity financing of enterprises, which in turn effectively alleviate the financing constraints faced by enterprises′ innovation activities. In addition, when the supply chain relationship is more stable and benign, and the geographical proximity of large customers is more proximate, the stronger the role of customer earnings performance in alleviating enterprises′ innovation financing constraints. Further analysis found that the role of customer earnings performance in reducing firms′ innovation financing constraints is particularly significant when non-state enterprises and economic policy uncertainty are high.The contributions of this research are as follows. First, it has expanded the research boundary of the economic consequences of customer earnings performance. The current literature mainly explored the effects of customer earnings information spillovers on corporate stock prices, bank loan maturities, and investment efficiency (Peng and Wang, 2018; Kim et al., 2015; Chen et al., 2021), but rarely explored how customer earnings performance affects the financing constraints of firm innovation from a supply chain relationship perspective. This paper showed that customer earnings performance is an important factor affecting the financing constraint of corporate innovation. Second, it has provided empirical evidence on the channels of the role of customer earnings performance in alleviating firms′ innovation financing constraints. The current literature mostly directly examined the relationship between customer characteristics such as government background customers, stable customers and firm innovation (Dou et al., 2020; Qiu and Cheng, 2021), lack of analysis of its mechanism of action. This paper analyzed and verified that customer earnings performance can effectively alleviate the financing constraints of corporate innovation by increasing the scale of corporate debt and equity financing. Third, this paper has expanded the depth of research on the impact of customer earnings performance on enterprise innovation financing constraints from the perspective of supply chain relationships, and confirmed that the establishment of stable and benign supply chain relationships can help enterprise innovation financing activities, which has provided empirical evidence for the current policy of "improving the stability and competitiveness of industrial chain supply chains".According to the findings of this paper, the following main insights are drawn: (1) For enterprises, they should actively build strong ties with high quality customers to effectively alleviate the financing constraints of corporate innovation. At the same time, enterprises should establish long-term stable and benign supply chain relationships with high-earning customers. In addition, enterprises can make use of the geographical location advantage to optimize the supply chain system, strengthen the information exchange with customers in the geographical proximity, and create a good supply chain ecology. (2) For creditors such as banks, when evaluating the innovative investment decisions of enterprises, they can combine with the earnings performance of customers to adjust the scale of enterprise loans and reduce credit risks in a timely manner. For investors such as shareholders, they need to strengthen their understanding of the spillover effect of customer information in supply chain relationships. Investors should review the situation to adjust their investment decisions. (3) For the government, the regulator should regulate the public information disclosure of enterprises and effectively improve the authenticity and effectiveness of information disclosure. In addition, in the current environment of high political and economic uncertainty, the government should facilitate financing from banks and other financial institutions for enterprises, especially non-state enterprises, in order to broaden their financing channels, reduce financing costs, and promote their enthusiasm for investing in innovative activities. Related Articles | Metrics

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Can optimization of taxation business environment encourage enterprise innovation? Li Jianjun, Fan Yuanyuan 2023, 44(8): 100-108.  Abstract ( 119 )   Technological innovation has become a key factor in determining the balance of political and economic forces in the world and the future of a country. The role of optimizing the business environment to promote innovation-driven development has become increasingly prominent. Therefore, since February 2014, the State Administration of Taxation of China has launched the Spring Breeze Action for Tax Convenience, which aims to simplify tax administrative approval matters and maximize the convenience of taxpayers. The implementation of this policy optimizes the taxation business environment and stimulates the vitality of market players.In the past, most of the literature on taxation and enterprise innovation focused on the innovation incentive effect of tax incentives or tax cuts. As an important part of the tax system, the role of tax collection and management is often ignored. In addition, previous studies only used a certain indicator to measure the tax and business environment, and it is difficult to avoid endogenous problems such as measurement error, reverse causality and omitted variables. Spring Breeze Action for Tax Convenience is an important part of the government′s reform of "decentralization, regulation and service", an inevitable requirement for strengthening tax law enforcement and services in the new era, and an important reform practice to promote the modernization of the country′s governance system and governance capacity. It is very difficult for a single enterprise to influence the implementation of the action in the region due to the government′s behavior. Therefore, the implementation of the action is exogenous to the enterprise, which can avoid endogenous problems such as reverse causality in the study to a certain extent. It provides a good opportunity to identify the causal relationship between tax operating environment and enterprise innovation.With the help of the quasi-natural experiment of the Spring Breeze Action for Tax Convenience, this paper empirically analyzed the impact of the improvement of the taxation business environment on enterprise innovation by using the intensity double-difference method and data of Chinese listed companies from 2009 to 2019. The study found that the optimization of the taxation business environment has significantly improved the innovation investment of enterprises. This conclusion is still valid after considering a series of robustness tests such as parallel trend test, PSM-DID method, exclusion of policy interference in the same period, and subsample regression. Further analysis showed that the innovation incentive effect of the optimization of the tax and business environment is more significant for smaller enterprises and those with weaker vitality. The optimization of the taxation business environment has significantly increased the number of enterprise patent applications and the number of utility model and design patent applications, but the impact on the number of enterprise invention patent applications is not statistically significant. Therefore, although the optimization of the taxation business environment can reduce the institutional transaction cost of enterprises, and promote the increase of high-quality innovation output of enterprises, it is necessary to promote the change of the innovation incentive mechanism and reverse the pursuit of low-quality innovation by enterprises.The research of this paper has important policy implications: First, excessive taxation costs will increase the burden on enterprises and hinder enterprise innovation. Therefore, it is possible to shorten the tax processing time and optimize the tax processing process by consolidating tax returns so as to effectively reduce the tax payment cost of enterprises. Second, the government should establish a perfect system of tax collection and administration to ensure the full implementation of tax reduction and fee reduction policies. For example, the tax authority can speed up the construction of smart tax and make comprehensive use of big data and cloud computing in order to facilitate taxpayers to pay taxes and enjoy tax incentives. The tax authority can provide high quality tax payment services. To be specific, the tax authority should establish the concept of taking "taxpayer as the center" and provide personalized tax payment services to improve taxpayers′ sense of gain and stimulate enterprise vitality. In short, the optimization of the tax business environment can effectively promote the increase of enterprises′ innovation input and output. Therefore, it is necessary to unswervingly deepen the reform of tax "decentralization, regulation and service", and create a more transparent and predictable tax business environment. Related Articles | Metrics

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Institutional investors′ "distraction" and enterprises′ R&D manipulation Wang Pan, Guo Xiaodong, Wu Xiaohui 2023, 44(8): 109-118.  Abstract ( 131 )      On the one hand, since R&D activities have the characteristics of high risk and income uncertainty, it is difficult for external users to directly acquire enterprises′ R&D information; and the R&D activities are highly professional, which prevents non-professionals from having good use of the enterprises′ R&D information and making accurate judgments about the rationality of R&D spending. Thus, the characteristics of R&D activities provide space for enterprises′ R&D manipulation. On the other hand, there is a policy of additional deduction of R&D expenses and accelerated depreciation of related assets in Chinese Tax Law, in accordance with which, when any companies are identified as high-tech enterprises, they can enjoy 15% income tax preference. In addition, these innovative companies can also enjoy different levels of subsidy and policy benefits given by local governments. Therefore, how to skillfully manipulate R&D expenditure to obtain more tax incentives and government subsidies has become a great temptation for listed companies. When the portfolios of institutional investors are impacted by extreme events, institutional investors will be prompted to pay more attention to the portfolios that have been hit, and thereby the attention of the companies that have not been hit will be reduced. This makes it possible for companies to take advantage of the distraction of institutional investors and weak supervision to adjust R&D spending by means of R&D manipulation, so that tax incentives will be enhanced, corporate tax costs reduced and higher government subsidies sought. But in fact, the R&D manipulation of listed companies is not conducive to corporate innovation.Therefore, this paper examined the effect of institutional investors distraction caused by different attention distribution in the portfolio companies on enterprises′ R&D manipulation. The study found that institutional investors′ "distraction" weakens their effects on listed companies to impose positive governance, reduces the corporate share price information content, and listed companies will more likely reduce their tax costs, and capture more government subsidies. Therefore, listed companies conduct R&D manipulation to meet the requirements of tax incentives and government subsidies on the level of enterprise R&D investment, thus leading to the reduction of enterprises′ R&D performance and market performance. In addition, the shareholding ratio of institutional investors and their shareholding proportion helps to suppress the intensification of institutional investors′ "distraction" to the enterprises′ R&D manipulation behavior.The research contributions of this paper are as follows: First, the research of this paper will help to expand the influence of different regulatory intensities caused by the attention distribution of institutional investors on corporate behavior. However, existing studies mainly take institutional investors′ field survey and shareholding ratio as the intensity of attention to listed companies, and they are unable to distinguish the difference in attention distribution of institutional investors in different portfolios. Secondly, the study of this paper will be helpful to enrich the literature on influencing factors of enterprises′ R&D manipulation, while existing studies have explored the influence of independent directors, tax incentives, financing constraints and other factors on enterprises′ R&D manipulation. However, few scholars have focused on the effects of the difference in attention distribution of institutional investors on corporate behavior. Finally, this paper used the degree of distraction of institutional investors as a means of identifying supervision, and verified its important impact on R&D manipulation, and it will not only provide new empirical evidence from Chinese capital market, but also provide a reference for government departments to strengthen the supervision of enterprises′ R&D manipulation behavior.The research of this paper has the following important implications: First of all, for listed companies, they should fully realize the adverse impact and potential unknown risks of R&D manipulation on enterprises, and reasonably increase the R&D investment of enterprises, from "quality" and "quantity" to improve the innovation ability and R&D performance of enterprises. Secondly, for institutional investors, they should give full play to their various advantages, adhere to the concept of long-term value investment, configure reasonably their attention in investment portfolios, and actively play the role of supervision and governance of listed companies in innovation activities, so as to strengthen the effective monitoring of the portfolio company. Finally, for the regulatory authorities, they should improve relevant innovation policies to increase the supervision penalties for the R&D manipulation behavior of listed companies, thus making up for the insufficient supervision of institutional investors′ "distraction". References | Related Articles | Metrics

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An analysis of the implementation mechanism of the Middle- and Long-Term Plan for Science and Technology from the perspective of institutional logics Yang Peipei, Liu Xielin 2023, 44(8): 119-128.  Abstract ( 76 )      In the process of China′s striving for an innovative country, the National Middle- and Long-Term Plan for Science and Technology Development (2006-2020) plays a vital role, and in the plan "indigenous innovation" was proposed, which triggers a significant change in the national innovation system. Three types of institutional logics are concluded from the perspective of institutional logics, namely, academia logic, market logic and state logic. Conflicts aroused by the multiple logics within the main innovative actors in the national innovation system (including the universities and government research institutes, state-owned enterprises, private enterprises and foreign enterprises) are explored. By combining the logic compatibility and cost paying for achieving non-dominant logics′ requirements, the conflicts are divided into four types, namely no conflict, minimal conflict, moderate conflict, and extensive conflict. The causes leading to actors′ inefficient performance are analyzed subsequently. The findings show that under the guidance of the dominant logics, the innovative actors have achieved great success and the indigenous innovation capability of China is also improved significantly. However, the innovative outcomes in some areas still need to be improved when innovative actors facing logic conflicts. Under the academia logic, the universities and research institutes have promoted the development of basic science, which laid foundation of the improvement in China′s indigenous innovation capability. With the low compatibility between academia logic and market logic, as well as the low cost to meet the requirements of market logic, the conflict of the two logics within the universities and research institutes is moderate. The low compatibility between academia logic and state logic, and the low cost to meet the requirements of state logic also trigger moderate conflict in the universities and research institutes. As a result, the market transformation and application of their innovative outcomes still need to be improved. The private and foreign enterprises have invested much in the R&D activities and gained lots of innovative outcomes under the guidance of market logic. Some enterprises have ranked at the forefront in the world. However, the cooperation with universities and research institutes needs to be improved due to the minimal conflict resulting from high compatibility between market logic and academia logic, and the high cost when achieving the goals of academia logic. Besides, due to the low compatibility between market logic and state logic, and high cost to realize indigenous innovation, which is required by state logic, the conflict of the two logics is extensive. Thus, only few enterprises have achieved indigenous innovation. For the state-owned enterprises, under the guidance of state logic, significant breakthroughs have emerged in some sensitive and essential fields, which are related to the security of our country and interests of the whole society. Similar to the private and foreign enterprises, the conflict between state logic and academia logic is minimal, and the industry-university-research institute collaboration still needs to be enhanced. With the low compatibility between state logic and market logic, and the low cost of satisfying the needs of market logic, there emerges moderate conflict between these two logics, which lead to low efficiency and profitability of the enterprises.Finally, based on the analysis and according to the findings, this paper also provides possible paths to mitigate conflicts according to different positionings. Besides, this paper also provides some suggestions of constructing national innovation system and formulating policies. References | Related Articles | Metrics

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Additional deduction and accounting policy selection of R&D expenditure: A study from the perspective of both tax avoidance and earnings management Wan Yuanxing, Wang Yishu, Qi Zanyue, Liu Yun 2023, 44(8): 129-138.  Abstract ( 167 )      In order to encourage enterprises to participate in R&D activities, the Chinese government has been increasing the additional deduction in recent years, first increasing the percentage of additional deduction for technology-based SMEs from the original policy of 50% to 75% in May 2017, then to 75% for all enterprises in September 2018 as well, and further to 100% for manufacturing enterprises in March 2021. It has been shown that the bonus deduction concessions have a significant incentive effect on enterprises′ R&D activities (Ren and Song, 2017; Bao and Zhao, 2019; Liu et al., 2021; Liu and Lin, 2021), but they also induce a large number of low-quality enterprises to inflate their R&D expenditures and fraudulently obtain tax incentives through accounting account adjustments and actual business manipulation, resulting in a distorted incentive effect of the policy. In fact, compared with the manipulation of the total amount of R&D expenditure, the implicit space for the choice of accounting policy for R&D expenditure is greater and the supply of information is less, thus the manipulation behavior existing in it may be more common. According to our statistics, the average expense ratio of R&D expenditure is as high as 83.3%, which is obviously contrary to the fact that the number of patents of listed enterprises has increased rapidly in recent years. For example, Quanchai Power (600218) has expended all the R&D expenditures of 662 million yuan accumulated in past five years, while the company applied for 411 patents in these years, including 116 applications of invention patents with high innovation quality. Thus, we focus on the question: How does the additional deduction policy affect the accounting policy selection strategy for R&D expenditure?There has been a wealth of research on the effects of implementation of the policy of additional deduction, mostly qualitative research on the implementation of the policy, problems and countermeasures in the early years, and a large number of quantitative studies in recent years, but the conclusion of whether there is an incentive effect of the policy implementation is still controversial. The main reason for the controversy is that while incentive′s enterprise innovation, the bonus deduction preference may also induce adverse selection behavior of low-quality enterprises, leading to uncertainty in the effect of policy implementation. However, prior research has only focused on the manipulation of the total R&D expenditures induced by the additional deduction, while ignoring the manipulation in the R&D expenditure accounting policy selection. In fact, a large number of research has explored the adverse selection behavior in the R&D expenditure accounting policy selection from the perspectives of earnings management motivations or tax avoidance motivations, respectively. However, the scenarios of these research cannot incorporate both types of motives into the analytical framework. In view of the shortcomings of existing research, we analyzed the impact of the additional deduction on R&D expenditure accounting policy selection by considering both earnings management and tax avoidance motivation. Using a quadratic term design and 5943 observations of A-share listed enterprises during the period 2015-2020, we found that the relationship between add-on deduction preferences and the proportion of R&D expenditure expended is inverted U-shaped, in which the gradual shift of corporate focus from tax avoidance to surplus management is an important factor for the positive impact of add-on deduction preferences on the proportion of R&D expenditure expensed to begin to decrease or possibly even become negative. Further, we showed that the inverted U-shaped relationship is due to management manipulations, and these manipulations were concentrated in the enterprises with higher agency costs and more powerful managers.Our findings have two research contributions: (1) it provides a new interpretation perspective for the research topic of "why the incentive effect of additional deduction is distorted". There are controversies about whether the additional deduction has incentive effect, but it is more important to answer the question of why the policy incentive effect is distorted. Prior research tries to explain the manipulative behavior from the total R&D expenditures (Wan et al., 2020; Chen and Lian, 2020), we focus on the manipulative behavior in R&D expenditure accounting policy selection and finds that the additional deduction also induces enterprise to adjust their earnings and tax through R&D expenditure accounting policy selection. (2) it provides a research scenario in which two types of motivations for R&D expenditure accounting policy selection coexist. Prior research analysis the adverse selection behavior in R&D expenditure accounting policies from earnings management or tax avoidance, respectively. We investigate the dynamic selection process of R&D expenditure accounting policies made by enterprises under the premise of taking into account both motives, based on the scenario of increased additional deduction preference.Our findings have two policy implications: (1) government might improve the audit quality of eligibility for additional deduction and the violation cost for R&D information manipulation. (2) government might implement differentiated additional deduction policies according to the internal governance level of the enterprises. References | Related Articles | Metrics

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A study on the impact of environmental protection tax reform on the green development of enterprises Wang Xingyu, Zhao Hui, 2023, 44(8): 139-151.  Abstract ( 247 )      Environmental protection tax is an important environmental and economic policy in China, which is conducive to promoting China′s green transformation and development. But for a long time, China only implemented a system of pollution fees. Due to the mandatory and normative defects of the pollutant discharge fee system itself, it is difficult to realize the expected economic and environmental effects. Therefore, in order to promote the construction of ecological civilization, accelerate the green transformation development, and realize the win-win situation of economic development and environmental protection, the Environmental Protection Tax Law was officially implemented on January 1, 2018.Existing studies have shown that environmental tax can achieve environmental dividends, but whether it can achieve economic and social dividends is still controversial. The implementation of the policy of changing fees and taxes provides a realistic scenario for the study of the economic consequences of environmental protection tax. Therefore, whether environmental protection tax can promote the green development of enterprises and achieve a win-win situation of environmental protection and economic development is a practical problem worth in-depth analysis and discussion. This paper attempts to explore the impact of environmental protection tax on the green development of enterprises and its mechanism of action, which has important practical significance for the comprehensive study of the policy effect of environmental protection tax and the improvement of the supporting policies for the green development of enterprises.This paper took the implementation of the Environmental Protection Tax Law since 2018 as a quasi-natural experiment, and the A-share listed enterprises in Shanghai and Shenzhen from 2013 to 2021 as research samples, and used the difference-in-differences-in-differences (DDD) model to empirically investigate the impact and mechanism of environmental protection tax reform on the green development of enterprises.It was found through this study that the environmental protection tax reform can significantly promote the green development of enterprises, and the impact of regional differentiated tax reform on urban environmental quality has a green "trickle-down effect". Further analysis showed that the environmental protection tax reform is more significant to the green development of non-state-owned enterprises and enterprises in regions with low marketization degree. According to the mechanism test, the reform of environmental protection tax affects the green development of enterprises mainly by encouraging enterprises to increase investment in environmental protection, strengthening green technology innovation and improving the efficiency of resource allocation. The research results have clarified the impact and mechanism of environmental tax on enterprises′ green transformation and development, theoretically enriched the interaction research between macro fiscal and tax policies and micro enterprises′ green behavior, expanded the research on micro economic consequences of environmental tax reform, and in practice, will apply market-based environmental regulation tools to local governments and enterprises. It will provide important inspiration for promoting green development of regions and enterprises.The main contributions may be reflected in the following three aspects: First, this paper has examined for the first time the micro-mechanism of environmental protection fee and tax change affecting the green development of enterprises, and it will provide micro-evidence for the existing provincial or industrial level research. Second, this paper has used the DDD model to study the policy effect of the green total factor productivity of enterprises, which is more in line with the goal of environmental protection fee and tax reform, will deepen the understanding of the impact of environmental protection fee and tax reform on the green development of enterprises, and enrich the research on the policy effect of environmental protection fee and tax reform. Third, this paper has deeply examined the mechanism and heterogeneity of environmental protection tax affecting enterprises′ green development, which can provide theoretical basis for national ecological civilization construction and the realization of the "two-carbon" strategic goal to formulate environmental regulation policies. References | Related Articles | Metrics

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Intellectual property rights and China′s high-tech industry export under the new development pattern Cai Zhonghua, He Haodong, Luo Xinyu 2023, 44(8): 152-161.  Abstract ( 119 )      Under the new development pattern of "dual circulation", high-tech industry export plays an important role in enhancing the global competitiveness of China′s high-tech industry, and it is also an important way to promote internal circulation through external circulation. Intellectual property right of import countries has been proved to be a significant variable affecting the export of high-tech industry of export countries, but literatures rarely discuss its role from the perspective of product competition while exporter is an emerging market country.By building a game model under the framework of product competition, the authors of this paper examined the impact mechanism of the import country′s intellectual property right on the export performance of export country′s high-tech industry. Using China′s export data of high-tech industry to 149 countries（regions） from 2007 to 2018 as samples, we empirically tested the influence and mechanism of import country′s intellectual property right on China′s high-tech industry exports. The results showed that the import country′s intellectual property right and China′s high-tech industry exports have a significant inverted U-shaped relationship, which is still robust after controlling for product classification, technical fields and endogeneity. Combined with the binary marginal analysis method, it is concluded that under the effect of market competition, the "increase in quantity and decline in price" is the main reason for the inverted U-shaped comprehensive effect. The quantity margin of China′s high-tech product exports increases with the improvement of the intellectual property right level of the import country, while the export price margin decreases. This result is different from the traditional research which use the market power effect to explain the decline of export. At the same time, the improvement of patent application capability can positively adjust export performance. The research in this paper has not only enriched the test of the impact of intellectual property rights on international trade, but also provided a reference for the formulation of high-tech industry development policies and intellectual property international cooperation policies under the new development pattern.Based on the previous analysis, our suggestions are as follow: Firstly, in the building of a new development pattern, in order to promote the export of China′s high-tech industries, the international cooperation in intellectual property right between China and other countries（regions） should formulate different strategies according to their level of development. For countries with a low level of intellectual property right, such as developing countries（regions） along the "Belt and Road", more attention should be paid to provide intellectual property right assistance to these countries（regions）, to help these countries（regions） improve their own intellectual property systems, and improve their legislation and enforcement of intellectual property right, thereby enhancing the positive role of intellectual property in promoting the export of high-tech industry. On the other hand, for countries（regions） with a high level of intellectual property right, such as some developed countries（regions） in Europe and the United States, cooperation should focus on improving the convenience of cross-border patent applications, simplifying patent application and confirmation procedures through bilateral and multilateral negotiations, and assisting enterprises in the overseas layout of patents, in order to demonstrate the strong growth momentum and technological innovation capability of Chinese enterprises in recent years, and provide guarantee for the export of China′s high-tech industry.Secondly, for China high-tech enterprises "going out", they should continue to strengthen the innovation-driven strategy under the "dual circulation" pattern, further increase investment in research and development, and improve their independent innovation capabilities, so as to maintain their advantages in the process of competition with foreign enterprises. At the same time, more attention should be paid to patent application in target market countries, and the intellectual property system should be used to safeguard their own interests, thus escorting "China′s intelligent manufacturing" to go overseas. References | Related Articles | Metrics

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Multidimensional proximity, innovation openness and cooperative innovation performance: A study from the perspective of network evolution Liu Weiwei, Jin Yingzhe, Bi Kexin 2023, 44(8): 162-172.  Abstract ( 180 )       With the improvement of industrial technology complexity, innovation is becoming more and more difficult. Organizations acquire complementary innovation resources and improve their innovation ability through cooperation with external innovation subjects. Cooperative innovation has become an important form of organizational innovation activities. The relationship between organizational characteristics is one of the most important factors which affect organization cooperative innovation performance. For example, geographical distance, technology composition and organization type can influence the cooperative innovation performance. Therefore, it can better guide the organization selection object of cooperative innovation and cooperative innovation activities to explore how multidimensional proximity affects collaborative innovation performance. Innovation openness index reflects the degree of organizational openness to the outside world, and is an important factor for organizations to search for cooperative partners and develop cooperative innovation. The analysis of the moderating effect of innovation openness can further improve the influence mechanism of multidimensional proximity on cooperative innovation performance.Based on the perspective of network evolution, this paper explored the dynamic impact of multidimensional proximity on cooperative innovation and revealed the moderating effect of innovation openness. Based on the data of joint application for patent of Chinese new energy vehicle industry from 2004 to 2018, this paper divided the evolution stage of Chinese new energy vehicle industry cooperation innovation network into breeding phase, germination phase and growth phase. The effect of multidimensional proximity on collaborative innovation performance and the moderating effect of innovation openness in three stages were investigated. The empirical results showed that geographic proximity and technological proximity have significant positive effects on cooperative innovation performance, while organizational proximity has significant negative effects on cooperative innovation performance. With the evolution of the cooperative innovation network of the new energy vehicle industry, the influence of geographical proximity decreases first and then increases, the influence of technological proximity increases gradually, and the influence of organizational proximity first increases and then decreases. In addition, innovation openness partially moderates the relationship between multidimensional proximity and cooperative innovation performance (innovation openness breadth positively moderates the relationship between technological proximity and cooperative innovation performance and innovation openness depth positively moderates the impact of geographic proximity and technological proximity on collaborative innovation performance).From the perspective of network evolution, this study analyzed the impact of multidimensional proximity between cooperative innovation organizations on cooperative innovation performance, and further discussed the moderating effect of innovation openness. It will provide scientific guidance and reference for innovation organizations to choose partners in different network evolution stages, improve their cooperative innovation performance by taking advantage of proximity, and give full play to proximity advantage by formulating appropriate innovation openness degree. According to the research results, first of all, organizations can improve the performance of cooperative innovation by improving logistics and transportation, strengthening communication, and cooperating with geographically close organizations. Secondly, innovation organizations should constantly increase innovation input, strengthen innovation personnel training, and choose organizations with similar technical structure for cooperation. Thirdly, innovation organizations should cooperate with innovation subjects of different organization types to realize resource exchange and advantage complementation so as to improve cooperative innovation performance. Finally, organizations should pay attention to the moderating effect of innovation openness. Extensive cooperation between innovation subjects and external organizations is conducive to enhancing the positive impact of technological proximity on cooperative innovation performance, while close cooperation with external organizations is conducive to strengthening the positive impact of geographic proximity and technological proximity on cooperative innovation performance.  References | Related Articles | Metrics

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The double-edged sword effect of telecommuting on the telecommuters′ innovation performance Ma Zenglin, Yu Jingting, Wang Lei 2023, 44(8): 173-182.  Abstract ( 368 )     With the advent of the digitalization era, the spatial boundary of human resource management practices is being gradually dispelled, which makes telecommuting become an indispensable means of modern work. Therefore, how to manage telecommuting effectively has become not only an opportunity for enterprises to innovate human resource management methods, but also the focus of organizational management research.Previous studies in this field mainly discussed the impact of telecommuting, and adopted two approaches. One is to compare the performance of telecommuters and non-telecommuters while the other is to take telecommuting intensity as antecedent variable. Since the intensity of telecommuting varies from person to person and time is required for the performance of employees, this study continues the latter′s idea. Most of the research on the effects of telecommuting intensity was carried out from the negative aspects. The increase in telecommuting intensity would cause high levels of emotional exhaustion and low work efficiency. However, some scholars pointed out that the greater the telecommuting intensity and the higher the employees′ perception of job control, the better the job performance. Although these studies have enriched the understanding of the impact of telecommuting from the perspective of work behavior and outcomes, they have neglected the effect on employee innovation performance. Actually, the improvement of employee innovation performance is an important way for organizations to maintain competitive advantages and achieve sustainable development in the changing business environment in the digital era. Therefore, it is necessary to explore the relationship between telecommuting and telecommuters′ innovation performance. Considering the above two contradictory research conclusions, we assume that telecommuting is likely to be a double-edged sword, and its intensity has a dual effect on employee innovation performance.In view of this, on the basis of job demand-resource model, this paper aims to explore the double-edged sword effect of telecommuting on the telecommuters′ innovation performance, so the authors examined the gain effect of job engagement and the loss effect of emotional exhaustion respectively, and analyzed the moderating effect of person-job fit. A three-phase survey was conducted with a sample 509 telecommuters in Beijing, Shanghai, Shenzhen and Hangzhou. SPSS 25 was adopted for reliability test and AMOS 26 was used for validity test. We used SPSS Macro program PROCESS to test the main effect, mediating effect and moderating effect.This research drew the following conclusions: (1) Telecommuting intensity not only positively affects the innovation performance of telecommuters by promoting job engagement, but also impedes the improvement of their innovation performance by causing emotional exhaustion. (2) Person-job fit enhances the positive effect of telecommuting intensity on job engagement, and enhances the mediating role of job engagement between telecommuting intensity and telecommuters′ innovation performance; (3) Person-job fit weakens the positive impact of telecommuting intensity on emotional exhaustion; Person-job fit weakens the mediating role of emotional exhaustion between telecommuting intensity and telecommuters′ innovation performance.The theoretical contributions of this study are as follows: (1) We analyzed the double-edged sword effect of telecommuting on telecommuters′ innovation performance, which not only expands the research on telecommuting and innovation performance, but also proposes innovatively the double-edged sword influence mechanism model of telecommuting, thus breaking through the deficiency of existing research only from a single perspective of positive or negative. (2) We put forward and verify the gain effect of job engagement and the loss effect of emotional exhaustion, which is helpful to deeply understand the double-edged sword influence of telecommuting on telecommuters′ innovation performance. (3) This research explored the moderating effect of person-job fit. It can deepen the understanding of the differentiated influence mechanism of telecommuting on the telecommuters′ innovation performance.The research results will help managers to further understand and better manage telecommuting: (1) This research indicates that managers should understand both the bright and dark side of telecommuting. Through establishing reasonable telecommuting norms, training telecommuters on work-family balance, communicating regularly and authorizing telecommuters appropriately, organizations can help telecommuters decrease the emotional exhaustion and increase level of job engagement, thereby managing telecommuting more effectively, maximizing its strengths and avoiding weaknesses. (2) Organizations should pay close attention to the matching of employees′ characteristics and preferences with the intensity of telecommuting and select telecommuters on this basis to achieve the optimal effect． Related Articles | Metrics

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Integrating and sharing human resource practice and individual innovation performance:The role of knowledge exchange and goal orientation Zhao Fuqiang, Hu Wei, Chen Yun, Zhang Qiuhong 2023, 44(8): 183-192.  Abstract ( 137 )      In the digital intelligent era, science and technology change quickly, industry boundaries are becoming increasingly blurred, and consumer demands are becoming more diverse. Enterprises must constantly innovate to ensure their own survival and development, while organizational innovation depends on the improvement of employees′ individual innovation ability, motivation and opportunity. However, human resource practice is the rule framework for employees′ ability, motivation and opportunity. Enterprises should pay close attention to not only the utilization of internal resources, but also the acquisition of external resources, and then the integration of internal and external resources. However, it depends on individual ability, motivation and opportunity to break the barriers of resource flow, integrate and share the heterogeneous resources. Therefore, integrating and sharing human resource practice (IS-HRP) come into being and become a realistic choice for enterprises. IS-HRP is a series of independent, dependent and complementary human resource management activities taken by the organization to break the restriction of resource flow and give full play to the advantages of internal and external resources in order to improve the ability of employees, stimulate their motivation, and provide them with opportunities in order to integrate and share internal and external heterogeneous resources.As we all know, diverse and heterogeneous knowledge is the source of innovation, and its integration and sharing is the key to individual innovation. However, due to the conflict of collective and individual interests, employees often face the dilemma of knowledge sharing, and there are few existing studies on how to resolve the dilemma of knowledge sharing through knowledge exchange. In addition, goal orientation, as an individual trait, is an important predictor of individual interpersonal behavior. Different goal orientation individuals have different perceptual evaluation of the same practice, which affects their knowledge exchange cognitive evaluation, and then their consequent attitude, behavior and performance. Most of the existing studies take goal orientation as an antecedent variable, while it is rare to explore its impact on the relationship between human resource practice and employee innovation performance.Based on this, this paper proposed integrating and sharing human resource practice (IS-HRP). According to the empirical study of 421 valid samples, the follow conclusions were found. Firstly, IS-HRP has a positive impact on individual innovation performance. Secondly, knowledge sharing, hiding and knowledge manipulation all play a part of intermediary role between IS-HRP and individual innovation performance. Finally, learning goal orientation regulates the direct influence of IS-HRP on knowledge sharing and the indirect impact of it on individual innovation performance through knowledge sharing, while avoiding goal orientation moderates the direct impact of IS-HRP on knowledge hiding and the indirect effect of it on individual innovation performance through knowledge hiding, and proving goal orientation adjusts the direct effect of IS-HRP on knowledge manipulation and the indirect influence of IS-HRP on individual innovation performance through knowledge manipulation. Therefore, the research can provide a theoretical base and decision-making reference for the enterprise management practice of resource sharing integration and innovation performance improvement.The contributions of this study are as follows. Firstly, the proposal of IS-HRP will complement the existing HRP configuration research and lay the research foundation of internal and external resource integration and sharing management. Secondly, it will enrich the research on the black box mechanism of HRP affecting individual innovation, expand the research perspective of the mechanism of HRP and innovation performance, and provide a theoretical reference for resolving the dilemma of knowledge sharing. Finally, it will expand the research on the situational conditions of the role mechanism of HRP, and enrich the research on the goal-oriented boundary conditions of organizational HRP, knowledge exchange and individual innovation.The implications of this study are as follows. Firstly, organizations should build and implement IS-HRP, for example bringing diverse and heterogeneous knowledge through cross-border multiple selection, increasing employees′ psychological security through flexible and diverse employment, developing effectively internal knowledge through flexible work configuration, acquiring external knowledge through internal and external integration, and realizing internal sharing within the organization through win-win cooperation and performance contribution compensation. Secondly, the organization should create an atmosphere of knowledge sharing, promote employee knowledge sharing, reduce employee knowledge hiding, avoid employee knowledge manipulation, and then improve individual innovation performance. Finally, in terms of human resource management, managers should identify and cultivate the goal orientation of employees, so as to strengthen the role of management practice on individual knowledge sharing, innovation ability and performance. 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