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Construction of China′s new national innovation system from the perspective of beyond catch-up Wu Xiaobo, Lin Fuxin, Li Sihan, Zhang Weiqi, Lu Jun 2024, 45(1): 1-12.  DOI: 10.19571/j.cnki.1000-2995.2024.01.001 Abstract ( 385 )       During the three stages of “follower, forerunner, and pacesetter”, China has successfully constructed an evolutionary path for its national innovation system, which has been progressing from a loosely connected “industry-university-research” model under government guidance to a tightly integrated “government-industry-university-research” model, and further to a synergistic and coordinated “government-industry-university-research-finance-intermediary-user” system. This evolution has established the institutional foundation arrangement for China′s unique approach to modernization. This research comprehensively reviewed the practical evolution and theoretical framework of China′s national innovation system, elucidated the fundamental characteristics and realization pathways of Chinese innovation from the theoretical perspective of beyond catch-up, which include government guidance, diversified collaboration, and adaptive inclusiveness. It expanded the situational interpretation and applicability boundaries of technology catch-up theory, analyzed the strategic necessity for developing a national innovation system in latecomer countries from four aspects: innovation environment, innovation actors, innovation resources, and innovation institutions, and provided some targeted recommendations. In the context of the disruptive reconfiguration of global resources due to acceleration of the new technological revolution, China urgently needs to deepen its understanding of the development laws of the national innovation system, establish a new type of national innovation system that aligns with its unique national conditions and the demands of its current stage, and construct a long-term institutional arrangement for high-quality development in the new era. Related Articles | Metrics

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Research on the mechanisms and paths of Chinese-style innovations empowered by digital technology Chen Xiaohong, Zhang Jinghui, Wang Yangjie, He Zhuqian, Xiao Hongxiang 2024, 45(1): 13-20.  DOI: 10.19571/j.cnki.1000-2995.2024.01.002 Abstract ( 606 )       The Chinese-style innovation is currently going through a crucial phase of transition from “low-quality and low-efficiency” to “high-quality and high-efficiency”. The rapid development of digital technology has brought disruptive changes to Chinese-style innovations, becoming a significant driving force in accelerating it. Based on the innovation ecosystem driven by digital technology, this paper followed the evolutionary approach of “technology empowerment---resource constraints---path realization” to reveal the mechanisms and implementation paths of the Chinese-style innovations empowered by digital technology. The main findings of this paper are as follows: Firstly, it defined the significant characteristics of Chinese-style innovation and extracted the mechanism of digital technology empowered Chinese-style innovation, which is based on the pattern that local market serves as the application scenario, institutional innovation as the driving force, a complete industrial foundation as the support, regional element connectivity as the breakthrough, user value as the orientation, and rapid decision-making as the approach. Secondly, it analyzed the constraints faced by Chinese-style innovations, including a shortage of basic research talents, difficulties in commercializing technological achievements, and the unsustainability of the industrial chain and value chain. Thirdly, it proposed an implementation path for enhancing the quality and upgrading of the Chinese-style innovations by focusing on heterogeneous and multi-level demands, leveraging industrial digitization and digital industrialization, and fostering collaborative efforts among various stakeholders such as the government, industries, and enterprises. This paper also has some significant implications and references for the theory and practice of Chinese-style innovation as well as the high-quality development of the digital economy in China. References | Related Articles | Metrics

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Research on the driving path of digital transformation in high-end equipment manufacturing enterprises Yang Hong, Li Yimeng, Chen Yinzhong, Yang Bai 2024, 45(1): 21-30.  DOI: 10.19571/j.cnki.1000-2995.2024.01.003 Abstract ( 309 )      The deep integration of new digital technologies, such as the Internet, big data, cloud computing, artificial intelligence, and supply chain, with the manufacturing industry has released tremendous energy, which is becoming a key power to reorganize factor resources, reshape the economic structure and change the competition pattern, and also an important driving force to boost Chinese economic growth, and provides an effective path to upgrade Chinese industries. In particular, since China proposed the National Big Data Strategy in 2015, relevant policies have been issued, and then digital transformation becomes the strategic high point of the new-round of industrial competition. High-end equipment manufacturing (HEM) industryis located at the top of the manufacturing value chain and the core of the industrial chain. Besides, characterized by high technology, high-added value, and good growth, HEM industry has a significant leading role in the overall and long-term economic and social development, and has a great strategic importance for China to become a manufacturing power. However, the “double-ended squeeze from both international and domestic markets” brought by developed countries, the core components suffer from “strangleholds”, and HEM growth suffers from insufficient vitality. Under this situation that HEM industry is massive but not strong enough and urgent to be upgraded, the digital transformation has become a “game breaker” to reconstruct the competitive pattern and solve the old and new problems.In order to seize the opportunities in the wave of digitization, more and more HEM enterprises apply digital technology to all aspects of their product lifecycle, and gradually implement the transformation from informationization to digitalization. However, the complex and changing environment and the lack of priori experience caused most HEM enterprises to face great challenges and even failures in the process of digital transformation. For this reason, the issue of digital transformation of HEM enterprises has attracted great attention from the academia and political circles. Currently, scholars mostly focus on the enterprise digital transformation from the perspective of individual factors. While the complex system view presents that digital transformation is a complex systemic project, and it is obvious that only by considering the net effect of a single factor, we cannot effectively analyze the interaction between multiple factors and their complex causal relationship with enterprise digital transformation. Therefore, in order to reveal the “black box” of enterprise digital transformation driven by multi-factor linkage matching, firstly, on the basis of TOE analysis framework, this paper developed a theoretical model for the digital transformation of HEM enterprises from the perspective of configuration. Secondly, taking 68 HEM enterprises from 2016 to 2020 as the research samples, this paper utilized necessary condition analysis (NCA) and fuzzy set qualitative comparative analysis(fsQCA) methods to explore the paths of digital transformation of HEM enterprises driven by dimensional antecedent conditions:“technology-organization-environment”. The results of the study showed that: (1)Necessary condition analysis presents that any single antecedent condition cannot be the necessary condition to trigger thedigital transformation of HEM enterprises. (2) The digital transformation configuration ofhigh-level enterprises indicates that antecedent factors, such as technology, organization and environment, through the effect of “multiple concurrency”, have led to five configurations that can be categorized into two paths: digital environment incubation and internal and external linkage, and the antecedent conditions of some configurations have overlapping and potentially substitutive relationships. Meanwhile, compared with the digital transformation configuration of non-high-level enterprises, antecedent factors of the environmental dimension are the main reason leading to the failure of enterprise digital transformation. Based on the above study conclusions, the following insights are obtained. First, HEM enterprises should make full use of their external and internal resources to promote diversified digital transformation. Second, the government should strengthen the macro guidance and policy support for the digital transformation of HEM enterprises. Related Articles | Metrics

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Research on the mechanism of key core technology innovation in manufacturing enterprises based on the resource orchestration theory Tian Zhen, Chen Hansong 2024, 45(1): 31-41.  DOI: 10.19571/j.cnki.1000-2995.2024.01.004 Abstract ( 409 )       The manufacturing industry is the key to promoting high-quality economic development. Under the combined influence of the US technological suppression and the COVID-19, bottlenecks such as key core technology being restricted and reliance on imports of high-end manufacturing equipment have become increasingly prominent. Chinese manufacturing enterprises urgently need to carry out key core technology innovation and improve technology innovation capability. Therefore, exploring the effective path of key core technology innovation for manufacturing enterprises in the Chinese context has become an important issue.Key core technology means the technical system that controls the commanding heights of the industry technology. Existing research has focused on the key core technology of large enterprises, ignoring the important role of small and medium-sized manufacturing enterprises. Therefore, it is urgent to deeply explore the breakthrough path and mechanism of key core technology innovation for small and medium-sized manufacturing enterprises.In terms of overall development, resource orchestration links, combines and reconfigures innovation resources inside and outside, thus promoting key core technology innovation. In terms of specific mechanism, appropriate resource actions should be taken to ensure the successful achievement of technology innovation goals. Therefore, resource orchestration theory can fully reveal the evolutionary path and micro-mechanism of key core technology innovation in small and medium-sized manufacturing enterprises.This study selected Himile as the case sample to explore how small and medium-sized manufacturing enterprise with a shortage of initial innovation resources can achieve key core technology innovation through resource orchestration. The research found that: firstly, depending on the driving factors and resource conditions, small and medium-sized manufacturing enterprise adopts the resource orchestration approaches of agglomerative resource structuring, reconfigurative resource bundling and open resource leveraging. Secondly, small and medium-sized manufacturing enterprises adopt positive-adaptive logic to carry out key core technology innovation, and tend to the technology innovation path of combination of breakthrough innovation and micro-innovation.The theoretical contributions of this study are as follows: first, we constructed a theoretical model of key core technology innovation in small and medium-sized manufacturing enterprises from a dynamic perspective, and deepened the theoretical research on technology innovation. Second, we proposed a technology innovation path that combines breakthrough innovation and micro-innovation, and analyzed the realization mechanism of micro-innovation to enrich the theoretical research. Third, we applied the resource orchestration theory to the research of key core technology innovation, and expanded the research on the relationship between resource orchestration and key core technology innovation. References | Related Articles | Metrics

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Research on the technological innovation evolution path of S&T innovation enterprises from a contextual-cognitive perspective Wang Xianglu, Luo Jinlian, Guo Limin, Yan Jiaqi 2024, 45(1): 42-50.  DOI: 10.19571/j.cnki.1000-2995.2024.01.005 Abstract ( 161 )       Chinese-style innovation is an inherent part of Chinese-style modernization, particularly evident at the micro-level through the innovative practices of enterprises within the Chinese context. Since the implementation of the S&T innovation Board, a cohort of S&T innovation enterprises (STIEs) have achieved technological leaps in diverse domains using innovation paths distinct from those observed in advanced economies. The innovative practice provides an exceptional opportunity to explore the strengths and experiences associated with Chinese-style innovation. This study selected two typical STIEs, Sino GNSS and Siyi Intelligence, analyzed the evolution path of technological innovation within STIEs operating in the Chinese context based on the attention-based view and resource allocation theory. The study found that: the evolution of technological innovation in STIEs comprises three phases: technological exploration, technological expansion, and technological upgrading. In the technological exploration phase, STIEs rely on the robust government-led technology development ecosystem to establish a mission-oriented dominant logic, and complete technological breakthroughs through patchwork resource construction. In the technology expansion phase, STIEs rely on the characteristics of market segments in China′s ultra-large-scale market to establish a demand-development or technology-migration dominant logic, and complete technology expansion through exploratory or coupled resource bundling. In the technological upgrading phase, STIEs harness the rapid growth of China′s strategic emerging industries to adopt an ecosystem-building dominant logic, and complete technological integration through restructuring resource leveraging. The research conclusion not only revealed the process mechanism of the Chinese-style innovation from the perspective of the technological evolution path within STIEs, but also provided valuable guidance for the innovation management practice of enterprises in the Chinese context. Related Articles | Metrics

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Key core technology breakthroughs in the context of innovation ecosystem evolution Li Tianzhu, Ma Jia, Gao Haotian, Lu Ruoyu 2024, 45(1): 51-63.  DOI: 10.19571/j.cnki.1000-2995.2024.01.006 Abstract ( 266 )       The breakthrough of key core technologies is a major issue that China encounters at the current stage of its development. The reasons why key core technologies are difficult to conquer, not superficially because of a comprehensive technology blockade from the developed countries, but fundamentally because of some systematic problems, including that the basic research support is insufficient; the collaborations between industry, academia and research departments are not close enough; the early market is difficult to form; and the institutional mechanism of developing key core technologies is not valid enough, and so on. Therefore, to make a breakthrough in key core technologies is not simply a technological issue, but a systemic issue. Accordingly, this study explored the breakthrough mechanism of key core technologies in the context of innovation ecosystem evolution.As for research methods, this study explored the key core technology breakthrough mechanism by applying the exploratory dual case study method, and taking the high-end scientific instrument industry as the research subject. Two typical cases of Illumina and BGI have been selected as the samples of international leading firm and the domestic catch-up firm for a comparative analysis of the gene sequencer technology breakthroughs. The research steps are as follows: (1) The authors of this paper obtained the first-hand data and second-hand data through interviews and other means, analyzed and summarized the characteristics of research objects, event sequences, influential events, environment, organization and other factors related to time and order with the help of time axis, and divided the innovation ecosystem evolution process from the start-up stage to the prosperity stage; (2) Based on the literature research, we established a theoretical analysis framework by measuring three categories, including system structure, dynamic capabilities and value proposition, to provide guidance for data coding; (3) We also processed the open coding, axial coding and selective coding in the proceduralised grounded analysis, and made the theoretical saturation achieved when there is no new property of category identified；(4) We finally conducted a comparative analysis of two cases by vertical and horizontal comparison.The research results are as following: (1)The innovation ecosystem is the carrier for the breakthrough of key core technology, and the innovation ecosystem promotes the key core technology breakthroughs through the evolution process of “individual reproduction, population shaping and community integration”; (2)International leading firms tend to choose the maintenance breakthrough path of “product-service-ecology”, while the domestic firms tend to choose the reverse breakthrough path of “service-product-ecology”;(3)The implementation of the key core technology breakthroughs by domestic firms usually goes through three main stages. The first stage is to develop their own innovation ecosystem within the innovation ecosystem of international leading firms. The second stage is to withdraw from the constraints of the innovation ecosystem of international leading firms and implement reverse breakthroughs upstream of the industrial chain after a critical event occurs. The third stage is to purposefully carry out ecological innovation around key core technologies, forming confrontation with international leading firms; and (4) The key core technology breakthrough process of domestic firms is often affected by four important factors, including value proposition, innovation environment, dynamic capability, and critical events.This study revealed the interactional relationships between the evolution of innovation ecosystem and the breakthroughs of key core technologies, which brings enlightenment to government policy-making and enterprise innovation practice. This study have put forward the following suggestions: (1) The government should focus on optimizing the policy system, providing comprehensive policy supports to enterprises with the potential to make breakthroughs in key core technologies, and establish a suitable policy environment for cultivating an innovation ecosystem conducive to key core technology breakthroughs, such as promoting the first set of policies, implementing application benchmarks, industrial demonstration, and scenario development projects. (2) For the catch-up firms, it is important to recognize that the key core technology breakthrough process of the latecomers is different from the one of international leading firms. Domestic catch-up firms may follow the reverse breakthrough path of “service-product-ecology” to develop the key core technologies. In this process, domestic firms should attach importance to establishing correct value propositions, improving dynamic capabilities, and keenly paying attention to the impact of critical events. References | Related Articles | Metrics

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Relationship between employees and machines: Research evidence based on the practice of replacing human labor with machines in manufacturing enterprises He Jiang, Yan Shumin, Tan Zhidan, Xia Qing, Guo Ziying, Ma Yujie, Bi Wenlin, Xie Xianmei 2024, 45(1): 64-73.  DOI: 10.19571/j.cnki.1000-2995.2024.01.007 Abstract ( 179 )       The relationship between employees and machines has become a key issue in the process of replacing human labor with machine (RHLM) in the manufacturing enterprise, while little is known about its practical evidence of front-line employees at the micro-level. Based on the survey and interview of a typical manufacturing enterprise, this research discussed the overview of the relationship between employees and machines and its effects in the practice of RHLM. The results showed that: (1) RHLM is not only replacing human labor, but also changing the work content of employees, and it is the general trend of enterprise practice that RHLM from the part of job area and being human-machine symbiosis at the whole level of the enterprise. And the employees replaced by the machine are mainly manifested in several kinds of flow directions, which generally present a double-path circulation trend inside and outside of the enterprise organization. (2) There have been organizations already advocating employees to treat machines as colleagues, and over 60% of the interviewees hope to treat machines as colleagues. Besides, more than half of the interviewees say they treat machines as partners rather than tools or competitors, and more than 40% of the interviewees support to strengthen the degree of RHLM. (3) Machines are both replacing human labor and enhancing employees, and employees′ love and hate for the machines are mingled, because they are not only worried about being replaced by machines, but also cannot work alone without machines. In addition, RHLM has a double-edged-sword effects on employees′ work income, efficiency, intensity, time, and motivation. (4) Employees are optimistic about human-machine collaboration. They generally prefer to collaborate with humans rather than machines, but there are also differences due to role situations, that is, more employees prefer human collaborators (rather than machines) as peer colleagues or supervisors, and more employees prefer machines (rather than humans) as subordinates. (5) The machine characteristics (compared with employee characteristics) are generally having more prominent effects on human-machine relationship, and different characteristics present significant differences in its impact on human-machine relationship.Compared with the existing literature, the contributions of this study lie in two aspects. On the one hand, compared with the macroeconomic or theoretical model analysis of existing research, this research conducts a practical investigation on the front-line employees at the micro level of typical manufacturing enterprises, which can provide new evidence support for interpreting the RHLM phenomenon of enterprise. On the other hand, most of the existing studies have explored the RHLM phenomenon of enterprise from the perspectives of machine technology R&D innovation, efficiency optimization, and digital-intelligence transformation, while this study provides new evidence explanations from the perspective of the relationship between employees and machines, and explore the two-way interaction relationship between employees and machines based on multiple dimensions, such as the interaction between employee and machine, employee′s attitude towards machine, and machine′s impact on employee, which helps to expand the theoretical boundary of employee-machine relationship in the context of RHLM. The findings of this study can provide reference for guiding enterprises to implement the RHLM practice of employee-orientation, and they can also lay a theoretical foundation for the deepening research of human-machine relationship. Related Articles | Metrics

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Construction and evolutionary logic of the manufacturing eco-innovation network Li Xin, Wei Shan, Li Huijuan 2024, 45(1): 74-83.  DOI: 10.19571/j.cnki.1000-2995.2024.01.008 Abstract ( 195 )       Under the new background of institutional opening up, the proposition of China′s goals of carbon peaking and carbon neutrality and its high-quality development goals determine that the construction of the eco-innovation network is imperative. The eco-innovation network is conducive to the cooperation between different enterprises to carry out green R&D activities and is crucial for manufacturing enterprises to integrate and use the complex ecosystem of environmental protection technologies. From the two theoretical perspectives of innovation collaboration network and innovation ecosystem, this paper took the eco-innovation network as the research object, analyzed its connotation and characteristics, and constructed an ecological innovation network model based on the triple helix theory of innovation. Then, the evolutionary logic of the eco-innovation network was discussed based on the hyper-cycle theory, which provides a valuable reference for the construction of the ecological innovation network of manufacturing enterprises and for the green and efficient development.The main conclusions of this research include the following aspects:First, the eco-innovation network is an informal organization based on open innovation, with green ecology as the core, which aims to tap the advantages of all parties to achieve efficient ecological innovation and improve the organization′s environmental benefits and sustainable development capabilities.Second, the eco-innovation network includes three types of subjects: government, university, and enterprise. The three types of subjects are the key components of the eco-innovation network, and their spiral interaction in the field of eco-innovation forms a positive ecological innovation pattern; The innovation collaboration network and innovation ecosystem jointly form two supporting modules of the eco-innovation network, which are controlled by universities and core enterprises respectively. The innovation collaboration network is committed to the creation of clean and green production technologies and knowledge sharing; The innovation ecosystem focuses on building a comprehensive business model and management model for sustainable development. The eco-innovation network includes internal network (political network, scientific network, industrial network, etc.) and external network (financial network, intermediary network, professional network, etc.). The internal network is a strong relationship network formed by the three core subjects, leading the operation of the ecological innovation network; The external network is a kind of auxiliary weak relationship network, which mainly serves the smooth operation of the internal network.Third, the eco-innovation network is open, ecological, efficient and dynamic. The open feature reflects the fuzzy boundary characteristics of the eco-innovation network, which is conducive to the environmental adaptation and extension of the eco-innovation network; the ecological feature reflects that the core objective of the eco-innovation network is to increase the value of eco-innovation, aiming to promote the research, development, production, and application of eco-innovation products; the efficient feature reflects the high-efficiency use of eco-innovation resources and more output of eco-innovation products by the eco-innovation network; the dynamic feature reflects the organizational flexibility of the eco-innovation network, which is conducive to the adjustment of its organizational structure and the relationship between its members.Fourth, the eco-innovation network follows the evolutionary logic from the reaction cycle to the catalytic cycle and then to the hypercycle. The joint evolution and symbiotic coupling of innovation collaboration networks and innovation ecosystems, as important catalytic cycles in the network, promote the formation of the hypercycle of the eco-innovation network, while the relevant management mechanisms catalyze the evolution of the eco-innovation network from the reaction cycle, the catalytic cycle to the hypercycle, and continue to promote the optimization and upgrading of the eco-innovation network, forming a wider and more efficient network structure.Finally, the paper put forward relevant policy recommendations. For example, we should correctly understand the triple helix development pattern of government, university, and enterprise in the eco-innovation network, and pay attention to the formation of an eco-innovation consortium guided by governments, supported by universities and driven by enterprises; we should focus on building two modules of innovation collaboration network and innovation ecosystem in advance; we should pay attention to the relationship between the internal network and the external network in the eco-innovation network, and cultivate good conditions for the construction of the eco-innovation network through the selection and arrangement of the system and the cultivation of organizational practices and culture; and we should also focus on the creation and optimization of the management mechanism within the organization, and promote the evolution of the eco-innovation network. References | Related Articles | Metrics

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Digital innovation, entrepreneurship and green development of manufacturing enterprises Ding Hongyi, Cheng Qiongwen 2024, 45(1): 84-97.  DOI: 10.19571/j.cnki.1000-2995.2024.01.009 Abstract ( 313 )      Under the requirements for the goals of “carbon dioxide peaking and carbon neutrality” and high-quality development strategies, how to effectively use digital innovation to drive green development has become an important practical problem to be solved urgently. Based on the observed data of manufacturing enterprises from 2013 to 2020, text analysis and word frequency statistics were used in this paper to measure enterprise digital innovation. The comprehensive index system of green development of manufacturing enterprises was constructed from three dimensions: economic profit, social value and environmental benefit. This paper studied the impact of digital innovation on the green development of manufacturing enterprises, the effective digital innovation intensity threshold, the supporting effect of entrepreneurship and the fiscal and tax policies on the green development driven by digital innovation. The findings of this paper are as follows: (1) Overall, digital innovation has a significant positive impact on the green development of manufacturing enterprises, and there is a significant industry heterogeneity effect. The driving effect of digital innovation on green development is mainly concentrated in agricultural and sideline food processing industry, paper and paper products industry, general equipment manufacturing industry and electrical machinery and equipment manufacturing industry. (2) The threshold effect of digital innovation intensity on the green development of manufacturing enterprises is significant. Only when the digital innovation intensity exceeds 141.707 can the green development of manufacturing enterprises be significantly promoted; otherwise, either the digital innovation effect is not significant, or the digital innovation will inhibit the green development of enterprises. (3) Entrepreneurial innovation spirit and entrepreneurial environmental protection spirit have a significant supporting effect on the green development of digital innovation-driven enterprises, but the entrepreneurial social responsibility spirit weakens the promoting effect of digital innovation on the green development of enterprises. (4) Tax incentives negatively regulate the driving effect of digital innovation on enterprises′ green development, but the regulatory effect of financial subsidies on digital innovation to drive green development is not significant. These conclusions will provide a new way and practical inspiration for manufacturing enterprises to use digital innovation to drive green development. At the same time, they will also provide some theoretical inspirations for designing effective fiscal and tax policies, choosing appropriate digital innovation intensity, shaping excellent entrepreneurial innovation spirit and entrepreneurial environmental protection spirit. Related Articles | Metrics

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Digital finance, financial frictions, and technology innovation of private enterprises Shi Xiaokun, Tao Yanyan 2024, 45(1): 98-110.  DOI: 10.19571/j.cnki.1000-2995.2024.01.010 Abstract ( 214 )       Financial frictions lead to a lack of technological innovation in private enterprises, which has become a prominent financial mechanism obstacle to advancing Chinese-style modernization and high-quality development. The technological advantage of digital finance provides the basis for an effective solution of the financial frictions. This paper demonstrated the theoretical relationship between the development of digital finance, financial frictions, and enterprise technological innovation based on the revised BGG model, and used the private enterprise data from the A-shares of the Shanghai and Shenzhen stock exchanges from 2011 to 2020 to test the effectiveness of digital finance on the impact of different types of financial frictions on the investment of private enterprises in their technological innovations. The study found that (1) digital finance has the effect of mitigating financial frictions to promote innovation investment of private technology enterprises, among which the effects of digital payment and digital credit are more significant; (2) the mechanism analysis showed that digital finance can effectively reduce the financial frictions of capital mismatch and financing cost constraints, but does not have a mitigating effect on the financial frictions related to financing availability; (3) digital finance can target correct the "field mismatch", "stage mismatch" and "regional mismatch" in innovation financing, and has a stronger promoting effect on the investment of private enterprises in their technology innovation in economically underdeveloped areas, small-scale, and well-established governance systems. This paper will help to clarify the theoretical mechanism of digital finance promoting the technological innovation in private enterprises, and provide reliable empirical evidence and decision-making supports for effectively resolving financial frictions and enhancing the technological innovation ability of private enterprises. Related Articles | Metrics

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Impact of agglomeration in the S&T service industry on the innovation of manufacturing enterprises Guo Lijuan, Li Jie, Liu Jia 2024, 45(1): 111-122.  DOI: 10.19571/j.cnki.1000-2995.2024.01.011 Abstract ( 196 )        As the S&T service industry is an important link of the deep integration of innovation chain and industrial chain, and plays a crucial role in the realization of innovation-driven “high-quality development” of manufacturing industry,it is of great significance to explore how the agglomeration in the S&T service industry promote the innovation behavior of manufacturing enterprises. To explore this problem，this paper made a theoretical analysis of the connotation characteristics and service content of the S&T service industry. Then, based on the data of A-share listed manufacturing companies in Shanghai and Shenzhen stock exchanges from 2008 to 2019 and the panel Tobit regression model, the impact and action mechanism of agglomeration in the S&T service industry on manufacturing enterprises innovation were empirically analyzed. The research conclusions are as follows: The agglomeration in the S&T service industry at provincial level significantly promotes the high-level innovations represented by invention patent authorization, but has no significant impact on low-level innovations. The promotion is affected by the positive moderating effect of regional technological market development and the negative moderating effect of corporate financing constraints.To further analyze these phenomena above, the authors divided the companies into SOE group and non-SOE group, high-tech industry group and middle- and low-tech industry group, as well as eastern region group and central and western regions group. The analysis of heterogeneity showed that the impact of agglomeration in the S&T service industry on promoting enterprise innovation is more significant in the eastern region, high-tech manufacturing industry and non-state-owned enterprises. The middle and low technology manufacturing industry and enterprises in the eastern regions are more likely to benefit from the development of technology transaction market. The high-tech manufacturing industry, non-state-owned enterpriseand enterprises in the central and western regions are significantly benefit from the innovation spillover of the agglomeration in the S&T service industry with the financing constraint alleviated. In summary，this study confirmed that the agglomeration in the S&T service industry have a significantly positive effect on promoting innovation at the micro-level of enterprises, and will provide new insights on effectively improving the innovation service support system for manufacturing enterprises. References | Related Articles | Metrics

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Research on the driving effect of entrepreneurial orientation on the digital transformation of enterprises Wang Haojun, Zhu Zijun, Song Tiebo, Yi Rui 2024, 45(1): 123-131.  DOI: 10.19571/j.cnki.1000-2995.2024.01.012 Abstract ( 195 )       In recent years, digital economy has developed rapidly in countries around the world and has become an important driving force to the global economic development. In this context, digital transformation has become an important strategic choice for enterprises to adapt to the changes in the external environment and reshape their competitive advantages. Digital transformation is a comprehensive, systematic and continuous strategic transformation process in strategic positioning, organizational structure, production and operation, business model and other modules by using digital technology. It can transform management and operations, optimize business processes, and improve the way an enterprise captures and creates values. From the perspectives of industrial policy, digital technology, industry competition pattern and consumer demands, scholars have emphasized the reasons why institutional pressure and the “legitimacy” of external environment drive the high willingness of enterprises to digital transformation. However, few literatures have focused on the subjective initiative of change forces within organizations, and some research only focused on the digital leadership model, digital platform construction and digital culture. However, it failed to pay attention to whether and how entrepreneurial orientation affects the digital transformation of enterprises, which is the focus of strategic choice theory.The core hypothesis of strategic choice theory points out that an organization′s strategic decision-making behavior is determined by the actors and the organization′s previous cognitive framework, which exists in the form of embedded thinking patterns and values.The mental models of innovativeness, initiative and risk taking of entrepreneurial orientation not only describe the decision-making tendency of the organization to pursue new fields and creative activities, but also contribute to the analysis of the overall spiritual atmosphere of the enterprise.It is a key factor to cope with the double pressure of complex and changeable external environment and organizational rigidity in the context of digital transformation.Therefore, based on the data of Chinese A-share manufacturing listed companies in Shanghai and Shenzhen from 2007 to 2019, machine learning method was used to characterize the degree of digital transformation of micro enterprises, and the influence of entrepreneurial orientation and enterprise digital transformation was discussed based on the strategic choice theory. From the perspective of strategic decision context, the influence of internal resources (redundant resources and political capital) and operating environment (performance expectation gap) on the above relationship was further analyzed. The findings are as follows:(1) entrepreneurial orientation promotes strategic coordination among top management teams, breaks the obstacles to transformation with heroic determination and courage, accelerates the process of enterprise digital transformation, and reveals the endogenous driving factors of enterprise strategic transformation; (2) Redundant resources have different situational effects on the relationship between entrepreneurial orientation and digital transformation due to their different nature. Precipitated redundant resources weaken the promoting effect of entrepreneurial orientation on digital transformation, while non-precipitated redundant resources enhance the promoting effect of entrepreneurial orientation on digital transformation. (3) Political connection can rely on future potential resources and strengthen the effect of entrepreneurial orientation driving enterprises to implement digital transformation; (4) Since the fear of "failure" puts their preferences in a risk-averse state, the performance expectation gap will weaken the role of entrepreneurial orientation in promoting digital transformation. The theoretical contribution of this paper lies in three aspects: First, from the perspective of enterprise entrepreneurship orientation, in order to explore the internal reasons for the different choices of enterprises′ digitalization strategies in the same institutional environment, this paper made up for the lack of research on the motivation of manufacturing enterprises′ digitalization transformation from the internal subjective initiative of enterprises, and provided new insights for revealing the internal motivation of enterprises′ digitalization transformation actions. Second, it analyzed the impact of redundant resources and political connections on enterprise digital transformation strategy driven by entrepreneurial orientation, which enriches the research on digital strategy from the resource-based perspective. Third, this paper regarded the performance expectation gap as a situational factor driving the entrepreneurial orientation to digital transformation of enterprises. Different from the existing research results, it was found that although the performance expectation gap can trigger the problem search of enterprises, the threat rigidity caused by it still cannot be underestimated. From the perspective of the threat rigidity theory, this study has complemented the literature on strategic choice of firms that take the performance expectation gap as a situational variable. References | Related Articles | Metrics

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Research on the influence paths of venture capital on the sustainable development of enterprises Zhu Bingsheng, Tian Zengrui, Wang Haoyu, Chang Beiquan 2024, 45(1): 132-142.  DOI: 10.19571/j.cnki.1000-2995.2024.01.013 Abstract ( 140 )       In the face of the COVID-19 pandemic, frequent natural disasters, and energy scarcity, countries worldwide have redirected their investment and business development efforts from traditional economic value creation to the pursuit of social and environmental value creation. By examining the post-investment management behavior of venture capital, valuable insights can be gained. Therefore, this study focused on investigating the impact of venture capital on corporate sustainable development capabilities. Specifically, we analyzed the behavior of venture capital investors after making investments and its subsequent influence on sustainable development. A dataset of all A-share listed companies from 2009 to 2020 served as our research basis, with an aim to illuminate the effect of venture capital on corporate sustainability and unravel underlying mechanisms. The findings of our study are as follows: firstly, venture capital significantly contributes to the promotion of corporate sustainable development. Secondly, our mechanism analysis revealed that venture capital affects corporate sustainable development through two key channels. It helps alleviate financing constraints that companies may face, enabling them to invest in sustainable initiatives. Additionally, venture capital acts as a check against management short-sightedness, ensuring a long-term perspective in decision-making processes. Furthermore, our research indicated that venture capital with government backgrounds and long-term shareholding exhibits a stronger effect. Moreover, in regions with lower institutional development and in companies with smaller board sizes, the positive influence of venture capital becomes even more significant. This study made significant theoretical contributions in the following aspects: Firstly, it has broadened the research on post-investment governance of venture capital from the perspective of corporate sustainable development. While there is an abundance of existing research on the impact of venture capital on companies, most of them focus on market economic effects or internal governance within companies. There is a lack of research on the mechanisms and effects of venture capital on corporate sustainable development. This study aims to clarify the relationship between venture capital and corporate sustainable development capabilities, elucidating the underlying mechanisms. This study elucidated this relationship, offering novel insight into the post-investment governance of venture capital and providing fresh evidence for the ongoing theoretical debate around venture capital′s “arbitrage-seeking” and “certification supervision”. Secondly, it has enriched the research on the factors influencing corporate sustainable development capabilities. Both domestic and international research primarily focuses on evaluating the economic effects of sustainable development, with limited attention given to the factors influencing corporate sustainable development capabilities. This study went beyond the existing literature by expanding the perspective from economic consequences to guiding corporate sustainable development. Thirdly, this paper has also revealed the paths through which venture capital holdings influence corporate sustainable development. This study conducted an in-depth analysis of the mechanisms through which venture capital affects corporate sustainable development capabilities. By doing so, it clarified the channels of post-investment governance effects of venture capital, and identified the mechanisms and limitations of the impact of venture capital on corporate sustainable development. These findings will contribute to the establishment of a sound capital market system and the promotion of high-quality development among listed companies. References | Related Articles | Metrics

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Research on the influence path of innovation capability variation events on patent quality of enterprises Chen Litian, Chang Xinran, Wu Rui 2024, 45(1): 143-152.  DOI: 10.19571/j.cnki.1000-2995.2024.01.014 Abstract ( 100 )      Under the guidance of patent quality, there exists the basic contradiction between flexibility and efficiency. Adhering to the perspective of timing selection and inertia breakthrough, using the fuzzy set qualitative comparative analysis method (fsQCA), and based on 115 samples of innovation capability variation eventsin the GEM listed companies from 2011 to 2017, this paper studied the impact path of such subdivision characteristics as unpredictable environment, value cognition and innovation capability variation on the enterprise patent quality, and illustrated it with cases. The results showed that: (1) a single factor does not constitute a necessary condition to affect patent quality, and the level of patent quality depends on the complex configuration of multiple factors; (2) There is only one effective path to trigger high-quality patents, that is, Path I:“environment with high degree and low proportion of unpredictability - complex and focused value cognition - high amplitude and low speed innovation capability variation”; (3) There are four paths that lead to low-quality patents: the “environment with high degree or high proportion of unpredictability - loose or simple value cognition - low amplitude or high speed innovation capability variation” corresponding to Paths II, III and V and the “environment with low degree and low proportion of unpredictability - focused and simple value cognition - high amplitude innovation capability variation” corresponding to Path IV; (4) The reasons that affect patent quality have typical asymmetry. Combining the two internal and external factors of cognition and environment, and based on the perspective of configuration, this paper explored the impact path of enterprise innovation capability variation on patent quality, and deepens the research on the transformation mechanism of innovation ambidexterity from exploitation to exploration in the context of breaking through the cognitive resources and the premise of complete information implied in the innovation ambidexterity theory, which contributes to the innovation ambidexterity theory to some extent, and also helps enterprises realize their innovation value.The innovation points of the paper are mainly reflected in the following aspects: First, in view of the lack of research on the impact of innovation capability variation amplitude and speed on patent quality in existing research, this paper, based on China′s national conditions, decomposed innovation capability variation events into two dimensions: amplitude and speed, and then analyzed their impact on patent quality. As previous research focused on how enterprises carry out exploratory and exploitative R&D through external cooperation, knowledge absorption, and R&D organizational structure design, this paper further clarified the connotation of enterprise innovation capability variation under the guidance of patent quality in a complex and dynamic environment, filled the research gap of innovation ambidexterity theory, and helped to balance the “flexibility efficiency” debate. Second, in view of the controversial research gap in the impact of unpredictable environment on enterprise patent quality in the innovation capability variation events, the external motivating situation for the effectiveness of innovation capability variation events under the guidance of enterprise patent quality was identified, which deepened and enriched the research on enterprise patent quality. From the overall perspective of unpredictable environment, relevant research cannot accurately grasp the uncertainty caused by the improvement of patent quality and enterprise value. Therefore, this paper, based on the perspective of capacity value contingency and China′s national conditions, subdivided it into two characteristics: degree and proportion, based on which to explore the complex mechanism behind enterprise patent quality. Compared with previous studies that considered environmental change as having a positive or negative impact on the quality of enterprise patents, the paper further found out that it is difficult to predict that a single environmental factor does not constitute a necessary condition that affects the quality of enterprise patents, which depends on the complex combination of multiple factors, expanding the relevant research. Third, in view of the existing research, there is no impact of the matching pattern between value cognition and unpredictable environmental characteristics on patent quality in the event of innovation capability variation, the internal and external contingency factors that affect the relationship between innovation capability variation events and patent quality are included in the research framework. Compared with a single study of environmental factors or cognitive factors, this paper studied the impact of multi-dimensional characteristics on patent quality from the perspective of amplitude and speed of innovation capability variation, the complexity and focus of value cognition, and the degree and proportion of unpredictable environment.  Related Articles | Metrics

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Research on intrinsic transformation mechanism of intangible assets under the perspective of concentric-zoned structure Hu Chuan, Wang Zihao 2024, 45(1): 153-161.  DOI: 10.19571/j.cnki.1000-2995.2024.01.015 Abstract ( 97 )       Intangible assets play an important strategic role in enhancing the core competitiveness of enterprises and promoting their sustainable development. However, existing literature is limited in the field of transformation of the components of intangible assets. Therefore, this study introduced the concentric zone theory into the field of intangible assets management, and constructed a concentric-zoned structure system of intangible assets driven by the learning ability of human capital and transformed layer by layer from inside to outside. In addition, this paper constructed a multivariate linear regression model to empirically test this concentric-zoned relationship and explored the impact of comprehensive cost on this relationship by taking the 2011-2019 data of China′s A-share high-tech manufacturing firms as a sample. The empirical results showed that the intangible assets have the characteristic of “concentric zone” which is transformed in the sequence of “human capital-based intangible assets — technology-based intangible assets — goodwill-based intangible assets” layer by layer. Furthermore, this study found out that the transformation process from human capital-based intangible assets to goodwill-based intangible assets is further intensified in the context of rising comprehensive costs. These findings still hold after considering the results of robustness tests such as one-period lags of independent variables and the replacement of model test methods. The innovation of this paper is that it will combine the concentric zone theory with intangible assets research, and further clarify the transformation mechanism and path of the internal composition of enterprise intangible assets from the perspective of concentric-zoned structure. This paper is of great significance for intangible asset management and theoretical research. References | Related Articles | Metrics

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Strategies of autonomous driving firms for their technological layout from the perspective of R&D collaborations Sun Yutao, Wang Qi, Zhang Chen 2024, 45(1): 162-171.  DOI: 10.19571/j.cnki.1000-2995.2024.01.016 Abstract ( 108 )       Diversification or specialization is a common choice of firms for their technological layout strategies. Extant studies focus either on diversification or on specialization, which are seemed incompatible strategies for firms. However, diversification and specialization are not two ends of the same dimension. A high degree of diversification does not mean a low degree of specialization, and vice versa. Thus, this paper combined diversification with specialization and extended the technological layout strategy of firms to the “T” shaped strategy. The “T” shaped strategy means that a firm not only focuses on deeply cultivating its core technological fields, but also broadening to other related or unrelated technological fields when choosing a technological layout strategy. Moreover, the prior literatures suggested that collaborations have impacts on the technological layout of firms, but scholars only paid attention to the influence of characteristics of collaboration, such as the alliance type, the degree of internationalization and technological distance, etc. The degree of familiarity and competition between the focal firm and its collaboration partners are ignored, and how these characteristics of R&D collaborations influence the technology layout strategy of firms is less studied until now. In reality, more and more firms form the “T” shaped strategy relying on R&D collaborations, especially for autonomous driving firms which facing on high uncertainty and technological complexity. In the field of autonomous driving, inter-firms both compete and cooperate. How the conflicts of interest between competitors affect the knowledge acquisition in the process of R&D collaborations? Whether repeated collaboration can improve mutual trust? These queries will pose new challenges for the question how R&D collaboration affects the technological layout of autonomous driving firms.Therefore, from the perspective of new/old partners and competitive/non-competitive partners, this paper investigated how R&D partner selection influences the formation of diversification, specialization and the “T” shaped strategies of autonomous driving firms. Using a sample of Chinese and American autonomous driving firms,and collecting the panel data from 2011 to 2020 for an empirical analysis,this study reached the following new findings: first, R&D collaborations with new partners and non-competitive partners can both help firms broaden technological fields and then form the diversification strategy. Second, R&D collaborations withboth former partners and competitive partners have no significant impacts on the specialization strategy of firms. Third, R&D collaborations with newly competitive partners are conducive to the focal firm forming the “T” shaped strategy. Finally, there are significant differences between Chinese and American autonomous driving firms considering the effects of R&D collaborations on technology layout strategies. Specifically, Chinese autonomous driving firms collaborate with new R&D partners have more significant effects on the diversification strategy than American firms. Besides, Chinese autonomous driving firms collaborate with newly competitive partners have more significant effects on the “T” shaped strategy than American firms. These findings will make contributions to the literature on R&D collaborations and technological layout strategy of firms. First, the present study extended the technological layout strategies of firms from diversification or specialization to the “T” shaped strategy. Second, this paper explored how R&D collaborations have impacts on the diversification, specialization and the “T” shaped strategies of firms, which enriches the relationships between R&D collaborations and technological layout strategies of firms.  References | Related Articles | Metrics

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Research on the ternary integration innovation strategies in the design of cultural and creative brands for Yunjin products Zhang Geyu, Chen Xu, Wei Tao 2024, 45(1): 172-180.  DOI: 10.19571/j.cnki.1000-2995.2024.01.017 Abstract ( 163 )        As a typical representative of intangible cultural heritage in the world, Yunjin is of great significance in both carrying out living inheritance and keeping creative development on the basis of protection. The ternary integration innovation strategy of technical sense, artistic sense and cultural added value of cultural and creative products in branding design is particularly critical. It not only undertakes the mission of inheriting and widely spreading the culture of Yunjin, but also makes its cultural and creative products unique, thus maintaining its comprehensive competitiveness.Firstly, this paper adopted the theory and method of cultural creativity and branding design, aiming at the features of cultural creative products in Yunjin such as function, structure, shape, color, material and technology. With digging the connotation of Yunjin cultural elements, this paper not only studied the innovation influencing factors (i.e. internal innovation factors) of Yunjin cultural and creative products, but also found out the external innovation influencing factors (i.e. external innovation factors) such as specific population structure related to consumption, specific time distribution, specific environmental composition and specific demand type related to their consumption. The strategy, appearance, structure and function of Yunjin cultural and creative products can be established only when these internal and external innovation factors are well correlated, the cultural elements of Yunjin are presented to consumers in a concrete form based on the big data for real consumption, and efforts should be made to materialize the cultural characteristics of Yunjin. Then this paper further explored the impact of innovative elements such as the symbolic nature of Yunjin culture, product value perception and consumers′ willingness to purchase in the Yunjin cultural and creative products, developed a ternary integration innovation strategy model for branding design where the sense of technology, the sense of art and cultural added value are treated as the adjusting variables, and established the brand symbolism, product value perception and purchase willingness of consumers as the dependent variables. Moreover, the statistical tools of Spss and Mplus were used to prove that this model have an enhanced effect on the brand value of Yunjin cultural and creative products.Secondly, based on the above systematic research on the innovation strategy of ternary integration model for branding design mixed with technical sense, artistic sense and cultural added value of Yunjin cultural and creative products, the following three main research conclusions were formed in this paper. (1) The ternary integration innovation strategy of technical sense, artistic sense and cultural added value of the branding design in Yunjin cultural and creative products has a major impact on the Yunjin cultural and creative products, which mainly involves internal innovation factors such as the process, materials, technology and modeling of Yunjin cultural and creative products, and external innovation factors that are subdivided to the characteristics of consumer groups such as age, gender and occupation, in order to complete the process of transforming the expression form of Yunjin cultural and creative products into their branding design. (2) The ternary integration model for technical sense, artistic sense and cultural added value of culture revealed that there are positive relationships among communication of branding design in the cultural value, brand symbolism and perceived value of Yunjin cultural and creative products. (3) The ternary integration innovation strategy of technical sense, artistic sense and cultural added value of the brand design of Yunjin cultural and creative products is effective for the brands of Yunjin cultural and creative products only when the cultural and artistic elements of Yunjin are completely integrated into consumption intention of consumers and consumers′ individual consumption needs are considered from the beginning. Only in this way can the cultural value elements and the symbolism of Yunjin cultural and creative products be rooted in their creative design of cultural and creative products and the consumption intention of consumers.Finally, this paper started from satisfying consumption needs of consumers and will put forward the implementation measures of the ternary integration innovation strategy on the branding design with the sense of technology, the sense of art and cultural added value, thus providing certain theoretical reference and practical guidance for the cultural and creative branding development of Yunjin products. References | Related Articles | Metrics

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Research on the impact of financial flexibility policy and the green technological innovation of enterprises Gao Zhilin, Wu Xianyun 2024, 45(1): 181-192.  DOI: 10.19571/j.cnki.1000-2995.2024.01.018 Abstract ( 244 )       In recent years, green innovation and green transformation and development have increasingly attracted widespread attention at the practice level at home and abroad. The research on the influencing factors of enterprise green technology innovation mostly analyzes the impact on green technology innovation from the macro-industry level, mainly from the non-financial factors such as strategy, technology, market and government intervention, financial subsidies, and industrial clusters (Tao Feng et al., 2021; Shao Shuai et al., 2022). However, the impact of corporate financial system factors such as the acquisition and effective allocation of financial resources on green technology innovation is ignored. Green technology innovation is an important investment behavior of enterprises, which is different from traditional technology innovation and has unique risk and benefit characteristics. The green technology innovation activities of enterprises are inseparable from the support of continuous and large R&D funds (Brown and Petersen, 2011). How to flexibly allocate corporate financial resources to improve the level of corporate green technology innovation has become the focus of attention at the theoretical and practical levels. Financial flexibility is the embodiment and core issue of micro-enterprise financial policy choice. As an important institutional factor supporting enterprise innovation, it reflects the degree of strategic adjustment and flexibility of the company′s “change-to-change” strategy.In the context of realizing the “dual goals of carbon peaking and carbon neutrality” and “two-wheeled driving of S&T innovation and institutional innovation”, according to the data obtained at the micro-enterprise level, this paper intends to found out whether different corporate financial flexibility policies will help enterprises to carry out green technology innovation and effectively solve the dilemma of their green technology innovation, and the impact mechanism of financial flexibility policies on corporate green technology innovation.This paper selected the data of A-share listed manufacturing companies in Shanghai and Shenzhen stock exchanges from 2012 to 2021 as a sample to investigate the effect of financial flexibility policy on corporate green technology innovation. The study found that corporate financial flexibility is significantly positively correlated to corporate green technology innovation, and financial resource flexibility and financial coordination flexibility have a positive impact on corporate green technology innovation. Compared with cash flexibility and debt financing flexibility, comprehensive financial flexibility can significantly improve companies. It was further found that there is an interaction between financial flexibility and financing constraints. With the improvement of corporate financial flexibility, the negative impact of financing constraints on corporate green technology innovation will be weakened. Financial flexibility can form a partial intermediary effect on corporate green technology innovation by easing financing constraints. Financial flexibility has a “self-adaption effect”. Corporate financial flexibility can promote the acquisition of corporate competitiveness and can ensure that enterprises rationally allocate innovation resources, ensure the integrity and continuity of the value chain of corporate green technology innovation, and make corporate green technological innovation play a greater role in promoting the creation of enterprise competitiveness.The possible marginal contributions were presented in the following aspects: Firstly, this study has expanded and enriched the literature on financial flexibility policies and corporate green technology innovation, by collecting a unique corporate green technology innovation database, and verified the transformation of corporate green development and green technology progress from the micro level influencing factors. Secondly, the study is helpful for relevant researchers to understand the impact mechanism of corporate financial flexibility policy on corporate green technology innovation at the micro level. This paper turned to a more micro-level enterprise level to verify the impact mechanism of corporate financial flexibility policies to induce green technology innovation. Finally, this paper also explored the impact mechanism of the financial flexibility policy of manufacturing enterprises on enterprise green technology innovation, and the efforts will provide experiences and reference in promoting the overall green transformation and upgrading of China′s manufacturing industry. On the one hand, it will provide experience and reference for manufacturing enterprises to achieve “gorgeous transformation” in green technology innovation, and on the other hand, it will also provide suitable suggestions for capital allocation and transformation and upgrading of Chinese enterprises under the guidance of the strategic policy of “innovation-driven, green development”.  Related Articles | Metrics