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20 October 2024, Volume 45 Issue 10 Previous Issue    Next Issue

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Impact of supply chain characteristics on firms′ green innovation: An analysis based on resource synergy and crowding-out perspectives Deng Feng, Yang Kaixin, Zheng Yuanyuan 2024, 45(10): 1-11.  DOI: 10.19571/j.cnki.1000-2995.2024.10.001 Abstract ( 496 )       In the context of supply chain competition, how its characteristics affect firms′ green innovation is a topic which aroused hot discussion among the academia. Based on the supply chain data of listed companies in the heavy pollution industry, this paper empirically examined the impact of supplier (customer) concentration on green innovation with the help of fixed effect model. The study found that the concentration of supplier (customer) in heavily polluting enterprises is not conducive to green innovation, resulting in a "resource crowding-out" effect rather than a “resource synergy” effect, which is still valid after considering various robustness tests. The mechanism analysis found that internal incentives can weaken (reinforce) the negative impact of supplier (customer) concentration on firms′ green innovation, while external pressure only exacerbates the negative impact of supplier concentration on firms′ green innovation. The heterogeneity analysis found that the adverse effect of supplier concentration on green innovation is mainly found in non-state-owned enterprises and enterprises with stronger financial resources, the adverse effect of customer concentration is mainly found in state-owned enterprises and enterprises with lower bargaining power or weaker financial resources, while supplier (customer) concentration has no significant impact on green innovation in firms with stronger bargaining power or stronger absorptive capacity. This paper will invariably contribute to the research on green innovation from the perspective of supply chain characteristics, and it will also provide some references for enterprises on how to reasonably choose supply chain relationships. References | Related Articles | Metrics

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Research on construction of the innovation ecosystem with the participation of artificial intelligence Shen Zhifeng, Li Jing, Li Zhihui 2024, 45(10): 12-23.  DOI: 10.19571/j.cnki.1000-2995.2024.10.002 Abstract ( 277 )       Artificial intelligence (AI) is reshaping the structural form of the innovation ecosystems and cooperation modes between innovation subjects, bringing disruptive changes to enterprise innovation, and posing new challenges to the innovation ecosystem theory. However, current research lacks insight into how AI participates in building the innovation ecosystem. This paper focused on the theories related to innovation ecosystems, and analyzed the structure and construction process of the innovation ecosystems with AI participation based on the exploratory case study of Huawei′s HarmonyOS. The research found that: (1) AI, as the innovation subject, plays such multiple identities as enabler, supporter, connector and driver, and the innovation ecosystem with AI participation presents the characteristics of coexistence of human and AI dual innovation subjects; (2) AI, as the innovative technology, promotes multi-level and all-round interaction among innovation subjects, and promotes the diversification and decentralization of innovation ecosystems; (3) AI co-evolved and co-existed with the innovation ecosystem it participated in, and in different stages of the construction of the innovation ecosystem, the innovation mechanism evolve from being expert-led, to partnerships and collaborations, and finally to collaborative sharing. This study has further enriched and developed the theory of innovation ecosystems, and it will provide guidance for enterprises to build innovation ecosystem under the new situation to enhance innovation vitality and sustainable development ability.  References | Related Articles | Metrics

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Research on the impact of key core technology innovation on the market value of enterprises Feng Qiliang, An Qi, Fang Wei 2024, 45(10): 24-33.  DOI: 10.19571/j.cnki.1000-2995.2024.10.003 Abstract ( 279 )   Key core technology innovation is the core strategy for enterprises to break through development bottlenecks and overcome growth barriers, and it is also the key driving force for in-depth exploration of the internal value of enterprises and significant improvement of external market competitiveness, which plays an important role in the improvement of market value of enterprises. However, few studies have clarified the impact of key core technology innovation on the market value of enterprises. Based on the neo-Schumpeterian growth theory, this study used the empirical evidence of China′s high-tech manufacturing industry from 2011 to 2020 to empirically test the impact of key core technology innovation on the market value of enterprises by using a fixed effect model. The results showed that key core technology innovation has a significant positive impact on the market value of enterprises, and this conclusion is still valid after considering the endogeneity problem and various robustness tests. The analysis of the intermediary mechanism showed that the innovation of key core technology affects the improvement of enterprise market value through the effective way of improving the enterprise′s market profitability and internal capital profitability. The heterogeneity analysis showed that the key core technology innovation of state-owned enterprises and large-scale enterprises has a greater impact on the market value of enterprises, and the key core technology innovation with lower R&D risk and higher activity has a greater impact on the market value of enterprises. This study has confirmed the positive impact of key core technology innovation on the market value of enterprises from an empirical perspective, expanded the impact of key core technology innovation at the micro level in theory, and will have important implications for enterprises to carry out key core technology innovation activities to enhance market value in practice. Related Articles | Metrics

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Research on the influence of social capital on the collaborative innovation network of strategic emerging industries Cao Xia, Zhang Xin 2024, 45(10): 34-44.  DOI: 10.19571/j.cnki.1000-2995.2024.10.004 Abstract ( 156 )   Social capital is the foundation for the stable operation of collaborative innovation networks of the strategic emerging industries and the key to improve the performance of industrial collaborative innovation. Based on the resource base theory and social capital theory, this paper took the patent data of the collaborative application of the new energy automobile industry from 1985 to 2022 as a sample, and utilized the social network analysis and exponential random graph model to explore the dynamic impact of social capital on the collaborative innovation network of strategic emerging industries. The research conclusions are as follows: (1) Bonding mode has a significant positive influence on collaborative innovation network cooperative relationship in the growth and maturity period, and the degree of influence tends to increase. (2) Knowledge base depth homogeneity has sustained significant positive influence on collaborative innovation network cooperative relationship in the germination, growth and maturity periods. (3) The positive influence of institutional environment similarity on the collaborative innovation network relationships shows an inverted "U" trend, the facilitating effect of organizational structure similarity gradually diminishes, and the positive influence of cooperation experience similarity significantly increases. Finally, corresponding countermeasure suggestions are given from the three aspects of playing the leading role of innovation of industry leading enterprises, improving the basic research capacity of enterprises, and stabilizing the cooperative relationship of innovation subjects. The results of the study will expand the application of social capital theory in the research field of collaborative innovation network, which has certain practical significance in promoting the sustainable development of collaborative innovation network in strategic emerging industries. Related Articles | Metrics

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Flexibility Vs prudence: Reform and supervision of state-owned equity and innovation of state-owned enterprises 2024, 45(10): 45-55.  DOI: 10.19571/j.cnki.1000-2995.2024.10.005 Abstract ( 98 )       Deepening the reform of state-owned enterprises(SOEs) and improving the competitiveness of SOEs is an important part of China's current economic system reform. We uses the double difference method to analyze the difference between the "prudential" and "flexible" supervision of state-owned equity on the innovation of SOEs. We found that after the reform of state-owned equity regulation, more "flexible" regulation has a more positive incentive effect on innovation. And it is more significant for central, technology leading and non "regulatory" industries SOEs. The mechanism test found that more "flexible" supervision has played an innovative incentive effect by improving the equity structure, improving board governance, reducing agency costs, and improving financial redundancy. In addition, the more "flexible" regulation has also significantly promoted the reform of mixed ownership, improved breakthrough innovation and innovation quality of SOEs, and ultimately improved enterprise value, profitability and resource allocation efficiency. We provide micro evidence for the institutional dividend of the reform direction of administration reform of state-owned equity supervision, and also provides important policy enlightenment for deepening the reform of SOEs and promoting the high-quality development of the real economy. References | Related Articles | Metrics

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Research on the stable strategy of innovation consortium with multi-agent participation Ma Zongguo, Jiang Yixiao 2024, 45(10): 56-68.  DOI: 10.19571/j.cnki.1000-2995.2024.10.006 Abstract ( 107 )      Innovation consortium, representing a micro-level achievement of the new national system, has become a crucial way for China to respond to scientific and technological innovations, promote the integrated innovation and support high-quality industrial development. This paper, based on the multi-agent participation model of innovation consortium, after considering the strategic choices of leading enterprises, supporting enterprises, and government supervision departments, constructed a tripartite evolutionary game model, and solved the stable equilibrium point of each game player′s strategic choice. The stability of the strategy combination was analyzed with the Lyapunov′s first method, and Matlab 2022b was used for simulation analysis to verify the influence of each decision variable on the strategy choice of different players. The results showed that: first of all, the leading enterprises in the industrial chain are the key driving forces affecting the formation of innovation consortium. For the leading enterprises, the incurred loss and cost of collaborative innovation when they do not lead innovation in the innovation consortium are the key factors influencing the evolutionary game results. Secondly, the supporting enterprises in the industrial chain, as the systemic innovation subjects of innovation consortium, are more sensitive to government subsidies than the leading enterprises. With the higher probability of local government subsidies and the leading enterprises of leading innovation, they are more inclined to join the cooperation of innovation consortium. Moreover, the support of local government is the basic guiding force for the formation of innovation consortia in the early stage, and the central government′s funding preference for local governments will have a positive impact on the evolution stable strategy of local governments. Finally, this paper proposed the following countermeasures: refined policies should be provided to enhance the leading innovation capabilities of the industrial chain leading enterprises; targeted subsidy should be implemented to stimulate the endogenous innovation drive of the industrial chain supporting enterprises; and integrated cooperation platforms should be established to bolster the innovation vitality of the industrial chain. Key participating entities of the innovation consortium and their corresponding functional orientations, as well as the evolutionary process of their strategic choices should be taken as the main research line to enrich the theoretical research on the formation of innovation consortia. Moreover, focuses systematically on the strategies of micro-entities in the innovation consortium will offer more practical insights into the maintenance of stability. References | Related Articles | Metrics

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Research on the effect of policy instruments on the green innovation efficiency of enterprises:A multi-dimensional analysis based on life cycle and property right nature Liu Hedong, Tang Yuting 2024, 45(10): 69-80.  DOI: 10.19571/j.cnki.1000-2995.2024.10.007 Abstract ( 87 )       The government policy is a key element in promoting green innovation in enterprises. Exploring the policy effects of the government in improving the efficiency of green innovation in enterprises is an important issue of common concern for policy makers and enterprises. This paper incorporated incentive and disincentive policies into the unified research framework of corporate green innovation efficiency, and analyzed the overall and heterogeneous impact mechanisms of R&D subsidies, tax incentives and environmental regulation policy tools on the green innovation efficiency of enterprises. Constructing the multidimensional fixed effect model to collect relevant data on incentive, inhibition policies and green innovation of listed companies in the A-share heavily polluting industries of Shanghai and Shenzhen from 2010 to 2021, measuring and comparing the effect size of different policy tools on corporate green innovation efficiency, it was found: (1) On the whole, the effect of incentive policy is greater than that of inhibition policy. The combination policy is the largest incentive policy, followed by research and development subsidies. (2) From the perspective of life cycle, the growth stage is dominated by the effect of incentive policies and supplemented by the inhibition policies; in the incentive policy, the combination policy is larger, followed by research and development subsidies; in the mature stage, the effect of restraining policy is the main one, and the incentive policy is the auxiliary one. The research and development subsidy has the greatest effect among the incentive policies. In the recession period, the effect of incentive policy is the main one, and the effect of inhibition policy is the auxiliary one. (3) From the nature of property rights, state-owned enterprises, mainly to inhibit the effect of policies, incentive policies as a supplement; Among the incentive policies, tax preference has the greatest effect. For non-state-owned enterprises, the incentive policy is the main effect, and the inhibition policy is the auxiliary; The combination policy is the largest incentive policy, followed by research and development subsidies. This paper has explored the impact of different policy tools on corporate green innovation, which has important practical implications for the government to implement precise policies to promote corporate pollution reduction and efficiency improvement. Related Articles | Metrics

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Research on the impact of entrepreneurial orientation on digital transformation of enterprises Yu Yuanyuan, Xu Nuo, Wen Xuezhou 2024, 45(10): 81-91.  DOI: 10.19571/j.cnki.1000-2995.2024.10.008 Abstract ( 127 )       In the context of a thriving digital economy, digital transformation is gradually becoming a new driving force for economic growth. Entrepreneurial orientation, characterized by innovation, proactiveness and risk-taking, impacts greatly the digital transformation of enterprises. Using a sample of GEM-listed companies from 2015 to 2020, this study employed the multiple linear regression analysis and moderation models to explore the influence mechanism of entrepreneurial orientation on corporate digital transformation. The findings revealed that: (1) The entrepreneurship-oriented strategy significantly enhances the level of digital transformation of enterprises. (2) Both executive power and the average tenure of executives team positively moderate the positive effect of entrepreneurial orientation on corporate digital transformation; the heterogeneity of educational background of the executive team weakens this effect while the heterogeneity of the age of the executive team has no significant impact on the relationship between entrepreneurial orientation and digital transformation. (3) The positive relationship between entrepreneurial orientation and digital transformation is influenced by the life cycle of enterprises, with the promoting effect being more significant in the growth and maturity stage of enterprises. This research has expanded the micro-level antecedent study and underlying mechanisms of digital transformation in enterprises, thus providing guidance and reference for promoting digital transformation of enterprises and building digital economy systems. Related Articles | Metrics

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Relationship between family succession and firm innovation: A configuration study based on the fuzzy set qualitative comparative analysis (fsQCA) Song Lihong, He Wanshi, Liang Qiang 2024, 45(10): 92-101.  DOI: 10.19571/j.cnki.1000-2995.2024.10.009 Abstract ( 119 )      With family businesses entering the peak period of intergenerational succession, how to achieve simultaneous advancement of family succession and innovation becomes a key issue. Considering that firm innovation decisions are complex processes driven by multiple factors, and based on the family-driven innovation framework encompassing three dimensions of family ability as discretion, resources and willingness, we explored the influence mechanism of successor characteristics and their succession context (founder traits and firm background) on firm innovation in the context of intergenerational inheritance with the fuzzy set qualitative comparative analysis (fsQCA) method. Analyzing 131 samples of family businesses that have undergone second-generation succession, the findings of this paper unveiled six configurations characterized by high innovation input. These configurations can be categorized into four pathways: the first entails professional support, wherein professional managers assist the successors implement firm innovation; the second embodies nurturing and assisting, involving founders devising long-term plans to propel innovation; the third encompasses cooperative game-breaking, with founders and successors collaboratively overcoming performance dilemmas; and the fourth encompasses second-generation-lead succession, with the successors′ extensive experience driving innovation. Among them, the “preparing for the future” type of nurturing and assisting succession is conducive to innovation output, while the second-generation-lead succession is conducive to innovation output and efficiency simultaneously. The research has contributed greatly to the application context of family-driven innovation framework and enriched the methodological basis of family business innovation research. The research will provide insights for successful intergenerational succession and sustainable development of family businesses. References | Related Articles | Metrics

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Research on the impact of energy conservation and environmental protection industry policies on the technological innovation of enterprises Cheng Fei, Jing Xiaodong, Tian Ze 2024, 45(10): 102-111.  DOI: 10.19571/j.cnki.1000-2995.2024.10.010 Abstract ( 96 )      The high-quality development of the energy conservation and environmental protection industry is a crucial driver for China to achieve the innovation-driven strategy and green low-carbon transformation. However, it remains unclear whether China′s policies on energy conservation and environmental protection industries produce a resource compensation effect or a crowding-out effect on corporate technological innovation. Moreover, how a firm′s strategic innovation behavior influences its choice of different types of innovation is still a subject of investigation. This study addressed these questions by using the promulgation of the Opinions on Accelerating the Development of the Energy Conservation and Environmental Protection Industry as a natural experiment and employing the difference-in-differences method to empirically examine the effects and mechanisms of these policies on firm innovation. We found that energy conservation and environmental protection policies generate a "resource compensation effect" on non-green technological innovation activities. However, firms often strategically pursue non-green innovation in response to government support, leading to a "crowding-out effect" on green innovation. Furthermore, industry policies have yet to effectively elevate public environmental awareness. R&D investment serves as a crucial transmission factor for the strategic non-green innovation effects induced by these policies. Finally, small-scale enterprises and firms in more market-oriented regions are more significantly affected by policy interventions concerning innovation activities. However, their motivation for substantive and green innovation is weak. This paper will provide important insights for formulating and implementing more robust policies for the energy conservation and environmental protection industry. Related Articles | Metrics

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A qualitative meta-analysis of the emergence of entrepreneurial spirit in the organizational context: The discovery of self-organizing mechanisms based on relational order Wu Jiong, Xiao Shanshan 2024, 45(10): 112-120.  DOI: 10.19571/j.cnki.1000-2995.2024.10.011 Abstract ( 61 )        In the organizational context, the significance of entrepreneurial spirit lies in driving continuous innovations within businesses. However, the question of how to facilitate the emergence of entrepreneurial spirit remains a pressing issue. This study, based on the findings of 30 relevant case studies on the theme of entrepreneurial spirit in an organizational context, employed a qualitative meta-analysis approach to explore the evolutionary path and emergence of entrepreneurial spirit. The research revealed that the emergence of entrepreneurial spirit is a self-organizing process guided by relational order. This relational order comprises three elements: mental structures, trust and power. It propels collaboration within entrepreneurial teams and, through a phase transition process, gives rise to entrepreneurial behaviors, which in turn provide feedback to the relational order. This study also recognized the complexity of micro-level activities in the emergence of entrepreneurial spirit, including the complexity of prerequisites for entrepreneurial spirit emergence, the complexity of the evolution of relational order, and the complexity of interactive processes among team members. The research, on the one hand, has unearthed the driving role of relational order in its self-organizing path. On the other hand, it has systematically outlined the emerging patterns of entrepreneurial spirit, providing theoretical insights and practical guidance for guiding the emergence of entrepreneurial spirit in organizational contexts. References | Related Articles | Metrics

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Research on the impact of strategic knowledge disclosure on product innovation performance Yu Liangru, Yu Bo 2024, 45(10): 121-131.  DOI: 10.19571/j.cnki.1000-2995.2024.10.012 Abstract ( 69 )      Strategic knowledge disclosure is an important channel for enterprises to participate in open value creation, but its relationship with product innovation performance is not yet clear. Based on the resource orchestration theory, the mechanism and boundaries of the impact of strategic knowledge disclosure on product innovation performance were explored in this paper, and a fixed-effects negative binomial regression model was constructed for empirical analysis by using the 213 Chinese automobile manufacturing enterprises′ experiential data. The results showed that strategic knowledge disclosure can enhance product innovation performance. The influence mechanism test indicated that strategic knowledge disclosure can drive product innovation through channels such as enhancing relational reciprocity, releasing cooperation signals, and expanding the public knowledge pool. The moderating effect test found that knowledge modularization capability, knowledge retrieval capability, and the synergy of the two can positively moderate the relationship between strategic knowledge disclosure and product innovation performance, and in terms of difference in effects, the moderating effect of knowledge modularization capability is the strongest. This paper has expanded the research on the mechanism of strategic knowledge disclosure to promote product innovation from the perspective of external knowledge acquisition, and it will provide some reference for how enterprises utilize dynamic capabilities to facilitate open product innovation. References | Related Articles | Metrics

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Research on the influencing factors of the prior art information disclosure propensity of patent applicants Wen Jiachun, Wu Xue, Teng Ziyou 2024, 45(10): 132-140.  DOI: 10.19571/j.cnki.1000-2995.2024.10.013 Abstract ( 74 )      Information constraints are the main root cause of incorrect authorization of patent offices, and patent applicants are required to disclose prior art information, which may help alleviate the information constraint dilemma faced by patent offices. In order to clarify the behavioral mechanism and influencing factors of patent applicants′ disclosure of prior art information, this paper proposed relevant hypotheses from the perspective of prospect theory. With nearly half a million pieces patent applications as samples, the linear Tobit regression model was used to test the relevant hypotheses, and the importance analysis and heterogeneity analysis of the relevant influencing factors were conducted. The study found that: (1) the prospects of patent applications and its judgment process affect the propensity of applicants to disclose prior art information, in which the value prospects are the most important influencing factors, and applicants with high value patents showed higher disclosure propensity; (2) the types of applicants with different prospect judgment ability and the technology fields of applications with different difficulty levels in prospect judgment are secondary influencing factors, and the non-enterprise patent applicants and patent applicants from the discrete technology fields showed higher disclosure propensity; (3) as for increasing the mandatory level of patent applicants′ obligation to disclose prior art information, although it increased disclosure propensity, it did not motivate more truthful disclosures. This study has revealed the behavior rules of patent applicants disclosing prior art information, and will provide some theoretical and empirical evidence to support policy makers to improve relevant systems.  Related Articles | Metrics

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Research on the influence of mixed ownership reform on the staffing of high-level talents in private enterprises Yu Yao, Qi Huaijin 2024, 45(10): 141-151.  DOI: 10.19571/j.cnki.1000-2995.2024.10.014 Abstract ( 49 )     The talent is a key factor of production to stimulate economic innovation. Whether private enterprises can increase talent attraction through mixed ownership reform is a key issue that needs to be answered in the process of promoting the development and expansion of private economy. This study selected the private listed companies from 2008 to 2019 as research samples, used the OLS model and mediating effect model to empirically test the promotion effect and influence path of mixed ownership reform on the staffing of high-level talents in private enterprises. The results showed that when the state-owned shareholders involved in mixed ownership reform are central enterprises or they are shorter from the pyramid control chain of the government, the promotion effect is more significant. The path of the promotion effect is to reduce redundancy in private enterprises, improve salary incentive levels, and accelerate the development of enterprises. Cross-sectional analysis found that state-owned shareholders mainly optimized the staffing of high-level talent in private enterprises without a history of state-owned enterprises or with a short history of enterprises, and promoted the introduction of high-level talent in underdeveloped areas and non-capital resourcedependent private enterprises. Finally, state-owned shareholders strengthened the innovation output of private enterprises by promoting the staffing of high-level talents. The research results proved that state-owned shareholders have human resource support effect on private enterprises, and optimizing the staffing of high-level talents is an important theoretical path to explain the innovation effect of mixed ownership reform in private enterprises. It will provide a reform reference for achieving a competitive development environment for private enterprises to obtain talents and achieve high-quality development. References | Related Articles | Metrics

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Impact of cultivation action on the patent internationalization of single champions: A study of policy evaluation based on quasi-natural experiments Zhang Mier, Zhang Linlin, Ren Tengfei 2024, 45(10): 152-159.  DOI: 10.19571/j.cnki.1000-2995.2024.10.015 Abstract ( 72 )      Single champions are the global leaders in manufacturing segments. Patent internationalization is crucial to single champions to expand overseas markets and resist patent risks. The cultivation action of single champions is a major measure to realize the strategies for a manufacturing power. The evaluation of the effect of cultivation actions on patent internationalization will provide decision basis for policy optimization. In this paper, the experimental and control groups were selected to construct quasi-natural experiments to exclude the interference of other factors on the evaluation of cultivation actions. We retrieve data on patent internationalization of sample enterprises to evaluate the effect of cultivation actions. The results showed that the cultivation action guides single champions to attach importance to patent internationalization, and has a positive effect on the applications of international patents. However, the cultivation actions have not significantly promoted patent applications to the national phase entry. The average of national phase entries of international patent applications shows a downward trend, and the patent internationalization quality of single champions is not high. Single champions have not fully taken advantages of the PCT system for international patent layout. It is necessary to carry out tracing evaluation for the patent internationalization of single champions according to the average of national phase entries. Therefore, we suggest to optimize the cultivation action evaluation mechanism, take patent internationalization as the key index of qualification review, and stimulate single champions to improve the quality of patent internationalization. Single champions should utilize cultivation actions to accelerate the layout of international patents in order to enhance the patent strength to resist patent risks in overseas markets. References | Related Articles | Metrics

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Research on the governance effect and emission reduction mechanism of the carbon emission trading system Dong Yan, Wang Yun, Sun Kuankuan, Sun Xiaohua 2024, 45(10): 160-171.  DOI: 10.19571/j.cnki.1000-2995.2024.10.016 Abstract ( 108 )       In face of the strategic goal of “carbon peak and carbon neutral”, strengthening the institutional guarantee of green and low-carbon development is the objective requirement of China′s high-quality economic development. Based on the factor decomposition framework and the energy structure factor, this paper systematically proposed the theoretical mechanism in which carbon emission trading system drives carbon dioxide emission reduction. Moreover, regarding the carbon emission trading pilot policy as a quasi-natural experiment, this paper empirically tested the governance effect and emission reduction mechanisms by using the difference-in-differences method and taking the panel data of 30 provincial-level regions from 2005 to 2017 as samples. The results showed that the implementation of the carbon emission trading system significantly reduces the carbon dioxide emissions in the pilot areas. The conclusion is still valid after using the instrumental variable method to overcome the potential endogenous problems and a series of robustness tests. The mechanism analysis showed that the governance effect is realized through three paths, namely industrial structure transformation, energy structure optimization, and technological innovation. Besides, it also has a synergistic emission reduction effect on sulfur dioxide, nitrogen oxide, and smoke and dust. The heterogeneity test showed that the impacts of the carbon emission trading system on the regions with strict environmental law enforcement, outstanding innovation ability, high human capital level, old industries-based and resource-based areas are more obvious. The conclusions will not only provide new empirical evidence for the governance effect and emission reduction mechanism of the carbon emission trading system, but also provide useful ideas for the improvement of the institutional system and the optimization of supporting policies after the establishment of the national unified carbon market. References | Related Articles | Metrics

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Social insurance payment and enterprise innovation: A study based on a fee reduction reform Liang Jun, Wang Wei, Guo Jing, Cui Yadong 2024, 45(10): 172-182.  DOI: 10.19571/j.cnki.1000-2995.2024.10.017 Abstract ( 114 )      Under the background of high-quality economic development and tax and fee reductions, it is of great theoretical and policy significance to study the impact of social insurance payment burden on enterprise innovation. Using the A-share data of listed companies in China, this paper empirically investigated the impact of the policy of gradually reducing the social insurance payment burden on enterprise innovation by constructing a difference-in-difference model. The study showed that: (1) the reduction of social insurance payment burden significantly increases the R&D investment intensity and intangible asset ratio of enterprises, which in turn has boosted their innovation; (2) the mechanism analysis showed that the income effect of the reduction of social insurance payment burden is relatively significant, while the substitution effect is very weak, and the reduction of social insurance payment burden significantly promotes the innovation of enterprises in the overall view; (3) the heterogeneity analysis showed that the decline in the burden of social insurance payments significantly promotes innovation among enterprises in high rate regions, private enterprises, and small enterprises compared to enterprises in low rate regions, state-owned enterprises, and large enterprises; (4) by comparing the implementation effects of the fee reduction reform policy in 2016 and 2019, it was found through the effect of the implementation of the fee reduction reform policy that the fee reduction in 2019 is larger and has a more significant effect on enterprise innovation. This paper identified the causal effects and mechanism of changes in social insurance payment burden and enterprise innovation, which helps the government to further optimize the social security fee reduction reform policy and promote enterprise innovation. References | Related Articles | Metrics

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Research on the entrepreneurial behaviors of veterans: Motivations and effects Zhao Jiawei, Li Yuying 2024, 45(10): 183-192.  DOI: 10.19571/j.cnki.1000-2995.2024.10.018 Abstract ( 97 )      Helping veterans to actively participate in the practice of "mass entrepreneurship and innovation" is an effective way to realize their own value and stimulate the vitality of social and economic development. Based on the imprinting theory, this paper used the Probit model to explore the influence of military experience on individual entrepreneurial choice and the motivation of veterans′ entrepreneurial behavior by taking the data of China Family Panel Studies (CFPS). The results showed that: (1) military experience significantly increases the probability of entrepreneurship of veterans, and military experience has a significant positive impact on entrepreneurial income; (2) external motivation indicates that military experience can promote exservicemen to start businesses regardless of whether they are active or passive entrepreneurs, but the increase of initiative can further improve the possibility of entrepreneurship of veterans; (3) intrinsic motivation shows that competence does not significantly affect the entrepreneurial choices of veterans, while the higher life satisfaction will inhibit the choice of entrepreneurship of veterans; and (4) Family motivation indicates that, compared with financial support from family, family emotional support is more likely to increase the probability of veterans starting their own businesses. This study has broadened the research scope of military experience, enriched the relevant research on the motivation of entrepreneurship of veterans, and provided practical enlightenment for the society and family to support entrepreneurship of veterans. References | Related Articles | Metrics