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20 December 2024, Volume 45 Issue 12 Previous Issue    Next Issue

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A study on the effect of market-based allocation of data elements on the construction of national unified market Shi Yutang, Wang Xiaodan, Qin Fang, Zhou Shitong, Liu Da 2024, 45(12): 1-10.  DOI: 10.19571/j.cnki.1000-2995.2024.12.001 Abstract ( 412 )   The construction of a unified national market is a key component of the new development paradigm in the new era. Using the panel data from 280 cities between 2010 and 2021, this study created a quasi-natural experiment scenario by establishing data trading platforms. A multi-period difference-in-differences model was employed to systematically examine the impact of market-based allocation of data elements on the development of a unified national market. The findings revealed that the market-based allocation of data elements contributes to the advancement of a unified national market, and the result is robust. The mechanism analysis showed that the marketbased allocation of data elements affects the construction of the unified national market by improving circulation efficiency, resource allocation efficiency and the level of external openness. The heterogeneity analysis indicated that the policy effects of data marketization are more pronounced in cities with higher levels of intellectual property protection, talent concentration and technological support. The conclusions of this study will offer valuable policy implications for further promoting the market-based allocation of data elements, fully unleashing the potential of data resources, and accelerating the construction of a unified national market. Related Articles | Metrics

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A study on the impact of innovation openness on enterprise innovation boundary: The moderating effect based on network aggregation Ma Yonghong, Zhao Dan, Ni Huili 2024, 45(12): 11-18.  DOI: 10.19571/j.cnki.1000-2995.2024.12.002 Abstract ( 208 )      Innovation openness constitutes a crucial factor for enterprises to undertake cooperative innovation in the highly competitive environment, and it holds significant importance for enterprises to enhance their innovation vitality and expand their innovation boundaries.  Based on the data of jointly granted patents in the electronic information industry in China from 2010 to 2021, this paper constructed an innovation cooperation network within the electronic information industry and employed a negative binomial regression model to empirically test the influence of innovation openness (innovation openness breadth and innovation openness depth) on the innovation boundary of enterprises and the moderating effect of network aggregation on the aforementioned relationship.  The results indicated that: (1) there exists an inverted U-shaped relationship between the breadth and depth of innovation opening and the innovation boundary; (2) network aggregation exerts no moderating effect on the relationship between innovation opening breadth and the innovation boundary; and (3) the degree of network aggregation positively regulates the inverted U-shaped relationship between innovation opening depth and the enterprise innovation boundary, that is, the enhancement of the degree of network aggregation will deepen the influence of the depth of enterprise innovation opening on the enterprise innovation boundary. The research results of this paper have revealed the relationship between innovation openness and innovation boundaries and they will offer useful inspirations and ideas for enterprises to expand their innovation boundaries.  Related Articles | Metrics

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A study on the impact of market access liberalization on the new quality productivity of enterprises Chen Yizao, Xie Chunhui, Wang Shengyuan, Yue Xinru 2024, 45(12): 19-28.  DOI: 10.19571/j.cnki.1000-2995.2024.12.003 Abstract ( 166 )       Cultivating and upgrading the new quality productivity of enterprises is an important way to accelerate the structural transformation of China′s old and new kinetic energy and to promote the realization of Chinese-style modernization. This paper used the data from A-share listed companies in Shanghai and Shenzhen from 2013-2022 to examine the impact of market access liberalization on enterprises′ new quality productivity by using a quasi-natural experiment, the Negative Market Access List (Pilot). The study found that market access liberalization can promote new quality productivity gains for enterprises, as evidenced by the fact that compared to enterprises in regions not affected by the policy, enterprises in regions affected by the policy have a new quality productivity gain of about 1.42%.  The mechanistic analysis showed that the effect of market access liberalization on the new quality productivity of enterprises is mainly realized through the market competition effect and the systemic cost effect. The heterogeneity studies found that the effect of market access liberalization on enterprises′ new quality productivity is higher among enterprises with lower levels of corporate governance and higher likelihood of financing constraints. Finally, in the context of a system of liberalized market access, the increase in the new quality of productivity of enterprises is conducive to promoting the value of corporate investment. The relevant conclusions can not only deepen the theoretical understanding of existing research on the enabling role of market access liberalization, but also provide policy insights for China to accelerate the cultivation and upgrading of new quality productivity. Related Articles | Metrics

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Research on the impact of technological innovation capability on enterprise internationalization under dual financing constraints Zou Yimin, Xuan Ke, Mao Anran, Ying Hongbin 2024, 45(12): 29-36.  DOI: 10.19571/j.cnki.1000-2995.2024.12.004 Abstract ( 84 )      As required by the innovation driven development strategy, how to use technological innovation capability to drive enterprise internationalization has become an important practical problem to be solved urgently. This study took Chinese manufacturing listed enterprises as the research objects and used the panel data regression model to investigate the impact mechanism of technological innovation capability on enterprise internationalization under dual financing constraints. It was found that (1) technological innovation capability has a significant positive impact on the enterprise internationalization; (2) external financing constraints have a negative moderating effect on the relationship between technological innovation capability and enterprise internationalization, while internal financing constraints have a positive moderating effect on the relationship between technological innovation capability and enterprise internationalization. Further research also found that (1) the higher the quality of internal control, the stronger the positive effect of technological innovation capability on the enterprise internationalization; (2) compared with state-owned enterprises, the technological innovation capability of private enterprises has a stronger promoting effect on internationalization. This paper has provided some empirical evidence for the study of the relationship between dual financing constraints, technological innovation capability and enterprise internationalization. It will not only effectively expand the research content of enterprise internationalization literature, but also provide reference for the formulation of enterprise internationalization strategies. References | Related Articles | Metrics

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A study on the mechanisms by which harmony culture enhances firms′ innovation willingness and capabilities Wang Yanyan, Ye Chengang 2024, 45(12): 37-48.  DOI: 10.19571/j.cnki.1000-2995.2024.12.005 Abstract ( 131 )       Corporate cultural values are the fundamental factors determining innovation willingness and capability. This study, based on the context of Chinese culture and management, used machine learning to measure harmony culture in a large sample of A-share listed companies and empirically examined its relationship with corporate innovation behavior. The results showed that harmony culture can effectively enhance the willingness and capability of enterprises to innovate. The innovation intention of enterprises is easily driven by culture, but improving innovation capability can only be achieved by cooperation between different dimensions of culture. Although the harmony culture with Chinese characteristics can significantly improve the innovation capability of enterprises, it will be frustrated under the pressure environment caused by internal and external uncertainties. The mechanism study showed that harmony culture can promote innovation by building good government-enterprise and alliance relations. From a unique perspective of local culture, this paper has revealed the motivation of the values of enterprises′ innovation willingness and capability, empirically tested the interaction and balance between cultures of different dimensions, and revealed the charm and function of harmony culture with Chinese characteristics. References | Related Articles | Metrics

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Research on the impact of digital transformation rate on the total factor productivity of enterprises: A study based on the perspective of new quality productivity Guo Huiting, Ni Zhihui, Qiu Rui 2024, 45(12): 49-58.  DOI: 10.19571/j.cnki.1000-2995.2024.12.006 Abstract ( 200 )       Promoting vigorously construction of a modern industrial system and accelerating the development of new quality productivity are emphasized in the second session of the 14th National People′s Congress of the People′s Republic of China and the second session of the 14th National Committee of the Chinese People′s Political Consultative Conference in 2024. In the era of digital economy, studying how the digital transformation rate can enhance corporate productivity holds significant theoretical and practical implications for improving new productive forces in enterprises. This paper examined the A-share listed companies in Shanghai and Shenzhen from 2010 to 2022 and constructed a moderation and mechanism testing model to empirically test the impact of digital transformation rate on new productive forces in enterprises. The study found that: (1) there is an "inverted U-shaped" relationship between the rate of digital transformation and new productive forces in enterprises; (2) an increase in cash holdings helps prolong the positive effects of the digital transformation rate on new productive forces, which is reflected in a rightward shift of the "inverted U-shaped" curve′s inflection point. It also mitigates the negative impact of the digital transformation rate on new productive forces, making the "inverted U-shaped" curve flatter. (3) Further analysis revealed that R&D innovation capability plays a partial mediating role in the "inverted U-shaped" relationship between digital transformation rate and new productive forces. Additionally, the heterogeneity analysis indicated that the "inverted U-shaped" relationship is more pronounced in companies with overseas backgrounds among the board of directors and supervisory team, high-tech industries, and companies located in the eastern region. This paper will provide some insights for Chinese enterprises to maintain a scientifically reasonable pace of digital transformation, thereby improving total factor productivity and promoting the development of new productive forces. References | Related Articles | Metrics

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Research on the green innovation effect of collaboratively empowered by "double pilot" policy Han Xianfeng, Zheng Zhuoji, Xiao Yuanfei, Li Boxin 2024, 45(12): 59-69.  DOI: 10.19571/j.cnki.1000-2995.2024.12.007 Abstract ( 202 )     The construction of new digital infrastructure and innovative cities is a key measure to promote the dual strategy of digital China and innovation-driving under the Chinese-style modernization. Previous studies have mostly focused on the internal relationship between unilateral policies and green innovation, but generally ignored the green innovation dividends stimulated by policy coordination. Based on the quasi-natural experiment of ‘double pilot’ of Broadband China and Innovative Cities, this paper applied the panel data of 278 prefecture-level cities in China from 2006 to 2020 to empirically examine the potential mechanism of ‘double pilot’ policy synergy to empower urban green innovation. The study found that: (1) The ‘double pilot’ policy can not only directly help the incremental improvement of urban green innovation, but also produce a significant demonstration effect of green innovation in neighboring areas. (2) The ‘double pilot’ policy indirectly contributes to urban green innovation by exerting talent agglomeration effect, financial subsidy effect and entrepreneurial incentive effect. (3) Under the constraints of low financial pressure, moderate economic growth target and environmental competition intensity, the ‘double pilot’ policy has the most obvious effect on the empowerment of urban green innovation. (4) Compared with the single pilot of broadband China and innovative cities, the ‘double pilot’ policy is more conducive to stimulating urban green innovation, and the pilot strategy of broadband China before innovative cities has a better effect on promoting green innovation. The research conclusions will provide some enlightenment for the government to coordinate the release of policy synergy between digital power and innovation power construction under the new development pattern, and accelerate the cultivation of internal power for highquality economic development. Related Articles | Metrics

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Research on the global S&T innovation pattern of the lithium-ion battery industry chain Feng Sida, Han Fang, Yang Bin, Zhang Shengtai, Yuan Junpeng 2024, 45(12): 70-78.  DOI: 10.19571/j.cnki.1000-2995.2024.12.008 Abstract ( 71 )       "Deploying the innovation chain around the industry chain and laying out the industry chain around the innovation chain" is a new requirement for China′s industrial development. Characterizing the global pattern of S&T innovation can provide suggestions for China′s technological development. Few existing studies comprehensively describe the pattern of S&T innovation from the perspective of industrial chain. Taking the lithium-ion battery industry as a case study, this paper combined topic mining and doublelayer network model, and characterized the global S&T innovation spatiotemporal pattern of the lithium-ion battery industry chain by comprehensively considering the citation relationship between science and technology from the industrial chain view. The findings are as follows: (1) China′s ranking of technological innovation intensity is the fifth, slightly lower than Germany. However, there is a significant gap compared to the top three countries, the United States, Japan, and South Korea. (2) From the perspective of knowledge inheritance, the overall knowledge contributions of science and technology to technology of the United States ranks first in the upstream, midstream, and downstream, and far exceed that of Japan in second place. China′s overall knowledge contributions of science and technology to technology in the recycling of lithium-ion batteries is relatively high, which means it has a high technological influence. (3) The knowledge contribution strength of Chinese patents only appears in the top five of battery packs from a genetic perspective, and is ranked the fifth, indicating that China′s international technological influence in lithium-ion battery industry chain needs to be improved. This study will enrich the theoretical framework of the research on the pattern of global innovation, and the empirical results will verify the validity of the research framework, which can provide useful reference for China to coordinate S&T innovation and refine the layout of industrial resources. Related Articles | Metrics

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Dynamic optimal differentiation mechanism of localized substitution of components in state-owned enterprises Liu Jiaxin, Li Shuwen, Zhu Fangwei, Yang Xiaotian 2024, 45(12): 79-88.  DOI: 10.19571/j.cnki.1000-2995.2024.12.009 Abstract ( 73 )   The current turmoil in the international situation has led to a sudden increase in the risk of global scientific and technological decoupling, and the substitution of components by localization, as an important means of coping with this risk, has gradually garnered attention from both theoretical and practical perspectives. Although some studies have summarized the experience of localized substitution from the perspective of technological breakthroughs, the dynamic equilibrium of legitimacy and differentiation in the process of localized substitution of components has not been fully discussed. In this study, Wafangdian Bearing Group was selected as the research object, and the exploratory case study method was applied to systematically investigate the optimal differentiation process of localized substitution of components in state-owned enterprises by following the logic of "value triggering-value co-creating-value generating". The study found that, firstly, the substitution of nationalized components is a process in which the value trigger stimulates enterprises to adopt value co-creation centered on identity proposition and value activities, and to realize value generation. Second, as the value trigger evolves from the edge to the core, the identity proposition of the enterprise shows a progression logic from prototype emulation and model-following to the creation of a new model, while the value activity shows a market-responsive, technology-interactive, and industry synergistic deepening progression logic. Third, along with the progression of identity propositions and value activities, the relationship between the two exhibits the dynamic optimal differentiation law from threshold concordance to compensatory concordance to integration concordance, and realizes the value generation from single-point substitution, multi-dimensional substitution to value substitution through the formation of agile, empowering, to open-ended value co-creation. This study will contribute to the dynamic study of value co-creation and localization substitution, and it will also provide useful reference for state-owned enterprises to realize localized substitution of components. References | Related Articles | Metrics

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Research on the innovation network reconfiguration of Chinese chip enterprises under overseas sanctions Feng Yongchun, Cao Xinrui, Su Mengmeng, Yan Zichun 2024, 45(12): 89-99.  DOI: 10.19571/j.cnki.1000-2995.2024.12.010 Abstract ( 73 )       Innovation network reconfiguration plays a crucial role for Chinese chip enterprises in coping with overseas sanctions. This study chose Tianjin Phytium as the case to deeply analyze the behavior mechanism and underlying logic of Chinese chip enterprises′ innovation network reconfiguration under the impact of overseas sanctions. The study found that: (1) Under the impact of overseas sanctions, Chinese chip enterprises reconfigure the relationship and structure of the innovation network, and drive resource reconfiguration; (2) Chinese chip enterprises follow the "security logic" and "competition logic" respectively to reconfigure the technology innovation network and market innovation network, that is, to pursue the security and control of key core technologies and improve the competitiveness of domestic chips; (3) Under the guidance of different reconfiguration logics, the innovation implementation methods of technology innovation network and market innovation network have undergone differentiated transformation, which helps Chinese chip enterprises to better cope with overseas sanctions from the aspects of both technology and market. This study explored the reconfiguration mechanism of Chinese chip enterprises′ innovation network under the impact of overseas sanctions, which has not only expanded the research of innovation network, but also provided a new perspective for the study of overseas sanctions response. The research conclusion can provide useful reference for Chinese enterprises to reconfigure innovation network and resist overseas sanctions. Related Articles | Metrics

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Research on the influence of intelligent manufacturing on the cultivation of individual champion enterprises Zeng Hao 2024, 45(12): 100-110.  DOI: 10.19571/j.cnki.1000-2995.2024.12.011 Abstract ( 85 )    Individual champion enterprises are regarded as the "pearls" on the manufacturing industry′s crown, not only because they are the "leaders" in their respective manufacturing subfields, but also because they are the "pioneers" in building a manufacturing powerhouse, and they will play an increasingly prominent role in creating a high-tech manufacturing base in China. Taking A-share manufacturing listed companies as the research object, this paper accurately identified the individual champion enterprises listed on the stock market, and used the quasi-natural experiment method to study the causal effects and channels of intelligent manufacturing empowering the cultivation of individual champion enterprises. The results showed that: (1) intelligent manufacturing can significantly empower the cultivation of individual champion enterprises, among which digital transformation, financing constraint alleviation, and substantive innovation are three important channels; (2) the five types of intelligent manufacturing sub-models can empower the cultivation of individual champion enterprises to varying degrees; (3) the empowering effect of intelligent manufacturing on champion demonstration enterprises is the most obvious; (4) intelligent manufacturing has a clear target for enterprises and industries; and (5) high regional digital economic level, sufficient regional financial supply and reserves, and strong regional innovation environment can provide good external conditions for intelligent manufacturing to empower the cultivation of individual champion enterprises. This paper has theoretically confirmed that intelligent manufacturing can empower the cultivation of individual champion enterprises, and it will also provide policy inspiration for vigorously promoting the strategic layout of intelligent manufacturing to promote efficient development of enterprises. References | Related Articles | Metrics

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An evolutionary game analysis of the business model innovation of technology start-ups under the background of digital platform Ding Xiaozhou, Guo Tao, Wang Boyuan, Wei Shipeng 2024, 45(12): 111-121.  DOI: 10.19571/j.cnki.1000-2995.2024.12.012 Abstract ( 90 )      In the age of digital intelligence, digital platforms serve as crucial vehicles for enterprises to transcend the constraints of resources and capabilities, thus enabling business model innovation. Uncovering the evolutionary process of business model innovation among technology start-ups within the framework of digital platforms carries significant theoretical and practical importance. From a stakeholder perspective, this paper employed the evolutionary game theory to analyze the intrinsic mechanisms driving business model innovation among technology start-ups on digital platforms. It constructed evolutionary game models for technology start-ups, customers, and core suppliers under different strategies, and selected certain typical enterprises for instance simulation. The research revealed that in different equilibrium states, the benefit maximization strategy choice of each game player is closely related to its initial strategy. Key parameters influencing strategic choices in the game encompass shifts in costs, income, levels of effort, as well as rewards and penalties imposed by core suppliers for value cocreation. Notably, the initial strategy selection probabilities of technology start-ups and customers exhibit a direct proportionality to the convergence rate of the chosen strategies among game participants, whereas the initial strategy selection probability of core suppliers demonstrates an inverse proportionality. These research findings will expand the research horizon of value co-creation theory, enrich the content of business model innovation theory, and provide practical insights for technology start-ups to undertake business model innovation within the context of digital platforms. Related Articles | Metrics

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Research on the influence of the characteristics of cross-border R&D cooperation network on its disruptive innovation performance Zhu Xiaoyan, Lin Chunpei, Yu Chuanpeng, Liao Yangyue, Li Hailin 2024, 45(12): 122-132.  DOI: 10.19571/j.cnki.1000-2995.2024.12.013 Abstract ( 86 )     Cross-border R&D cooperation is a new type of cooperation model that achieves breakthroughs in core technologies, and plays an important role in improving disruptive innovation performance and ensuring high-quality economic development. Based on social network theory, this article takes 290 cross-border R&D cooperation networks identified from joint patent application information in the field of drones as the research object. K-Means clustering algorithm and decision tree CART algorithm are used to analyze the basic characteristics of these networks, distinguish network types, and explore the impact of feature variable combinations of different types of networks on their disruptive innovation performance. Research has shown that there are three types of crossborder R&D cooperation networks: binary R&D cooperation networks, mesh R&D cooperation networks, and complex R&D cooperation networks, which exhibit different network characteristics; Moreover, the main types of crossborder R&D cooperation networks are binary R&D cooperation networks. (2) There are differences in the disruptive innovation performance of three different types of crossborder R&D cooperation networks; In terms of the proportion of highly disruptive innovation performance, the network type R&D cooperation network has the highest proportion, followed by the complex type R&D cooperation network, and the binary type R&D cooperation network has the lowest proportion. (3) The intensity of cooperation is the core factor that affects the performance of disruptive innovation; In a binary R&D cooperation network, the intensity of cooperation will positively affect its disruptive innovation performance; For mesh R&D cooperation networks with high cooperation intensity, maintaining a lower average path length helps to improve their disruptive innovation performance; The disruptive innovation performance of complex R&D cooperation networks is jointly influenced by cooperation intensity, clustering coefficient, and network centrality. This article enriches and expands the research on disruptive innovation performance from the perspective of social network theory, and provides useful guidance for various innovative entities to improve disruptive innovation performance through cross-border research and development cooperation. References | Related Articles | Metrics

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Research on the configuration of the impact of digital innovation ecosystem affordance on cross-industry innovation Zhao Yixuan, Yu Jiang, Peng Mixiang, Han Jin 2024, 45(12): 133-141.  DOI: 10.19571/j.cnki.1000-2995.2024.12.014 Abstract ( 55 )      How to use digital innovation ecological organizations to empower non-core enterprises in marginal ecological niches to reverse their marginal status and achieve cross-industry innovation development is an important theoretical and practical issue for widely gathering enterprise strength and developing new quality productivity. However, existing research mostly focused on the impact of digital technology on cross-border innovation, lacking attention to the affordance of digital innovation ecosystem organizations formed on digital technology. Based on the classic framework of affordance theory and the "architecture, strategy, environment" organizational theory, this study used the fs/QCA analysis method to explore the multiple paths through which the affordance of digital innovation ecology empowers non-core enterprises to achieve cross-industry innovation. The research found that digital innovation ecosystem organizations can provide action potential for the realization of corporate strategic visions, but non-core enterprises on the edge of the ecosystem cannot achieve cross-industry innovation solely through a single dimension of affordance. It is necessary to combine the availability of digital technology architecture, the availability of the digital innovation ecosystem environment, and the multidimensional strategy of digital innovation strategy to support non-core enterprises in exploring the potential of cross-industry technology grafting and transforming it into effective actions to achieve cross-industry innovation goals, including two dominant logics and four sub-paths: digital distribution availability (discrete knowledge type, dynamic alliance type) and digital recombination availability (dislocation recombination type, fission recombination type). The research conclusion will contribute to the theoretical integration of the affordance of digital innovation ecology and cross-industry innovation research, and provide practical inspiration for non-core enterprises to achieve cross-industry innovation leap. References | Related Articles | Metrics

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Research on the business model innovation under the service-dominated logic Yun Jiang, Guan Yu, Zhao Hongyuan 2024, 45(12): 150-159.  DOI: 10.19571/j.cnki.1000-2995.2024.12.016 Abstract ( 65 )      Enterprises can cross the "service life cycle" and achieve sustainable development with the help of business model innovation driven by service-dominated logic. This paper focused on Liepin′s continuous service innovation practice, carried out an exploratory single case study based on the framework of resource integration and actor interaction, analyzed the evolution process of business model innovation under the service-dominated logic, and constructed a service innovation model about how to crosses the "service life cycle". It was found that the service-dominated logic shows the characteristics of alienation in different periods of the enterprises, and presents the characteristics of supporting-cooperative-symbiotic. Secondly, the co-evolution of resource integration and actor interaction is the key to the implementation of the service-dominated logic, which is also characterized by a phased synergistic evolution. Finally, in the process of enterprise development, business model innovation has also experienced the evolution of novelty-efficiency-eco-type. This paper further discussed the driving factors to cross the "service life cycle", and clarified the key mechanism. The conclusions will not only help guide service enterprise to expand the idea of realizing service innovation through business model innovation, but also provide useful suggestions for realizing service innovation to cross  the "service life cycle". References | Related Articles | Metrics

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Research on the familism culture on corporate innovation investment Li Xue, Luo Jinhui, Wang Yuting 2024, 45(12): 160-168.  DOI: 10.19571/j.cnki.1000-2995.2024.12.017 Abstract ( 81 )       Innovation decisions in family businesses exhibit distinct "familism" characteristics, with the family business owners′ familism culture values being a decisive factor influencing innovation behavior. Based on the perspective of socioemotional wealth (SEW), this paper empirically examined the impact of family owners′ familism culture values on family firms′ innovation investment by using a panel data sample of China′s A-share family listed firms from 2007 to 2019 and constructed proxy variables for familism culture based on the data collected from the World Values Survey in China. This study found that: (1) there is a U-shaped relationship between familism culture and firms′ innovation investment, which means that there are two sides in the influence of familism culture on family firms′ innovation investment; and (2) the regional development of marketization institutions strengthens the U-shaped relationship. Further analysis revealed that there is also a U-shaped relationship between familism culture and firms′ innovation output. Finally, this paper found that familism culture eventually brings changes to firm performance, showing an inverted U-shaped impact on short-term operating performance and a U-shaped impact on long-term market value. Overall, this study has theoretically expanded the research scope of the economic consequences of familism culture, and further deepened the understanding about the innovation decisions of family firms, and it will also provide valuable practical implications for policymakers and entrepreneurs regarding how to effectively improve family firms′ innovation activities. Related Articles | Metrics

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Research on the impact of CEO equity incentive on the willingness of corporate digital transformation Wang Xuedong, Yang Jialu, Meng Jiajia 2024, 45(12): 169-176.  DOI: 10.19571/j.cnki.1000-2995.2024.12.018 Abstract ( 103 )      In the current era of rapid digital transformation of enterprises, the CEO equity incentive is considered to be a powerful tool to increase the willingness of companies to embrace digital transformation. However, the effectiveness of this theoretical consensus varies in practice. To address this discrepancy between theory and practice, this study, based on the upper-echelon theory and motivation theory, employed the econometric analysis to empirically examine the impact of CEO equity incentives on firms′ willingness to implement digital transformation by using a sample of Ashare listed firms from 2001 to 2021. The results indicated that a non-linear relationship between CEO equity incentive and firms′ willingness to adopt digital transformation, characterized by an inverted U-shaped effect. Specifically, as CEO shareholding increases, the impact of CEO equity incentives on firms′ willingness to pursue digital transformation initially increases and then decreases. Management shortsightedness plays a mediating role in this relationship, as CEO equity incentive exerts a positive U-shaped influence on management shortsightedness, which in turn leads to the non-linear effect on firms′ willingness to pursue digital transformation. In addition, CEO career concerns moderate the relationship between CEO equity incentives and firms′ willingness to embrace digital transformation. Specifically, CEO career concerns mitigate the rapid decline in CEO promotional focus and suppress the premature emergence of CEO preventive focus, thereby smoothing the inverted U-shaped effect of CEO equity incentive on firms′ willingness to embrace digital transformation. This study has challenged the stereotypical consensus that CEO equity incentive positively affects firms′ willingness to pursue digital transformation, and will enrich the crossresearch on leadership and digital transformation from the perspective of CEO motivation. Furthermore, it will promote the application and development of the upper-echelon theory in the field of digital transformation by revealing the non-linear impact of CEO equity incentives on firms′ willingness to engage in digital transformation and the black box of the mediating mechanism involved. Overall, this study will provide theoretical insights for effectively incentivizing CEOs to drive digital transformation in firms. References | Related Articles | Metrics

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Research on the impact of the reform of dual-stage fast-tracking system on green patents Xu Aiting, Wang Wenpu 2024, 45(12): 177-187.  DOI: 10.19571/j.cnki.1000-2995.2024.12.019 Abstract ( 82 )      The reform of dual-stage fast-tracking green patent system is an exploration of green patent system construction with unique Chinese characteristics, serving as a green booster for the construction of intellectual property power. Based on the data of 17,4491 granted green invention patents in 282 Chinese cities from 2009 to 2019, this paper used the "scope extension - caliber adjustment" improved patent renewal model to calculate the patent value. Then, an intensity differences-in-differences model was used to investigate whether the reform of the dual-stage fast-tracking system can produce the appreciation and incremental effects on green patents. The results showed that the two rounds of system reform can obviously improve the value of green patents, but only have a weak positive impact on the quantity of green patents. In terms of appreciation effect, the secondstage reform is less effective than the first-stage because of the generalization of the application object and the complexity of the preprocess. In terms of incremental effect, the first-stage reform failed to achieve a breakthrough in the quantity of green patents due to limited review resources and quantity provisions; while the second-stage reform benefits from the easing of the application scope, which can produce a small incremental effect of green patents. Further research showed that enterprises are the main actors of the appreciation effect but not of the incremental effect in the dual-stage reform. The "local protectionism" in the reform makes the value of the green patent produced by universities show a downward trend. The heterogeneity analysis showed that institutional reform can better improve the value and quantity of green patents in cities with stronger environmental regulation intensity and higher intellectual property protection level. This paper has provided important enlightenment for deepening the fast-tracking green patent system reform and promoting the cultivation of high-value green patents. Related Articles | Metrics