Current Issue

20 May 2025, Volume 46 Issue 5 Previous Issue    Next Issue

---

For Selected:

Download Citations EndNote Ris BibTeX

Toggle Thumbnails

Select

Research on the impact of digital transformation on the innovation of Chinese manufacturing enterprises Li Xiaorong, Zhang Jinming, Liu Hongqin 2025, 46(5): 1-12.  DOI: 10.19571/j.cnki.1000-2995.2025.05.001 Abstract ( 518 )       Leveraging digital resources effectively to enhance innovation performance constitutes a critical practical issue in promoting the high-quality development of China′s manufacturing sector. Existing research has predominantly focused on the impact of dynamic capabilities on innovation performance, yet seldom explores the intrinsic connection between dynamic capabilities and innovation capabilities, as well as their synergistic interaction mechanisms within digital-enabled transformation processes. Based on the dynamic capability theory and the "resource-capability-performance" logic framework, this thesis empirically examined the impact and mechanisms of digital transformation on corporate innovation performance using the data from A-share listed manufacturing enterprises during 2013-2022 and employing the fixed-effects models and Bootstrap methods. The findings revealed that: (1) Digital transformation drives the enhancement of innovation performance through technological enablement; (2) Dynamic capability (opportunity perception, learning absorption, resource restructuring capability) and innovation capability exhibit dual transmission mechanisms. Multiple pathways exist in the process where digital transformation drives innovation performance improvement, with dynamic capabilities and innovation capabilities acting as core driving factors; (3) Environmental uncertainty significantly inhibits the enhancing effects of opportunity perception capability, learning absorption capability and innovation capability on innovation performance, while its moderating role in resource reconfiguration capability remains insignificant. Enterprises should therefore strengthen vigilance and real-time monitoring of external environment. The research has further expanded the pathways through which digital transformation drives innovation in Chinese manufacturing enterprises, and provided theoretical basis and practical implications for enterprise digital transformation. Related Articles | Metrics

Select

The impacts of artificial intelligence technology applications on the innovation performance of manufacturing enterprises He Yun, Xiong Zixian 2025, 46(5): 13-22.  DOI: 10.19571/j.cnki.1000-2995.2025.05.002 Abstract ( 261 )      The high-quality development of the manufacturing industry is the top priority of the high-quality development of China′s economy. As the core driving force of new quality productivity, artificial intelligence has a strong ability to influence the economy and society, and it is of great significance to study whether its introduction can improve the innovation performance of manufacturing enterprises. Based on the data of China′s manufacturing A-share listed enterprises from 2011 to 2019, this paper used the difference-in-differences method to systematically study the impact and mechanism of the application of artificial intelligence technology on the innovation performance of manufacturing enterprises. The results showed that: (1) the application of artificial intelligence technology significantly improves the innovation performance of manufacturing enterprises, and it is still valid after a series of robustness tests; (2) from the perspective of the mechanism, ai technology can improve the innovation performance of enterprises by influencing factors such as government subsidies, the total labor force and labor structure of enterprises; and (3) there is heterogeneity in the application of artificial intelligence technology in the innovation performance of manufacturing enterprises with different property rights and different life cycles. The study held that promoting the integration and application of artificial intelligence technology can not only promote the high-quality development of the manufacturing industry and expand the innovation space, but also become a strong driving force for the realization of China′s manufacturing industry "going from big to strong". Related Articles | Metrics

Select

Research on the configurations for the development of new quality productive forces driven by technological innovation in strategic emerging industries Tian Qingfeng, Yi Lei 2025, 46(5): 23-34.  DOI: 10.19571/j.cnki.1000-2995.2025.05.003 Abstract ( 127 )       Cultivating new quality productive forces serves as an inherent requirement and central focus in driving premium-grade societal progress. Technological innovation in strategic emerging industries plays a significant role in driving the development of new quality productive forces. However, existing literature remains insufficient in exploring the specific driving mechanisms. Based on the TOE (Technology-Organization-Environment) framework, this study employed the NCA (Necessary Condition Analysis) and dynamic QCA (Qualitative Comparative Analysis) methods to analyze the panel data from 30 provincial-level regions in China from 2011 to 2021, investigating the configurational pathways of new quality productive forces formed through the interaction of technological, organizational and environmental factors of technological innovation in strategic emerging industries. The research findings revealed that: First, the single factor of technological innovation is insufficient to constitute necessary conditions for driving the development of new quality productive forces; Second, there are three configurational pathways have been identified for realizing high-level development of new quality productive forces: the technology-intellectual property protection synergy model, the technology-organization dual synergy model, and the technology-organization-environment multiple synergy model, with technological elements consistently serving as core conditions across all pathways; Third, the configurational pathways driving the development of new quality productive forces exhibit certain spatiotemporal variation patterns. Temporally, multiple pathways demonstrate sequential stability with gradually increasing explanatory power; Spatially, the within-group coverage of some pathways shows regional variations. The conclusions of this study will contribute to deepening the understanding of the complex mechanisms underlying the formation pathways of new quality productive forces in China, and provide theoretical foundations and practical guidance for developing new quality productive forces tailored to local conditions. References | Related Articles | Metrics

Select

Selection of path for high-quality development of the scientific research instrument industry in China 2025, 46(5): 35-43.  DOI: 10.19571/j.cnki.1000-2995.2025.05.004 Abstract ( 58 )      Scientific research instruments are indispensable tools for scientific research and technological development, and advanced scientific research instruments themselves are also important scientific and technological innovation achievements, so their development and innovation are important elements to promote scientific and technological progress. In this paper, six scientific research instrument projects successfully cultivated by Jiangsu Industrial Technology Research Institute and Beijing-Tianjin-Hebei National Technology Innovation Center were taken as research objects, and the breakthrough path of high-quality development of scientific research instrument industry was studied and discussed from the perspective of industrial innovation system. It was found that the high-quality development of scientific research instrument industry is the result of knowledge and technology, multi-agent innovation network and system. Among them, having international level and independent and controllable core technology is the key to achieve high-quality development, the organic collaboration of multiple innovation subjects is the basis for achieving high-quality development, and flexible and innovative scientific research organization mode and scientific and effective funding mechanism are indispensable institutional support for achieving high-quality development. The research will invariably promote the theoretical innovation of industrial innovation system, enrich the high-quality development research of scientific research instrument industry, and provide inspiration for cultivating leading enterprises of scientific research instrument and improving the level of industrial technological innovation in the new era. References | Related Articles | Metrics

Select

Key user-driven innovation of complex product systems: A case study of the beyond catch-up of China′s shield machine Wu Xiaobo, Lin Fuxin, Shao Yiyue, Wu Dong 2025, 46(5): 44-54.  DOI: 10.19571/j.cnki.1000-2995.2025.05.005 Abstract ( 77 )      Complex product systems have unique characteristics of technology and market regime, and latecomers are faced with catch-up challenges such as cold start paradox, technology accumulation difficulty and path dependence dilemma. Based on the longitudinal case study of China′s shield machine industry from catch-up to beyond, this paper explored the user participation features and innovation operation patterns in the process of technology catch-up of complex product systems, and expanded the path reference and management insights for the technology catch-up of complex product systems in deepening the research on subject interaction of national innovation system theory. This research found that key users with specific product requirements and significant industry influence fully participate in the innovation process and deeply influence decision-making. From the aspects of subjective collaboration, innovation effectiveness and learning effects, users drive the technological catch-up of complex product system industry. They have advantages such as application demonstration and learning of mature technologies, industrial-level collaboration, and frontier value propositions in addressing catch-up challenges. Furthermore, key users play a critical role in knowledge integration, scenario orchestration, and system coordination within the collaborative industrial modes of national innovation systems focused on the beyond catch-up, driving technological innovation and rapid catch-up in the complex product system industries. References | Related Articles | Metrics

Select

Research on the impact of artificial intelligence on enterprise growth 2025, 46(5): 55-64.  DOI: 10.19571/j.cnki.1000-2995.2025.05.006 Abstract ( 118 )       With the deepening development of a new round of scientific and technological revolution and industrial transformation, artificial intelligence (AI) has become an important driving force for the transformation and high-quality economic development of enterprises. This paper selected A-share listed companies from 2004 to 2021 as samples, and adopted the dual machine learning method to evaluate the impact and mechanism of artificial intelligence on enterprise growth. The econometric results showed that: (1) AI significantly promotes firm growth and the conclusions remain valid after a series of robustness tests; (2) The heterogeneity analysis revealed that the promotion effect of AI on enterprise growth is more significant in non-state-owned enterprises, small and medium-sized enterprises, and traditional industries; (3) The mechanism test based on the perspective of AI′s technical-economic characteristics showed that AI mainly exerts its synergy, innovation and substitutability to promote enterprise growth by improving enterprise productivity, reducing management costs, promoting enterprise innovation, and optimizing the structure of labor employment. The paper has revealed the important role and internal mechanism of AI in promoting enterprise growth, and it will provide some important supplements and references for accelerating the development of AI and promoting enterprise transformation and upgrading. Related Articles | Metrics

Select

Research on the innovation catch-up mechanism of latecomer enterprises promoted by big data capability Tan Yunqing, Xue Fang 2025, 46(5): 64-71.  DOI: 10.19571/j.cnki.1000-2995.2025.05.007 Abstract ( 43 )      Big data has created the possibility of innovation catch-up and a more advantageous starting point for latecomer enterprises, but there is little literature exploring how latecomer companies can use big data to promote innovation catch-up. Based on the theory of enterprise capability, this paper selected 216 enterprises in the Yangtze River Delta region as research samples, constructed a theoretical model of big data capability, capability reconfiguration and latecomer enterprises′ innovation catch-up, and used the hierarchical regression analysis method to deeply explore the impact mechanism of big data capability on the innovation catch-up in latecomer enterprises. The research findings are as follows: (1) Big data capability helps latecomer enterprises to catch up with innovation. (2) Capability reconstruction has a full mediating effect in the impact of big data acquisition capability on the innovation catch-up of latecomer enterprises, while it plays a partial mediating role in the impact of the ability to integrate and apply big data and application capability on the innovation catch-up of latecomer enterprises. (3) The promotion of big data capability on latecomer enterprises′ innovation catch-up has a path dependence on their capability reconfiguration. Finally, corresponding management implications were given from aspects such as strengthening big data capability, enhancing the dynamic construction of enterprise capability and carrying out capability reconfiguration based on different innovation catch-ups. The research conclusions have opened the "black box" between big data capability and latecomer enterprises′ innovation catch-up, enriched the innovation catch-up theory and the dynamic capability theory, and they will provide guidance and reference basis for the dynamic construction of latecomer enterprises′ capability and innovation catch-up in the context of big data. Related Articles | Metrics

Select

Research on the mechanism and effects of selective industrial policies on resource misallocation Tuo Yanfang, Gao Bo 2025, 46(5): 72-82.  DOI: 10.19571/j.cnki.1000-2995.2025.05.008 Abstract ( 30 )       Promoting the market-oriented transformation of industrial policies is an inevitable path to achieve the high-quality development of China′s economy in the new era, and the study of the impact on the allocation of factor resources has become a key focus of evaluating the economic effects of selective industrial policies. In response to the problem of insufficient attention to macro effects and limited expansion of effectiveness boundaries caused by the relatively fixed abstract variables of policy behavior in existing research, this paper empirically tested the mechanism and effect of selective industrial policies on resource misallocation based on quasi-natural experiments in national industrial transfer and undertaking demonstration zones using a multi-period DID model, and deeply explored its impact on economic geographic spatial distance heterogeneity. The research has found that: (1) the establishment of national level industrial transfer and undertaking demonstration zones will exacerbate the mismatch of labor resources, while the impact on capital mismatch is not significant; (2) Establishing industrial transfer demonstration zones can effectively alleviate the mismatch of labor resources in the eastern region, but it will exacerbate the mismatch of labor resources in the central region. Currently, the impact on the allocation of labor resources in the western region is not significant; (3) The crowding effect of "true crowding and false agglomeration", increased pressure on government growth, and imbalanced supply and demand in factor markets are the main mechanisms through which policies distort the allocation of labor resources; (4) The mismatch effect of labor resources in areas with accessible transportation, slow population growth, and small urban scales is significant, while being closer to large ports and cities will weaken the mismatch effect of selective industrial policies. The research conclusion of this paper will help to further clarify the deep-seated impact mechanism of selective industrial policies on factor resource allocation, and provide useful practical insights for the government to improve the implementation performance of industrial policies and empower high-quality economic development. References | Related Articles | Metrics

Select

Impact of government R&D subsidies on innovation capital misallocation Chen Yufen, Chen Jinying, Fan Songying 2025, 46(5): 83-91.  DOI: 10.19571/j.cnki.1000-2995.2025.05.009 Abstract ( 41 )       The government R&D subsidy is commonly adopted to intervene and optimize the allocation of innovation capital. However, the effectiveness of R&D subsidies has been hugely controversial. Based on China′s inter-provincial panel data from 2011 to 2021, this study used threshold regression models to find the optimal scale of R&D subsidies and examined whether intellectual property protection can enhance the role of R&D subsidies in alleviating innovation capital misallocation. The findings are as follows: (1) The effect of R&D subsidies on alleviating the misallocation of innovation capital is marginal diminishing. Once R&D subsidies exceed a certain threshold, the alleviating effect will be greatly weakened or even fail. However, more than 60 percent of provincial-level regions have not yet reached this threshold. Therefore, R&D subsidies can still be used as an effective innovation intervention strategy in China. (2) The effect of R&D subsidies in alleviating the misallocation of innovation capital is more significant in areas with insufficient allocation of innovation capital. (3) Strengthening intellectual property protection is conducive to enhancing the effect of R&D subsidies on alleviating innovation capital misallocation, and this effect is greater in the eastern region. This study will provide a theoretical basis and practical guidance for better playing the role of R&D subsidies and optimizing the allocation of innovation factors. Related Articles | Metrics

Select

Research on the impact of tax incentive policy mix on corporate R&D investment Wang Chunyuan, Zhang Zinan 2025, 46(5): 92-101.  DOI: 10.19571/j.cnki.1000-2995.2025.05.010 Abstract ( 51 )       Innovation lies at the core of China′s modernization drive, and high-investment, high-risk, and long-cycle innovation activities require precise policy interventions as well as synergistic effects among different policies. However, research on the policy synergies remains limited. This paper developed a dynamic firm value model that integrates both additional deduction and accelerated depreciation policies, theoretically deriving how fixed asset investment amplifies the effectiveness of additional deduction incentives. As the first study to systematically examine this issue, we captured the synergistic effects of this policy mix on corporate innovation activities. Using a comprehensive dataset of Chinese A-share listed firms from 2009 to 2018, we empirically tested these theoretical predictions. The results showed that both policies individually and significantly promote corporate R&D investment, and the mix of the two further enhances R&D investment, revealing substantial synergistic gains. Moreover, the policy mix exhibits heterogeneous effects on firms′ expensed and capitalized R&D expenditures, with a more pronounced impact on the former. The Mechanism analysis further revealed that these synergistic effects are primarily realized through three channels: cash flow amplification, R&D equipment superposition, and R&D personnel complementarity. The heterogeneity analysis demonstrated that the synergistic gains are more pronounced in firms with high income tax burdens, high-tax industries, and growth-stage enterprises, as well as in firms operating in highly competitive industries or regions with higher marketization levels. Additionally, the policy mix significantly improves firms′ R&D output without sacrificing other factor inputs. This study has provided a theoretical foundation for policymakers to optimize policy design and promote policy coordination, thus helping to reduce policy uncertainty, avoid the fallacy of composition, and better achieve the strategic goals of innovation-driven development. Related Articles | Metrics

Select

An analysis of the adjustments and motivations for enterprises to classify R&D expenses under the new tax incentive policy: A case study of Company Lu Mingfu 2025, 46(5): 102-111.  DOI: 10.19571/j.cnki.1000-2995.2025.05.011 Abstract ( 34 )      Tax incentives have a significant impact on the research and development (R&D) innovation activities of listed companies in China. In order to explore the possible issues and reasons for R&D expenses of listed companies under the new tax incentive policies, Company X was taken as an example and its R&D input and output data were compared vertically and horizontally. This study found that under the new tax incentives, there is no direct correlation between corporate innovation output and R&D investment. A detailed analysis of the R&D expenses revealed that there is a possibility for companies to adjust other costs or expenses to R&D expenses, which was achieved through structural adjustments in R&D personnel. Further discussion found that the reasons for companies to adjust the classification of R&D expenses are due to excessive performance pressure, insufficient market competitiveness, risks of being treated by ST, favorable tax incentives, and insufficient regulatory efforts. The paper had made an in-depth exploration of the classification adjustment of enterprise R&D expenses from a case perspective, which will not only enrich the literature research on R&D expense classification issues, but also provide corresponding suggestions and references for optimizing R&D expense accounting recognition and strengthening tax incentive supervision. References | Related Articles | Metrics

Select

National enterprise technology center accreditation and "bottleneck" technology innovation 2025, 46(5): 112-121.  DOI: 10.19571/j.cnki.1000-2995.2025.05.012 Abstract ( 47 )      The accreditation policy for National Enterprise Technology Centers is an important initiative to enhance the autonomous innovation capabilities of enterprises during the critical period of the current technological revolution and great power competition. It provides feasible solutions for advancing innovation in "bottleneck" technologies. However, few studies have comprehensively revealed the impact of this accreditation policy on enterprises′ innovation in "bottleneck" technologies. Based on the theory of technological innovation system, this paper selected the data from Chinese A-share listed companies from 2007 to 2021 and employed a multi-period DID model to empirically test the impact of the accreditation policy for National Enterprise Technology Centers on "bottleneck" technology innovation in enterprises. The results indicated that the accreditation policy significantly positively influences "bottleneck" technology innovation. This conclusion holds even after considering endogeneity issues and robustness tests. The mechanism analysis showed that the accreditation policy primarily promotes "bottleneck" technology innovation through supplementary innovation funding, talent introduction and cultivation, network interaction, alleviating R&D uncertainties, and intellectual property protection. Furthermore, the policy also has a technology spillover effect, enhancing "bottleneck" technology innovation in other non-recognized enterprises. The heterogeneity analysis revealed that the policy′s impact is more significant when the enterprise is state-owned, located in first- or second-tier cities, belongs to emerging industries, and when the technology center is rated as excellent. However, it also reflected potential issues with the policy in guiding innovation breakthroughs in mature industries and private enterprises. This study has affirmed the positive impact of the National Enterprise Technology Centers accreditation policy on "bottleneck" technology innovation in enterprises, expanded the antecedent research on "bottleneck" technology innovation, broadened the applicability of the technological innovation system theory in the Chinese context, and it will provide a theoretical basis for the government to effectively guide "bottleneck" technology innovation at the practical level. References | Related Articles | Metrics

Select

Research on the impact of R&D investment and government-enterprise interaction on corporate profits Liu Fan, Qin Xutian 2025, 46(5): 122-132.  DOI: 10.19571/j.cnki.1000-2995.2025.05.013 Abstract ( 26 )       Under the background of innovation-driven development strategy, the decision of enterprise innovation activity allocation has become a key factor affecting the high-quality development of enterprises in China. In this paper, a multinomial treatment effects model was used to explore the impact of R&D investment and the government-enterprise interaction on corporate profits in the process of economic transformation. It was found that: (1) There is a significant complementary effect between R&D investment and government-enterprise interaction. (2) Compared with firms that neither invest in R&D nor interact with the government, only investing in R&D significantly suppresses firms′ profits. However, frequent interaction with the government without R&D investment does not have a significant effect on firms′ profits. Only when firms invest in R&D and interact with the government at the same time do firms′ profits increase. (3) Further tests revealed that the complementarity between R&D investment and government-enterprise interaction is weakened in regions with a high degree of property rights protection, a low tax burden, or abundant resources. This study has extended and enriched the related research on the allocation decision of enterprises′ innovation activities, and it will provide some empirical evidence on how enterprises can improve their market competitiveness, and thus it is of great significance for realizing the goal of high-quality development of enterprises in China. Related Articles | Metrics

Select

Research on the impact of cross-border intellectual property rights protection on firms′ innovation performance Wu Di, Qin Chuxiang, Jiang Dianchun 2025, 46(5): 133-141.  DOI: 10.19571/j.cnki.1000-2995.2025.05.014 Abstract ( 42 )      There has been a long debate regarding whether enhancing cross-border intellectual property rights protection (CIPRP) and cultivating a responsible national image can foster innovation, which remains to be empirically verified. Based on the quasi-natural experiment that China revised legal items related to CIPRP in 2004, this paper used China′s industrial enterprise data and customs data and empirically examined the influence of CIPRP on enterprise innovation performance. The empirical findings indicated that (1) CIPRP attracts foreign direct investment, and encourages enterprises to expand both the quantity and variety of capital goods imports, thereby aiding firms in enhancing their innovation performance. (2) The heterogeneous impact of CIPRP on firms′ innovation performance is primarily reflected in foreign firms, firms located outside the "five trade ports", and mixed trade firms. (3) This innovation can eventually be absorbed and achieve technological catch-up. This paper also empirically examined the effect of CIPRP on firms′ innovation performance from the perspective of international trade. The results will offer important policy implications for leveraging institutional openness in the domain of intellectual property rights to draw in global innovation factors, and relieving the threat of "technology blockade". Related Articles | Metrics

Select

Research on the diffusion of standardization policies in international regional cooperation based on the LDA2Vec Model Fang Fang, Zhao Luoyi 2025, 46(5): 142-151.  DOI: 10.19571/j.cnki.1000-2995.2025.05.015 Abstract ( 19 )       Standards are a solid technical support and crucial mechanism for achieving international regional cooperation connectivity. Standardization policies offer planning, deployment and institutional support for standardization efforts. This study, grounded in the policy diffusion theory, employed the LDA2Vec model to conduct in-depth mining of standardization policy texts related to the Belt and Road Initiative (BRI) at national and provincial levels and systematically revealed the inherent logic as well as distinctive policy models and characteristics of the diffusion of China′s international regional cooperation standardization policy. It found that: (1) For the dimension of hierarchical policy orientation, national policies exhibit a comprehensive characteristic, while regional policies are transmitted progressively and tailored to local conditions, demonstrating significant regional heterogeneity. (2) Regarding the time evolution dimension, the development of BRI standardization policies can be divided into three stages: policy mobilization, expansion, and adjustment, demonstrating an R-shaped growth trend. Meanwhile, the evolution of policy themes encompasses three distinct types: inheritance, derivation, and integration, while demonstrating intertwined and converged attributes. (3) Hierarchical policy diffusion is influenced by vertical coercive diffusion, central-local interactions, horizontal local internal factors, and learning and imitation mechanisms. The intrinsic logic driving the cross-stage diffusion of policies over time is path dependence and social learning mechanisms. This research will enrich the research on the theory of policy diffusion and the international regional cooperation standardization policies, with an aim to provide a reference for the formulation and implementation of policy decision-making systems that promotes the high-quality development of international regional cooperation and contributes to the provision of new solutions for global governance. Related Articles | Metrics

Select

Research on the impact of performance feedback ambiguity on green innovation Li Xin, Wang Xu 2025, 46(5): 152-160.  DOI: 10.19571/j.cnki.1000-2995.2025.05.016 Abstract ( 39 )      Performance feedback serves as an important reference point for organizations in making decisions regarding innovation and change. Ambiguous feedback, arising from heterogeneous performance, is a common scenario that management faces when formulating strategic decisions, and its impact on corporate innovation strategies warrants in-depth study. Based on the context of green development in Chinese enterprises, this paper utilized the green patent data from publicly listed companies to construct a dual performance feedback scenario formed by financial performance and R&D performance. It explored the reference effect of performance feedback ambiguity on corporate green innovation. The analysis also incorporated the nature of corporate ownership to examine how property rights systems influence green innovation decisions under conditions of ambiguity. The research findings showed that performance feedback ambiguity has a significant negative effect on green innovation performance in the following period, indicating that ambiguous feedback conditions are detrimental to green innovation. In contrast, when the feedback from financial and R&D performance shows consistency in either surpassing or falling short of expectations, corporate green innovation in the subsequent period experiences a significant boost. Additionally, influenced by property rights systems, state-owned enterprises exhibit weaker sensitivity to performance feedback ambiguity, whereas private enterprises tend to experience a significant decline in green innovation performance under ambiguous conditions. This study will enhance the application scope of corporate behavior theory from the perspective of ambiguity, contribute to a comprehensive understanding of the decision-making conditions and logic behind corporate green innovation, and expand the relevant research on the drivers of corporate green innovation. Related Articles | Metrics

Select

Research on the impact of the institutional environment of intellectual property rights on total factor productivity Jiang Lihan, Ren Xiaomeng, Shi Jinchuan 2025, 46(5): 161-171.  DOI: 10.19571/j.cnki.1000-2995.2025.05.017 Abstract ( 36 )      The institutional environment of intellectual property rights represents a fundamental prerequisite for expediting the innovation-driven development strategy and safeguarding enterprise core competitiveness. From the dual perspectives of intensive and extensive margins, this study devised the "competition-cooperation" dual mechanism theory concerning the optimization of the institutional environment of intellectual property rights. Taking the establishment of intellectual property demonstration cities as a quasi-natural experiment, the staggered DID model was employed to analyze the influence of optimizing the institutional environment of intellectual property rights on enterprise total factor productivity. The research results are as follows: (1) The optimization of the city institutional environment of intellectual property rights significantly boosts the total factor productivity of local listed companies. This policy effect endures over the long term, and its impact amplifies with the continuous refinement of the institutional environment. (2) The optimization of the institutional environment of intellectual property rights could remediate the deficiencies of the market environment. Enterprises in regions with relatively underdeveloped market conditions are more likely to benefit from the enhanced institutional environment of intellectual property rights. (3) The competition effect mechanism test indicated that optimizing the institutional environment of intellectual property rights not only escalates the pressure of inter-enterprise innovation competition but also strengthens the intra-enterprise innovation impetus and capacity. (4) The cooperation effect mechanism test showed that improving the institutional environment of intellectual property rights reduces cooperation costs. However, the effectiveness of innovation cooperation stems from the optimization of the market-oriented allocation of knowledge elements among enterprises rather than their collaborative R&D efforts. The conclusions of this research will provide empirical support for the dual mechanism theory and offer policy suggestions for further refining the institutional environment of intellectual property rights.  References | Related Articles | Metrics

Select

Research on the impact of Internet reform on corporate audit fees Han Shaozhen, Li Liaoning, Zhang Hanshi, Pan Ying 2025, 46(5): 172-181.  DOI: 10.19571/j.cnki.1000-2995.2025.05.018 Abstract ( 30 )     Internet reform has a dual effect on increasing operational risks and mitigating informational risks, both of which are crucial factors influencing audit fees. This paper theoretically analyzed the impact of Internet reform on audit fees, and empirically tested it by using a sample of the Chinese listed companies from 2011 to 2020. We found that: (1) Higher levels of Internet reform significantly increase corporate audit fees overall. (2) A mediating mechanism whereby the Internet increases audit fees by raising operational risk is significant, while the mediating mechanism of reducing audit fees through mitigating informational risk is not significant. This explains why the Internet tends to increase rather than decrease audit fees. (3) Firms with higher internal control quality and accounting firms with stronger auditing capabilities can suppress the negative effect of the Internet on increasing operational risk while enhancing its positive effect on reducing informational risk. Consequently, the negative impact of the Internet on increasing audit fees is relatively lower for firms with high-quality internal controls and for those audited by accounting firms with strong auditing capabilities. This study has integrated the macro-level Internet technological environment with microlevel audit fee decision-making, thus offering new insights into the economic consequences of Internet technology and the determinants of audit fees. References | Related Articles | Metrics

Select

Digital villages and rural common prosperity: The moderating effect of digital twin Tang Linjia, Zhang Jiewen, Jiang Ziyan 2025, 46(5): 182-192.  DOI: 10.19571/j.cnki.1000-2995.2025.05.019 Abstract ( 53 )   Digital village construction and rural common prosperity are the new propositions for highquality development empowered by digitalization in the new era. Digital villages serve as a new engine for advancing digital China and modernization, as well as a new driving force for promoting high-quality development of rural common prosperity. This paper reconstructed indicators to measure rural common prosperity, digital rural areas, and digital twin, and based on the panel data from 30 provincial-level regions in China from 2014 to 2021, explored the common prosperity effect of digital village construction and the moderating effect of digital twins. The research showed that: (1) Digital village construction significantly drives rural common prosperity, mainly through the digitization of rural infrastructure, economic activities, governance, and residents′ daily life; (2) The driving effect of digital village construction on rural common prosperity is influenced by digital twin, mainly through the digitization of rural infrastructure, economic activities, and governance; (3) The heterogeneity analysis revealed that digital village construction has a stronger common prosperity effect on economically underdeveloped areas, and the moderating effect of digital twin varies significantly in regions at different levels of development. Further threshold analysis showed that, for rural common prosperity, digital village construction has its own single threshold effect and double threshold effect of digital twin. The above conclusion has important implications for the realization of rural common prosperity and leapfrog development, as well as advancing Chinese modernization. It will also provide valuable references for building a digital village ecosystem in the region and carrying out policy options empowered by the digital twin. Related Articles | Metrics