In the age of the digital economy, cross-market operation is a common way for platform enterprises to expand their business. In the context of cross-market competition, this paper constructs a multi-stage game model in a two-sided market to study the optimal pricing strategy of platform enterprises when a cross-market network effect exists, and analyzes the influences of cross-market network effect and cross network externality on platforms. The findings are as follows. The cross-market platform can always charge positive prices to users on both sides in the new market, but whether they charge or subsidize users in the original market depends on the size of the cross-market network effect. With the increase of the cross-market network effect, the profit in the original market of the cross-market platform decreases, while the profit in the new market and total profit increase accordingly. When the cross-market network effect is large, the profit of the cross-market platform in the original market is negative. Still, the total profit is positive and the total profit is greater than that of its competitors. This paper can provide a new perspective for studying the pricing strategies of platforms.

The exchange rate policy, as a centralized manifestation of macroeconomic regulation by a country’s authorities, has become the core of the rivalry in the economic and trade fields between China and the United States. The United States relies on the dominant position of the US dollar to suppress China’s rise in the global value chain. Therefore, utilizing exchange rate policy to overcome the constraints of dollar hegemony and climb the value chain has become crucial for China in building a new development pattern. Based on the incomplete exchange rate pass-through under the framework of global value chain, this paper simulates the objective facts of exchange rate policy game between China and the United States by constructing a signaling game model, analyzes the typical cases of exchange rate policy game between the two countries after the global financial crisis in 2008 and the outbreak of the epidemic in 2020, and verifies that in the face of the protectionist “coercion” game behavior pursued by the United States, China has achieved a policy shift from passive acceptance to active response, thanks to the reversal of the low-end locking of the division of labor in the value chain. But it is hard to reach a Pareto equilibrium due to the inward-looking interests of the US. In order to break this game dilemma, this paper further takes the trend of regionalization of global value chains as the focus, and argues that building a regional value chain led by China and forming a symmetric solution to the game with regional countries is a win-win choice.

China’s economic development has long relied on fixed capital input, and the diversity of fixed capital composition and the long-term nature of its use determines the complexity of its embodied carbon transfer. While previous studies have focused on the spatial separation of production and consumption, with trade as the primary focus, there has been a lack of research on the intertemporal transfer of hidden carbon. This can be studied by analyzing the dynamics of capital formation and utilization. In this paper, the capital flow matrix from 2003 to 2020 is used to internalize capital in input-output analysis, and the capital depreciation matrix is used to track the intertemporal transfer of implied carbon in the process of capital use, which is defined as the dynamic consumption carbon footprint. The findings indicate that China has accumulated a significant amount of fixed capital that can be used for future production. The carbon footprint of dynamic consumption is approximately 62% to 77% of that of traditional consumption, with the reduced portion being reflected in future consumption. The sector distribution of the carbon footprint of dynamic consumption is more balanced, with a significant increase in the carbon footprint of the tertiary industry sector, closely aligned with its value added. The key sectors for emission reduction are electric heating production and supply, as well as the equipment and instruments sectors. When considering the carbon emissions caused by the depreciation of fixed capital, the size of the carbon footprint of consumption depends not only on the carbon intensity of current production but also on the extent to which current production relies on past-formed fixed capital and the carbon intensity of previous production. Therefore, policies that modify the service life of fixed assets can partially reduce the dynamic carbon footprint of consumption. This study provides a reference for relevant policymakers.

Collective teamwork among provinces positioned along the domestic circulation value chain according to their respective status in the division of labour is an important support for China to build a new development pattern. Taking into account two dimensions: value-add capacity and labor productivity, this paper designs a new framework for evaluating the provincial division status in domestic circulation value chain of China’s high-tech industry, and compares and analyzes the locations where different high-tech industries are embedded across provinces in combination with domestic circulation value chain network structure. The research shows that coastal provinces’ division status is most advantageous in both strength and breadth, while inland provinces’ division advantage is concentrated in the upstream sector; Jiangsu, Shanghai, Guangdong and Inner Mongolia have a significant division status in the domestic circulation value chain of high-tech industries; the division status of the manufacturing sector is prominent, while that of the service sector is relatively weak; the provincial primacy ratio of the upstream sector’s division status in domestic circulation value chain is high and this is especially typical of the high-tech service industry. In addition, there is no close correlation between the provincial primacy ratio of the industrial sector in the domestic circulation value chain and its overall division status.

Using a sample of China’s A-share listed companies from 2004 to 2017, we examine whether the affiliated firms’ network positions will affect the firms’ innovations. The results suggest that, compared with standalone firms, business groups are more positively associated with firm innovations, and the greater the network centrality of an affiliated firm, the higher innovation of the company. There is evidence that affiliated firms with greater network centrality have a stronger role in mitigating financing constraints, and gain more technological spillover to promote innovations. In addition, the information gathered by affiliated firms with greater network centrality encourages enterprises to acquire more innovative firms, and invest more in corporate venture capital, which increases their future patents. This paper helps to open the “black box” of the internal structure of business groups, and provides empirical evidence for understanding the interactions between group members.

The new infrastructure is a new generation of digital infrastructure for the digital economy, represented by 5G, big data centers, and industrial Internet. In recent years, with the continuous expansion of the scale of China’s new infrastructure construction, whether and how enterprises can participate in new infrastructure to boost innovation has been highly concerned. This paper explains the impact of enterprises’ participation in new infrastructure on their innovation performance and the mechanism underlying the impact from a theoretical perspective, and empirically validates the theoretical hypothesis based on the data of enterprises in Zhongguancun National Independent Innovation Demonstration Zone from 2015 to 2018. The findings are as follows: First, enterprises’ participation in new infrastructure business can significantly improve their innovation performance; Second, optimizing the structure of labor force is the main channel to improve innovation performance, while the channel to save management costs is not robust; Third, the impact of new infrastructure on innovation performance is ownership neutral and scale heterogeneous. The larger the enterprise scale, the stronger the innovation promotion effect of participating in new infrastructure. The research conclusions of this paper provide theoretical support and empirical evidence for fully tapping the “innovation dividend” of enterprises participating in new infrastructure under the digital economy.

The Internet is not only an important engine to promote the innovation-driven development of the manufacturing industry, but also the main way to solve the “low-quality and low-efficiency” innovation dilemma of the manufacturing industry. This paper constructs a theoretical analysis framework on the improvement of innovation efficiency of Internet-driven manufacturing enterprises, and uses the panel data of China’s A-share listed manufacturing companies from 2012 to 2019 to empirically test the impact of the Internet on the innovation efficiency of manufacturing enterprises and the moderating effect of cost, enterprise innovation openness and enterprise production technology efficiency. The research finds: (1) The Internet has a significant role in promoting the innovation efficiency of manufacturing enterprises, and the conclusion still holds after a series of robustness tests. (2) The results of the mechanism test show that the adjustment effects of enterprise cost, enterprise innovation openness and enterprise production technology efficiency are all positive, that is, the Internet effectively promotes the innovation efficiency of manufacturing enterprises by expanding enterprise innovation openness and improving enterprise production technology efficiency. However, the cost saving of enterprises has inhibited the improvement of innovation efficiency of Internet-driven manufacturing enterprises. (3) The results of the heterogeneity test show that the impact of the Internet on the improvement of innovation efficiency of manufacturing enterprises in different regions, industries, and types of enterprises is significantly different. Especially for manufacturing enterprises in the central and western regions, capital-intensive manufacturing industries, high-asset-specific manufacturing enterprises and state-owned manufacturing enterprises, the promotion effect of Internet-driven innovation efficiency improvement is more significant. The above research results mean that vigorously promoting the embedding and application of the Internet to manufacturing enterprises is an important way to drive the improvement of innovation efficiency of manufacturing enterprises.

Intelligence is a key path to promoting ecological construction and achieving high-quality economic development. This paper, based on panel data from 2013 to 2020 in China, systematically constructs an evaluation index system for regional intelligence. Then, using a dynamic threshold model, from the perspective of industrial transformation and upgrading, it explores the complex dynamic impact of intelligence on low-carbon technology innovation at different levels of industrial transformation and upgrading. The results indicate that the level of regional intelligence in China is relatively low, and regional heterogeneity is significant. Intelligence has a significant heterogeneous threshold effect on low-carbon technology innovation in industrial transformation and upgrading, and a lower degree of industrial transformation and upgrading is not conducive to assisting intelligence in driving low-carbon technology innovation. As the degree of industrial transformation and upgrading improves and breaks through critical points, it has effectively played the empowering role of intelligence to a certain extent, thereby promoting low-carbon technological innovation, which means there is a U-shaped relationship. This research has important theoretical and practical significance for clarifying the driving mechanism, plan formulation, and policy implementation of promoting regional low-carbon technology innovation in the digital economy era.

The emergence of green emerging markets has shifted the competitive environment from the traditional single market to a multi-market, multi-resource direction, posing new challenges to both corporate product line expansion strategies and relevant government regulation policies. This study builds a game model based on consumer value theory and market segmentation theory to comprehensively analyse the interplay among three major forces (consumers, firms and government) in today’s green markets, and to investigate how government regulation policies moderate firms’ product line expansion decisions. The results show that: differences in fixed costs across industries affect firms’ choice of product line expansion strategies, and for industries with higher fixed costs, firms need to abandon traditional markets in time to reduce the risk of losing out on competition in the transition; stricter government environmental regulation has a limited incentive to stimulate green innovation in the market and needs to be regulated according to the degree of market development. The findings provide useful managerial insights into the strategic choices of firms in green transitions and in-depth discussions on the moderating impact of environmental regulation enforcement.

Most home sharing businesses are individually operated with fierce competition, which rely heavily on consumer reviews. For newly launched businesses, getting more positive reviews would gain and sustain competitive advantages. However, online review manipulation has costs in business practice, so the motivation to manipulate is stronger for newly launched businesses. This study collects the online review data of home sharing businesses that are listed on both Qunar (allows no-order reviews) and Tujia to perform an empirical analysis. The empirical results suggest that newly launched businesses have more positive reviews, a significant signal of manipulation. Further empirical evidence indicates that the reviews on newly launched businesses are largely posted by inexperienced users. The findings of this study offer direct practical implications for the regulation of home sharing businesses and platforms to promote the healthy development of the home sharing industry.

Artificial intelligence applications represented by intelligent voice assistants are rapidly rising around the world, bringing convenience to consumers and opening up new business models for enterprises. As market competition intensifies, intelligent voice assistants have also experienced serious homogeneity and high content overlap. Previous product design ideas that only met the functional needs of consumers were difficult to establish an advantage in competing products. In order to solve this problem, companies combined products with celebrity images. This paper studies the influence of “celebrity image” and “AI image” on consumers’ intention to use and its internal mechanism from the perspective of product image. This study finds that intelligent voice assistants using celebrity images enjoys a higher intention of use by consumers. The flow experience plays a mediating role in this process. Consumer innovation and emotional attachment have moderating effects on this mediating pathway. The conclusion of this paper enriches the relevant research on the product image of intelligent voice assistants, analyzes the specific reasons for the influence of intelligent voice assistant’s “celebrity image” and “AI image” on consumers’ intention to use, develops a new theoretical research path for the celebrity effect in the artificial intelligence application design, and formulates theoretical guidance for marketing strategies.

The influence of perceived organizational politics is considered to be highly correlated with cultural context. However, research on the intrinsic mechanisms of how perceived organizational politics affect knowledge sharing has relatively overlooked cultural context. Based on the perspective of family-like exchange relationship in the context of Chinese culture, this paper aims to understand the mediating mechanism and the boundary condition through which perceived organizational politics influence knowledge sharing. A three-wave survey is conducted among 227 full-time MBA students. Results reveal that: perceived organizational politics has a significant negative effect on family-like exchange relationship; family-like exchange relationship has a significant positive effect on knowledge sharing; family-like exchange relationship mediates the relationship between perceived organizational politics and knowledge sharing; impact negatively moderates the direct positive effect of family-like exchange relationship and the negative indirect effect of perceived organizational politics on knowledge sharing. This study provides explanation mechanisms based on family-like exchange relationship of Chinese culture for analyzing knowledge sharing, and offers practical suggestions for managers to motivate employees to share knowledge.

Carbon peak and carbon neutralization are two important national strategic goals in China (i.e., dual carbon goals). Employees’ green creativity, which refers to the generation of novel and useful ideas about green product, technology, service, and practices, is considered the micro-basis of the achievement of national dual carbon goals. As such, identifying negative predictors of employee green creativity can help inspire managers on how to remove obstacles in the process of achieving the “dual carbon” goals. Based on the social learning theory, we expect that exploitative leadership hinders employees’ green creativity because exploitative leadership make employees learn self-serving cognition, resulting in the lack of sufficient resources that are necessary for the generation of green creative ideas. Based on three-wave data from 203 employees and their leaders, the results of multi-level analysis show that: exploitative leadership is negatively related to employees’ green creativity, and employees’ self-serving cognition mediates the above relationship. In addition, the above indirect relationship depends on employees’ emulation propensity. When employees have a higher (vs. lower) tendency to emulate their leaders’ behaviors, the indirect relationship between exploitative leadership and employee green creativity through employee self-interest cognition is stronger (vs. weaker). This study promotes the enrichment of the theoretical system of green creativity from the perspective of negative leadership, while reminding managers to avoid some leadership-related barriers in the green creative process.

Proactive behavior and creative collaboration have been highly valued by scholars, but the important value of high-quality relationships for proactive behavior and creative collaboration has been ignored in previous researches. Based on the theory of meaning construction and the theory of social exchange, the mechanism of how high-quality relationships influence proactive behavior and creative collaboration and its boundary conditions are analyzed. The research finds that: (1) High-quality relationships positively affect employees’ proactive behavior and creative collaboration; (2) Meaningfulness of work plays a part of the mediating role between high-quality relationships and proactive behavior & creative collaboration; (3) Positive reciprocity beliefs play a moderating role between high-quality relationships and work meaning; (4) Positive and reciprocal beliefs positively regulate the mediating role of meaningfulness of work between high-quality relationships and proactive behavior & creative collaboration. The above research conclusions provide valuable reference and inspiration on how to improve the significance of employees’ work and promote their positive behaviors.

In recent years, Chinese family firms have gradually entered into succession stages. Family intergenerational succession is not only the key to the sustainable development of family firms, but a challenge during this process. With the China capital market developing, especially the comprehensive registration system implementing, and the content and form of information disclosure diversifying, the annual report text information disclosure quality is increasingly important. Based on the above background, this paper takes Chinese A-share listed family firms from 2009 to 2019 as research samples to study the impact of family intergenerational succession on the readability of annual report text information by means of readability index constructed from different dimensions. The study finds that family intergenerational succession improves the annual report readability. Mechanism test finds that family firms will improve significantly the the annual report readability after family intergenerational succession in order to alleviate the agency problem and maintain family reputation. After considering a series of endogenous problems, the results are still robust. Heterogeneity test finds that the positive impact of family intergenerational succession on annual report readability is more pronounced for entrepreneurial family firms, for family firms operating in less competitive industries and for those located in area with a high marketization degree. Furthermore, relative to the preparatory stage of family intergenerational succession, when heirs formally take charge of their family firm, they are even eager to make annual reports more readable. This paper enriches and develops the research results in the field of family intergenerational succession and annual report readability, and also provides certain policy implications for family firms that are in or about to enter the intergenerational stage.

This paper examines the mechanism of how managerial ability acts on loan pricing and the resultant effect. We use a proprietary loan data of a state-owned commercial bank from 2009 to 2018 as sample and find that managerial ability is significantly negatively associated with loan pricing. The conclusion holds after using instrumental variables and conducting a series of robustness tests. Mechanism tests show that high-ability managers can reduce loan interest rate by reducing firm risk, improving firm information quality and alleviating proxy conflicts. Further analysis shows that the influence of managerial ability on loan pricing is more significant in non-state-owned firms, firms not supported by industrial policies and firms exposed to a more market-oriented financial market. This paper not only enriches the literature in the fields of managerial ability and loan pricing, but also takes managerial ability as a loan pricing factor in practice, thus providing empirical evidence for stimulating entrepreneurship and improving banks’ resource allocation ability.

The reasonable location planning of urban public logistics facility is a prerequisite for the government to formulate effective spatial layout scheme of urban logistics facilities and promote efficient and orderly development of urban logistics. From the government’s point of view, this research develops a logistics facility location analysis method that takes into account urban freight efficiency (in terms of average shortest travel time, minimum transportation cost and urban freight accessibility) and the greenhouse gas emission and road traffic impact produced from urban freight activities. The method is applied to analyze Beijing’s latest planning schemes of logistics facilities. It is found that (1) the public logistics facilities in Beijing should not be located more than 40 km away from the city center, and the location scheme currently planned may result in heavier traffic congestion on some parts of roads, such as the part of Jinggangao motorway between Jingliang Bridge and Liuli Bridge, and North 2nd Ring Road; (2) improving urban freight accessibility based on public logistics facilities is an effective method for local governments to enhance urban freight performance, reduce transportation costs and greenhouse gas emission. The method proposed in this paper provides theoretical support for the government to formulate a reasonable logistics spatial layout planning, so as to develop urban logistics with high efficiency and low environmental and traffic impacts.

The e-commerce retail platform has evolved into a hybrid retail platform where the platform sells through itself-operated channel and the manufacturer sells on consignment. This paper constructs a multi-stage game model based on a hybrid e-commerce retail platform to investigate the promotion game between the e-commerce retail platform and the manufacturer, and to discuss the impact of asymmetric channel potential demand on the decision outcomes. Four scenarios are considered: neither of the e-commerce retail platform and the manufacturer promotes its channel, the manufacturer promotes the consignment channel but the e-commerce retail platform does not, the e-commerce retail platform promotes its self-operated channel but the manufacturer does not, and the two parties both promote their respective operating channels. It is found that promotion for the consignment channel is always the dominant promotion strategy for the manufacturer, regardless of the commission rate of the consignment channel, the intensity of channel competition, and the difference in the potential demand of the channels. The equilibrium promotion strategies between the e-commerce retail platform and the manufacturer depends on the relationship among the commission rate of the consignment channel, the intensity of channel competition, and the difference in potential channel demand. When the intensity of channel competition is low, the difference in potential channel demand does not affect the choice of equilibrium promotion strategy between the e-commerce retail platform and the manufacturer, and both parties will launch promotions for their respective operating channels at the same time. When the intensity of channel competition is high, the choice of equilibrium promotion strategies between the two parties depends on the difference in the potential demand between the two channels. If the potential demand of the consignment channel is small then both parties promote their respective operating channels is still an equilibrium strategy, if the potential demand of the consignment channel is large then the e-commerce retail platform will choose not to promote its own channel. Moreover, the manufacturer can always obtain the highest total profit under the equilibrium promotion strategies, while whether the e-commerce retail platform can obtain the highest total profit under the equilibrium promotion strategies depends on the intensity of channel competition and the manufacturer’s consignment channel potential demand.

We model the secondary supply chain system composed of a supplier and a seller as an example. Based on different policyholders, this paper discusses the effect of interruption risk transfer and specific impact mechanism of the supplier-insured, seller-insured, and co-insured models, and provides theoretical support for supply chain collaborative management and control of interruption risk and innovation of business interruption insurance mode for major public emergencies. The relevant research conclusions include: Business interruption insurance for major public emergencies can effectively transfer the risk of enterprise interruption, and achieve the goal of value realization and value appreciation through supply chain transmission; The choice of the best policyholder between the manufacturer and the seller depends on specific circumstances; The business interruption insurance for major public emergencies has a certain complementary and replacement relationship with the interruption penalty contract and the wholesale price contract, and also has a certain smoothing effect between the interruption penalty coefficient and the order quantity.

The participation of the public is the key to the construction of the pattern of multi-subjects’ participation in environmental governance, and also an important means of promoting the modernization of national governance system and capacity. Based on the social survey data of 2,675 residents in 7 provinces of Yangtze River and Yellow River, this paper empirically analyzes the influence of environmental rights awareness and political trust factors on the level of public participation in river chief system water environmental governance, and the moderating t effect of political trust in the process of environmental right awareness influencing public participation in river chief system water environmental governance is examined by hierarchical moderating regression analysis. It is found that the awareness of environmental rights and political trust have a significant positive effect on the level of public participation in river chief system. However, political trust has a moderating effect in the process of environmental rights consciousness affecting public participation in river chief system water environmental governance. This conclusion helps to explain the lack of active participation of the public though they have the right to participate in the environment. Combining with the research conclusion, this paper suggests that the environmental law popularization and education should be strengthened to enhance the public awareness of environmental rights, the government should strengthen the supervision of the environment and the publicity of environmental policies, and the public officials should adhere to the principle of integrity, restrain from corruption, and improve the level of political trust among the public.

With the development of the Internet and public awareness of environmental protection, an increasing number of people begin to express their sentiments about environmental pollution through online complaint platforms, and they have become an important force in pollution control. To explore the effect of public compliant sentiment on environmental pollution, this study uses the individual data for public complaints on air pollution, water pollution and solid pollution in 30 provinces in China from 2013 to 2020, to measure the public complaint sentiment and conduct a quantitative analysis using an econometric model. The empirical results show that: (1) Public compliant sentiment has a significant negative effect on air pollution, but has no significant effect on water and solid pollution. (2) Public complaint sentiment also indirectly impacts air pollution mitigation by influencing the government’s pollution control investment. (3) The effect of public compliant sentiment on environmental pollution shows the heterogeneity across regions and public characteristics, with more significant effect being in regions with developed economies and high education levels.

In the development strategy driven by technological innovation, exploring how to fully leverage the role of technology incubators and accelerate the achievement transformation of hard technology enterprises has important practical significance. This paper takes the “Xiguang Model” of Zhongke Chuangxing as a research case to explore the path and mechanism of the transformation of scientific and technological achievements in hard technology enterprises, as well as the important role of venture capital in its model. It is found that introducing venture capital can accelerate the innovation and development of hard technology enterprises. At the same time, the appreciation of enterprise valuation can attract more capital to enter, forming a new circular development model of capital driven innovation. However, hard technology enterprises have the characteristics of high development risks and long development cycles, and the transformation of scientific and technological achievements requires continuous financial investment. Therefore, the development of hard technology enterprises needs to rely on relevant channels such as national policies and financial finance. Moreover, to solve the “financing difficulties” of hard technology enterprises, it is not only necessary to guide more social capital to participate through the leverage of state-owned capital, but also to fully leverage the role of market-oriented resource allocation. The case enterprise has promoted the development of hard technology enterprises through the “talent+technology+capital+service” four in one technological achievement industrialization model, and achieved its own growth, further enhancing its social service capabilities. The research in this paper lays the foundation for the development theory of hard technology enterprises with Chinese characteristics and provides a policy basis for the relevant decision-making departments.

Taking Tecsun (Suzhou) Homes Co., Ltd. (Tecsun in short) as the single case study object, and using the cognitive energetics theory, this study explores the driving and restraining forces that affect workers’ active pursuit of excellence, and describes their evolution process. It is found that: (1) The formation of the new generation of migrant workers’ craftsman spirit includes three kinds of driving mechanism, which are identity filling, task enabling and habitus matching, and three endogenous paths, which are establishing positive self-concept, strengthening positive self-concept and ought-self restraining; (2) The identity filling mechanism drives the workers to build a positive self-concept and form an abundant reserve of psychological resources; (3) The task enabling mechanism drives the workers to take work as an important way to strengthen their positive self-concept, and then a lot of resources are invested in their work; (4) The habitus matching mechanism shapes the workers’ ought-self of focusing on their work and practicing good professional labor habits, which restrains the resistance in the process of goal pursuit. This study expands the application situation and interpretation boundary of cognitive energetics theory, enriches the antecedents of the formation of craftsman spirit, and broadens the thought of craftsman spirit cultivation of the new-generation migrant workers.