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The Impact of Artificial Intelligence Use on Employee Work Performance: Based on the Functional and Relational Perspectives Wei Wei, Yang Lele Management Review    2025, 37 (10): 162-173.   Abstract （397）      PDF （1381KB）（391）       Knowledge map    With the widespread use of AI in the workplace, AI has gradually become a collaborator in employees’ work and has a profound impact on employees’ behavioral performance. The impact of AI use on employees’ work performance still needs to be explored in depth. Based on social cognitive theory, this paper explores the mechanism of how AI use influences employee work performance from the functional perspective and the relationship perspective respectively. An independent research is conducted using scenario experiment method and questionnaire method. The results of scenario experiments show that AI use has a positive impact on employee work performance. The questionnaire results show that AI use has a positive impact on employee work performance through width self-efficacy, and AI use will also have a positive impact on employee work performance through process participation. Width self-efficacy and process participation play a mediating role in the impact of AI use on employee work performance. The indirect effect of AI use on employee performance through breadth self-efficacy and process participation is stronger when AI training is stronger.The research results further expand the research on the impact of AI use on employee performance, providing practical implications for employee performance management in the intelligent workplace. Reference | Related Articles | Metrics

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The Theoretical Logic and Level Measurement of New-quality Productive Forces Development under the Perspective of Artificial Intelligence Chen Xiaohong, Huang Chengdong, Yuan Yige, Tang Xiangbo Management Review    2025, 37 (11): 3-14.   Abstract （300）      PDF （1750KB）（204）       Knowledge map    Grasping the developmental patterns of productivity under the perspective of artificial intelligence holds significant value for propelling the qualitative transformation of productivity. This paper incorporates the transformative characteristics of AI into the theoretical analytical framework and systematically elucidates the conceptual connotations of the new type of productivity. Based on the three-factor theory of productivity, it reveals the theoretical logic through which the productivity system achieves qualitative leaps by renewing the connotations of its elements and optimizing their combinations, under the context of AI altering the modes of social production. On this basis, the paper further summarizes the measurement indicators of the three elements of productive forces from the perspective of AI and proposes a framework for measuring new-quality productive forces. It then uses this framework to assess the current state of new-quality productive forces at the provincial level. From a spatial dimension, the visualization of the characteristics of new-quality productive forces development reveals a polarization phenomenon among provinces and a stepwise development pattern of “coastal—riverine—inland” regions. Meanwhile, the regional imbalanced development of new-quality productive forces overlaps to some extent with that of economic levels, although some provinces at relatively lower economic levels have already shown a trend of using new-quality productive forces to achieve economic catch-up. This paper aims to enrich the theoretical system of new-quality productive forces and provide decision-making support for the practical application of AI in driving qualitative changes in productive forces by measuring the level of new-quality productive forces development. Reference | Related Articles | Metrics

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A Research into the Mechanism of How New Infrastructure Projects Drive Integrated Urban-Rural Development Wu Guobin, Li Yuhan, Yang Fan, Li Yulong Management Review    2025, 37 (9): 3-14.   Abstract （289）      PDF （1215KB）（177）       Knowledge map    New infrastructure has great potential to promote integrated urban-rural development. Based on the panel data of 31 provincial-level administrative regions in China from 2012 to 2021, this paper applies spatial lag modeling to test the mechanism of how new infrastructure drives integrated urban-rural development. The results demonstrate that the new infrastructure has a driving effect on integrated urban-rural development, and there is a significant spatial spillover effect. The three types of new infrastructure, namely information-based infrastructure, integrated infrastructure, and innovation infrastructure, all have a positive effect on integrated urban-rural development. Specifically, the effect of information-based infrastructure relies on the digital economy, the effect of innovation infrastructure relies on industrial structure upgrading, and the effect of integrated infrastructure can be transmitted through both the digital economy and industrial structure upgrading. Therefore, the investment and construction of the three types of new infrastructure should be planned scientifically, considering the digital economy and industrial structure of the region, and the interregional planning of new infrastructure should be strengthened, to give full play to the spatial spillover effect of the new infrastructure, and to promote integrated urban-rural development. Reference | Related Articles | Metrics

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A Study on Predicting Green Credit Default Risk of Publicly Listed Companies through a Hybrid Deep Learning Model Chen Wei, Zhou Quanshi, Chen Zhensong, Yao Yinhong Management Review    2025, 37 (9): 27-41.   Abstract （278）      PDF （2649KB）（154）       Knowledge map    In recent years, green credit has played an increasingly important role in promoting the construction of China’s green financial system and facilitating high-quality economic development. However, default activities of listed companies in green credit may pose a trust crisis in the financial market and hinder the achievement of the "dual carbon" goals. Therefore, accurately identifying and predicting the green credit default risk of listed companies has become a focus in both academia and the industry. To address this, this paper first constructs a comprehensive measure of default risk, by incorporating the proportion of green credit defaults and the credit ratings of entities. And we process feature engineering by excavating the characteristics of green credit data for listed companies. Subsequently, a hybrid deep learning model, named AE-MACNN-LSTM, is designed by incorporating an AutoEncoder mechanism and various neural networks to predict the green credit default risk of listed companies. Finally, an empirical test is conducted based on samples of A-share listed companies in China. The results indicate that the proposed method achieves significant improvements in multiple evaluation metrics, such as high recall rates and AUC values. This research provides a novel perspective for identifying and mitigating the green credit risk of listed companies, offering valuable insights for the government and investors to timely grasp the dynamics of corporate green credit. Reference | Related Articles | Metrics

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How Artificial Intelligence Affects Corporate Disruptive Green Innovation: A Knowledge Recombination Perspective Zhou Yuan, Dai Xingliang, Xu Guannan Management Review    2025, 37 (11): 206-218.   Abstract （251）      PDF （1315KB）（130）       Knowledge map    Disruptive green innovation (DGI) is essential for achieving carbon neutrality goals; however, its development is constrained by the dual challenges of externalities and substantial knowledge burdens. Artificial Intelligence (AI), with its potential to act as an “invention of a method of invention,” raises important yet underexplored questions concerning whether and how it influences firms’ DGI. Drawing on the knowledge recombination perspective, this study develops a theoretical framework to elucidate the mechanisms through which AI technologies can facilitate DGI at the firm level. To empirically validate this framework, we utilize panel data from China’s A-share listed manufacturing firms spanning 2007 to 2019. To improve measurement accuracy, we employ the BERT machine learning model to analyze corporate annual reports and construct firm-level AI adoption indicators, while the disruptiveness of green innovation is measured using the CD index derived from patent citation networks. The results reveal that AI significantly promotes DGI, primarily through dual pathways of expanding knowledge search breadth and deepening knowledge search depth. Heterogeneity analysis demonstrates that AI’s positive effects on DGI are more pronounced in regions with advanced digital infrastructure, weaker environmental regulation intensity, and firms receiving higher R&D subsidies. This study deepens the understanding of AI’s role in driving DGI at the micro-enterprise level, providing empirical evidence and theoretical insights for fostering synergistic development of intelligent and green transformation in corporations. Reference | Related Articles | Metrics

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How does the Coupling Effect of Digital Transformation and Green Transformation Promote New-quality Productivity?—A Mixed-methods Study Based on the Dynamic Capability Theory Chen Yantai, Hao Yajie, Pan Dapeng Management Review    2025, 37 (11): 27-40.   Abstract （238）      PDF （4257KB）（139）       Knowledge map    Against the backdrop of deep integration between the global digital economy and green economy, the dual transition (synergistic digital and green transformation) has emerged as a core pathway for driving new quality productive forces. This study constructs an evolutionary game model to analyze the preconditions for government, enterprises, and digital service providers during the dual transition, revealing the mechanism through which this synergy promotes new quality productive forces. Key findings indicate that embedded innovation of green and digital technologies, self-reinforcing dynamic feedback of cost-benefit structures, and innovation ecosystems built through multi-agent collaborative networks are crucial for advancing new quality productive forces. Using FENGDENG as a case study, we dissect an enterprise’s evolution from singular green transition to dual transition, demonstrating how its “mutual-construction and co-change” mechanism between green dynamic capabilities and new quality productive forces achieves win-win economic-environmental outcomes. This research provides theoretical guidance and practical references for Chinese enterprises implementing dual transition. Reference | Related Articles | Metrics

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Institutional Foundations and the Spark of Innovation: A Commentary on the 2025 Nobel Prize in Economics Liu Meng, Liu Xielin Management Review    2025, 37 (10): 3-9.   Abstract （233）      PDF （1163KB）（169）       Knowledge map    This paper provides a systematic review of the foundational contributions made by Joel Mokyr, Philippe Aghion, and Peter Howitt, the 2025 Nobel laureates in Economics, to the understanding of “innovation-driven economic growth”. The three scholars jointly constructed a systematic framework for understanding how innovation drives economic growth from different dimensions: Mokyr, adopting a historical perspective, profoundly revealed the importance of the institutional environments and cultural beliefs that sustain innovation, emphasizing the foundational role of an open knowledge ecology and a culture of growth in nurturing sustained innovative dynamism; meanwhile, Aghion and Howitt, building on the Schumpeterian growth model, transformed the insight of “creative destruction” into verifiable micro-mechanisms, articulating the inverted-U relationship between competition and innovation and the “escape-competition effect”, which means firms engage in “quality‐ladder” type innovations in pursuit of monopoly rents, thereby constructing a dynamic balance between creation and destruction. Their research inherits and extends the theoretical traditions of Solow, Romer, Schumpeter, and the institutional school, collectively demonstrating that sustained economic growth depends on an ecosystem that fosters innovation, tolerates failure, and ensures the free flow of knowledge. The institutional implications for China’s new era of innovation-driven high-quality economic development are as follows: To achieve a strategic shift from the “catch-up paradigm” to the “frontier paradigm”, it is necessary to move beyond simply increasing research and development investments. The focus must be on fostering a culture that encourages exploration, establishing a fair and competitive market mechanism, and implementing tailored industrial policies that align with different stages of development. These efforts will lay a solid institutional and cultural foundation for leading innovation. Reference | Related Articles | Metrics

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Supply Chain Finance and Corporate Debt Risk: The Perspective of Maturity Mismatch of Investment and Financing Ling Runze, Pan Ailing, Wang Hui Management Review    2025, 37 (10): 210-222.   Abstract （230）      PDF （1272KB）（84）       Knowledge map    In recent years, more and more attention has been paid to the question of how to prevent and resolve corporate debt risks. As an important tool to serve the high-quality development of the real economy, supply chain finance has also received widespread attention. Using the data of A-share listed companies, this paper examines the role of supply chain finance in preventing debt risk from the perspective of maturity mismatch of investment and financing. It is found that the implementation of supply chain finance strategy can significantly restrain enterprises from maturity mismatch of investment and financing, and the effect of two-way supply chain finance and digital supply chain finance is better. Extended test finds that supply chain finance reduces maturity mismatch of investment and financing by increasing operating cash flow and equity financing. The inhibitory effect of supply chain finance on maturity mismatch of investment and financing is more significant for enterprises with weak long-term debt financing capabilities and strong short-term debt financing capabilities. The inhibitory effect of supply chain finance on maturity mismatch of investment and financing can reduce the business risk and financial risk of enterprises, and improve the financial performance and investment efficiency. This paper not only enriches and expanded the research on the mechanism of supply chain finance serving the real economy and the influencing factors of maturity mismatch of investment and financing, but also provides empirical evidence and policy reference for enterprises and government departments to scientifically reduce corporate debt risks, prevent systemic financial risks and better use supply chain finance to serve the high-quality development of the real economy. Reference | Related Articles | Metrics

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Research on the Mechanism of How Digital-Green Synergistic Transformation Influences Firm Performance in Manufacturing Sector Zhang Zhiwei, Zhang Ning, Xiao Tusheng Management Review    2025, 37 (11): 67-80.   Abstract （226）      PDF （1184KB）（119）       Knowledge map    The digital-green synergistic transformation (referred to as “dual synergy”) in manufacturing firms is an inevitable requirement for developing new quality productive forces and advancing high-quality development, as well as a critical pathway to enhance corporate competitiveness. Existing studies, both domestic and international, have separately explored the impacts of digital and green transformations on the performance of manufacturing enterprises, yet research on the impacts of dual synergy transformation remains scarce. This paper, based on data from China’s A-share listed manufacturing firms from 2007 to 2022, constructs a dual synergy index for manufacturing firms using the coupling model method and empirically tests the impact of dual synergy on firm performance. The findings reveal a nonlinear U-shaped relationship between dual synergy and firm performance, where positive benefits emerge only after a threshold is crossed. Mechanism analysis indicates that both efficiency and cost channels mediate this relationship: dual synergy first suppresses and then promotes efficiency (U-shaped), while initially increasing and subsequently reducing costs (inverted U-shaped), thereby influencing performance. Environmental regulation and industrial structure rationalization moderate the U-shaped relationship between dual synergy and firm performance, with stronger environmental regulation and higher industrial structure rationalization flattening the curve. Heterogeneity analysis shows that the U-shaped relationship holds for both heavily and non-heavily polluting firms (more pronounced in the latter), as well as for firms in central/eastern regions and high-tech industries, but not for western regions or non-high-tech firms. This study provides empirical evidence for theoretical and practical research on dual synergy and offers strategic insights for manufacturing firms to enhance competitiveness. Reference | Related Articles | Metrics

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Exertion or Hesitation? A Dual-path Model of Leadership Emergence on Employees’ Job Performance Lv Ledi, Ji Shunhong, Gao kai, Zhang Haomin Management Review    2025, 37 (9): 137-148.   Abstract （210）      PDF （1276KB）（127）       Knowledge map    Owing to the increasingly dynamic and complex external environment, informal leadership is beneficial to teams in effectively changing procedures and coordination, which is favored by practitioners and scholars. However, dispute exists regarding whether leadership emergence can improve employees’ job performance, so the relationship between them and its mechanism need to be further explored. Drawing on the cognitive appraisal theory and through 507 dyads (87 supervisors and 507 subordinates), we examine the dual-path model of leadership emergence, involving strengthening path and weakening path, to explain why and when leadership emergence affects employees’ job performance. The results show that leadership emergence not only improves employees’ strengths use which in turn increases employees’ job performance, but also aggravates employees’ image risk, which in turn decreases employees’ job performance. In addition, distributed leadership can enhance the positive indirect effect of leadership emergence on employees’ job performance via strengths use, and buffer the negative effect of leadership emergence on employees’ job performance via image risk. These findings offer significant implications for theoretical research and practices. Reference | Related Articles | Metrics

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How does Digital Economy Promote the High-quality and High-benefit Development of Agriculture?—Evidence from Sample Data of 30 Chinese Provinces Zhang Mingyu, Wu Zheng, Su Zhiwen, Zhang Yihua Management Review    2025, 37 (12): 16-27.   Abstract （203）      PDF （1175KB）（122）       Knowledge map    As digital economy accelerates its penetration into agriculture and rural areas, it has become a crucial engine for promoting high-quality and high-benefit development of agriculture. How does the digital economy facilitate this agricultural advancement? Based on an in-depth interpretation of the connotation of high-quality and high-benefit development of agriculture, this paper systematically analyzes the mechanism by which digital economy promotes agricultural development. Using data from 30 Chinese provinces from 2011 to 2022 as research samples, we empirically examine the promoting effects of digital economy on high-quality and high-benefit development of agriculture. The main conclusions are as follows: First, digital economy can directly promote high-quality and high-benefit development of agriculture. This promoting effect is stronger in central regions, plain areas, and areas with higher levels of industrialization. Second, digital economy can indirectly promote high-quality and high-benefit development of agriculture by fostering agricultural technological innovation and enhancing rural entrepreneurship levels. Third, the promoting effect of digital economy on high-quality and high-benefit development of agriculture exhibits non-linear characteristics. Rural human capital positively moderates the relationship between digital economy and high-quality and high-benefit development of agriculture. When rural human capital surpasses 6.635, the promoting effect of digital economy development on high-quality and high-benefit development of agriculture undergoes a structural leap. This study helps reveal the mechanism by which digital economy affects high-quality and high-benefit development of agriculture, providing valuable policy insights for leveraging digital economy to promote agricultural advancement. To promote high-quality and high-benefit development of agriculture, efforts should be made to accelerate the construction of new digital rural infrastructure, stimulate the momentum of agricultural technological innovation, deepen support policies for rural entrepreneurship, and enhance the level of rural human capital. Reference | Related Articles | Metrics

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Can the China’s “Manufacturing Superpower” Policy Improve the Industrial Base Capability?—An Empirical Analysis Based on the Continuous Spatial DID Model Ji Kaiwen, Luo Luyi, Tang Wenying, Yuan Zichen Management Review    2025, 37 (9): 42-55.   Abstract （199）      PDF （2009KB）（115）       Knowledge map    Weak industrial base capacity has become a key factor limiting the improvement of China’s industrial chain supply chain level. Based on the data of Chinese provinces from 2013 to 2019, this paper constructs an index system for evaluating industrial base capacity, analyzes the change characteristics of industrial base capacity in China’s provinces by using the coefficient of variation σ convergence model, and empirically analyzes the effect of China’s “manufacturing superpower” policy on the industrial base capacity in China by using continuous and spatial continuous DID models. The main conclusions are as follows. (1) China’s provincial industrial base capacity shows an upward trend in general, especially after the implementation of the China’s “manufacturing superpower” policy in 2015, when China’s provincial industrial base capacity began to break away from the convergence trend as proposed by the neoclassical economic growth theory and instead show further growth potential without σ convergence. (2) China’s “manufacturing superpower” policy has improved the industrial base capacity to a certain extent, and the positive promoting effect of the policy is more sustainable. (3) Considering the spatial dimension of the policy, it is evident that China’s “manufacturing superpower” policy has a positive spatial impact on industrial basic capabilities, benefiting not only local and neighboring areas, but also the entire region. Furthermore, the spillover effect on neighboring areas and the entire region is more substantial than the direct effect it has on local area. (4) Further analysis reveals that the China’s “manufacturing superpower” policy mainly improves industrial base capacity by enhancing industrial innovation capacity and industrial infrastructure service capacity. Its impact on industrial supply capacity exists only in terms of total spatial effects, with no clear impact on industrial competitiveness and industrial chain control capacity. (5) Mechanism analysis indicates that the digital economy and financial technology are two mechanisms through which China’s “manufacturing superpower” policy affects industrial base capacity. These mechanisms positively influence both local area and the entire region, but negatively affect neighboring areas. Reference | Related Articles | Metrics

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Does Climate Change Affect Bank Active Risk-taking? —Theoretical Analysis and Empirical Examinations Fang Tong, Song Xiaoni Management Review    2025, 37 (10): 24-35.   Abstract （197）      PDF （2337KB）（117）       Knowledge map    In the background of global warming and low-carbon-economy transition, the banking system is faced with rigorous challenges, and evaluating the impact of climate change on the banking system is closely related to financial stability, and the impact on the bank active risk-taking behavior is one of important perspectives. This paper uses the temperature anomaly as a proxy of climate change, and conducts an empirical analysis using a micro panel dataset with 74 listed banks from 2003 to 2022. The results indicate that, increases in temperature anomalies significantly reduce bank active risk-taking; Banks with higher asset adequacy ratio have higher tolerance for climate shocks, but the size of banks does not play a significant moderating role. This paper also discusses the non-performing loan ratio and the balance-sheet capacity channels for the impact of climate change on bank risk-taking. For the non-performing loan ratio channel, increases in temperature anomalies raise the non-performing loan ratios and result in the “credit squeeze” behavior, and thus decrease active risk-taking. For the balance-sheet capacity channel, increases in temperature anomalies harm the balance-sheet capacity of banks by lowering prices of risky assets, and thus restrain active risk-taking. This paper confirms the effects of climate change on bank risk-taking and the underlying mechanism, and provides policy supports for regulators to maintain financial stability and to increase the ability of banks to serve the real economy in the era of climate change. Reference | Related Articles | Metrics

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A Study on the Mechanism of How Innovation Network Influences the Innovative Enterprises Embeddedness: Based on a Mixed Methods of SEM and fsQCA Gui Huangbao, Li Wenjing, Sun Pu, Zhang Zhihao, Wang Menglei Management Review    2025, 37 (9): 111-123.   Abstract （190）      PDF （1728KB）（91）       Knowledge map    Building effective innovation network is a crucial pathway for fostering the innovative enterprises embeddedness and achieving innovation-driven development. This study constructs a theoretical model to explain how innovation networks drive the innovative enterprises embeddedness, employs structural equation model and fuzzy-set qualitative comparative analysis to identify the mechanisms through which innovation network affect enterprise embedding. The study finds that (1) Innovation network has a positive effect on the innovative enterprises embeddedness. Specifically, network size, network relationships, and network position significantly contribute to innovative enterprises embeddedness. Moreover, the innovation environment positively moderates the relationship between innovation network and innovative enterprises embeddedness. Further analysis shows that no single factor is a necessary condition for generating high or low levels of innovative enterprises embeddedness. Two configurations lead to high innovative enterprises embeddedness: S1, the “scale-position-environment-driven” configuration, and S2, the “scale-relationship-position-environment-driven” configuration, with asymmetric mechanisms compared to low innovative enterprises embeddedness. Based on these insights, this study provides managerial implications, including enhancing innovation network relationships and expanding the scale of innovation networks, strengthening the centrality of innovative enterprises within networks to fully leverage the value of innovation networks, optimizing the innovation environment to cultivate the innovative enterprises embeddedness. Reference | Related Articles | Metrics

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Does Industrial Policy Help Companies Improve Talents Structure?—Evidence from A-share Listed Companies in China Zhang Huili, Hu Zhonghui Management Review    2026, 38 (1): 3-13.   Abstract （189）      PDF （1243KB）（147）       Knowledge map    Achieving the optimal allocation of human capital is an important goal of China's talent strategy and a fundamental guarantee for the long-term balanced development of the Chinese economy. This paper employs the Difference-in-Differences method to examine whether national industrial policy support can help firms attract more highly educated employees. Firms in industries that are supported by industrial policies are designated as treatment group. The empirical research results show that compared to control group firms, the proportion of highly educated employees in the treatment group increased significantly during the period of national industrial policy support, thereby indicating that China's industrial policies can bring about a significant talents aggregation effect. Heterogeneity tests reveal that this talents aggregation effect is more pronounced in firms with weaker comprehensive competitiveness and higher financing constraints. Further research indicates that talents aggregation effect of industrial policies can significantly improve the medium and long-term performance of firms. Our research provides new empirical evidence for the assessment of the implementation effects of industrial policies. The conclusions drawn from the study offer valuable insights and serve as a reference for the implementation of China's industrial policies and the talent allocation strategy proposed at the 20th National Congress of the Communist Party of China. Reference | Related Articles | Metrics

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Study on the Mechanism of How CEO Mindfulness Influences Organizational Resilience of S&T Innovation Enterprises Deng Zhihua, Li Ajie, Xue Nana, Song Kuntai Management Review    2025, 37 (9): 160-171.   Abstract （188）      PDF （1357KB）（89）       Knowledge map    Given the national strategic imperative of speeding up the realization of high level scientific and technological self-reliance, both business and academic circles are searching for ways for scientific and technological innovation enterprises to construct their organizational resilience. Based on the attention-based view, this paper explores into the effect of CEO mindfulness on organizational resilience and its internal mechanism, and examines the mediating effect of organizational mindfulness and organizational emotional capability as well as the moderating effect of organizational interpersonal harmony. Through the leader-member matching survey, 90 valid CEO questionnaires and 293 executive questionnaires are obtained at 2 time points. empirical study shows that CEO mindfulness has a positive influence on organization resilience, and both organizational emotional capability and organizational mindfulness have partial mediating effect between CEO mindfulness and organization resilience. Organizational interpersonal harmony positively moderates this process, which means the higher level of organizational interpersonal harmony, the more positive effect of CEO mindfulness on organizational resilience, and the greater indirect effect on organizational resilience through the mediation of organizational mindfulness and organizational emotional capability. This study extends the research on the construction mechanism and boundary conditions of organization resilience, and also provides theoretical reference and management inspiration for managers to construct organization resilience effectively. Reference | Related Articles | Metrics

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Digital Green Technological Convergence Asset Structure Mismatch and High-quality Development of Enterprises—Moderating Effect of Knowledge Combination Ability Li Weiming, Cao Xia, Zhang Xin Management Review    2025, 37 (11): 54-66.   Abstract （188）      PDF （1169KB）（114）       Knowledge map    The integration of digital technology and green technology can drive enterprises to optimize resource allocation and play an important role in achieving high-quality development. This research uses invention patent information to measure the digital and green technology integration behavior of enterprises, and takes A-share listed companies in emerging industries as samples to study the impact of digital and green technology integration on the high-quality development of enterprises and its mechanism. The study finds that the width and depth of the digital and green technology integration of enterprises have a positive impact and a positive U-shaped impact on the high-quality development of enterprises respectively, and the above conclusions are still valid after the robustness test. The mechanism analysis shows that the width and depth of digital and green technology integration can promote the high-quality development of enterprises by improving the mismatch of asset structure. Knowledge combination ability only positively moderates the relationship between the breadth of integration and the high-quality development of enterprises. The heterogeneity analysis shows that the significance of the impact of the width of digital and green technology integration on the high-quality development of enterprises shows a heterogeneity pattern of “eastern region>central region>western region,” and shows a more significant positive impact in the samples of non-state-owned enterprises, while the depth of digital and green technology integration only shows a significant U-shaped impact in the samples of eastern enterprises and non-state-owned enterprises. The research conclusions of this paper can enrich and expand the relevant theories of digital and green technology convergence, and provide practical support and policy enlightenment for China’s enterprises to promote the convergence of digital and green technology and promote the high-quality development of enterprises. Reference | Related Articles | Metrics

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Research on the Process of Achieving Sustainable Digital Transformation in Manufacturing Enterprises: From the Perspective of “Digital” and “Green” Resource Orchestration Wang Yonggui, Zeng Jing, Wang Linlin Management Review    2025, 37 (11): 245-259.   Abstract （186）      PDF （1720KB）（104）       Knowledge map    Promoting the integration of digitalization and greenification is an objective requirement for enterprises to achieve green and low-carbon transformation, and it is also an essential part of promoting the comprehensive green transformation of the entire economy and society. As the micro-level drivers of ecological progress and economic growth, enterprises should implement a sustainable digital transformation strategy oriented by the integration of digitalization and greenification. This is a key measure to achieve the “dual-carbon” goals and increase benefits. Based on the theoretical perspective of resource orchestration and taking Schneider Electric as a case study, this paper explores how manufacturing enterprises can orchestrate resources and form corresponding organizational capabilities to achieve sustainable digital transformation. The research findings indicate that the sustainable digital transformation of manufacturing enterprises is an iterative process of gradually realizing technological sustainability, economic sustainability, and environmental sustainability. During this process, enterprises go through the stages of resource development and capability generation, resource revitalization and capability response, and resource linking and capability leap. On this basis, this paper constructs a process model for manufacturing enterprises to achieve sustainable digital transformation. This paper opens the “black box” of the sustainable digital transformation process for manufacturing enterprises and provides theoretical support for enterprises to promote the integrated development of digitalization and greenification. Reference | Related Articles | Metrics

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The Impact of Corporate Digital Technology Innovation on the Development of New Quality Productivity in Local Economies Chen Rongda, Zhai Jiajun, Zhang Shuonan, Tao Kerun, Zhang Youbin Management Review    2025, 37 (11): 15-26.   Abstract （180）      PDF （1128KB）（142）       Knowledge map    Against the backdrop of deep integration between the real economy and the digital economy, digital technology innovation serves as a crucial driving force for the development of new quality productive forces. This paper examines the impact of enterprise digital technology innovation on local new quality productive forces and its underlying mechanisms, using a sample of listed companies on the Shanghai and Shenzhen Main Boards from 2015 to 2021. The empirical findings reveal that: (1) Enterprise digital technology innovation significantly promotes the enhancement of local new quality productive forces, a result further validated by robustness tests; (2) This promoting effect is realized through the optimization of human capital structure, improvement of investment efficiency, and advancement of high-quality enterprise development; (3) The promoting effect is inhibited in highly labor-intensive enterprises, amplified in regions with a developed digital economy, yet insignificant in less developed western regions and areas with lower levels of intellectual property protection. This study provides a new perspective for understanding how micro-level enterprise innovation improves local economic endowments and offers empirical support for advancing new quality productive forces. Reference | Related Articles | Metrics

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Picking Winners or Building Winners? Research on the Mechanism of Government R&D Subsidy Policy and Enterprise Technological Innovation Chen Chaoyue, Xu Zhi, Lu Tao Management Review    2025, 37 (9): 124-136.   Abstract （179）      PDF （2310KB）（107）       Knowledge map    It is of great significance for the formulation and implementation of subsidy policies to explore how the government can reasonably pick subsidy targets to achieve innovative growth of enterprises. Based on the large-scale innovation survey data set and considering endogeneity, this paper explores the mechanism of how government subsidies influence enterprise innovation from two aspects: “picking winners” and “building winners”. The empirical study finds that government subsidies have a “picking winner” strategy to select enterprises with high organizational learning ability. Empirical learning, cognitive learning and inter-organizational learning are the important selection criteria for government subsidies. The internal mechanism of “picking winners” is that enterprises with high organizational learning ability tend to adopt external technology acquisition mode to obtain stable innovation output in the short term, and it is easier to achieve the goal of government subsidies. On the basis of controlling selection bias, government subsidies have a significant “building winners” effect, which is the most, the less and the least pronouced respectively for universal subsidies, discretionary subsidies and selective subsidies. Further analysis by type of enterprises finds that empirical learning is not a selection criterion for the government to grant subsidies to state-owned enterprises, large enterprises and non-start-up enterprises, for which the “building winner” effect of government subsidies is more significant. Reference | Related Articles | Metrics