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    Research on the Construction Mechanism of Data-driven Dynamic Capabilities of Traditional Manufacturing Enterprises: Based on the Case Study of Digital Practice of Wahaha Group Co., Ltd.
    Chen Yu, Chen Yantai, Xie Fuji
    Management Review    2023, 35 (10): 340-352.  
    Abstract546)      PDF (1421KB)(1282)      
    Traditional manufacturing enterprises are facing both new opportunities and challenges in the digital environment. How to build data-driven dynamic capabilities is the key to the success of traditional enterprise transformation. Taking Hangzhou Wahaha Group Co., Ltd. as a case study, this paper discusses the construction mechanism of data-driven dynamic capabilities. There are some main findings as follows. First, the data-driven dynamic capabilities of traditional manufacturing enterprises are composed of four dimensions: data-driven opportunity perception capability, data-driven industrial chain synergy capability, data-driven organizational transformation capability and data-driven value ecosystem capability. Second, these four capabilities can be subdivided into 13 main categories. Third, these four capabilities are progressive and mutually reinforcing. Among them, data-driven opportunity perception capability is the basis and prerequisite. Data-driven industrial chain synergy capability is the key and means of implementation. Data-driven organizational transformation capability is the guarantee and the supporting condition. Data-driven value ecosystem capability is leverage, with an amplification effect. The contribution of the paper is that a four-dimensional analysis framework is proposed, then the sources and interaction mechanisms of different dimensions are deeply analyzed. The conclusion of the paper has implications for how traditional manufacturing enterprises should carry out digitalization and transform digital resources into their data-driven dynamic capabilities.
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    Agglomeration Effect and Selection Effect of Region-oriented Policy—Evidence from Northeast Revitalization Strategy
    Guo Xu, Fan Shilong, Zhang Ang
    Management Review    2026, 38 (4): 41-53.  
    Abstract73)      PDF (1222KB)(45)      
    Under the strategic guidance of regional coordinated development, region-oriented policies serve as a proactive response to the imbalance in regional development and a significant pathway to promote high-quality economic growth in specific areas. This study investigates the impact of China’s Northeast Revitalization Strategy on firms’ productivity, analyzing its dual mechanisms of industrial agglomeration and market selection effects. Theoretically, we construct a model of “agglomeration-selection effects” under the influence of regional policies. Empirically, we employ the “unconditional distribution characteristics-parameter correspondence” method and the difference-in-differences estimation to test the selection and agglomeration effects of the revitalization strategy on enterprises’ productivity. The findings reveal: (1) The policy overall distorts the agglomeration and selection effects in Northeast China, manifesting as negative homogeneous agglomeration effects, positive heterogeneous agglomeration effects, and selection effects, thereby lowering the average regional productivity, widening the productivity gap between high and low-efficiency enterprises, and leading to more low-efficiency enterprises exiting the market. (2) The exit behavior of state-owned low-efficiency enterprises is not significant, and the policy’s negative impact on the productivity of pilot industries is more pronounced. With the subsequent introduction of revitalization strategy opinions, enterprise productivity in Northeast China improved after 2009, mitigating the inefficiencies caused by early policy biases. The dynamic effects test, quantile regression, and Probit model estimations under the difference-in-differences approach are consistent with these conclusions. (3) Mechanism tests show that the first round of Northeast Revitalization significantly reduced innovation investment in high-efficiency enterprises but increased their fixed asset and labor inputs, while low-efficiency enterprises saw reductions in both innovation and other factor inputs. This paper’s evaluation of the first round of Northeast Revitalization Strategy provides theoretical and empirical insights for policy formulation in the comprehensive revitalization of Northeast China in the new era.
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    Listed Company Credit Rating Division Model Based on Defaulting Customer Distribution Constraint
    Zhou Ying, Zhang Zhipeng
    Management Review    2023, 35 (5): 3-18.  
    Abstract373)      PDF (1672KB)(508)      
    Credit rating division is to divide customers into groups according to their credit score or expected losses, and to rank individuals by their credit risk. This study constructs a goal programming model from two aspects of default risk and risk loss, and gives a novel method of credit rating division for Chinese listed companies. This paper makes innovative attempts in two aspects. First, it puts forward new credit rating constraints to ensure that more defaulting customers are distributed in lower grades, thus avoiding the irrationality of the existing researches that distribute more defaulting customers in higher grades. Second, through the relationship between Expected Loss and Exposure at Default, Probability of Default and Loss Given Default in Basel Accord, this paper approximates the Expected Loss of listed companies and provides a solution for the lack of default loss data of listed companies. The results show that 53 indicators, such as equity ratio, return on equity, audit opinion type and the year-on-year growth rate of cash supply in circulation, can be used to effectively predict the default status of listed companies. The research shows that the corresponding loss rates of nine credit grades, such as AAA, AA, A, BBB, BB, B, CCC, CC and C, are 0.01%, 0.05%, 0.16%, 0.23%, 0.80%, 1.23%, 1.35%, 10.10% and 66.90%, respectively, and this is in line with the fundamental requirement that the higher credit rating, the lower loss rate.
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    Rookie Independent Directors and Stock Price Crash Risk
    Cao Feng, Zhang Xueyan
    Management Review    2023, 35 (8): 268-282.  
    Abstract366)      PDF (1317KB)(413)      
    Rookie independent directors (RIDs) refer to those who serve as independent directors for the first time and lack experience in the board of directors. Will they lead to ineffective supervision due to their lack of independence and experience or lead to more effective supervision because they are motivated to build personal reputation and more independent? This paper explores the above questions from the perspective of stock price crash risk which has a significant impact on the capital market and investors and can comprehensively reflect the supervision effect of the RID. Research findings:RIDs increase the risk of stock price crash. Further analysis shows that when RIDs have industry expertise, a not very busy schedule, an academic background, overseas experience and exposure to a strict legal environment, their positive impact on the stock price crash risk is weakened. The mechanism test shows that poor performance of RID (as evidenced by their lack of dissenting voices or resulting in lower quality of corporate information disclosure), which is the path through which RIDs influence the risk of stock price crash. On the one hand, this study enriches the literature on the RIDs and stock price crash risk. On the other hand, it has enlightening significance for deeply understanding the governance behavior and effect of RIDs, improving the mechanism of selecting and hiring independent directors, and promoting the steady and healthy development of capital market.
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    The Effect of Institutional Complexity on MNEs' Innovation Performance: Based on the Perspective of Institutional Logics Theory
    Shen Liying, Chen Deqiu
    Management Review    2024, 36 (8): 105-118.  
    Abstract347)      PDF (1233KB)(400)      
    Emerging economy multinational enterprises (MNEs) not only need to face institutional difference between home and host countries, but also between different host countries. Under the background that China is in a critical stage of high-quality economic development and transformation, it is of great significance to understand the effect of institutional complexity on MNEs' innovation performance from the institutional logics perspective. Based on the data of Chinese A-share listed companies from 2007 to 2017, this paper examines the relationship between institutional complexity of host countries and MNEs' innovation performance. Our findings suggest that institutional complexity has a significantly positive impact on MNEs' innovation performance, which is reflected in the increase of the number of patent applications. In addition, we find that the institutional constraints from home country and MNEs' international experience positively moderate the institutional complexity-innovation relationship. Moreover, our results show that institutional complexity promotes MNEs' innovation performance by improving their absorptive capacity. This paper not only confirms the positive effect of institutional complexity on MNEs' innovation performance, thus providing new empirical evidence for MNEs' strategic responses to institutional complexity, but also has important policy implications for the implementation of innovation-driven development strategy.
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    Exploring the Construction Mechanism of “the Longping Way”——A Case Study Based on Grounded Theory
    Liu Fanglong, Qiu Weinian, Wu Nengquan, Zeng Chuhong
       2019, 31 (6): 289-304.  
    Abstract328)      PDF (1399KB)(567)      

    This paper takes Longping Hi-tech as the research object to study the process and mechanism of the construction of "the Longping Way", tries to provide reference for the construction of other enterprises' cultural system, and complements the theory of enterprise culture based on practice. Longping Hi-Tech culture system is based on the spirit of academician Yuan Longping, in the framework of corporate culture theory, through the staff interviews, seminars, questionnaires and video and other methods to obtain material and data, based on the grounded theory of data analysis, refining a series of ideas and cultural factors, and by the sublimation of numbers and concepts, this paper forms a systematic, comprehensive concept culture system. More importantly, through the analysis of the saturation of the grounded theory, we find an important concept neglected in the traditional enterprise culture theory:the Enterprise Culture Character——"rice" culture. Based on the case practice and theoretical framework, the paper deduces the multi-level structure model of enterprise culture, and further expands the enterprise culture theory. The research holds that many famous enterprises in China use the concept of "enterprise culture character" as the core enterprise culture, and the concept of "enterprise culture character" is becoming an increasingly important core connotation in the enterprise culture system. The research results have far-reaching significance to the cultural construction of Chinese enterprises.

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    A Study into the Mechanism of How High-performance Work System Influences Employee Proactive Behaviors: A Cross-level Model Based on Social Context Theory
    Cao Man, Xi Meng, Zhao Shuming
    Management Review    2020, 32 (6): 244-254.  
    Abstract749)      PDF (1237KB)(985)      
    In recent years, proactive behavior has become an important research topic in the field of organizational behavior. Based on social context theory, this paper intends to explore the influence mechanism between high-performance work system and employee proactive behavior.
    We collect data from 110 senior managers, 110 human resources managers and 1105 employees. Research results show that high-performance work systems have a positive effect on proactive behaviors and employee relations climate fully mediates the relationship. And, environment uncertainty plays a moderating role in the relationship between high-performance work systems and employee relations climate such that the relationship between high-performance work systems and employee relations climate will be weaker when environmental uncertainty is high rather than low.
    This study contributes to both strategic human resource management and proactive behaviors literature. By examining the mediating role of employee relations climate, this study investigates the mechanism between high-performance work system and employee proactive behavior. Furthermore, the paper considers the effect of environmental uncertainty, thus extending the boundary conditions of proactive behaviors.
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    Relieving the Hardship: How does Digital Inclusive Finance Facilitates SMEs’ Digital Transformation?—An Empirical Study Based on the Dual Effects of Institutional and Resource Provision
    Yin Ximing, Zhang Shuxin, Li Jizhen
    Management Review    2026, 38 (7): 3-15.  
    Abstract236)      PDF (1221KB)(181)      
    As an emerging financial innovation, digital inclusive finance provides new opportunities for improving the multi-tiered capital market, promoting the innovative development of small and medium-sized enterprises (SMEs) and accelerating the development of new quality productive forces. However, few studies systematically explore the impact of digital inclusive finance on the digital transformation of SMEs and its process mechanism. Based on the 2012—2020 panel data of SMEs listed on SME Board and ChiNext Market, this paper empirically examines the process mechanism between digital inclusive finance, firms’ internal and external financial constraints, and digital transformation, as well as the contingent impact of market environment and institutional environment from the perspective of the integration of resource and institutional provision. The findings are as follows: Digital inclusive finance significantly promotes the digital transformation of SMEs and plays a significant role in alleviating firms’ difficulties; Digital inclusive finance has the dual effects of resource provision and institutional provision, which can effectively alleviate the internal and external financing constraints faced by small and medium-sized enterprises, thus promoting the digital transformation of enterprises. The degree of market competition will strengthen the alleviating effect of digital inclusive finance, and the better the regional institutional environment, the more significant the enabling effect of digital inclusive finance. This paper systematically reveals the process mechanism and contingency factors of digital inclusive finance enabling the digital transformation of SMEs, and has important practical guiding significance for further releasing the dividends of digital inclusive finance helping with industrial digitalization and accelerating the development of modern industries.
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    Monetary Market Funds Valuation and Performance Inflation Behavior at Quarter-end
    Yang Zhen, Liu Hailong, Wu Wenfeng
    Management Review    2022, 34 (10): 9-23.  
    Abstract217)      PDF (1675KB)(381)      
    Monetary market funds can attract capital inflow from investors due to their low risk, good liquidity and ability to generate significant returns in short term, thus serving as an important tool for fund companies to increase their scale at quarter-end. This paper uses returns and holdings data of China’s monetary market funds from 2006 to 2018 as its sample to examine the funds’ quarter-end performance inflation behavior. The paper finds that the annualized rate of return of monetary market funds in the last two weeks of a year increases by 32.21 basis points, compared with other dates. The performance inflation is thereby significant. Monetary market funds are evaluated using the amortized cost method, where the investment gains or losses are not realized until assets disposal. Using short-term commercial paper’s issuance and trading data, the paper finds that for monetary market funds with large positions, the trading activeness of commercial paper is significantly higher at quarter-end than on other dates. Therefore, the performance inflation behavior affects the activeness of short-term commercial papers.
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    The Effect of Charismatic Leadership on Followership: A Moderated Mediation Model
    Jia Jianfeng, Niu Xueyan, Zhao Ruonan, Li Zhigang
    Management Review    2021, 33 (6): 181-191.  
    Abstract598)      PDF (1244KB)(1294)      
    With the flat development of organizations and the embodiment of the value of human capital, employees’ followership has increasingly become a key to enhancing enterprise competitiveness and maximizing corporate benefits. As an influential factor, charismatic leadership style plays an important role in inspiring followership. Based on the conservation of resources theory, this research collects a sample of 223 employees’ data by questionnaire at three time points. Hierarchical regression and bootstrap are adopted to reveal the relationship between charismatic leadership and followership, the mediating effect of psychological availability and the moderating effect of perceived human resource management strength, thus building a moderated mediation model. The research shows: Firstly, charismatic leadership has a positive influence on followership. Secondly, psychological availability partially mediates the relationship between charismatic leadership and followership. Thirdly, perceived human resource management strength plays a positive moderating role between charismatic leadership and psychological availability. Fourthly, perceived human resource management strength also moderates the mediating role of psychological availability. The research results not only confirm the mechanism of charismatic leadership on followership, uncover the black box of influencing process and discover the boundary conditions, but also enrich the utilization of conservation of resources theory. At the same time, this research provides practical enlightenment for managers to develop charismatic leadership style in organizational situations to enhance employees’ followership.
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    Study on the Impact of Digital Transformation of Industrial Enterprises on Carbon Emission Performance
    Su Yi, Yu Qi
    Management Review    2026, 38 (7): 29-43.  
    Abstract107)      PDF (1348KB)(84)      
    This paper selects Chinese A-share listed industrial enterprises as the research object, and empirically examines the impact of digital transformation of industrial enterprises on carbon emission performance. The study shows that digital transformation of industrial firms can significantly contribute to carbon performance and remains robust after endogeneity issues and three robustness tests. Mechanism tests find that green innovation has a partial mediating effect in this process; human resource base has a single-threshold effect in the process of digital transformation to enhance green innovation; and market-incentivized environmental regulation positively moderates the contribution of green innovation to carbon performance. The results of heterogeneity analysis show that digital transformation promotes carbon emission reduction performance more significantly in high-energy-consuming enterprises than in non-high-energy-consuming enterprises, in state-owned enterprises than in non-state-owned enterprises, and in enterprises in the western regions than in enterprises in the northeastern region. This study not only reveals the mechanism of how industrial enterprises’ digital transformation influences carbon emission performance, but also provides theoretical basis and policy inspiration for the realization of China’s “dual-carbon” goal from the micro perspective of enterprises.
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    Pricing and Profit Allocation of Agricultural Supply Chain Based on IoT and Blockchain Technology
    Zheng Daitao, Hu Xiangpei, Ji Qingkai
    Management Review    2026, 38 (7): 252-262.  
    Abstract47)      PDF (2803KB)(70)      
    We consider a two-tier agricultural supply chain where a farm and a retailer propose to adopt Internet of Things and blockchain technology (IoT+BCT) to deal with yield uncertainty and consumers’ safety concern about the agri-product. By constructing a Stackelberg model, the equilibrium of the pricing and production decisions between the retailer and the farm is analyzed, along with the impact of IoT+ BCT and the adoption willingness of supply chain members. The study finds that the increase in the retailer’s price after adopting IoT+BCT equals the average of the benefit of IoT+BCT in alleviating consumers’ concern and the unit variable cost. However, demand (or planned production amount) will only increase when the “net” benefit of IoT+BCT (defined as the difference between the concern alleviation benefit and the variable cost of IoT+BCT) is sufficiently high. Generally, the farm is more willing to adopt IoT+BCT than the retailer. The retailer is more likely to adopt the IoT+BCT when the quality of the agricultural product is higher. Through Nash bargaining based on revenue sharing, the likelihood of both agents concurrently adopting IoT+BCT is enhanced, leading to potential Pareto improvement. Numerical experiments are conducted in order to validate the theoretical results and to derive additional managerial insights.
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    Tax System Greenization and Commonality in Liquidity—Evidence from the Implementation of the Environmental Protection Tax Law
    Wei Xingkai, Wang Yifeng
    Management Review    2026, 38 (7): 16-28.  
    Abstract99)      PDF (1227KB)(71)      
    As one of the key market-based environmental regulation policies in recent years, the green transformation of the tax system has not only exerted a significant influence on enterprises’ green transition and development but also reshaped the characteristics of systemic risk in the capital market. This paper investigates the commonality in liquidity effect of tax system greening. Research findings indicate that the greening of the tax system generates the commonality in liquidity effect, specifically reducing the commonality in liquidity of high-pollution enterprises in regions with elevated tax burden standards. Furthermore, executive environmental experience and corporate green governance behaviors can mitigate the commonality in liquidity effect of tax system greening. Mechanism analysis reveals that tax system greening influences commonality in liquidity by altering investor green preferences and enhancing corporate green information quality. Further research demonstrates that the green finance reform pilot zone policy attenuates the impact of tax system greening on commonality in liquidity. Additionally, the greening of the tax system also reduces the stock price synchronicity of heavily polluting enterprises in regions with increased tax burden standards, reflecting the characteristics of price-volume resonance in the capital market. Heterogeneity analysis shows that the commonality in liquidity effect is more pronounced in cases of high investor attention and non-state-owned enterprises implementing tax system greening. This study provides a new perspective on the economic consequences of tax system greening, enriches the literature on the determinants of commonality in liquidity, and offers practical implications for the next round of tax system greening policies as well as for preventing and mitigating financial risks.
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    Estimating the Social Cost of Carbon: Research Progress and Policy Implications
    Wu Bingbing, Li Xiuting, Ouyang Lu
    Management Review    2025, 37 (5): 53-66.  
    Abstract209)      PDF (1639KB)(503)      
    The social cost of carbon (SCC) is a quantitative benchmark and an important analytical tool for climate policy. There have been extensive related international experience in estimating SCC values and applying SCC in policy analysis and formulation, but there is no official SCC calculation result in China. To provide a useful reference for improving the carbon peak and carbon neutrality policy system, this paper sorts out the relevant research results of SCC from the aspects of conceptual analysis and comparison, measurement methods and key parameters, policy significance and international practices and focuses on controversial issues such as the relationship between SCC and carbon pricing, international SCC and regional SCC, equity weighting, uncertainty, etc. This paper believes that in the process of building and improving the carbon peak and carbon neutrality policy system in China, we can try to introduce SCC valuation as a quantitative benchmark for carbon pricing and carbon trading tools. Based on the status quo of carbon emissions and carbon trading practices in China, as well as the characteristics of existing institutional frameworks and policy tools, we can also promote various carbon trading tools to manage carbon emissions coordinately, keep carbon prices within a reasonable range, and balance the fair relationship between generations, industries, and regions in the process of reducing carbon emissions.
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    Why Are Manufacturing Digital Strategies Decoupled: The Differential Impact of Institutional Pressure and the Moderating Effect of Digital Change Cognition
    Feng Xiaobin, Zheng Hanzhong, Xiao Bowen
    Management Review    2026, 38 (7): 44-55.  
    Abstract76)      PDF (2322KB)(56)      
    Institutional pressure has shaped the digital strategy environment of manufacturing enterprises, but given the long cycle, high risk and low effectiveness of digital investment, some enterprises just pay lip service to digital strategy in order to enjoy financial subsidies and other preferential policies, resulting in a decoupling phenomenon of ‘discrepancy between words and deeds’ in their digital strategies. Therefore, exploring the mechanism underlying the phenomenon is crucial to boosting the digital transformation of enterprises. Based on decoupling theory and change cognition theory, this paper explores the differential impact of industry and regional institutional pressure on corporate digital strategies, and examines the moderating effect of digital change cognition. The paper takes Chinese A-share manufacturing firms listed between 2010 and 2020 as the research sample and uses a fixed-effect model for empirical testing. The results show that: (1) Industry institutional pressure positively affects substantive digital strategies(SUDS), and regional institutional pressure positively affects strategic digital strategies(STDS). (2) The forward-looking of digital change cognition enhances the impact of industry institutional pressure on SUDS, while weakening the impact of regional institutional pressure on STDS. (3) The sustainability of digital change cognition mediates the relationship between industry institutional pressure and substantive digital strategy in a U-shaped manner, and the inverted U-shaped mediates the relationship between regional institutional pressure and strategic digital strategy. The paper contributes to the theory of decoupling by revealing the selection mechanism of digital strategies, identifying the antecedent factors of decoupling from the perspective of institutional pressure, reconstructing the cognitive dimension based on the digital context, and expanding the boundary of influence by embedding a time logic.
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    An Analytical Framework of Derivatives Sniper Attack Risk Based on the Case Study of Tsingshan Group’s Forced Liquidation Incident in LME Nickel
    Xu Yang, Bu Hui
    Management Review    2024, 36 (2): 257-272.  
    Abstract739)      PDF (3628KB)(1102)      
    The nickel futures prices on the London Metal Exchange (LME) experienced a sharp surge during the two trading days from March 7th to 8th, 2022. As a result, Tsingshan Holdings Group, a Chinese company heavily involved in nickel hedging, suffered a significant loss, which marks another risk event where a domestic enterprise participating in overseas derivative trading was targeted by international capital. This paper provides a detailed case analysis of the sniper activity among “LME nickel futures incidents”, and proposes an analytical framework for analyzing sniper events and sniper risk in the futures market from four dimensions: objective conditions, market environment, sniper strategies, and sniper motivation behind. The study reveals that the weak physical delivery capacity caused by cross-hedging became an objective condition for Tsingshan Group to be targeted, and the market environment of low-level nickel inventories triggered by geopolitical risks further limited Tsingshan Group's inventory control and delivery capacity. The design of LME contracts exposes trading positions and motivations, while the LME trading system facilitates short-term price manipulation and other sniper behaviors, allowing the inference of the using contract, timing, and price manipulation ways employed in this sniper attack. Analysis of large position reports reveals that the essence of this sniper attack may be a battle for nickel resources. Finally, this study utilizes event analysis to confirm that the sharp increase in nickel futures prices on March 7th, 2022, was driven by trading factors rather than fundamental factors. The analytical framework proposed in this research, which combines case analysis, data analysis, and empirical analysis, is of significant value in identifying sniper risks, recognizing market manipulation, and better evaluating related risks for early warning and prevention.
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    The Influence of Inclusive Leadership on Employees' Proactive Behavior: The Mediating Effects of Organizational-based Self-esteem and Error Management Climate
    Kong Liang, Li Xiyuan, Zhang Fawang
       2020, 32 (2): 232-243.  
    Abstract604)      PDF (1207KB)(1952)      

    In the new normal economic background, an employer expects its employees not only to meet basic job requirements, but also to break through routine work requirements by showing initiative and thinking proactively to help their company respond effectively to environmental challenges. Globalization has brought about an increase in cross-regional population flows. The new generation of employees has gradually become the main force in the workplace, and staff in the workplace is becoming increasingly diversified. In view of the diversification of employees, a challenge that management team has to face is to find out how to carry out diversified management and give full play to the diversification of the employees' work initiative. This issue has also attracted the attention of academia. Inclusive leadership can inspire the initiative of diversified employees because of its openness, availability, and accessibility. Based on the theory of self-determination, this paper constructs a multiple mediator model with organizational self-esteem and error management climate to explore the influencing mechanism of inclusive leadership on employees' proactive behavior in organizations. Data are collected through paired questionnaire survey of 67 team leaders and 304 employees. The results show that inclusive leadership has a positive effect on employees' proactive behavior. HLM results reveal that organizational-based self-esteem and error management climate play a full mediating role between the two in the individual and the team level. The conclusion of the research reveals the influencing path of inclusive leadership on employees' proactive behavior. This not only confirms the inclusive leadership has the characteristics of fault tolerance, but also enriches the research of the influence factor of error management climate. At the same time, this research also confirms the positive effect of the error management climate on the employee's proactive behavior, and provides a theoretical reference and management inspiration for the cultivation of the leadership's inclusiveness and the construction of organizational error management climate.

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    ChatGPT+Finance: Eight Noteworthy Research Directions and Issues
    Wang Shouyang, Li Mingchen, Yang Kun, Lin Wencan, Jiang Shangrong, Wei Yunjie
    Management Review    2023, 35 (4): 3-11.  
    Abstract1407)      PDF (1225KB)(1569)      
    The emergence of ChatGPT marks the beginning of a new revolution in artificial intelligence. The innovative generative AI technology represented by ChatGPT will significantly impact the research paradigm of economics and the systemic ecology of the financial industry. This paper outlines the developmental trajectory of ChatGPT, analyzes its applications and future prospects in the financial field, and discusses the potential impact and regulatory risks. Undoubtedly, ChatGPT will bring many significant challenges to the field of finance. To promote high-quality development in China’s financial industry and related researches, this paper proposes eight noteworthy research directions and issues for the academic community.
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    The Evolution Process of Technology Transfer Ecosystem Led by Enterprises—Exemplified by China Three Gorges Corporation
    Xiao Tong, Wang Haijun, Chen Jin, Zhang Fangfei
    Management Review    2026, 38 (7): 276-288.  
    Abstract65)      PDF (1933KB)(48)      
    To address the practical disconnection between technological innovation and industrial application, this paper, from the perspective of enterprise leadership, takes China Three Gorges Corporation as a case study and systematically tracks the dynamic evolution process and realization mechanism of its technology transfer ecosystem. The research finds that the system follows a stepwise evolutionary path of “linear chain - cooperative network-ecosystem”, and the leading enterprise promotes the structural leap of the system through the “dual-mode iteration” of technological innovation and transfer. The continuously strengthened supply feedback relationship between “innovation and transfer” constitutes the endogenous driving force for system upgrading, promoting the dynamic adaptation of technological supply and industrial demand. The modular architecture establishes a networked collaboration foundation through functional decoupling and standard interfaces, while platform empowerment enhances the overall efficiency of the system through resource integration and service support. Together, they form the progressive realization mechanism of system evolution. This study not only enriches the theoretical framework of the technology transfer ecosystem but also provides methodological support and practical paths for strengthening the leading position of enterprises in innovation and solving the problem of technology transfer.
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    High Quality Sharing of Environmental Data Elements and Digital-Green Collaborative Innovation in Manufacturing
    Liu Fei, An Lei, Zhang Guopeng, Wang Xinliang
    Management Review    2026, 38 (7): 106-118.  
    Abstract66)      PDF (2630KB)(55)      
    Under the goal of promoting the high-end, intelligent and green manufacturing industry, the sharing quality of environmental data elements is described from the dimensions of sharing scale, timeliness and methods. The impact of such sharing on the collaborative innovation of digital green manufacturing industry is tested by using multiple methods such as Difference-in-Differences and machine learning. It is concluded that the collaborative innovation of digital green manufacturing industry and its “flywheel effect” have a positive response to the sharing of environmental data elements, the optimization of sharing methods, the expansion of sharing scale and the enhancement of sharing timeliness; enhancing the integration of heterogeneous resources, cross-border knowledge absorption and dual risk prevention and control ability of innovation subjects are the internal transmission mechanism; the collaborative innovation effect of large-scale and visual sharing of environmental data elements depends on digital transformation and human capital cultivation. Under the high environmental evaluation standard, promoting the collaborative innovation of digital and green manufacturing should tap the time value of environmental data elements sharing; further discussion proves that the sharing of environmental data elements performs well in the collaborative promotion of carbon reduction, pollution reduction, green expansion and growth, and can stimulate the collaborative innovation effect of green credit, green factory certification and intelligent manufacturing. The above conclusions respond to the relevant instructions of the CPC Central Committee on improving the construction of environmental supervision system and promoting the comprehensive green transformation of economy and society.
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