Economics & Business Management ISSN Print: 3079-5214 ISSN Online: 3079-5222
The Impact of Digital Transformation on Green Technological Innovation of Multinational Manufacturing Enterprises
Fueled by accelerating digital advances and intensified national carbon neutrality commitments, the strategic convergence of digital transformation and environmental sustainability has become a pivotal lever for upgrading China’s manufacturing toward high-quality, resilient growth. As the cornerstone of the Fourth Industrial Revolution, digital technologies reconfigure innovation architectures, compress green R&D timelines, and catalyze the synthesis, dissemination, and market deployment of green knowledge. Using a comprehensive panel of A-share manufacturing listed firms from 2014 to 2024, this study constructs a holistic digitalization index across four dimensions. Employing dynamic panel models and machine learning-enhanced robustness checks, we assess digitalization’s causal effects on green innovation quantity, quality, and translational efficacy, further unpacking mechanisms, boundary conditions, and theoretical foundations for theory and policy.
Copyright (c) 2026 by author(s) and Erytis Publishing Limited. https://creativecommons.org/licenses/by/4.0/
Government Guidance Funds and Corporate Organizational Resilience
As an important instrument for supplementing fiscal funds and correcting market failures, government-guided funds play a significant role in cultivating and enhancing corporate organizational resilience. Based on data from China's Shanghai and Shenzhen A-share listed companies from 2008 to 2023, this paper analyzes the impact mechanism of government-guided funds on corporate organizational resilience. The findings reveal that government-guided funds significantly strengthen corporate organizational resilience. Mechanism tests indicate that these funds enhance organizational resilience by alleviating financing constraints, boosting innovation capability, and raising risk-taking levels. Heterogeneity analysis shows that the promoting effect of government-guided funds is more pronounced in high-tech enterprises, firms with higher managerial ownership, and enterprises in the growth stage. The research conclusions provide important insights for enhancing corporate organizational resilience to achieve high-quality development, and also offer policy references for government-guided funds to support the sustainable development of the real economy.
Copyright (c) 2026 by author(s) and Erytis Publishing Limited. https://creativecommons.org/licenses/by-sa/4.0
Digital Transformation and Carbon Emission Reduction in Manufacturing Firms: The Dual Roles of Resource Allocation Efficiency and Green Technology Innovation
Against the backdrop of China’s “Digital China” initiative and “dual carbon” goals, this study examines the impact of digital transformation on carbon emission reduction in Chinese A-share listed manufacturing firms from 2011 to 2022. Using a three-way fixed effects model, we find that digital transformation significantly reduces corporate carbon emission intensity, and this result remains robust after endogeneity treatment and a series of robustness checks. The carbon reduction effect is realized through two core mediating paths: improving resource allocation efficiency and promoting green technology innovation. Further analysis shows that carbon disclosure quality positively moderates the above relationship, and the carbon reduction effect of digital transformation is heterogeneous across firm ownership, regional distribution, and pollution attributes. This study provides empirical evidence for the coordinated digital and green transformation of China’s manufacturing sector.
Hypernetwork Symbiosis and Industrial Chain Resilience: A Multilayer Network Perspective
This study aims to explore how hypernetwork symbiosis influences the resilience of industrial chains within the context of increasingly complex global production networks. Drawing on symbiosis theory and a multilayer network perspective, the paper constructs a theoretical framework that conceptualizes cross-national cooperation as an integrated system composed of industrial cooperation, technological collaboration, and trade networks. By examining the structural interactions within and across network layers, the study identifies four key mechanisms through which hypernetwork symbiosis affects industrial chain resilience: intra-layer self-interaction, intra-layer cross-node interaction, inter-layer same-node interaction, and inter-layer cross-node interaction. The analysis shows that intra-layer interactions enhance redundancy, substitutability, and stability within individual networks, while inter-layer interactions promote resource integration, functional complementarity, and coordinated adjustment across networks. Together, these mechanisms strengthen the capacity of industrial systems to absorb shocks, adapt to disruptions, and recover from crises. The findings suggest that hypernetwork symbiosis provides an important structural foundation for improving industrial chain resilience in an increasingly uncertain global economic environment.
Mediating Role of Training Perception And Commitment To The Relationship Between Management Practices and Hygiene Practices In Haidilao Company In China
This study aimed to evaluate the hygiene practices of employees in selected Haidilao branches in Guangzhou, China, examine management practices concerning communication and employee involvement, and understand employees' perceptions of training and organizational commitment. It further explored whether training perception and commitment served as mediating variables between management practices and employees' hygiene behaviors, with the intention of developing a comprehensive hygiene management plan based on the findings. Additionally, the study profiled respondents in terms of age, gender, educational attainment, and years of service to grasp their demographic characteristics and their connections to workplace hygiene performance. A quantitative-descriptive research design was adopted, employing a validated Likert-scale questionnaire administered to 161 frontline employees selected through random sampling via the roulette method. Data analysis utilized frequency and percentage for respondent profiling; mean and standard deviation for assessing hygiene practices, communication, involvement, training, and commitment; mediation regression analysis to test the mediating effects of training and commitment; and structural equation modeling (SEM) to validate direct and indirect relationships among variables. All statistical treatments were facilitated by the Statistical Package for Social Sciences (SPSS) to ensure the accuracy and reliability of the results. The findings revealed that respondents demonstrated moderate hygiene practices, with strong compliance in critical food safety tasks but inconsistent adherence in some areas. Management practices in communication and employee involvement were rated as fair, exhibiting strengths in openness and feedback but weaknesses in information accessibility and structured participation. Training and organizational commitment were also evaluated at fair levels, indicating general adequacy yet highlighting the need for improvement. Mediation analysis confirmed that commitment significantly mediated the relationship between management practices and hygiene behaviors, whereas training showed no significant mediating effect. Based on these results, a comprehensive hygiene management plan was proposed to enhance communication, involvement, training effectiveness, and employee commitment across Haidilao branches.
Combined Forecast of Grain Production in Anhui Province: Based on an Induced Ordered Set Submodel
To enhance the accuracy of grain yield forecasting in Anhui Province, a combined forecasting model based on the Inductive Ordered Weights Grouping by Average (IOWGA) operator was established. This model utilises the GM(1,1) model and the quadratic exponential forecasting model as individual forecasting components. Application of this model to forecast grain production in Anhui Province from 2013 to 2022 reveals that the combined prediction results significantly outperform the aforementioned individual forecasting models. This approach thus offers valuable insights and methodologies for projecting future grain yields in Anhui Province.
The Current Status, Problems, and Countermeasures of the Publishing Industry’s Transition Toward Data‑Driven Development
In the context of the emerging era of digital intelligence, the high-quality development and transformation of the publishing industry depend not only on digital technological innovation but also on the central role of data. As a critical factor of production, data plays an indispensable role in promoting the transformation of the publishing industry toward a data-driven paradigm. Within this context, publishing forms are gradually evolving from traditional print-based publishing to data-centered data publishing. This transformation enables the publishing industry to achieve multidimensional improvements in the process of digital development. Based on the contemporary technological and social context, this paper examines the current status of the publishing industry’s transition toward data-driven development, analyzes the problems encountered in the transformation of publishing business models, and proposes policy recommendations and strategic pathways for the future development of data publishing. Based on literature analysis and an examination of industry practices, this paper analyzes the current status, identifies key obstacles including technological bottlenecks, copyright dilemmas, and international expansion challenges, and proposes development pathways such as building a new data circulation ecosystem, establishing a compliance governance system, and reshaping narrative systems to promote international markets.
Carbon Emission Prediction for Sichuan Province Using a SHAP-Explained Machine Learning Framework
This study develops a provincial carbon accounting and forecasting framework for Sichuan Province covering 2005–2022 under a consumption-based boundary. Direct fossil fuel emissions and indirect electricity-related emissions are clearly distinguished to ensure accounting consistency and additive closure. On this basis, a Transformer-based machine learning model integrated with SHAP is constructed to predict carbon emissions and identify peak characteristics. The results show high historical fitting accuracy and project that Sichuan’s carbon emissions will reach a plateau-type peak around 2031, followed by a gradual decline. SHAP-based interpretation indicates that total energy consumption and the carbon emission factor are the dominant drivers, while economic scale and energy intensity exert secondary but significant effects. Robustness tests confirm the stability of the explanatory structure. The proposed framework integrates accounting consistency, predictive modeling, and interpretability analysis, providing empirical support for regional peak management and low-carbon transition planning.
The Impact of Technological Revolution on the Natural Gas Industry
China's natural gas industry has entered a new stage of continuous and coordinated development. With the ongoing promotion of green development and the concept of harmony between humans and nature, the three major state-owned natural gas enterprises will play an increasingly critical role in driving progress. At the same time, the construction of natural gas pipelines and storage facilities is accelerating, and the supply of natural gas continues to grow steadily. Previously, China’s natural gas industry faced several challenges, including mismatched supply and demand, excessive reliance on imports, delayed pipeline construction, an imperfect pricing mechanism, and inadequate regulatory frameworks. As the country enters a new era, with the deepening of energy structure reforms and continuous improvement in industrial infrastructure, natural gas consumption demand is expected to experience explosive growth. In the future, technological advancements will drive increased natural gas supply through multiple channels and optimize pipeline networks through digital technologies, improving energy distribution efficiency. At the same time, the application of artificial intelligence and big data analytics will help refine the natural gas market pricing mechanism, fostering a more flexible and transparent pricing system. To better adapt to industrial changes, it is also necessary to accelerate the development of regulations and improve the regulatory framework for the natural gas industry, ensuring its healthy and sustainable development. This development trend, supported by advanced technologies and innovative practices, will address current industry bottlenecks and propel the natural gas industry into a more efficient and intelligent new era.
Synergistic Empowerment of Fiscal and Financial Policies: A Study on the Path to Improve the Quality and Efficiency of Rural Financial Services in the Context of Rural Revitalization
Comprehensively advancing rural revitalization is the core task of building a country strong in agriculture in the new era. As the lifeblood of the modern economy, finance is the key to break the funding constraints on the development of agriculture, rural areas and farmers, and activate the vitality of the rural economy. In recent years, the annual Central Document No.1 has continuously focused on the development of a coordinated fiscal and financial support mechanism for agriculture. China's policy system for agriculture-related finance has been continuously improved, the scale of agriculture-related credit has expanded steadily, and the coverage and availability of rural financial services have been significantly enhanced. However, constrained by the urban-rural dual structure, the inherent vulnerability of the agricultural industry, and information asymmetry in the rural financial market, the current rural financial services still face pain points such as mismatch between supply and demand, high transaction costs, and an inadequate risk mitigation mechanism, which restrict the further improvement of the quality and efficiency of financial support for agriculture. Based on the theory of rural financial development and the theory of imperfectly competitive markets, this paper sorts out the practical effects of China's financial services for agriculture, rural areas and farmers, analyzes the core bottlenecks in the current rural financial market, and proposes a systematic path to improve the quality and efficiency of financial services for agriculture, rural areas and farmers from the dimensions of policy coordination, supply optimization, model innovation, digital empowerment, and credit system construction, so as to provide theoretical reference and practical guidance for boosting comprehensive rural revitalization and building a country strong in agriculture.
The Accountability System for Operation and Investment and the Innovation of State-owned Enterprises: Evidence from China
This study employs a multi-period difference-in-differences model to empirically examine the impact of operational and investment accountability on innovation in state-owned enterprises(SOEs), grounded in China's unique phased implementation of this accountability system nationwide. Findings reveal that following the introduction of the accountability framework, innovation outputs in SOEs increased significantly. Government subsidies amplify the positive effect of accountability on innovation, while two-tier agency costs diminish this effect. These findings not only provide new evidence for the effectiveness of the accountability system but also offer important policy implications for promoting innovation in state-owned enterprises.
The Accountability System for Operation and Investment
A Literature Review on Guarantee Financing Modes in Supply Chain Finance
With the steady advancement of the modernization of industrial and supply chains, the capital shortage of micro, small and medium-sized enterprises (MSMEs) has become an increasingly prominent issue, which restricts the overall development of supply chains. As an innovative approach to solving this problem in the field of supply chain finance, guarantee financing modes have attracted extensive attention from academia in recent years. Taking guarantee financing modes in supply chain finance as the research object, this paper addresses the shortcomings of existing studies that mostly focus on a single guarantee mode and lack in-depth discussion on the coordination mechanisms of different guarantee subjects. It systematically sorts out relevant domestic and foreign research literatures, focusing on the research results related to two modes: core enterprise-based guarantee financing and third-party guarantee financing. Combining the current research status and existing deficiencies in this field, the paper clarifies the future research directions, aiming to provide references for subsequent theoretical research and practical application in the field of guarantee financing in supply chain finance.
Artificial Intelligence-Embedded Restructuring of Enterprise Decision Authority: A Re-examination from the Perspective of Management Theory
Artificial intelligence (AI) is becoming deeply embedded in organizational operations, especially in digitally intensive and platform-based business environments. Rather than serving only as a technical support tool, AI is increasingly involved in how decisions are formulated, implemented, and monitored. This development raises an important question for management research: when algorithmic systems gain clear advantages in prediction, optimization, and automated execution, do firms still allocate decision authority in the same way as traditional theories assume ? Conventional management theories generally treat decision authority as something held by managers and formal governance bodies. These theories are built on assumptions of human-centered decision-making, bounded rationality, and a close connection between authority and responsibility. However, as algorithmic systems begin to shape operational choices more directly, these assumptions become less stable. In many cases, algorithms may not hold formal authority, yet they can exercise substantial influence over outcomes by structuring information, narrowing options, and triggering action. To explain this shift, this paper develops the Algorithm-Embedded Decision Authority Structure (AEDAS) framework. The framework defines decision authority as a combination of formal authority and effective authority, and argues that authority evolves through three stages: decision support, human-AI co-decision, and layered authority. At the layered stage, algorithms tend to dominate operational decisions, while strategic decisions remain primarily human-led but increasingly constrained by algorithmic systems under a hybrid rationality model. The paper also identifies three mechanisms that drive this restructuring—information power shift, execution automation, and accountability reconfiguration—and develops six propositions together with relevant boundary conditions. Overall, the study argues that AI does not simply improve decision efficiency; it changes how decision authority is distributed inside firms, with important implications for management theory and governance design.
Research on the Impact of Environmental Regulation on Urban Green Total Factor Productivity
Based on the panel data of 285 Chinese cities from 2012 to 2023, this paper constructs linear and nonlinear regression models to empirically analyze the real impact of environmental regulations on the Green Total Factor Productivity (GTFP) of Chinese cities, and conducts heterogeneity analysis. The results show that the impact of environmental regulation on urban GTFP is U-shaped. Currently, China's environmental regulation level is relatively low, which is on the left side of the U-shaped curve, indicating that it inhibits green total factor productivity. Heterogeneity analysis reveals that environmental regulations in small and medium-sized cities and megacities exert a suppressive effect on urban GTFP, while their impact on large cities remains inconspicuous. In service-oriented cities, the regulatory suppression effect is notably pronounced, whereas it is insignificant in industrialized cities. The suppressive effect is particularly evident in cities across central and western regions, but less pronounced in eastern cities.
A Literature Review on Environmental Regulation and Green Technological Innovation
China’s rapid industrialization has generated substantial economic growth while simultaneously intensifying environmental pollution and ecological degradation, posing significant challenges to sustainable development. As a major source of emissions, the manufacturing sector is at the core of China’s low-carbon transition, where green technological innovation plays a pivotal role.However, existing studies have largely examined these regulatory instruments in isolation, with limited attention to their joint effects and interactive mechanisms.This study develops an integrated analytical framework encompassing command-and- control, market-based, and public-participation environmental regulations, and employs an evolutionary game model to examine strategic interactions among governments, manufacturing enterprises, and the public. The analysis further incorporates central–local government coordination, pollution co-governance among small and medium-sized enterprises within supply chains, and the mediating role of public participation in modern environmental governance. The results indicate that appropriately designed combinations of regulatory intensity, economic incentives, and public supervision can jointly promote firms’ green technological innovation, while excessive regulatory pressure may inhibit innovation by increasing compliance costs and financial constraints. Moreover, coordinated governance mechanisms and supply chain collaboration significantly enhance the effectiveness of environmental regulation in driving green transformation.
A Literature Review on Energy Performance Contracting Project Financing
Under the global "dual carbon" goals, Energy Performance Contracting (EPC) has become the core market-oriented model for energy conservation and emission reduction, playing a significant role in the transformation of high-energy-consumption industries and building energy efficiency retrofits. However, financing difficulties have severely restricted its large-scale promotion. This paper focuses on the core issues of overcoming financing difficulties, model innovation, and scenario adaptation for EPC projects, systematically reviewing relevant literature from four dimensions: EPC theory and practice, project financing, and EPC project financing theory and practice. The study finds that the difficulties in financing EPC projects stem from five major pain points: high project risks, insufficient ESCO qualifications, and lack of collateral. Theoretical research focuses on innovative paths such as building a risk management and control system and integrating carbon trading. At the practical level, research directions such as optimizing contract terms and adapting to diverse scenarios have been formed. Adaptation solutions for characteristic scenarios such as rural energy transformation in China and renovation of old apartment buildings in Slovakia have been explored. Existing research covers various aspects of theory and practice, but there is still room for expansion in areas such as policy adaptation in different regions and cross-industry financing scheme migration. By integrating research threads, this paper clarifies the strengths and weaknesses of existing research, providing theoretical support for the construction of targeted financing solutions and the improvement of policy systems in the future, thereby assisting the EPC model in fully exerting its energy conservation and carbon reduction efficiency.
energy conservation and emission reduction
Risk Management of Commercial Banks under the Enabling Role of Digital Finance: Mechanisms of Influence and Strategic Optimization
In the context of the digital transformation of the banking industry, this study explores the integration of fintech into the operations of commercial banks, with a particular focus on its impact on risk management. The research is conducted from three core dimensions: the intermediary role of third-party payment platforms in data utilization, the impact of P2P online lending on the bank's capital structure, and the influence of big data credit reporting and financial digitization on the institution's capacity building. Based on the research questions in the text, this study assesses the effectiveness of commercial banks' risk management in terms of technological progress, digital literacy, cybersecurity, infrastructure resilience, and customer trust. Additionally, it examines the differences between technologically advanced banks and technologically lagging banks, as well as the dynamic relationships between digital literacy providers, customer trust, and institutional loyalty. Hypotheses are proposed regarding the intermediary role of third-party platforms, the disruptive impact of P2P lending, and the positive contributions of big data and internet-based finance to comprehensive risk governance. These research results aim to provide practical and feasible insights for formulating robust and adaptable risk management strategies in the digital age.
Research on the Initial Quota Allocation Scheme for Carbon Emission Rights in the Yangtze River Delta Region
Under the severe challenge of global climate change, the scientific allocation of carbon emission rights is of decisive significance for achieving regional emission reduction targets and accelerating low-carbon transformation. As one of the most developed regions in China's economy, the Yangtze River Delta region has a relatively high proportion of total carbon emissions in the country, and there are significant differences in the level of economic development and carbon emission intensity within the region. This difference not only reflects the imbalance between regions, but also poses challenges to the fair and efficient allocation of carbon emission rights. This article takes three provinces and one city in the Yangtze River Delta region, including Shanghai, Jiangsu, Zhejiang, and Anhui, as the research object, and studies three initial carbon emission quota allocation schemes to promote carbon peak in 2030. The aim is to provide theoretical support and practical guidance for the construction of carbon markets in the Yangtze River Delta region and even the whole country. Firstly, this article proposes a carbon quota allocation scheme guided by fairness. This plan is based on the principles of historical responsibility and transfer of responsibility, and uses an improved grandfather law model for quota allocation. The principle of historical responsibility emphasizes that each region should bear corresponding emission reduction responsibilities based on its past carbon emissions, while transferring responsibilities considers the spatial transfer effect of carbon emissions. Through this method, the plan not only considers the economic development level and carbon emission history of each region, but also takes into account the fairness between regions. The research results indicate that this scheme significantly reduces the Gini coefficient of quota allocation between regions, demonstrating strong fairness. However, this approach may also suppress the emission reduction enthusiasm of some high emission areas, thereby affecting the overall emission reduction efficiency. Secondly, this article proposes an efficiency oriented carbon quota allocation scheme. This scheme introduces the idea of zero sum game and uses the ZSG-SBM model to calculate the efficiency of each region and allocate quotas accordingly. The core of this plan is to optimize resource allocation and ensure that carbon emission rights can flow reasonably between different regions, thereby maximizing overall efficiency. Through multiple iterations and adjustments, this plan has enabled more regions to reach the forefront of technological efficiency. However, the Gini coefficient of this plan is relatively high, and there is a risk of the Matthew effect, where economically developed regions receive more quotas while underdeveloped regions face the problem of insufficient quotas. Finally, this article proposes a hybrid approach that balances fairness and efficiency. This scheme adopts the entropy method to integrate the results of fairness and efficiency schemes, forming a comprehensive allocation scheme. The entropy method determines the weights by calculating the information entropy of each indicator, avoiding the bias that may be caused by subjective weighting methods. The research results indicate that the emission reduction cost of the comprehensive plan is lower than that of a single plan. This plan not only ensures the low-carbon transformation space in economically developed areas, but also reserves development rights for underdeveloped areas, achieving a synergistic optimization of efficiency and fairness. This study not only provides theoretical support for the reasonable allocation of initial carbon emission quotas in the Yangtze River Delta region, but also provides useful references for the allocation of carbon quotas in other regions of the country. Future research can further explore the coupling relationship between carbon quota allocation and regional economic growth, and quantify the long-term impact of different schemes on industrial structure upgrading. In addition, how to connect policy tools such as carbon tariffs and green finance with quota allocation mechanisms, and build a multi-level emission reduction incentive system, is also a direction worth exploring in depth.
Research on the Impact of Climate Policy Uncertainty on Enterprise Digital Transformation
Climate change is one of the major challenges facing the world today, and climate policies are playing an increasingly important role in China's economic system. The uncertainty of climate policies poses risks to investment and market volatility, thereby affecting corporate decision-making and innovation capabilities. Taking Chinese listed companies as the research subjects, this paper empirically analyzes the impact of climate policy uncertainty on corporate digital transformation and its mechanisms at the micro level from 2012 to 2022. The study finds that climate policy uncertainty significantly enhances the digital level of enterprises and promotes digital transformation. Further analysis indicates that internal financing constraints adversely affect the promotion of corporate digital transformation driven by climate policy uncertainty.
Urbanization, Aging, and Urban-Rural Consumption Upgrading: A Mechanism Study Based on Inter-Provincial Panel Data in China
Based on panel data of urban and rural residents' consumption from 31 provinces, autonomous regions, and municipalities in China from 2011 to 2023, this study systematically explores the evolutionary characteristics, regional differences, and driving mechanisms of urban and rural residents' consumption structure upgrading by constructing a demand income elasticity model, a Gini coefficient decomposition model, and a regional consumption upgrading convergence analysis. The study finds that the consumption structure of urban and rural residents is shifting from subsistence-oriented to development-oriented and enjoyment-oriented, with the urban-rural income gap being the primary factor influencing consumption differentiation. Residential consumption exhibits high income elasticity across all dimensions, particularly in urban areas. Regional consumption upgrading differences show a dynamic pattern of eastern regions leading, central regions catching up, and western regions differentiating, with the growth rate of intra-regional differences exceeding that of inter-regional differences, reflecting the intensifying phenomenon of consumption stratification within regions. This paper proposes policy recommendations from the dimensions of urbanization effects and income distribution structure, aiming to promote the coordinated upgrading of urban and rural consumption and contribute to the realization of the goal of common prosperity.
Urban and rural residents' consumption structure
Analysis of the Dependence of China’s Integrated Circuit Related Industries on United States Technologies under the Context of United States Chip Export Controls
This study examines how United States chip export controls propagate through the semiconductor sector and reshape China’s integrated circuit value chain. Using the 2020 national input–output table, it constructs a complete allocation coefficient matrix to quantify supply-driven transmission effects on downstream industries. The analysis shows that regulatory revisions to the Export Administration Regulations, expansion of the Entity List, and implementation of the Foreign Direct Product Rule together create a multilayer restriction system covering equipment, software, and materials, which generates structural dependence in critical technological nodes. Empirical results indicate that communication equipment, computer manufacturing, and automotive electronics exhibit the highest exposure to chip supply constraints, while modern service sectors also demonstrate strong sensitivity due to their reliance on digital infrastructure. Chips therefore function not only as essential manufacturing inputs but also as foundational components of the digital economy. The findings highlight the systemic vulnerability of high-technology manufacturing and advanced services to external supply shocks and suggest that strengthening domestic innovation capacity and substitution capability is central to improving industrial resilience.
On the Feasibility of Developing the Youth Market for Shaoxing Rice Wine
Shaoxing Yellow Rice Wine has a long history and rich cultural heritage, but it has been unable to truly penetrate the youth market. Analyzing the survey data reveals that although it has a certain level of popularity in the youth market, it faces issues such as an outdated image and outdated packaging. Therefore, Shaoxing Yellow Rice Wine should improve its taste and design its packaging, and create products that meet the aesthetic and needs of young consumers, in order to promote Shaoxing Yellow Rice Wine to enter the youth market.
Research on the High-Quality Development of the Distinctive Health and Pharmaceutical Industry
Under the background of the new development philosophy and the Healthy China strategy, the distinctive health and pharmaceutical industry has become an important carrier for promoting regional industrial transformation and improving public health supply. Existing studies have explored the connotation, driving mechanisms, and evaluation measurement of high-quality development in areas such as the traditional Chinese medicine (TCM) health industry, biopharma-ceuticals, and ethnic medicine. However, shortcomings remain in terms of conceptual boundaries, mechanism explanations, and the adaptation to provincial contexts. This paper systematically reviews related domestic and international literature. From management perspectives such as the resource-based view and dynamic capabilities, industrial ecosystems and value-chain co-ordination, and institutional environment and policy instruments, it summarizes key findings on the high-quality development of the distinctive health and pharmaceutical industry and compar-atively discusses evaluation dimensions and comprehensive evaluation methods. On this basis, considering Sichuan’s resource endowments and industrial characteristics, the paper clarifies the connotation of high-quality development of the distinctive health and pharmaceutical industry and constructs an evaluation framework covering industrial development foundation, development momentum, development efficiency, and development environment, providing theoretical foundations and tool support for policy optimization and management practice in Sichuan’s distinctive health and pharmaceutical industry.
Distinctive health and pharmaceutical industry
The Digital Transformation of Manufacturing Enterprises, Financing Constraints, and Innovation Resilience
With the continuous advancement of economic and social development, China has entered a new stage of high-quality development. The digital transformation of enterprises has become a focal point of attention in both domestic and international academic circles. Leveraging the enabling effects of digital transformation serves as a critical support for promoting high-quality innovation and development in the manufacturing sector. This paper uses China's A-share manufacturing companies from 2014 to 2023 as the research sample to systematically analyze the impact of digital transformation on corporate innovation resilience and further explores the underlying mechanism of this impact. The main findings are as follows: (1) Through baseline regression and a series of robustness checks, it is found that digital transformation positively contributes to the innovation resilience of manufacturing enterprises in China. (2) Financing constraints play a mediating role in this process. Digital transformation effectively enhances the efficiency of information and resource utilization, improves corporate financing conditions, and thereby provides strategic and resource support for innovation. Based on these findings, this paper proposes the following recommendations: At the enterprise level, first, align with the trends of the times, deepen the understanding of digital transformation, and fully leverage its enabling effects. Second, formulate digital transformation strategies tailored to the specific development characteristics and environment of manufacturing enterprises. At the government level, first, strengthen the construction of digital infrastructure to enhance the level of digital transformation in manufacturing enterprises. Second, improve the innovation ecosystem and policies, enhance corporate motivation for innovation, and prioritize the development of a robust innovation resilience system.
Research on the Talent Cultivation Pathways for Coastal Tourism in Jiangmen City
Against the backdrop of the Guangdong–Hong Kong–Macao Greater Bay Area strategy and the high-quality development of the marine economy, coastal tourism has become an important driver for industrial upgrading and urban image enhancement in Jiangmen City. The high-quality development of the coastal tourism industry relies on a well-structured, high-quality workforce that can adapt to the evolving demands of industrial transformation. Taking the current development of Jiangmen’s coastal tourism industry as the research focus, this paper analyzes the characteristics of talent demand and the current situation of talent supply, systematically examines the major problems existing in the talent cultivation system for coastal tourism in Jiangmen, and further proposes a multi-level, industry–education integrated and collaboratively promoted talent cultivation pathway. The study argues that by optimizing higher and vocational education systems, deepening government–industry–university collaboration mechanisms, improving continuing education and in-service training systems, and strengthening policy support mechanisms, the systematicness and effectiveness of coastal tourism talent cultivation in Jiangmen can be comprehensively enhanced, thereby providing solid human resource support for the high-quality development of regional coastal tourism.
The Impact of Ecotourism on Regional Development: A Case Study of Monkey River Town, Belize
Ecotourism has been a focal point in recent years. For regions rich in natural resources but relatively economically underdeveloped, ecotourism can effectively drive economic growth and provide employment opportunities. However, how to rationally develop natural resources and address issues of equitable distribution pose significant challenges for such areas. This paper takes Monkey River Town in Belize as a case study to examine the impact of ecotourism on the development of small regions. The research finds that ecotourism plays a clear role in enhancing residents' income, providing employment, and promoting economic development. At the same time, it requires appropriate community management models and policy support to balance economic growth with social equity, thereby achieving sustainable development.
Research on the Impact of Digital Mergers and Acquisitions on Stock Market Risk: Based on the Perspective of Stock Price Crash Risk
Digital Mergers and Acquisitions (DMA) represent a strategic approach for enterprises to acquire digital assets and capabilities. Existing research primarily focuses on the impact of DMA on innovation and financial performance, with insufficient exploration of its effects on capital market risk, particularly stock price crash risk. This study aims to investigate whether and how DMA can mitigate the risk of stock price crashes in firms. Using a sample of A-share listed companies in China from 2012 to 2023 and employing a multi-period Difference-in-Differences (DID) model, this paper empirically examines the impact of DMA on stock price crash risk and its underlying mechanisms. The results show that: (1) Compared to firms conducting non-digital M&A, firms implementing DMA significantly reduce their future stock price crash risk. This conclusion remains robust after a series of endogeneity controls and robustness tests. (2) Mechanism analysis reveals that DMA mitigates stock price crash risk by alleviating corporate financing constraints. (3) Heterogeneity analysis indicates that the risk-reducing effect of DMA is more pronounced in state-owned enterprises and firms located in the eastern region of China. This study enriches the literature on the economic consequences of DMA and provides empirical evidence for corporate digital transformation strategies and market risk regulation.
The Impact of Corporate Stress on Employees’ Intrapreneurial Intention
In recent years, the number of university graduates has risen sharply, resulting in a considerable unemployed population and an expanding gap between labor supply and available positions. Encouraging employees to pursue intrapreneurship therefore serves a dual purpose: at the firm level it injects innovation and strengthens market competitiveness and influence, while at the societal level it creates additional employment opportunities and alleviates unemployment. To help firms elevate employees’ intrapreneurial intention, this study examines corporate management practices from the perspective of employee stress and its antecedents. Using corporate stress as the independent variable, we test whether it influences intrapreneurial intention through the mediating mechanism of job satisfaction. Based on 274 valid questionnaires, the empirical results reveal that corporate stress exerts a negative effect on employees’ intrapreneurial intention via the full mediation of job satisfaction. Grounded in managerial reality, we offer actionable recommendations for reducing corporate stress and enhancing job satisfaction so as to foster intrapreneurial intention.
Research on Pricing Strategy of Overseas Warehousing Products under Markov Chain
Overseas warehouses are digital and intelligent storage facilities established by overseas companies. Overseas warehouses are not only a place for storing goods, but also an important bridge connecting production and sales, online and offline.The optimal selling price of an enterprise's products is neither the highest price nor the lowest price, but the price when the difference between sales revenue and sales cost reaches the maximum, that is, the price when the enterprise obtains the maximum profit.For the pricing problem of a single product, through mathematical model derivation, we can determine that at the optimal price, the marginal revenue of the product equals the marginal cost. At the optimal price, the price elasticity of the product is the inverse of the ratio of price to profit. Enterprises can first estimate the price elasticity of the product through random price experiments, classify the products based on this feature, and then make price decisions separately through the pricing engine. Actual test results show that after enterprises adopt the optimal price given by the Markov chain pricing model, sales, gross profit, and total transaction amount have all increased significantly.
The Value Transmission Mechanism of Innovation Input: A Study on the Mediating Effect of Economic Profit
Based on the data of A-share listed companies from 2008 to 2024, this paper empirically tests the mechanism of action among corporate innovation, economic profit, and corporate value. The study finds that substantive innovation significantly reduces the current economic value added per share (EVAps) and exerts a negative indirect impact on corporate value; however, after introducing this mediating variable, the direct effect of innovation on value is not significant, forming a typical “suppression effect”. The results indicate that although innovation suppresses financial performance in the short term, the market may still hold expectations for its long-term value. This research provides empirical evidence for understanding the complex path through which innovation affects corporate value.