By selecting the panel data of China's manufacturing industry from 2005 to 2020, the two-way fixed effect model was used to examine the impact of digital transformation on innovation, and the intermediary effect model was used to examine its impact mechanism based on market, technology and product dimensions. The research results show that digital transformation has a significant innovation effect, and shows the dual heterogeneity of industry and investment. On the one hand, digital transformation inhibits innovation in labor resource intensive industries, but has a positive impact on innovation in capital technology intensive industries. On the other hand, hardware digital transformation has a stronger innovation effect than software digital transformation. Market scale effect, technology transformation effect and product innovation effect are the three major channels for digital transformation to promote manufacturing innovation. Among them, hardware digital transformation can lead to technology transformation and upgrading and product innovation and development to promote innovation, while software digital transformation can drive innovation through local market scale expansion and product innovation and development.

The way companies create value is shifting, with more companies achieving value co-creation through participation in the innovation ecosystem. Based on the open innovation theory, 332 high-tech firms participating in the innovation ecosystem were taken as samples, the impact of coupled knowledge flows on value co-creation of innovation ecosystem and the moderating role of knowledge stocks and innovation ecosystem normativity were explored by using hierarchical regression analysis method. The results of the empirical study show that coupled knowledge flows has a significant positive impact on value co-creation of innovation ecosystem. Both knowledge breadth and knowledge depth have a significant positive moderating role on the relationship between coupled knowledge flows and value co-creation. Innovation ecosystem normativity has a significant positive moderating role on the relationship between coupled knowledge flows and value co-creation. It analyzes the value co-creation influence mechanism from the perspectives of external environments and internal environments of firms, which not only enriches the theoretical research related to knowledge flows, but also provides certain reference for innovation ecosystem to realize value co-creation.

Under the background of the digital economy, it is worth exploring whether digital technology can deeply empower the business transformation of commercial banks to break enterprises' financing dilemmas. Based on the loan data of Chinese listed enterprises from 2011 to 2021, the impact of commercial banks' digital transformation on enterprise loan capital allocation was theoretically analyzed and empirically examined. The results show that the digital transformation of commercial banks can significantly optimize the formulation of enterprise loan agreements, manifesting in the increase of loan size, the extension of maturity, the reduction of interest margin, and the upgrading of credit. The mechanism analysis shows that the digital transformation of commercial banks mainly optimizes the formulation of enterprise loan agreements by reducing risk-bearing and alleviating information asymmetry. Further analysis shows that commercial banks' digital transformation can improve credit resource allocation efficiency. The heterogeneity analysis shows that the optimization effect of commercial banks' digital transformation is more obvious in private enterprises and high-tech enterprises. Therefore, digital transformation not only enriches the microeconomic benefits of commercial banks but also provides a valuable reference for alleviating enterprises' financing difficulties and promoting the high-quality development of the real economy.

China's steel industry has a huge demand for imported iron ore and does not have the pricing power for imported iron ore, so there is a high risk in the supply of iron ore. Since there are many factors affecting the price of imported iron ore and they are interrelated, there is still a lack of authoritative research results on the causes of fluctuations in the spot price of imported iron ore. Based on the existing research on the price of imported iron ore, factors such as iron ore supply and demand, transportation costs, pricing models, finance, and economic development were selected as factors affecting the price of iron ore, and determines the relevant representative indicators of each factor. By constructing a Lasso regression model, the main influencing factors of the spot price of imported iron ore and the complex interactive relationship between these factors are clarified, and the influence of each influencing factor is identified by the variance decomposition method. The results show that the Platts iron ore price index, shipping index, US dollar index, and domestic iron ore production are the main factors affecting the spot price of imported iron ore, among which the Platts iron ore price index is the most critical factor. Based on the model results, it puts forward corresponding policy recommendations from the perspectives of strengthening iron ore market supervision and optimizing iron ore transportation costs.

Due to the increasingly volatile, uncertain, complex, and ambiguous environment, the development and implementation of discontinuous innovation is becoming more critical for firms' survival and development. However, previous studies on discontinuous innovation have mainly focused on theoretical research, and little is known about how to systematically cultivate and implement discontinuous innovation. Based on upper echelons theory and social cognitive theory, it has been probed that CEO advice seeking may be an important driver of discontinuous innovation, with relational learning playing a mediating role, and corporate entrepreneurial orientation playing a moderating role. Data collected from 289 CEOs have shown that both external and internal advice seeking are important determinants of a firm's discontinuous innovation; relational learning has played a partial mediating role in these relationships. Additionally, corporate entrepreneurial orientation has been found to positively moderate the mediating role of relational learning in the relationship between CEO internal advice seeking and discontinuous innovation. Surprisingly, the interaction of CEO external advice seeking and corporate entrepreneurial orientation on subsequent discontinuous innovation is indistinctive. The findings of this study have important theoretical and practical implications for cultivating discontinuous innovation, utilizing CEO advice seeking, optimizing relational learning capability, and promoting corporate entrepreneurial orientation.

Technological innovation is characterized by large-scale investment, high conversion cost, long investment cycle, etc., which will profoundly affect corporate cost habits. Based on this, in order to empirically test the impact of corporate innovation on cost stickiness and its mechanism of action, the cost stickiness existence test model and its extension model were constructed. The above models used relevant data of A-share listed companies in Shanghai and Shenzhen from 2009 to 2021 under the premise of considering the truncation bias of patent data. It has been found that corporate innovation can significantly improve cost stickiness. The mechanism tests show that corporate innovation increases cost stickiness mainly through three paths: reducing the efficiency of supply chain resource operation, increasing the optimistic expectation of management, and aggravating the agency problem. Heterogeneity analyses show that the promotion effect of corporate innovation on cost stickiness is more significant in small and medium-sized private firms and firms in regions with a higher degree of industry competition. The findings have important implications for enhancing corporate resource allocation efficiency and realizing high-quality development.

In the context of the digital economy, the full-link digital transformation, which encompasses the entire field, frequently encounters a broader range of historical constraints. It often results traditional enterprises being significantly constrained by historical inertia. Overcoming organizational inertia has become a primary objective for traditional enterprises digital transformation. This exploratory case study examines Feihe Dairy's digital transformation practice process to analyze the organizational inertia and its overcoming mechanisms within traditional enterprises undergoing full-link digital transformation. The results demonstrate that during the process of full-link digital transformation. The manifestation scope of organizational inertia has been expanded, and enterprises are confronted with the resistance to change of cross-functional cognitive inertia and cross-functional structural inertia. Traditional enterprises overcome cross-functional organizational inertia by orchestrating resources from the outside-in, and there is heterogeneity in the mechanisms by which different cross-functional inertia is overcome. To overcome cross-functional cognitive inertia, enterprises adopt a resource orchestration strategy of "exogenous structuring-inherited capability-replacement leverage". To overcome cross-functional structural inertia, enterprises adopt a resource orchestration strategy of "exogenous structuring-pioneering capabilities-combinational leverage". It not only extends the theory of organizational inertia in the context of digital transformation, but also provides practical guidelines for traditional enterprises to successfully promote digital transformation.

With sustainable development becoming a globally recognized development trend and China's "double carbon" goal put forward, enterprises'ESGresponsibility has been highly valued by investors, regulatory authorities and all walks of life. Based on this, Using China's A-share listed companies from 2011 to 2020 as research samples, the relationship betweenESGresponsibility performance and stock returns was investigaqted, and the regulatory role of institutional environment in it was considered. The results show that the listed companies can significantly improve the stock returns by actively fulfillingESGresponsibilities, and the research conclusion is still valid after considering endogenous problems. The internal mechanism shows that the listed companies'ESGresponsibility performance mainly improves the stock returns by attracting investors' attention, enhancing analysts' attention and relaxing corporate financing constraints, and the institutional environment plays a moderating role between the listed companies'ESGresponsibility performance and stock returns. Further heterogeneity analysis shows that the listed companies'ESGresponsibility performance will have different effects on stock returns due to the different property rights and regions. In addition, compared with environmental responsibility (E) and social responsibility (S), governance responsibility (G) has a more significant impact on stock returns. The research conclusion provides empirical evidence for the economic consequences of listed companies'ESGresponsibility, and has enlightenment significance for enterprises, investors to pay attention toESGresponsibility performance and the government to improveESGrelated policies.

The standardization capability of enterprise Industrial Internet is of great significance for improving R&D intensity and optimizing resource allocation. From the perspective of standard resource arrangement, based on the standard text data of Industrial Internet, 310 A-share listed companies in the field of Industrial Internet were selected as the research subjects to investigate the impact of standardization capability on corporate digital innovation performance from the perspective of standard resource orchestration. As is found in the research, the different features in standard texts reflect the different characteristics of the structuring, enabling, and leveraging stages of enterprise standardization resources. From the perspective of resource orchestration, the positive impact of enterprise standardization ability on digital innovation level has been discovered. In terms of mechanism, the standardization of enterprise Industrial Internet has improved the R&D intensity and resource allocation efficiency of enterprises, thus promoting the improvement of digital innovation performance. The development of the standardization capability of enterprise Industrial Internet is found to promote the quality, efficiency and innovation of an enterprise. The discovery of the correlation is supposed to enhance enterprise productivity and boost industrial transformation and upgrading of China.

Fuzzy front-end (FFE) is the research frontier of management studies in both domestic and international academia. On the other hand, in the industrial ciecles, the CCP's 20th report also addresses the importance of manufacturing startups in determining China's future development. Therefore, how to utilize FFE innovation to increase manufacturing startups' performance becomes a crucial goal of both academic researches and industrial practices. The relationships between FFE entrepreneurial bricolage activities, corporate social responsibility (CSR) and NPD performance by adopting a resource based view was studied. It surveyed 357 manufacturing startups and the empirical results from the data sample of manufacturing startups show that FFE entrepreneurial bricolage activities have positive and significant impacts on NPD Performance. FFE entrepreneurial bricolage activities also have positive and significant impacts on startups' CSR engagement. CSR engagement has positive and significant impacts on startups' NPD performance. CSR also plays a mediating role between FFE entrepreneurial bricolage activities and NPD performance. The research results triggered the future direction of FFE innovation research and practice.