Administrative division adjustment serves as a vital policy tool for reshaping the power-responsibility relationships among local governments, exerting an increasingly profound and extensive impact on eliminating administrative barriers and optimizing the allocation of resource factors among districts and counties. Based on the samples of counties (cities) implementing the county-to-district reform from 2011 to 2021, the PSM-DID model was adopted to empirically examine the impact of this policy on the allocation of resource factors among districts and counties. The results indicate that during the study period, the degree of misallocation of capital, labor force and overall resource factors presented an upward trend. The county-to-district reform has significantly improved the level of resource factor allocation among districts and counties, and such an effect is more manifested as a short-term one. Further heterogeneity analysis reveals that the policy effect is more prominent in eastern regions as well as in cities with higher market accessibility and larger population size. In addition, compared with partial county-to-district adjustment, the policy effect of full-scale county-to-district adjustment is more pronounced. Mechanism analysis demonstrates that the county-to-district reform effectively reduces transportation costs, weakens administrative barriers, and improves the market and institutional environment by expanding transportation networks, restraining vicious competition among governments, and promoting the rationalization of public services, thereby guiding the rational flow of resource factors and facilitating the optimal allocation of resource factors among districts and counties. On the basis of the above conclusions, to maximize the policy dividends of the county-to-district reform, future reforms should focus on institutional integration, targeted policies, long-term guarantees and district-wide promotion, so as to systematically break down barriers to factor flow and achieve regional coordination and high-quality development.

Disruptive technological innovation is regarded as a key driving force for modern industrial transformation and upgrading, yet its innovation spillover effects within the industrial chain and the underlying mechanisms remain insufficiently explored. Based on invention patent data and industrial chain linkage information of Chinese listed firms, the effects of disruptive technological innovation on the innovation quality of upstream and downstream firms were systematically examined from an industrial chain perspective, and the associated mechanisms and heterogeneity were further analyzed. The results indicate that disruptive technological innovation conducted by listed firms generates significant innovation spillover effects along the industrial chain. However, these spillover effects exhibit pronounced asymmetry due to differences in industrial chain positions and the diffusion characteristics of disruptive technologies. Specifically, a significant forward spillover effect is observed, whereas the backward spillover effect is not significant. Mechanism analysis shows that the spillover effects are mainly transmitted through technological trajectory reconstruction and increased technological integration depth, which contribute to the improvement of downstream firms' innovation quality. Heterogeneity analysis further reveals that the spillover effects are more pronounced among downstream firms with stronger absorptive capacity and larger firm size, while a weaker innovation response is observed in downstream firms with higher ownership concentration. These findings provide new empirical evidence for understanding the innovation spillover effects of disruptive technological innovation within the industrial chain and their transmission mechanisms.

It is particularly important for promoting coordinated regional development whether infrastructure construction can optimise resource allocation and reshape the spatial distribution of innovation factors. Using the opening of high-speed rail and the "Broadband China" demonstration city as quasi-natural experiments for transport and information infrastructure construction respectively, the impact of infrastructure construction on city innovation from a heterogeneous infrastructure perspective by the data of 284 cities in China from 2004 to 2020 was explored. The results are as follows. The opening of high-speed rail can effectively exert the effect of human capital and financial support to promote urban innovation, and this promotion is more significant in the central and western cities and northern cities, which is conducive to promoting regional coordinated development. The demonstration city of "Broadband China" has an important role to promote the innovation level of eastern and southern cities, and promotes the unbalanced development of regions. Further analysis shows that there is a superimposed effect on the promotion of urban innovation by transportation and information infrastructure construction. The demonstration city of "Broadband China" can effectively exert the effect of human capital and financial support by the power of "high-speed rail", thus accelerating the innovation development of cities in the east and south, and further expanding the regional unbalanced development. The research findings contribute to understanding the complex innovation effects of transport and information infrastructure construction, and have important implications for the spatial layout of infrastructure, the optimization of innovation spatial pattern and the region coordinated development.

The marketization of data elements is regarded as a core supporting resource and a new driving engine for the high-quality development of enterprises in the new era. The establishment of national-level Big Data Comprehensive Pilot Zones was used as a quasi-natural experiment, and a multi-period difference-in-differences (DID) model was constructed based on Chinese A-share listed enterprises from 2010 to 2023 to examine the impact on the marketization level of enterprise data elements. It is found that the construction of Big Data Comprehensive Pilot Zones significantly improves the marketization level of data elements of listed enterprises. It is further found that the positive impact is more significant for non-state-owned enterprises, non-high-tech industries, enterprises in the eastern region, and regions with a higher degree of financial openness. In the mechanism analysis, it is shown that the construction of Big Data Comprehensive Pilot Zones promotes the marketization of enterprise data elements by improving resource allocation efficiency and enterprise innovation efficiency, while market transaction efficiency plays a partially negative mediating role. In the spatial spillover analysis, it is shown that the construction of Big Data Comprehensive Pilot Zones significantly inhibits the marketization level of data elements of enterprises in neighboring regions. The findings are expected to provide a new perspective for evaluating the marketization level of enterprise data elements and to offer policy implications for relevant institutions and enterprises.

The improvement of enterprises' long-term value helps increase investor returns, promote the coordination of investment and financing, and strengthen financial support for the development of the real economy. Against the background of digital transformation, the exploration of the relationship between enterprises' strategic disclosure and their long-term value is of great practical significance. Sampleing from Chinese A-share listed companies in Shanghai and Shenzhen between 2015 and 2023 were utilized. The findings are as follows. Firstly, strategic disclosure has a significant negative impact on enterprises' long-term value. This result remains valid after multiple endogeneity and robustness tests, such as the instrumental variable method, PSM, and variable replacement. Secondly, mechanism analysis shows that strategic disclosure related to digital transformation significantly reduces investor sentiment, the quality of analysts' earnings forecasts, and the competitive advantage in the product market, thereby reducing enterprises' long-term value in multiple aspects. In addition, heterogeneous characteristics reveals that the negative impact of strategic disclosure on enterprises' long-term value is more significant when enterprises face higher external environmental uncertainty and are in the growth or mature stage. Further analysis indicates that strategic disclosure also exerts a significant negative effect on enterprises' investment efficiency. Among the two dimensions of "more words" and "fewer actions", "more words" has a greater negative impact on long-term value. The conclusions provide enlightenment for improving corporate efficiency, optimizing corporate governance, and promoting high-quality development.

Simulating the innovation resilience of industrial enterprises is an important direction for China to strengthen its innovation system's sustainable capacity. With A-share listed industrial enterprises as research sample from 2013 to 2023, digital proximity degree was constructed based on multidimensional proximity theory and product space theory firstly, and then panel data econometric model was utilized to explore the influential mechanism and mediating effect of digital proximity on innovation resilience. Results are as follows. Firstly, digital proximity's empowering effect shows such U-shaped curve which the turning point is 0.551. Moreover, it remains robustness in a series of robust tests. Secondly, digital proximity's empowering effect indicates significant heterogeneity. Concerning regional heterogeneity, these effects are U-shaped curve for both eastern and central enterprises while it shows weak and not significant. Meanwhile, for state-owned and non-state-owned enterprises, they both show U-shaped curves and the turning point of state-owned enterprises is slightly more than that of non-state-owned enterprises. The turning point for large-scale enterprises is lower than that of small and medium-sized ones. For higher financing-constraint enterprises, it is lower than that of lower financing-constraint ones. The moderating effect of corporate internal control quality is non-negligible. Thirdly, among the four mediating effects of dynamic capacity, two of them (OPEN and MAR) are positive mediating effects while the other twos (TFP_OP and Spill) indicate negative effects. Therefore, emphasis should be placed on the optimization of digital proximity mechanism in the digitalization process of industrial enterprises and the positive empowering pathways of digital proximity to enhance innovation resilience through dynamic capabilities, which provides new driving forces for stimulating the technological innovation resilience capacity of China's industrial enterprises.

In the context of industry 5. 0, the integration of artificial intelligence technology has an impact on the decision-making processes, resource allocation methods, behavioral habits of human-robot teams, and governance mechanisms during the construction and operation of projects. However, existing research has overlooked the mechanism of human-robot Interaction and project resilience in the project scenario. Based on the resource orchestration theory, knowledge and dynamic capability theory, a moderated mediation model was constructed to explore the influence mechanism of human-machine interaction on project resilience in the context of industry 5. 0, which resource orchestration was set to the mediating variable, and knowledge potential difference and human-machine trust was set to the moderating variables. Data from 369 project samples were analyzed. The results indicate that human-machine interaction has a significant positive impact on project resilience, which human-machine trust plays a moderating role in this relationship. Resource orchestration serves as a mediator between human-machine interaction and project resilience, while knowledge potential difference positively moderates the mediating effect of resource orchestration in the relationship between human-machine interaction and project resilience. These findings contribute to understanding project teams' behavioral interactions and resilience responses in uncertain environments, while also providing insights for collaborative decision-making and resilience governance in human-machine project teams. These results enrich the research system of human-machine interaction and resilience in project contexts, providing micro-level evidence for enhancing project resilience through human-in-the-loop technologies under the industrial 5. 0, while offering practical insights for project governance decision-makers.

The practice of born service-oriented manufacturing enterprises (BSOMEs) that carry out service-oriented manufacturing business at the beginning of its establishment challenges the traditional service-oriented manufacturing theory which only focuses on the service-oriented transformation of manufacturing industry. Under resource-constrained conditions, how BSOMEs overcome the inherent insufficiency of manufacturing capabilities is a key issue concerning their survival and development. Based on the resource dependence theory, the longitudinal single case of DTCT, a typical enterprise, was analyzed. By discussing the process mechanism through which BSOMEs can build resources and capabilities that are in line with their strategies in order to achieve rapid growth, the following findings were obtained. The dependence relationship between BSOMEs and the environment can evolve along the stage of "dual asymmetric dependence-dual joint dependence-multiple joint dependence", and form manufacturing capabilities that are compatible with organizational strategies. BSOMEs can overcome their natural disadvantages by proactively building dependencies with other organizations in the environment. The organization should reduce its dependence on the environment by building internal resources and capabilities. The organization can reshape the environment conducive to the organization by building an ecosystem that increases the participants' dependence on the organization and the joint dependence of both parties. It innovatively combines the growth process of new enterprises with the strategy of service-oriented manufacturing, contributes to the literature of service-oriented manufacturing and entrepreneurship, and has important guiding value for BSOMEs to overcome their inherent disadvantages.

To explore whether pilot policies for social credit system reform can improve corporate ESG performance while achieving the goal of creating a favorable business environment. The study takes the implementation of pilot policies for social credit system reform as a "quasi natural experiment", based on strategic social responsibility theory, social capital theory, and agency theory, using A-share listed companies from 2009 to 2023 as samples, to explore and verify the impact and internal mechanism of social credit system construction on corporate ESG performance. Research has found that the construction of a social credit system can improve the ESG performance of enterprises in pilot areas; Mechanism analysis shows that the construction of a social credit system can improve corporate ESG performance by increasing social capital and reducing agency costs; Institutional investors' shareholding has a positive moderating effect on the relationship between social credit system construction and corporate ESG performance, and the moderating effect of institutional investors' shareholding shows significant heterogeneity. Pressure resistant institutional investors' shareholding positively moderates the impact of social credit system construction on corporate ESG performance, but the moderating effect of pressure-sensitive institutional investors' shareholding is not significant. Further analysis shows that the effects of the pilot program are stronger in enterprises with state-owned property rights, lower internal governance levels, secondary industries, and better business environment in their respective regions. In addition, the construction of a social credit system can help alleviate ESG uncertainty and improve the quality of corporate ESG information. The pilot reform of the social credit system has brought about an improvement in the ESG performance of enterprises, which can also alleviate financing constraints and promote high-quality development of enterprises. The study provides micro evidence for promoting corporate ESG performance in the construction of a social credit system, which helps to further deepen the construction of the social credit system and achieve coordinated development of the economy, society, and environment.