Amid the deep empowerment of the digital economy and the rural revitalization strategy, agricultural digital technology is regarded as a core driving force for simultaneous promotion of agricultural modernization and coordinated regional development. From the perspective of coordinated regional agricultural development, the impact of agricultural digital technology flow was systematically investigated based on patents spanning from 2001 to 2023. Non-equilibrium characteristics were observed in cross-regional technology flow. A "center-periphery" network pattern was formed, where developed cities serve as core hubs and small-medium cities were positioned at the edge of technology diffusion. Regional disparities are effectively narrowed by directional technology flow. Conversely, reverse flow triggers a "siphon effect" detrimental to regional convergence. The mediating effect of demand adaptability is identified to exceed that of technological adaptability. Regional heterogeneity is manifested in coordination effects: limited effects are observed in intra-eastern flows, strongest effects in central-western flows, and optimal outcomes in directional flows from east to central-west. Significant promotional effects are generated by directional flow in regions with minor agricultural development gradients, well-established digital infrastructure, and comparable initialization levels. References are provided for guiding orderly technology flow and balanced regional agricultural development.

Against the backdrop of advancing the "dual carbon" goals and accelerating global climate governance, preventing cross-market risk contagion among carbon, energy, and financial markets induced by climate policy uncertainty is of great significance. A four-dimensional risk linkage analysis framework of "CPU-carbon-energy-finance" was constructed. The quantile vector autoregressive model and frequency domain decomposition method were employed to examine the risk spillover effects of climate policy uncertainty under normal and extreme conditions from both the time and frequency dimensions. The results show that climate policy uncertainty plays a pivotal role in risk transmission and exhibits a pronounced state-dependent characteristic. It acts as a net risk receiver under normal conditions but turns into a net risk transmitter under extreme scenarios, with its impact significantly amplified during the COVID-19 pandemic and geopolitical conflicts. This role reversal is closely associated with declining risk appetite, heightened liquidity constraints, and the reshaping of policy expectations. Short-term spillovers consistently dominate the transmission process, reflecting the rapid market response to information. However, medium- and long-term spillovers are markedly intensified under extreme market states, indicating that extreme events can awaken the market's "long-term memory" and lead to cross-period risk contagion. The energy market serves as a critical transmission node. During downturns, coal and natural gas reinforce risk concentration, while during upturns, oil becomes a primary spillover source and strengthens its linkages with the carbon market and commodity futures. The findings provide empirical evidence for constructing a state-dependent risk defense system, optimizing the design of energy transition pathways, and facilitating a smooth energy transition.

Guiding capital factors to gather in the field of long-term value creation of enterprises is the key support for promoting the optimization and upgrading of the industrial chain supply chain and accelerating the construction of a powerful manufacturing country. Based on the data of A-share manufacturing enterprises from 2008 to 2024, the impact of patient capital on the upgrading of the value chain of manufacturing enterprises and its mechanism of action was empirically examined. The results found that patient capital can significantly promote the upgrading of the value chain of manufacturing enterprises, and realize the mechanism empowerment by suppressing the two independent paths of enterprise financialization and alleviating financing constraints and the two chain intermediary effects. At the same time, abundant callable resources can strengthen the positive impact of patient capital on the value chain upgrading of manufacturing enterprises. Sound. Heterogeneity analysis found that the role of patient capital in promoting the upgrading of the value chain of manufacturing enterprises is more prominent in non-provincial capitals, low-market cities, and enterprises with labor-intensive and low-management incentives, indicating that patient capital plays a stronger role in the context of weak external institutional environment or insufficient internal governance. Further analysis shows that patient capital can promote the improvement of the market position of manufacturing enterprises by promoting the upgrading of the value chain of manufacturing enterprises. From the perspective of capital factor allocation, this article reveals the inherent logic of patient capital-driven manufacturing enterprises to climb to high value-added links in the value chain. It provides important empirical evidence and policy inspiration for optimizing the patient capital structure, improving long-term investment guidance policies, and helping to build a powerful manufacturing country.

Against the backdrop of a new round of technological revolution and industrial transformation, disruptive technological innovation in technology-leading enterprises is dependent on planned network collaboration and resource allocation. It is also influenced by unplanned innovation opportunities emerging in dynamic environments. The degree of digital innovation network embeddedness has not been fully clarified in existing research. The complementarity between planned collaboration and innovative emergence has also not been fully explained. A moderated mediation model was constructed based on network embeddedness theory and dynamic capability theory. The effect of digital innovation network embeddedness on disruptive technological innovation in technology-leading enterprises was empirically examined. The mediating role of digital capability and the moderating role of technological dynamism were also tested. It was shown that both structural embeddedness and relational embeddedness in digital innovation networks had inverted U-shaped relationships with disruptive technological innovation. Digital capability was found to mediate these relationships. Technological dynamism was found to positively moderate the inverted U-shaped relationships between structural embeddedness and both digital capability and disruptive technological innovation. A moderated mediation effect was also identified in the structural embeddedness path. Technological dynamism was found to negatively moderate the inverted U-shaped relationship between relational embeddedness and disruptive technological innovation. The complex mechanism through which digital innovation network embeddedness promotes disruptive technological innovation in technology-leading enterprises was revealed in the context of the digital economy. Theoretical support and practical references were provided for the development of new-quality productive forces and disruptive innovation under the framework of national strategic scientific and technological capabilities.

Achieving self-reliance and strength in critical digital technologies is the strategic "opening move" for China to build new advantages in global competition and seize the commanding heights of international rivalry. It also constitutes the decisive "winning move" for fostering new engines of economic growth and building a modern industrial system. Taking biometric recognition as a representative case, the theories of the technology life cycle, technological trajectories, and technological transitions were integrated to elucidate the global competitive landscape, evolutionary life cycle, and transition pathways of key digital technologies. The findings indicate that, in terms of competitive dynamics, the global landscape of key digital technologies is characterized by highly complex and continuously evolving patterns among competing actors. Moreover, the dominant technological trajectories led by Europe, the United States, and other advanced economies impose a certain "cyclical technological lock-in effect" on China's latecomer catching-up efforts. From the perspective of technological trajectory evolution, the development of key digital technologies follows an S-curve pattern. It shows a clear shift from basic research dominated by Europe and the United States toward application-oriented innovation increasingly led by China. Moreover, as global technological competition intensifies, these technologies are evolving from single-modal solutions to integrated multimodal systems. From the perspective of transition pathways, the deep cross-domain integration of diverse technologies, together with the driving force of application contexts, has opened a window of opportunity for China to break through the cyclical technological lock-in in key digital technologies and to realize latecomer catch-up. Overall, it provide a new theoretical framework and practical insights for latecomer countries seeking breakthrough innovation and technological catch-up in key digital technologies.

As the backbone of advanced manufacturing, machine tools face growing data security risks due to secondary damage caused by the amplification of network threats. These challenges demand a responsible approach to technological innovation. Based on the theory of responsible innovation, an evolutionary game model involving machine tool manufacturers, client enterprises and the government was constructed, exploring the dynamic evolution of multi-stakeholder collaboration in mitigating data leakage risks. The findings reveal that under the risk amplification effect, client enterprises' responsible innovation behaviors are significantly positively influenced by perceived secondary risks, while manufacturers' responsible innovation is driven by the dual forces of "market-driven pressures" and "policy-induced incentives". Government regulation follows "market self-regulation substitution". Simulation results further indicate that the scale of risk losses significantly impacts the convergence speed of the main strategy. When economic reputation losses or secondary damage losses exceed critical thresholds, responsible innovation behavior rapidly becomes endogenous and dominates system evolution. It provides theoretical insights and practical strategies for improving data security governance in machine tools and contributes to the broader discourse on responsible innovation in intelligent manufacturing.

The digital transformation of enterprises is an important engine to promote high-quality development, and concept hype will prevent them from achieving substantive results. From the perspective of capital market governance, investors' digital attention indicators based on the interaction data between investors and companies in E-interaction and Interactive Q&A, and digital transformation concept hype indicators from the two aspects of digital transformation information disclosure level and tone were constructed. A-share listed companies in China from 2010 to 2023 were taken as samples. A fixed effects model was used to examine the impact effect and mechanism of investors' digital attention on the conceptual hype of enterprise digital transformation, and the reasons and explores solutions was analyzed. The research results indicate that investors' digital attention exacerbates the hype of the concept of digital transformation of enterprises. This exacerbating effect is more significant in low-market-cap and non-state-owned enterprises. Furthermore, enterprises located in regions with better digital economy development, smaller-scale enterprises, and enterprises with senior executives having IT and R&D backgrounds exhibit a more significant exacerbating effect on the level of information disclosure, but the effect on the tone of disclosure is not significant. The conceptual hype of enterprise digital transformation is promoted by investors' digital attention through three paths: exacerbating stock price volatility, inducing executive shortsightedness, and increasing reputation costs. The conceptual hype of enterprise digital transformation can be suppressed by gold medal board secretaries, institutional investors' attention, analysts, media, and supervision from the four major audit institutions. A new perspective is provided for understanding the micro mechanisms of interaction between investors and enterprises in the digital age. Policy implications are offered for preventing the risk of conceptual hype and guiding substantive digital transformation.

The New Energy Demonstration City (NEDC) policy is a crucial measure to promote energy transition and achieve the "dual carbon" goals. A systematic assessment of its impact on environmental welfare performance is essential for advancing sustainable energy development and enhancing residents' well-being. Economic development, environmental pollution, and residents' health factors were simultaneously incorporated into the measurement of environmental welfare performance. A two-stage network super-efficiency SBM model was applied to calculate this indicator, and the impact of the NEDC policy on environmental welfare performance is evaluated. The findings are as follows. First, the NEDC policy significantly improves environmental welfare performance, and this conclusion remains valid after a series of robustness tests. Second, environmental regulation and average temperature play positive moderating roles in the impact of the NEDC policy on environmental welfare performance, while average altitude exerts a negative moderating effect. The NEDC policy promotes the improvement of environmental welfare performance by enhancing energy utilization efficiency and new infrastructure construction. Third, in terms of geographical location, the impact of the NEDC policy on environmental welfare performance is more significant in eastern and southern China, and is significant in regions on both sides of the "Hu Huanyong Line". In terms of urban characteristics, the promotion effect is more pronounced in megacities, central cities, and cities with carbon trading platforms, while it has an inhibitory effect in large megacities. Fourth, the impact of the NEDC policy on environmental welfare performance has a positive spatial spillover effect. It provides policy implications for the government to optimize energy development and improve residents' well-being.

The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China proposed to expand the international economic cycle and advance reform and development through opening up. Against the backdrop of the digital economy, it is imperative to empower the internationalization development of small and medium-sized enterprises via digitalization. As the "pace-setters" among small and medium-sized enterprises (SMEs), specialized and sophisticated SMEs are regarded as the backbone of Chinese enterprises' participation in international competition. Nevertheless, existing studies have not fully answered how digital transformation affects the internationalization of specialized and sophisticated SMEs and what lies behind its internal influencing mechanism. Using data from 1315 listed Chinese specialized and sophisticated SMEs spanning 2011 to 2023, this thesis conducts empirical analysis and verification on the above issues. The research findings are as follows. The impact of digital transformation on the internationalization degree of specialized and sophisticated SMEs presents obvious phased characteristics. In the short term, it shows a negative impact. However, with the continuous advancement of digital transformation, this impact gradually turns positive. The root cause of this phased characteristic lies in changes in the enterprises' debt structure. Specifically, in the short term, the increased capital investment in digital transformation leads to higher debt pressure, which crowds out investment in internationalization. In the long run, however, the marginal input of digital transformation decreases, and it improves access to financing. This helps enterprises activate cash flow and provides effective support for their international development. Additionally, the overseas background of enterprise executives plays an effective positive moderating role in this mechanism. Specialized and sophisticated SMEs with different attributes show significant differences. Among them, state-owned enterprises and those located in eastern China see a more prominent long-term driving effect of digital transformation on their internationalization degree.

Against the backdrop of the "dual carbon" strategy implementation and rapid digital economy development, the relationship between strategic emerging enterprises' carbon responsibility and ambidextrous innovation is crucial for ecological civilization construction and high-quality economic development in China. Based on the stress-creativity model, the influence of carbon responsibility on ambidextrous innovation is investigated, with the moderating effect of digital transformation examined. Listed companies in China's strategic emerging industries from 2020 to 2022 are selected as the research sample for empirical analysis. The findings reveal that a significant U-shaped relationship between carbon responsibility and both incremental and radical innovation is identified. The U-shaped relationship between carbon responsibility and ambidextrous innovation is strengthened by digital transformation, specifically through facility digitalization, business digitalization, and technology digitalization. Heterogeneity analysis indicates that the U-shaped relationships are more pronounced in non-state-owned enterprises than in state-owned enterprises. These conclusions remain robust after rigorous testing. It provides empirical evidence clarifying the relationship between carbon responsibility and ambidextrous innovation in strategic emerging enterprises, while offering practical insights for enterprises to advance digital transformation and enhance ambidextrous innovation capabilities while fulfilling carbon responsibility during the digital economy era and "dual carbon" transition.