To accelerate the construction of data factor market, activate the 'vitality' of market development and optimize the 'order' of resource allocation. It is urgent to build a multi-level and multi-agent data factor ecosystem and its new mechanism of market incentive and effective supervision and collaborative governance, so as to effectively promote the circulation and utilization of data factors and the release of value, and give full play to the role of data as a new factor of production to empower the development of new quality and productivity. Based on this, the hierarchical structure of the data element market was analyzed, the economic theoretical logic and social welfare effects of data element value creation was explained, and a collaborative governance model for data element value creation with five main entities includin government, supply side, demand side, platform, and data merchant was constructed. Propose to build an ecosystem of "market led, government guided, and supply-demand linkage" throughout the entire process and chain of data element circulation and trading, with multiple linkage and co construction, in order to activate the development vitality of the multi subject and multi-level data element market and achieve high resource allocation efficiency of data resource elements. Explore the regulatory priorities and their shifts at different stages, and clarify the principles of synergy between market incentives and effective government regulation. Finally, propose implementation path suggestions for the process of data element valuation, in order to promote the high standard supply, efficient circulation, high-level application, and effective supervision of data elements, and achieve high-quality development of the data element market.

Based on China's Land Economic Survey (CLES) data, empirical analysis was conducted on the impact of internet use on farmers' land transfer behaviors using models such as Eprobit, Eregress, and PSM-DID. The 4-way counterfactual total effect decomposition method was employed to verify the "synergistic" mechanism between the internet and social relationship networks. The research findings are as follows. Internet usage can further optimize land factor allocation and facilitate farmers' land transfer. Mechanism analysis indicates that strong social networks only have an intermediary effect, while weak social relationship networks have both intermediary and interactive effects, implying the transformation of the agricultural land transaction market. Further analysis reveals that the synergy between the internet and weak social relationship networks can effectively promote the transaction connection between small farm entities and new management entities. Internet usage leads to the long-term and contractualization of land market transactions. The results show that internet usage is of significant importance in weakening the constraints of social relationship networks and promoting the effective connection between small-scale agricultural economies and modern agriculture.

The vigorous development of fintech has provided new ideas for commercial banks to improve financial services for small and micro enterprises (SMEs). Based on 510 commercial bank credit questionnaires for SMEs covering the east, central, west and northeast regions, the impact and mechanism of fintech on precision credit for SMEs was explored. At the same time, the moderating effect of credit supervision environment in this process was examined. The results indicate that fintech can significantly improve the accuracy of credit for SMEs, and this path can be achieved by weakening information distance constraints and improving customer infrastructure. Heterogeneity analysis shows that large commercial banks have more advantages than small and medium-sized commercial banks in improving the accuracy of credit for SMEs. The credit capacity for SMEs from commercial banks in the western and northeastern regions has greater potential for improvement compared to the eastern and central regions. In addition, in areas with poor credit regulatory environments, fintech plays a greater role in improving precision credit. Our findings enriches the theoretical explanation that fintech improves credit for SMEs, and also provides management inspiration for commercial banks to enhance their financial service capabilities for SMEs.

Traditional industries are a crucial part of the national economy and play an essential role in the development of new quality productive forces. Due to their large scale and major role in the economic structure, these industries face challenges in digital and intelligent transformation. The Industrial Internet platform is key in bridging the gap between old systems and new economic drivers, helping to advance the development of new quality productive forces. A case study of HBIS Group was used to explore the theoretical logic and practical paths of Industrial Internet platforms in this process. The theoretical framework is based on the structure of "data + models + computing power + applications. It focuses on key areas such as factor innovation, technological innovation, industrial upgrading, green development, and industrial park clusters. A three-part empowerment model was created, covering strategic leadership, scenario-driven applications, and ecosystem integration. Five main implementation paths are identified: ensuring independent control and strengthening data foundations, using steel industry strengths to push technological innovation, promoting green development for environmental gains, building an industrial ecosystem for transformation and upgrading, and enhancing industrial park clusters for better collaboration. These insights provide useful guidance and recommendations for developing new quality productive forces in traditional industries.

The difference-in-differences model was used to examine the effects of implementing the "three red lines" policy on the debt structure of listed real estate firms. The empirical results indicate that a significant negative impact on current liabilities and a positive effect on long-term liabilities occur due to the "three red lines" policy, leading to an optimized adjustment of corporate debt structure. Further research finds the following. A more pronounced effect on the debt structure adjustment is observed in firms with a higher proportion of fixed assets than firms with a lower proportion. State-owned firms and real estate firms in non-eastern regions experience greater effects from the policy regarding their debt structure. Companies with weaker profitability and higher leverage are more significantly impacted by the policy, resulting in a more effective adjustment of their debt structure. The introduction of the policy accelerates the circulation of working capital in real estate enterprises and promotes the targeted use of long-term debt to replace short-term debt. A causal relationship between the "three red lines" policy and real estate enterprises is identified within the context of the "houses for living and not for investment" policy, elucidating the mechanism of the "three red lines" policy and providing important reference significance for market participants and the improvement of corporate financialization phenomena.

Innovation is crucial for achieving high-level self-reliance and accelerating the development of new productive forces in the latest development stage. However, due to the high risk and long-term nature of innovation, not all managers, as the leaders of enterprises, can maintain the persistence required for innovation. There is limited research systematically revealing how managerial myopia affects ambidextrous innovation in enterprises. Based on the upper echelons theory and from the perspective of ambidextrous innovation, a panel dataset of 2139 A-share listed manufacturing companies in China from 2007 to 2020 was constructed. Analysis techniques were used to build an index of managerial myopia. The impact of intrinsic managerial myopia on the performance of exploratory and exploitative innovation is investigated empirically. Additionally, the mediating role of ambidextrous innovation investment and the contingent influence of managerial incentives on this process were analyzed. The empirical results demonstrated that managerial myopia significantly negatively impacts the performance of both exploratory and exploitative innovation. Managerial myopia inhibits the investment in exploratory and exploitative innovation, thereby suppressing the output of ambidextrous innovation performance. Equity incentives mitigate the negative impact of managerial myopia on ambidextrous innovation performance, while compensation incentives amplify the negative impact of managerial myopia on exploratory innovation performance and mitigate the negative impact on exploitative innovation performance. The findings of the research extend the analysis of the behavioral consequences and mechanisms of managerial myopia on enterprise innovation. It would provide important theoretical and practical implications for further optimizing enterprise innovation governance mechanisms, incentivizing and guiding enterprises to enhance their independent innovation capabilities, and thereby accelerating the formation and development of new productive forces.

With energy consumption and carbon emissions continue to increase. The climate issues are becoming more severe. Many environmental regulation policies have been promulgated to address the challenges of environmental degradation. Carbon trading policy, as an important means, promotes green technology innovation in enterprises through market forces to reduce carbon emissions. As the main emitters of carbon in China, high-energy-consuming enterprises bear tremendous pressure and challenges for carbon emission reduction. And there is an urgent need to increase investment in green technology innovation to adapt to the market environment. To explore the impact of carbon trading policies on green technology innovation in high-energy-consuming enterprises, a difference in differences model was constructed. Panel data of A-share listed companies in high energy consuming industries from 2000 to 2022 were used to empirically test the relationship between carbon trading policies and green technology innovation of high energy consuming enterprises. The results indicate that carbon trading policies can significantly promote green technology innovation in high energy consuming enterprises. In addition, the research samples were grouped based on different dimensions to further explore the heterogeneity of policy impacts in different contexts. The findings reveal that carbon trading policies have a stronger promoting effect on green technology innovation in stronger enterprises. Compared to green invention patents, carbon trading policies have a greater impact on the number of green utility model patents obtained. When enterprises have a higher proportion of institutional investor shareholding, their green technology innovation is more significantly influenced by carbon trading policies. And enterprises located in key import and export provinces and cities in China are more affected by carbon trading policies than those in other regions.

ESG is an important breakthrough in the process of moving towards sustainable development and promoting high-quality development at the micro enterprise level, which is also an important realization way to promote the sustainable development of the capital market. A reasonable assessment of the innovation value effect of ESG is of great significance for accelerating the construction of a scientific and technological powerhouse at the new development stage. Grounded in the data of A-share listed companies in Shanghai and Shenzhen from 2012 to 2021, the empirical results using the individual fixed effect model show that, firstly, corporate ESG performance can strengthen corporate innovation efficiency and possess the efficiency improvement effect of corporate innovation, and the conclusion of the study still holds after a series of robustness tests and consideration of endogeneity issues. Second, corporate ESG performance improves corporate innovation efficiency through the triple mechanism of strengthening corporate R&D investment, alleviating corporate financing constraints, and reducing corporate agency costs, and it improves corporate innovation efficiency through R&D incentives and cost-saving effects. Third, there is heterogeneity in the improvement effect of corporate ESG on corporate innovation efficiency, which is more obvious in the sample enterprises with higher degree of marketization, private enterprises and overseas executives. The findings provide empirical references for the optimization of innovation resource allocation based on ESG strategic change in the new development stage.

Do the carbon trading policy and low-carbon city policy, as two typical carbon emissions reduction pilot policies, have a policy overlay effect on reducing pollution and carbon emissions? The multi-period difference-in-differences (DID) model was used to explore the policy effect of carbon emissions reduction policies on reducing pollution and carbon emissions from the perspectives of policy synergy and target synergy, basing on the panel data of 279 cities in China from 2006 to 2020. The results show that the dual pilot policy has an obvious synergistic effect on reducing pollution and carbon emissions. The longer the policy is implemented, the stronger the emissions reduction effect is. The dual pilot policy reduces pollution and carbon emissions by the innovation effect and source reduction effect. The implementation of dual pilot policy in western regions, non-resource-based cities, non-old industrial bases and developed cities has achieved better effect on reducing pollution and carbon emissions. Both single pilot policies can promote to reduce pollution and carbon emissions. Comparison between two policies, the carbon trading policy plays better effect on carbon emissions reduction, and the low carbon city pilot policy plays better effect on pollution reduction. The double pilot policy is more effective than the single pilot policy in reducing pollution and carbon. The double pilot cities that first becomes the low carbon city pilot and then implements the carbon trading policy have stronger effect on reducing pollution and carbon. It provides a reference for implementing carbon emissions reduction policies.

Anchoring on the shareholding structure, the A-share listed companies in Shanghai and Shenzhen in China from 2013 to 2019 was taken as a research sample, and the impact of reverse mixed ownership reform on the "greenwashing" behavior of private enterprises was discussed. Results show that by enhancing the financing capacity of enterprises, improving management's short-sighted behavior, and promoting enterprise' sense of responsibility for environmental protection, reverse mixed ownership reform can significantly alleviate the worsening problem about "greenwashing" behavior of private enterprises. The governance effects of state-owned equity was analyzed deferentially, the results show that reverse mixed ownership reform has a more significant inhibitory effect on selective disclosure compared to expressive manipulation. The quadratic term of reverse mixed ownership reform was introduced into the research to verify the existence of an optimal shareholding ratio for state-owned equity. Heterogeneity analyses revealed that governance effects of reverse mixed ownership reform in different contexts in terms of the nature of the industry, the degree of corporate disclosure, and corporate reputation. It puts forward relevant suggestions from three aspects, including that deepening the process of reverse mixed ownership reform in private enterprises, improving laws and suggestions on information disclosure, and strengthening the construction of corporate teams.