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.

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.

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.

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.

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.

The issue of free-riding often exists in regional air pollution collaborative governance. To effectively address this issue, a quantum game model involving two heterogeneous governments was constructed using quantum game theory. The consideration of entangled states was discussed separately, and the game results were locked into a quantum version of cooperation strategies through strategy expansion. Based on the interpretation of quantum strategies and quantum entanglement, explicit provisions for the "entanglement agreement" in intergovernmental collaboration were made. The results show that entangled states and quantum strategies can effectively address the free-riding issue of governments. Quantum entanglement and quantum strategies, through interest association and index quantification, can avoid the issue of "moral hazard" and strengthen the binding force on both governments to fulfill their responsibilities. Based on the conclusions, three policy implications were proposed: promoting the digital transformation of local governments and establishing an air quality information-sharing platform, improving the performance evaluation and accountability mechanism for collaborative air pollution governance, fostering regional identity and establishing intergovernmental trust. These implications provide decision-making references for advancing regional air pollution collaborative governance in China.

Based on the data of China's Rural Revitalization Survey (CRRS), the influence, mechanism and heterogeneity of agricultural production trusteeship on farmers' common prosperity were analyzed from the perspectives of income and happiness. The results show that the trusteeship of agricultural production has a positive effect on the common prosperity of farmers, and the conclusion is still stable after dealing with the endogenous problem. Heterogeneity analysis shows that agricultural production trusteeship has a significant effect on the common prosperity of different income groups, and there is little difference between the two. The promotion effect of the high human capital group on the common prosperity is more significant. It has a significant positive impact on the common prosperity of small households, but has no significant impact on large-scale households, and plays a distributive effect to promote "sharing". Through the mechanism test, it is found that the income level of farmers is improved by agricultural production trusteeship, which is mainly achieved by increasing crop yield, reducing production cost, expanding operation scale and promoting non-agricultural employment transfer. And by improving farmers' expectations of future income and freedom of choice and action, family happiness can be enhanced. The dual improvement of income and happiness can promote the realization of common prosperity of farmers. These findings have important theoretical and practical significance for the smooth implementation of the trusteeship policy of agricultural production and the continuous improvement of the common prosperity of farmers, also provide new evidence for the research on the relationship between the trusteeship of agricultural production and the common prosperity of farmers.

With the improvement of ESG awareness and the increasing importance of sustainable development, ESG rating has become a focal point of discussion in both academic and practical fields. However, at present, the ESG rating standards in China are not unified, and there is significant divergence in the scores given by different rating agencies. Will this have an impact on business risk? Based on this, using Chinese A-share listed companies from 2015 to 2022 as the research sample, the ESG rating divergence index was constructed using the ratings of Huazheng, Wind, FTSE Russell, SynTao Green Finance, SusallWave and Bloomberg, and the impact of ESG rating divergence on business risk was empirically tested. It is found that ESG rating differences significantly increase the business risk of enterprises, and this conclusion is still valid after a series of endogenous robustness tests. The mechanism test finds that ESG rating divergence increases business risks by aggravating information asymmetry and inhibiting investor sentiment. Heterogeneity analysis shows that the impact of ESG rating divergence on business risk is stronger in non-state-owned enterprises, enterprises with poor information quality and highly marketized enterprises. Further research finds that compared with the differences in the analysis of ESG rating agencies, the non-standard disclosure of ESG information by the rated enterprises themselves is the main reason why the ESG rating divergence aggravates the business risk of the enterprises. The research conclusions provide an important reference for regulators to standardize ESG rating standards to guide enterprises in disclosing information properly, which provides an important reference for promoting the construction of China's ESG rating system.

With the rapid development of digital technology, the combination of technology, finance, and banking has become increasingly prominent. Empirically examining the impact of bank fintech on enterprise technological innovation and its underlying mechanism, based on data from China Bank's fintech patent application and enterprise bank loan records. Empirical analysis reveals that bank fintech has a significant promoting effect on enterprise technological innovation. After a series of endogeneity discussions and robustness tests, the basic research conclusions remain consistent. Mechanism analysis reveals that restructuring the bank credit model, optimizing the customer structure of bank credit, and alleviating the cost of bank credit and improving decision-making mechanism of bank credit are three important mechanisms for bank fintech to play a role in promoting enterprise technological innovation. In addition, bank fintech also have the function of improving the efficiency of credit resource allocation. These conclusions provide theoretical and practical basis as well as policy inspiration for further accelerating enterprise technological innovation and deepening the financial supply side reform of banking industry development.

Intelligent manufacturing driven by the revolution of intelligent technology represents the unequivocal choice for promoting the construction of manufacturing power in the new era. By replacing human labor with industrial intelligent agents and adopting the single-factor virtual-real fusion production mode of "workshop intelligent agent + mirror network", intelligent manufacturing will bring vastly different production characteristics and cost attribute compared to traditional manufacturing, thereby changing the form of the cost function. Comparative research found that intelligent manufacturing exhibits attribute of "high fixed cost and weak variable cost", leading to the derivation of a weak cost function that grows weakly with output, along with the corresponding declining law of marginal cost. The declining law of marginal cost in intelligent manufacturing mainly stems from the diluting and weakening effect of the single-factor virtual-real fusion production mode on variable cost. From the policy perspective, it is recommended to orderly carry out the crowdfunding construction mode of intelligent manufacturing system, actively promote the capacity sharing mode of intelligent manufacturing system, plan a brand-new employment mode for industrial workers in the intelligent era as soon as possible, and vigorously guide consumers to constantly intervene in production activities, so as to realize the identity transformation of consumer into “pro-consumer".