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".

In the wave of global digital economy, AI, cloud computing, big data and other technologies were revolutionizing the economy and livelihoods, driving agriculture into a data-oriented digital era. Agriculture has experienced manual work, mechanization to initial automation, and is now rapidly stepping into the era of smart agriculture led by the new generation of information technology. The construction of smart agriculture driven by edge computing was focused on, a technological paradigm that is essential to overcome the challenges of agricultural data management and decision making. By virtue of near-source processing of data, edge computing enables real-time analysis and low-latency response of data, demonstrating high adaptability and stability to the limitations of agricultural infrastructure. Empirical research data show that integrated edge intelligence solutions greatly enhance data processing capabilities and reduce costs, validating their potential for significant efficiency gains under synergistic effects. It not only focuses on the improvement of production efficiency, but also deeply analyzes the multiple benefits of edge computing in agricultural data processing and decision making, covering economic benefits, social and ecological dimensions. It not only strengthens the foundation of agricultural market stability and sustainable development, but also provides a solid theoretical framework and strategic guidance for the innovative practice and future development of smart agriculture.

Disruptive technology possesses the potential to revolutionize mainstream technology trajectories, reshape industry market structures, and redefine the rules of international competition. How it evolves from a marginal force into a mainstream power in the future is of practical significance for technological self-reliance and self-improvement. Based on the innovation theory, the technology-application-ecology (TAE) framework was constructed to analyze the evolutionary paths of disruptive technologies and their mechanisms of action. A process of systemic change was observed through research during the transition of disruptive technologies from marginal forces to future mainstream power. This process is characterized by a dynamic technological evolution trajectory of germination-proliferation-recursion, an application leap path progressing from initial, to intermediate and target, and ultimately to future scenarios, as well as a process of innovation ecosystem transformation that evolves through arboreal, circular, and network-like structures. The systemic revolution of disruptive technologies is intricately shaped by a range of factors: the integrative development of converging technologies, the intensive interplay between technology and its applications, and the dynamic transformation of competitive advantages and disadvantages in latecomer scenarios. It encompasses three critical conditions for the conversion of latecomer advantages: technological bifurcation, application leaps, and ecological collaboration. Finally, policy insights are achieved from various aspects, including emphasizing technology science, strengthening demand-side management, optimizing the innovation ecosystem, and seizing policy opportunities.

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.

The 14th Five-Year Plan and the report of the 20th National Congress of the Communist Party of China (CPC) put forward the need to pay attention to the modernization of industrial and supply chains, and strive to improve the resilience and security of supply chains. Based on the data of A-share listed companies in Shanghai and Shenzhen from 2003 to 2022, the impact of executive overconfidence on corporate supplier strategic decision-making were explored from the two perspectives of "for the benefit of company" and " for the benefit of oneself". It is found that enterprises with overconfident executives tend to have more centralized supplier relationships, and the impact of executive overconfidence on supplier relationships is dominated by a "for the benefit of oneself" perspective. And centralized supplier relationships are the inevitable consequence of overconfident executives' earnings management behavior. In addition, it is found that resource constraints can negatively regulate the influence of executive overconfidence on supplier concentration. And financing constraints, economic policy uncertainty, and industry competition can positively regulate the impact of executive overconfidence on supplier concentration. The above research expands the research of influencing factors of supplier relationships and clarify the internal mechanism of high concentration of supplier.

Firms innovation serves as the microfoundation driving industrial transformation, thereby fostering high-quality economic development. Drawing on institutional theory and firm innovation management literatures, a framework was developed to investigate how institutional trust impacts firms' radical innovation, incremental innovation, as well as new product performance. Data from 165 pharmaceutical firms reveal that institutional trust more significantly boosts radical innovation than incremental innovation. The findings also indicate that radical innovation positively affects new product performance. However, incremental innovation shows a U-shaped relationship with new product performance. Institutional trust significantly moderates the link between incremental innovation and new product performance, but not between radical innovation and new product performance. By unpacking the important role of institutional trust in firms' innovation strategy the current study contributes to the understanding of the mechanisms of how external formal institutions influence firm innovation from a cognitive perspective. The research findings provide important insights for firms formulating innovation strategies, and also guide governments in refining formal institutional arrangements related to pharmaceutical innovation, thereby enhancing enthusiasm of firms for innovation.

Under the background of the dual carbon goals, it is of strategic significance for enterprises to practiceESGconcepts and improveESGperformance for national green development goals. Anchoring on the imprinting theory, the A-share listed companies in Shanghai and Shenzhen in China from 2012 to 2022 was taken as a research sample, and the impact of party member CEOs on the performance ofESGresponsibilities was discussed. The results show that party member CEOs significantly promote theESGimplementation. Party organizations have a positive moderate effect on the performance of Party member CEOs andESGresponsibilities through political and cognitive embeddedness. Under the coercive institutional pressure, normative institutional pressure and mimetic institutional pressure, party member CEOs are more willing to promoteESGresponsibility performance, and this promotion in the companies with a high degree of embeddedness of party organizations is more significant. Mechanism analysis indicates that party member CEOs play an indirect role in theESGimplementation through information disclosure channels; Heterogeneity analysis reveals that the improvement is more significant in state-owned and low-carbon enterprises. Further analysis reveals that party member CEOs have improved the high-quality development level of enterprises by promotingESGimplementation, in both state-owned and non-state-owned enterprises, party member CEOs have significantly promoted the high-quality development of enterprises. It enriches the research on the effectiveness of party member CEOs participating in corporate governance, and provides reference for improving corporateESGperformance and helping enterprises in green transformation, provides new evidence for the high-quality party building to lead and drive the high-quality development of enterprises.

With the rapid development of information and communication technology, it has been widely used in employees' work and life, and its influence on employees' physical and mental health has been paid more and more attention by researchers. Based on the boundary theory, this the influence mechanism of the leisure use of information and communication technology on employees' work and family conflicts was explored, with the leisure crafting and leisure spillover as the intermediary mechanism. By analyzing the survey data of 300 employees, the results show that the leisure use of information and communication technology has a positive impact on employees' leisure crafting, leisure crafting has a positive impact on employees' leisure spillover, and leisure spillover has a negative impact on employees' work-family conflict, task conflict and relationship conflict. Leisure crafting plays an intermediary role between the leisure use of information and communication technology and leisure spillover. Leisure spillover plays an intermediary role between leisure crafting and work-family conflict, task conflict and relationship conflict. In addition, leisure crafting and leisure spillover play a chain intermediary effect between the leisure use of information and communication technology and work-family conflict. It provides some theoretical guidance for employees to deal with conflicts at home and at work.