Human capital, as one of the important factors for firms to gain competitive advantage, can have a significant impact on the behaviour of firms. A sample of Chinese A-share listed firms from 2009 to 2020 was used to explore the impact of human capital and senior human capital structure on corporate cash dividend distribution. It is found that human capital investment and advanced human capital structure significantly reduce corporate cash dividend distribution. The findings still hold after a series of robustness tests. Further analysis reveals that cash dividends are distributed less frequently or are less likely to be distributed by firms that are more human capital intensive, and that both the financing constraint and Corporate Accounting Standard No. 9-Employee Compensation reinforce the negative relationship between human capital and senior human capital structure and cash dividend distribution. By combining labor economics theory with corporate finance, the mystery of the "low dividend" phenomenon of Chinese enterprises is discovered from the "positive" perspective of human capital.

E-CNY is an important carrier to reshape China's new payment pattern and accelerate the digital economy process, but there are still many obstacles to user promotion. It is of great significance to explore the factors affecting the intention to use e-CNY from the perspective of users. Based on the UTAUT2 model and the characteristics of e-CNY, a theoretical model of e-CNY usage intention was constructed. Then, taking the user data of the first pilot cities of e-CNY as a sample, the PLS-SEM and SEM-ANN methods were used to empirically analyze the influencing factors of the intention to use e-CNY. The results show that the model of intention to use e-CNY based on SEM has good interpretation and prediction ability. Trust, habit, price value, and social influence have a significant positive impact on the intention to use e-CNY, while performance expectation, effort expectation, and innovation awareness have no significant impact on the intention to use e-CNY. In addition, the relationship between the price value and the intention to use the e-CNY is regulated by gender factors in terms of personal characteristics as an adjusting variable. Experience can regulate the relationship between price value, habit, social influence, trust and user's intention to use. The combination of structural equation model and artificial neural network can improve the prediction accuracy of the model, and the importance of influencing factors has changed. Habit is the most important, followed by trust, followed by social impact, and price value.

In order to effectively answer the scientific question of "how to empower the three-dimensional value creation of short videos". Taking Kuaishou short video as an example, starting from the three-dimensional value creation of "product function-service utility-scene experience", the method of combining case study and programmatic grounded analysis was used to explore and refine the mechanism and path of scene-enabled three-dimensional value creation of short video. The results show that the short video uses the logic of "time three-dimensional product function value → supply chain", the short video realizes the three-dimensional value creation of "the previous time-this time-the next time" based on the standardized configuration of scenario-based scenarios at each node of the supply chain. The short video uses the logic of "spatial three-dimensionality service utility value value chain", and the personalized configuration of the scenario-based situation of each node of the value chain to realize the three-dimensional value creation of "the previous space-this space-the next space". The short video uses the logic of "user three-dimensional scene experience value scene chain", and realizes the three-dimensional value creation of users of "previous scenes-current scenes-future scenes" through the dual-path configuration of scenario-based scenarios at each node of the scene chain. Finally, the strategies and methods of scene empowerment for three-dimensional value creation of short videos are proposed to realize the effect of "timely-appropriate place-suitable people-appropriate feeling".

Innovation is recognized as a crucial driver of high-quality economic development and a key factor for enterprises to gain long-term competitive advantage. The board of directors, as the core entity responsible for formulating corporate strategy, influences the level of innovation in a company through the acquisition and utilization of innovative resources. Drawing on social network theory, the impact of informal internal board networks on corporate innovation and the moderating effect of external board networks were examined. Data from listed companies on the Shanghai and Shenzhen stock exchanges from 2013 to 2021 were utilized, and the research findings indicate that the informal internal board network, formed based on the "seven similarities" relationship attributes, significantly promotes corporate innovation. Additionally, the relationship between the informal internal board network and corporate innovation is positively moderated by the structural holes and centrality of the external board network. The study's conclusions not only respond to the academic call for the integration of demographic characteristics with the local context in China, but also reveal the interaction between internal and external board networks, deepening the understanding of the social network governance mechanisms in Chinese enterprises.

"Developing a new model of service-oriented manufacturing and promoting the high-quality development of manufacturing industry" is an important deployment made by the CPC Central Committee and the State Council. Taking Chinese manufacturing listed companies from 2011 to 2021 as the research sample, the impact of manufacturing servitization on corporate investment efficiency was empirically examined. It is found that manufacturing servitization can significantly improve the investment efficiency of enterprises, the main mechanism is that servitization helps to improve the organizational effectiveness of the company, alleviate over-investment, and improve the investment efficiency. Reducing organizational redundancy and improving asset management efficiency are important paths to improve investment efficiency. And the promotion effect of servitization on investment efficiency is more significant in enterprises with high level of corporate governance and enterprises in important industries and key areas related to national security and the lifeline of national economy. It provides new empirical evidence and theoretical explanations for the microeconomic effects of manufacturing servitization transformation, which is conducive to promoting manufacturing enterprises to further explore the value potential of servitization, and promoting the transformation and upgrading of China's manufacturing servitization to achieve high-quality development.

The key to achieving common prosperity for all lies in the common prosperity of farmers, and digital rural construction is an important channel to achieve common prosperity for farmers. Based on panel data from 30 provinces (Due to the lack of data, the statistical data mentioned here do not include the Tibet Autonomous Region, the Hong Kong Special Administrative Region, the Macao Special Administrative Region and Taiwan Province.) in China from 2012 to 2022, it innovatively incorporates digital rural construction, migrant workers returning to their hometowns for entrepreneurship, and common prosperity among farmers into the same development framework to empirically test the relationship between the three. The research results show that the construction of digital rural areas helps to promote the return of migrant workers to their hometowns for entrepreneurship and the common prosperity of farmers. The construction of digital rural areas has a positive impact on the common prosperity of farmers through the return of migrant workers to their hometowns for entrepreneurship, and this conclusion has a certain degree of robustness. The promotion effect of digital rural construction has heterogeneity in education level and agricultural labor productivity, specifically manifested as a stronger promotion effect on lower and middle education levels, as well as common prosperity with farmers in areas with low agricultural labor productivity. Based on the research findings, it proposes key directions for promoting common prosperity among farmers by comprehensively accelerating the construction of digital rural areas, taking multiple measures to promote the return of migrant workers to their hometowns for entrepreneurship and employment, and promoting regional coordinated development according to local conditions.

Based on analyzing the impact mechanism of digital technology development on the upgrading of urban industrial structure in China, the panel data of 276 cities from 2011 to 2021 were used to build a digital technology development index, and the impact of digital technology on the urban industrial structure has been empirically tested using the dual fixed effect model and the intermediary effect model. The findings are as follows. Digital technology can significantly promote the upgrading of urban industrial structure and promote the advancement of urban industrial structure. Economic efficiency is an intermediary variable that digital technology promotes the upgrading of urban industrial structure. Digital technology improves economic efficiency by reducing transaction costs, improving transaction efficiency, and deepening labor division, thereby indirectly promoting the process of urban industrial structure upgrading. The impact of digital technology on the upgrading of urban industrial structure exhibits regional heterogeneity. It plays a crucial role in driving the transition towards high-end development in relatively less developed regions, such as the Midwest. Based on this, it is recommended to strengthen the construction of digital infrastructure, focus on building a complete data element market, bridge the "digital divide" between regions, formulate industrial digitalization policies tailored to local conditions, accelerate the integration and development of digital technology and the real economy, to fully leverage the positive promotion effect of digital technology on the upgrading of urban industrial structure and promote the upgrading of urban industrial structure.

The disruptive technology innovation has become an important way for Chinese equipment manufacturing enterprises to get rid of external dependence and realize intelligent transformation. However, the mechanism of intelligent transformation through disruptive technology innovation is not clear. Based on the relevant researches and actual cases, six key influencing factors including "dual organizational structure" were condensed from the level of technological disruption, technological application and organizational guarantee. Combining necessary condition analysis (NCA) and fuzzy-set qualitative comparative analysis (fsQCA), brought the impact of these factors in the process of intelligent transformation based disruptive technology innovation into a common analysis framework in order to explore the necessary condition and the mechanism of the configuration with 20 typical equipment manufacturing companies as research samples. It is found that dual organizational structure is the main driving force for the equipment manufacturing industry to realize intelligent transformation through disruptive technology innovation. Two approaches named "technological trajectory transition" (S1) and "innovative application of scenarios" (S2) to realize the intelligent transformation are obtained. There is a reciprocal relationship between "technology transition" and "scenario-based innovation", as well as a reciprocal relationship between "cross-border technical cooperation" and the combination of "ahead of the layout" and "lack of scenario-based innovation" under certain conditions. In a word, the results not only clarify the internal mechanism of intelligent transformation of equipment manufacturing enterprises driven by disruptive technology innovation, but also provide path guidance for enterprises to implement intelligent transformation according to their own reality.

The existence of ESG rating disagreement brings certain decision-making problems to creditors, but it also prompts enterprises to "self-help". This "self-help" behavior may alleviate the information asymmetry between enterprises and creditors, enhance the development potential of enterprises, and thus reduce the cost of enterprise debt financing. Based on the panel data of Chinese listed companies from 2009 to 2022 the impact of ESG rating disagreement on debt financing costs and their mechanism was explooed. The results show that ESG rating disagreement sgnificantly reduces the cost of corporate debt financing, which is still established after a series of robustness tests and endogeneity treatments, such as double clustering, subsample regression, PSM propensity score matching, quasi natural experiments, etc. Mechanism analysis shows that ESG rating disagreement reduces debt financing costs by forcing enterprises to improve the quality of ESG information disclosure, green innovation level and attract the attention of analysts. Heterogeneity analysis founds that ESG rating disagreement has a more obvious effect on reducing the debt financing costs of high-polluting enterprises and enterprises with poor regional financial ecological environment. The economic consequences shows that ESG rating disagreement increases the market value of enterprises, resulting in higher market development capabilities for enterprises. It reveals the economic consequences of ESG rating disagreement from the perspective of debt financing costs, enriches the connotation of ESG rating disagreement, and is of great significance for the urgent need to unify ESG rating standards and how to unify them.

The high-quality development of agricultural enterprises lays a solid foundation for rural revitalization and promotes common prosperity among farmers, while the enterprises have financial needs for their own development. The data of Chinese agricultural enterprises from 1998 to 2015 with information on financial licenses was matched to explore the impact and mechanisms of banking competition on the productivity growth of agricultural enterprises. The results show that banking competition improves the productivity of agricultural enterprises, and the conclusion remain robust after considering measurement errors andendogeneity issues. The analysis of the impact mechanism shows that banking competition improves the productivity of agricultural enterprises by promoting loan availability. Heterogeneity analysis shows that competition in the banking industry has a stronger promoting effect on the productivity of small and medium-sized enterprises compared to large enterprises, and a greater promoting effect on the productivity of established enterprises compared to new enterprises. Banking competition has a greater promoting effect on the productivity of private enterprises compared to state-owned and foreign-funded enterprises. Meanwhile, factors such as asset size, current assets, capital intensity, and debt levels have a significant impact on productivity. These findings provide policy implications for optimizing the rural financial system and promoting rural industrial revitalization.