Global contingencies and economic climate risks create uncertainty for firms. To explore the impact of uncertainty on business decisions and investment behavior of firms, economic policy uncertainty, trade policy uncertainty, geopolitical risk, and climate policy uncertainty were combined and analyzed to explore the characteristics and mechanisms of their impact on corporate investment with a sample of A-share listed companies in China from 2013 to 2022, and to further analyze the heterogeneity of the three dimensions of the type of corporate investment, the nature of the ownership system, and the type of industry. It is found that, firstly, all four types of uncertainty inhibit business investment, but the degree of inhibition varies. Secondly, economic policy uncertainty and geopolitical risk discourage business investment in fixed assets and financial assets but promote investment in R&D, while trade policy uncertainty does the opposite, and climate policy uncertainty discourages the three types of business investment. Thirdly, the impacts of trade and climate policy uncertainty on business investment are more variable than the other two. Finally, uncertainty can affect business investment through the financing constraint channel and the business external demand channel, and business growth opportunities can mitigate the relationship between uncertainty and business investment.

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.

Government data openness will have a significant impact on promoting green economic innovation activities. Investigating the mechanism of how government data openness affects urban green innovation efficiency is of crucial significance for accurately understanding their relationship, promoting efficiency in facilitating green economic development. Using panel data from 286 prefecture-level cities from 2011 to 2021, a multi-period double-difference model was employed to explore the impact of government data openness on urban green innovation efficiency. Government data openness effectively enhances urban green innovation efficiency. The results show that open government data can effectively enhance the efficiency of urban green innovation, and the impact is mainly realized through three paths: promoting talent concentration, stimulating innovation and entrepreneurship, and optimizing the regulatory environment. Heterogeneity analysis shows that the effect of open government data on urban green innovation efficiency is stronger in cities in central and western China, with high public concern for environmental protection and high levels of network infrastructure. Extended research finds that open government data can realize the "quantitative and qualitative increase" of green innovation, and that improving the quality of open government data platforms can strengthen its green innovation effect. In addition, this effect is also verified at the micro-firm level. The article provides useful insights for promoting high-quality open government data and green innovation in cities, and provides empirical references for exploring policy design that meets the development requirements of new quality productivity.

The "streamlining administration, delegating powers, and improving services" reform is considered a crucial measure for easing the burden on enterprises, stimulating their innovation vitality, and promoting their development. However, research on its impact on the sustained innovation of enterprises is lacking in the academic community. The impact and internal mechanisms of the "streamlining administration, delegating powers, and improving services" reform on the sustained innovation of small and medium-sized enterprises were theoretically constructed and empirically tested using 441 domestic enterprises as subjects. The results demonstrate that the "streamlining administration, delegating powers, and improving services" reform and its three dimensions-streamlining administration and delegating powers, government regulation, and public services are positively influencing the resource assembly and sustained innovation of small and medium-sized enterprises. Among these, the promotion of public services to sustained innovation is more significant, and the role of government regulation in promoting resource assembly is more pronounced. Resource assembly is found to partially mediate the relationship between the "streamlining administration, delegating powers, and improving services" reform and the sustained innovation of small and medium-sized enterprises. The mediating effect of exploratory resource assembly is more significant than that of exploitative resource assembly. Further analysis indicates that the effects of the "streamlining administration, delegating powers, and improving services" reform differ markedly among enterprises in various industries, years, and regions. Theoretical contributions and practical insights are condensed based on these findings.

As an experimental field for deepening China's scientific and technological system reform, the organizational innovation and institutional reform of new-style R&D institutions are closely related. From the theoretical perspective of institutional entrepreneurship, the organizational innovation of new-style R&D institutions has been redefined, and a grounded theory method has been used to construct an organizational innovation process model. Research has found that new-style R&D institutions integrate and drive stakeholders externally, establish the identity of "innovation hubs", create new institutional templates internally, and construct and interpret the new identity of "innovation complexes". The two processes dynamically collaborate to jointly shape the new institutional logic that binds technology and economy. A traceable and holistic theoretical explanation for the institutional advantages of new-style R&D institutions has been presented, providing reference and inspiration for establishing and improving modern scientific research institution system and promoting the modernization of the scientific and technological innovation governance system.

Joseph Schumpeter proposed the theoretical framework of entrepreneurship and technological diffusion in his work "The Theory of Economic Development". The conjecture was put on the basis that the technology innovation driven by real entrepreneurship is bound to have deeper, broader and longer-term technological influence (diffusion), while the technology innovation driven by lower, false or no entrepreneurship can only help enterprises to obtain monopoly profits or to even manipulate research and development for additional subsidies, resulting in underperformance in technological diffusion and no further benefits for the progress and common prosperity of the society. Exposed to a broad impact from digital technologies, it provides preliminary evidence and illustrates the applicability of digital technologies in various industries to help promote model innovation (industrial digitalization). Therefore, innovations driven by genuine entrepreneurship are expected to create a wider impact, or they will contradict with the nature of digital technologies. Particularly, within the digital era, entrepreneurship has taken on new manifestations and connotations. It highlights three most fundamental core elements, especially in terms of the core values in the context of technology diffusion.

Deeply cultivating the fertile ground of data elements marketization to release the value of data elements and help banks' digital transformation, which is a key initiative to make a great article of digital finance and to fully exert the financial blood supply function. Based on the panel data of 284 prefecture-level cities from 2010 to 2021, the impact of data element marketization on the banks' digital transformation was deeply explored. The results show that data elements marketization helps to promote banks' digital transformation, while this impact exhibits significant heterogeneous characteristics in terms of city capacity, financial resilience and business credit environment. Mechanism analysis reveals that resource allocation efficiency is the channel through which data elements marketization promotes banks' digital transformation, and fintech and banking competition play a positive moderating effect in the process of data elements marketization empowering banks' digital transformation. The economic consequence test finds that the facilitating effect of data elements marketization on banks' digital transformation can further act on the development of the real economy. Theoretical and practical references are provided for the implementation path of banks' digital transformation.

Under the wave of digital economy, China's banking industry is accelerating the pace of digital transformation. So how will digital transformation affect the profitability of China's banking sector? Based on the digital transformation panel data of Chinese listed commercial banks, the impact of digital transformation on the profitability of commercial banks was examined. The results show that under the severe situation of banks' profitability space being continuously compressed, carrying out digital transformation can significantly reduce banks' operating costs, improve the degree of bank diversification and operational efficiency, and then improve their profitability. At the same time, the impact of digital transformation on bank profitability is characterized by structural heterogeneity. The effect of digital transformation on the profitability of large-scale banks is more obvious. Big data technology transformation has a greater impact on bank profitability, followed closely by blockchain, artificial intelligence and cloud computing technology. Further research finds that a rise in both bank innovation ability and industry concentration undermines the promotion effect of digital transformation on bank profitability. It can provide useful lessons to better drive banks' digital transformation and improve their profitability.

As an important force driving the high-quality development of the manufacturing industry, "SRDI" (Specialized, Refinement, Differential and Innovation) small and medium-sized enterprises (SMEs) play an important role in improving the quality and safety of the manufacturing industry. "SRDI" SMEs can enhance the quality of the manufacturing industry by strengthening the innovation power of the manufacturing industry, improving the brand value, and promoting transformation and upgrading. By promoting the integrity of the manufacturing industry chain, enhancing industrial advantages and promoting the smooth flow of the industry chain, they will improve the industrial safety of the manufacturing industry. At the same time, a technology-led industrial safety guarantee mode, a market-driven industrial safety guarantee mode, a technology-led efficiency enhancement mode and a market-driven efficiency optimization mode have been formed. Based on such consideration, efforts should be made to develop "SRDI" SMEs in key niche areas, enhance their capacity, and promote their integration and development with large enterprises. For the government and relevant departments, they should strategically plan the development of "SRDI" SMEs, improve the precision of policy support, strengthen the supply of basic research technology, and improve the business environment.