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.

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.

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".

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.

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.

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".

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.

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.

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.