The information asymmetry between buyers and sellers exacerbates adverse selection in the edible agricultural products market. The fundamental cause is that edible agricultural products have significant characteristics of credence goods, which makes it difficult for consumers to directly judge their quality grades even after using. The role and mechanism of product quality signals on adverse selection were theoretically elaborated. Furthermore, an empirical study was conducted to test the hypothesis using survey data from the tea products market which is a typical edible agricultural market segment. The results showed that promoting the release of product quality signals mitigated adverse selection due to information asymmetry. The intensity of the effect of external quality signals was higher than that of internal quality signals. In the meantime, moderators which are market activity and information matching efficiency, would affect the strength of the effect of product quality signals release on adverse selection. Therefore, it is necessary for enterprises, third-party institutions and relevant government departments to collaborate to promote the effective release of internal and external quality signals of edible agricultural products, improve the construction and disclosure system of product quality information, thereby alleviating the adverse selection and promoting the formation of a unified national market for edible agricultural products.

Using IPO firms from 2012 to 2021 as the research sample, the impact of brokerage digitalization on IPO pricing efficiency was examined. It is observed that there is a negative correlation between brokerage digitalization and IPO underpricing, indicating that brokerage digitalization is conductive to reducing information asymmetry and improving IPO pricing efficiency. Moreover, this negative correlation is stronger when IPO firms are younger, engaged in more related-party transactions, and have a higher ownership concentration. These findings suggest that reducing information asymmetry and mitigating agency problems are important mechanisms for brokerage digitalization to affect IPO underpricing. Further analysis confirms that higher brokerage digitalization leads to better long-term post-listing performance and the influence of brokerage digitalization is not affected by the issuance system. Research of digitalization is extended to the field of intermediaries in the direct financing market. Both theoretical insights into the role of brokerage digitalization and practical guidance for its further development are provided.

Based on the era of dividends brought about by the construction of information infrastructure, it is of great significance to explore the impact of it on digital-intellectual innovations such as digitalization, cloud computing, and artificial intelligence. The driving path were discussed. Utilizing data from 284 Chinese cities from 2011 to 2021, an empirical model of information infrastructure construction on digital-intellectual innovation was constructed. It finds that the construction of information infrastructure, represented by the “Broadband China” strategy, effectively enhances the level of technological innovation in digital-intellectual innovation, such as digital technology, 5G technology, artificial intelligence technology, information technology and e-commerce technology. The conclusion remains valid after various robustness tests. Mechanism tests show that information infrastructure construction enhances digital-intellectual innovation by increasing the concentration of digital-intellectual talent and optimizing the digital-intellectual industrial environment. Heterogeneity results show that the positive impact of information infrastructure construction on digital-intellectual innovation exhibits a clear gradient effect across different regions, progressively strengthening from the central-western to the eastern regions, and from cities without high-speed rail to those with high-speed rail. It provides a theoretical base for optimizing the spatial layout of information infrastructure construction and enhancing the capacity of digital-intellectual innovation.

Green data elements are a new type of production factor that can create green value for production entities and serve as an important source for cultivating new quality productive forces. Based on expounding the connotation and characteristics of green data elements, the promoting effect of green data elements on the high-quality development of manufacturing enterprises was explored. Using empirical data from China's Shanghai and Shenzhen A-share listed manufacturing enterprises from 2015 to 2022, the results indicate that green data elements have a positive impact on the high-quality development of manufacturing enterprises, manifested in the dual improvement of economic and social benefits. Data foundation support and executives' green experience positively moderate the relationship between green data elements and the high-quality development of manufacturing enterprises. Suggestions for future avenues of inquiry are proposed, including investigations into the measurement of green data elements embedding, the intermediary mechanism of digital-green synergy, the heterogeneity effect from the perspective of production factor collaboration, and examinations of boundary conditions at both the macro-regional and micro-enterprise levels. The focus on green data elements has played a positive role in advancing the theoretical study and practical exploration of the scene-based application of data elements.

In the context of building a new development pattern, promoting inter-regional capital flow and realizing the integration of regional elements through digitalization is an important part of smoothing the domestic circulation and building a unified national market. The trans-regional investment data of China's A-share listed companies from 2010 to 2021 was collected, and a multi-time point DID model was constructed to empirically test the impact and mechanism of network infrastructure construction on the inter-regional capital flow. The results show that the construction of network infrastructure significantly promotes the inter-regional capital flow, and the core conclusions are still stable after considering factors such as endogeneity and other policy interference. The mechanism test shows that the network infrastructure construction promotes the inter-regional capital flow by improving the digital management level of enterprises and alleviating the information asymmetry of enterprises. Heterogeneity analysis shows that the promoting effect is more significant for non-state-owned enterprises, enterprises with high financing constraints, and enterprises with high market segmentation. From the perspective of enterprise capital flow, enterprises invest more across provinces than in different cities in the same province. It provides a useful reference for how to better release the dividends of the digital economy and accelerate the construction of a unified national market.

As an innovative theory formed in the process of China's modernization, the organic combination of new quality productive forces and digital transformation is a major theoretical challenge at the current historical stage. The relationship between digital transformation and new quality productive forces was empirically examined through a study of China's A-share listed manufacturing companies from 2013 to 2023. Results indicate that digital transformation contributes significantly to the new quality productive forces. Further research found that digital transformation contributes to new quality productive forces by improving firms' technological innovation capabilities, and that executives' digital background plays a positive moderating role between digital transformation and new quality productive forces. Heterogeneity analysis showed that the marginal effect of digital transformation to improve the new quality productive forces of enterprises is more significant in state-owned enterprises and enterprises in the central and eastern regions. The findings provide a theoretical foundation for enterprises' digital transformation in generating new quality productive forces and offer valuable references and inspirations for exploring specific implementation paths.

In recent years, natural disasters, extreme weather, plague and other emergencies continue to erode the sustainable development of cities. In order to effectively respond to the crisis and quickly recover, it has become increasingly urgent for cities to strengthen their resilience and achieve sustainable development. Based on the institutional logic theory, the NCA and QCA methods were used to conduct qualitative comparative analysis of 170 cities above prefectural level, and the complex impact mechanism of technological, organizational and environmental antecedents on urban resilience from a holistic perspective was explored. The results show that a single antecedent does not constitute a necessary condition for the generation of high urban toughness, nor does it constitute a sufficient condition for the generation of high urban toughness. The linkage and matching of technology, organization and environment has formed a diversified configuration form of urban resilience, which has the obvious characteristics of "different paths and the same destination". It is embodied in the market leading mode, community and market dual-wheel drive mode, policy and market dual-wheel drive mode, government and market dual-wheel drive mode. The resilience configuration of high cities in different periods of time is not completely the same, and will change with the passage of time and technological progress. However, the mode with high-level digital infrastructure and high industrial convergence as the core conditions has high stability. The research conclusion provides a decision-making basis for the city to improve its resilience from the perspective of configuration, makes up for the limitations of the traditional quantitative analysis on this issue, and to a certain extent enriches the theory of urban resilience and institutional logic.

Based on the context of implementing an innovation-driven development strategy and promoting the construction of a digital infrastructure system in China, the theoretical mechanism of digital infrastructure driving technological innovation is systematically analyzed from the perspective of innovation input-output. Utilizing text information mining and provincial panel data from 2011 to 2021, a panel vector autoregression (PVAR) model was applied to examine the empirical relationship between digital infrastructure and technological innovation. Furthermore, a dynamic stochastic general equilibrium (DSGE) model, incorporating a technological innovation sector, was constructed to reveal the transmission pathways and effects of digital infrastructure on technological innovation through numerical simulation. The empirical results indicate that both digital infrastructure investment and the current level of digital infrastructure have a long-term positive impact on technological innovation. Simulation results further demonstrate that digital infrastructure investment positively influences independent innovation and short-term imitative innovation through R&D labor and resource allocation. The current level of digital infrastructure positively affects medium- and long-term independent innovation as well as short-term imitative innovation through R&D funding, innovation subsidies, and the quality of the digital technology environment. The impact effects of the two types of shocks exhibit characteristics of "gradual accumulation with delayed impact" and "immediate effect, " respectively. The findings provide theoretical support and policy reference for the government to guide and fully unleash the technological innovation effects and economic benefits of digital infrastructure.

Effective adjustment of labor cost is a crucial factor for enterprises to build competitive advantages in the digital and intelligent era. Different from the research perspective of aggregating all digital transformation-related word frequencies, the panel data of A-share listed companies in Shanghai and Shenzhen from 2007 to 2023 in China was utilized. By constructing an index of the upgrade from informatization and digitalization to intelligentization in enterprise digital transformation, the dynamic impact and its mechanism of enterprise intelligent upgrade on labor cost were empirically examined. The results show that in the early stage of digital transformation, informatization and digitalization will increase labor cost. When further upgrading to intelligentization, enterprise intelligent upgrade can significantly reduce labor cost. The mechanism test shows that the adjustment of human capital structure and employment scale is an important reason for the dynamic adjustment of labor cost affected by enterprise intelligent upgrade. The heterogeneity analysis indicates that for private enterprises and those in the growth and decline stages, the effect of enterprise intelligent upgrade in reducing labor cost is more prominent. These offers policy inspiration for facilitating the intelligent upgrade of enterprises, alleviating the pressure from the rising labor costs, and realizing high-quality enterprise development.

As a strategic emerging resource in the digital economy era, the property rights attributes of data and their allocation logic have increasingly become a research focus in academia. Bibliometric methods were employed to present a panoramic view of journal distributions, core authors, and research hotspots in the field of data property rights. Starting with the dynamic relationship between “data” and “information”, the concept of data and its unique attributes were clarified. Progress in research on types and boundaries of data property rights was outlined, summarizing perspectives on new property models, existing property models, and non-property models. The value demands of different data stakeholders were analyzed, leading to four schemes of data ownership including data origin, data production, interest balance, and rights suspension. Finally, prospects for research on data property rights from a managerial and economic perspective are proposed, aiming to provide valuable references for constructing and improving the data property rights system in China.