The local financial system has become an important part of China's financial industry to improve its standard of service for the real economy. It's the core meaning to promote the sustainable and healthy development of the local financial system for holding fast to the bottom line of no systemic financial risk. A clear connation for a local financial system was endowed, and then its essential characteristics accompanied the evolution and its status of being under the theoretical framework of nationalism were overlooked. From the perspective of nationalism theory, the evolution of the local financial system is a process which can be considered as bursting with mutual substitution between the central-local competition for financial resource allocation right and the centralization of financial management authority, and also a process in which the market financial system can be establishment, frustration, and its remodeling. Throughout this process, it's exposure both the ambiguity and dislocation of regulators, and the status of being as crutch of the local financial system. As the best optimal financial structure for economic growth, the scale boundary of local financial system is nailed to an intersection point between the financial institutional demand caused by local economic growth expansion and the tolerance of the national top regulatory authority to the risk radiation of the local financial system. In extreme cases, a corner solution would be generated. The last ten-years evolution of the local financial system can be seen as an experiment of systematic reform. Currently, this exploration is undergoing a phase of structural adjustment and high-quality reconstruction. Its system remodeling or reconstruction, on one hand, relies on the ecological restoration of the social credit system, on the other hand, depends on the establishment and perfection of the specialized regulatory system.

In the context of high-quality development, the key to realizing the position of manufacturing enterprises in the global value chain (GVC) is to coordinate and balance the relationship between the real economy and the virtual economy. Listed Chinese manufacturing enterprises were taken as the research object; the relationship between manufacturing enterprises' financialization behavior and their GVC positions was examined, and an investigation was conducted into the economic impacts of enterprise financialization on GVC positions and the corresponding channels of action. The results show that corporate financialization hinders the enhancement of manufacturing enterprises' GVC status, and is mainly inhibited through the two channels of corporate financing constraints and innovation capacity. The implementation of financing and securities policies and equity incentive systems can mitigate the negative impact of financialization on the GVC position of manufacturing firms. Finally, the effects of corporate financialization on manufacturing firms' GVC positions are heterogeneous in terms of firm nature, industry factor intensity and regional heterogeneity.

Green finance policy is recognized as a critical bridge between finance and the environment, serving as a significant driving force for green innovation and green development. Data from 3462 listed manufacturing enterprises in China between 2000 to 2024 were utilized. A difference-in-differences (DID) model was employed to examine the impact of the 2012 "Green Credit Guidelines" on green technology innovation. The implementation of the "Green Credit Guidelines" is found to significantly improve the level of green technology innovation in manufacturing enterprises. Specifically, it promotes an increase in the number of green utility model patent applications, while its effect on enhancing green invention patents is not significant. Compared to non-state-owned manufacturing enterprises, the policy has a more pronounced effect on state-owned manufacturing enterprises. Compared to manufacturing enterprises in the central and western regions, a stronger effect is observed on manufacturing enterprises in the eastern region. The mechanism analysis indicates that green finance policy facilitates green technology innovation by alleviating corporate financing constraints, broadening access to external financing, and reducing financing costs. Policy recommendations are proposed from three perspectives. For commercial banks, green credit product innovation should be accelerated and green credit services optimized. For the government, the green finance system should be improved. For enterprises, strategic goals for green development should be established.

A scientific mechanism for the allocation and use of government science and technology funds can effectively stimulate corporate innovation vitality, which is significant for cultivating new quality productive forces. A-share non-financial listed companies from 2010 to 2023 were used as the sample. Government innovation subsidies were divided into pre-event subsidies and post-event incentives. Based on the enterprise life cycle perspective, the heterogeneous effects of subsidy timing on the quantity and quality of enterprise innovation were empirically tested. It is found that pre-event subsidies have a significant positive impact on innovation in enterprises in the growth, maturity, and decline stages, with the strongest effect observed in the maturity stage. Post-event incentives incentives significantly increase the quantity of innovation only in declining enterprises but lead to a decline in innovation quality. Mechanism tests show that increasing R&D investment is an important channel through which both pre-event subsidies and post-event incentives promote corporate innovation. Additionally, post-event incentives can indirectly promote innovation by curbing corporate financialization and attracting R&D human capital. Further analysis reveals that pre-event subsidies are more effective in motivating mature and declining enterprises to increase R&D intensity per unit, while post-event incentives tend to induce strategic innovation in growing and mature enterprises. State-owned enterprises show a significant positive response to high-quality innovation only when receiving post-event incentives. Based on the empirical findings, a subsidy system characterized by precise timing, life cycle adaptation, and ownership classification is proposed. It provides practical insights for improving the efficiency of fiscal fund utilization.

Against the backdrop of data elements being elevated to a national foundational strategic resource, the economic effects of public data openness, a unique institutional innovation in China, are deconstructed. This serves as a crucial lens for explaining the dialectical relationship between an "active government and an effective market" in the digital economy era. Utilizing data on the launch of government data platforms in 217 prefecture-level cities in China, a multi-period difference-in-differences (DID) identification framework was constructed under a quasi-natural experiment setting. The structural reshaping mechanism of public data element sharing on corporate innovation behavior was empirically examined at the causal inference level. It is found that public data openness can promote corporate innovation. From the perspective of institutional constraints, public data openness facilitates corporate innovation by optimizing the business environment and improving government-enterprise relations. From the perspective of factor supply, public data openness promotes corporate innovation through the enhancement of corporate operational capabilities, increased inter-firm exchanges, and reduced R&D uncertainty. The impact of public data openness on corporate innovation is found to be greater in regions with high digital economy policy supply intensity and high social credit, as well as for private enterprises, small enterprises, and strategic emerging industry enterprises. This effect is also observed only in the openness of well-established and high-quality data. Further analysis reveals that public data has a corrective effect on the decision-making behavior of corporate managers, while it exhibits a masking effect on corporate innovation behavior. These findings provide theoretical underpinnings for explaining the institutional advantages of data governance in the process of Chinese modernization and contribute an Eastern wisdom solution to global digital economic development.

Against the backdrop of intensifying global environmental challenges, the fostering of green innovation and sustainable development in cities is considered pivotal to China's high-quality development. The dual pilot policy of Innovative Cities and New Energy Demonstration Cities was investigated. A difference-in-differences model was applied from a collaborative governance perspective. The interplay between technological innovation and energy transition was analyzed to understand its role in urban green innovation ecological construction. The dual pilot policy is found to significantly and persistently enhance urban green innovation capacity. This effect is observed to operate through three key mechanisms. Firstly, public environmental awareness is raised, which expands market demand for green technologies. Secondly, corporate innovation is stimulated and talent potential is unleashed, thereby optimizing the allocation of innovation resources. Thirdly, industrial upgrading is advanced to foster endogenous growth in the green economy. Regional heterogeneity analysis indicates that the policy's effects are more pronounced in eastern regions, non-resource-based cities, and cities with strong knowledge-dissemination capacities. Furthermore, spatial econometric results reveal that while green innovation efficiency is effectively boosted in pilot cities, a "regional siphon effect" may also be created. Technology and resources are diverted away from non-pilot cities, which may potentially hinder their development. Conventional single-policy evaluations are moved beyond by uncovering the synergistic effects of integrating technological innovation with energy transition. New empirical evidence is provided for collaborative governance and green innovation theories. Valuable insights are also offered for global sustainable development policymaking, particularly in balancing efficiency gains with regional equity.

Based on twelve typical cases of value co-creation between platform-based cloud service providers and users, the antecedent conditions and operational mechanisms of value co-creation between the two parties were systematically analyzed, and an integrated model of value co-creation was constructed for platform-based cloud service providers and users relying on knowledge-based dynamic capabilities (KBDCs) under the influence of group dynamics. The findings are as follows. The value co-creation process between platform-based cloud service providers and users evolves through three stages: value assessment, value bridging, and value aggregation. KBDCs constitute the key antecedents driving value co-creation, with knowledge search dynamic capabilities, among which knowledge search dynamic capabilities, knowledge integration dynamic capabilities, and knowledge development dynamic capabilities exert key roles in the assessment, bridging, and aggregation stages of value co-creation respectively. Group dynamics serve as boundary conditions affecting the impact of knowledge-based dynamic capabilities on value co-creation, whereby congruent group cognition and proactive group actions enhance the cohesion of value co-creation between platform-based cloud service providers and users. The conclusions enrich the theoretical system of value co-creation between cloud service providers and users, refine the conceptual connotations of knowledge-based dynamic capabilities, expand the application boundaries of group dynamics theory, and provide practical guidance for facilitating value co-creation in platform-based cloud service contexts.

Telecommuting, which is booming in the digital economy, poses a significant challenge to the formal innovation processes of employees. Bootlegging, as an important and common form of informal innovation among employees, requires greater attention in this context. However, existing research has overlooked the important role of leadership, particularly family supportive supervisor behavior, in promoting bootlegging among telecommuters. To address this gap, a moderated mediation model was constructed based on the work-home resource model. Data from 286 respondents collected through three-wave offline and online surveys were analyzed using Mplus 7.4 software. The results indicate that family supportive supervisor behavior positively influences telecommuter bootlegging, both directly and indirectly through job crafting towards strengths and interests. Promotion focus is found to positively moderate the relationship between family supportive supervisor behavior and job crafting towards strengths-interests, and strengthens the mediating role of job crafting towards strengths-interests. In contrast, the moderating effect of prevention focus is not supported. These findings contribute to a deeper understanding of the antecedents of telecommuter bootlegging, which is still in its nascent stage, and offer managerial insights into leveraging family supportive supervisor behavior to stimulate bootlegging among telecommuters.

Based on corporate social responsibility (CSR) reports publicly released by listed companies from 2008 to 2022, the textual content was analyzed using Named Entity Recognition (NER) and Term Frequency-Back Inverse Document Frequency (TF-BIDF) techniques, and the mechanism explored through which the signals transmitted by CSR disclosure affect stock price synchronicity. The analysis showed that two types of signals play important roles. Heterogeneous information content transmits firm-specific information, and the intertemporal consistency index reflects consistent communication. Both signals reduce information asymmetry between firms and the market, thereby decreasing stock price synchronicity. Further analysis indicated that signaling heterogeneity is more significant in non-state-owned enterprises. Higher levels of social responsibility fulfillment strengthen the effects of heterogeneous content and consistency index, while higher disclosure levels may weaken the signaling effect. Robustness tests were conducted by replacing samples and applying the PSM-DID and Heckman models. From the perspective of signal characteristics, internal content analysis and external longitudinal comparison were employed. The findings provide a new perspective on the impact of CSR reports on market performance. The results also offer theoretical support for improving information efficiency in China's capital market and policy suggestions for enhancing the CSR disclosure system.

Deepening the division of labor among Small and Medium-sized Enterprises (SMEs) is a key way to enhance their core competitiveness and an important path to improve the safety and resilience of industrial chains. Against the backdrop of the digital economy, digital transformation not only helps large enterprises achieve standardized restructuring but also profoundly impacts the division of labor methods of SMEs. Among them, specialized, refined, differential and Innovational ("SRDI") enterprises can play an exemplary and leading role in the specialized development of other SMEs. Based on data from A-share listed "SRDI" enterprises from 2000 to 2023, the diverse impact mechanisms of digital transformation on the vertical specialization of SMEs were empirically examined from the perspectives of cost, innovation, and financing. The results reveal that digital transformation significantly improves the vertical specialization of SMEs. This conclusion is still valid after a series of robustness tests. The mechanism analysis finds that digital transformation deepens vertical specialization by reducing external transaction costs, enhancing innovation capabilities, and alleviating financing constraints. The heterogeneity analysis indicates that this promoting effect is more pronounced in non-labor-intensive enterprises, state-owned enterprises, and enterprises located in regions with higher marketization levels and in eastern China. The influence mechanism of digital transformation on the division of labor of SMEs is revealed. It conclusions are considered to provide practical pathways for SMEs to deepen their division of labor. Implications are offered for the formulation of policies related to the digital transformation and high-quality development of SMEs.