Promoting the deep integration of advanced manufacturing and modern service industries （"integration of two industries"） is a crucial pathway to enhance the core competitiveness of the manufacturing sector，accelerate the formation of new quality productive forces，and achieve Chinese-style modernization. Data openness provides a new opportunity for this endeavor. Based on the data from Chinese cities spanning 2006 to 2020，this paper constructed a quasi-natural experiment using the launch of local government public data platforms，and employed the multi-period difference-in-differences models and mediation effect models to empirically test the impact and mechanisms of data openness on the "integration of two industries". The study found that： （1） Data openness significantly promotes the "integration of two industries"；（2） The heterogeneity analysis indicated that the promoting effect of data openness on the "integration of two industries" is more pronounced in cities located southeast of the Hu Huanyong Line，cities with lower administrative levels，and cities with favorable business environments；and （3） The mechanism analysis revealed that data openness helps reduce transaction costs，enhance intellectual property protection，and accelerate the digital transformation of both manufacturing and service industries，thereby empowering the "integration of two industries". This study will provide theoretical and empirical support for how data openness can empower the "integration of two industries" and offer policy recommendations for promoting the integration of the two industries，creating new manufacturing，new services，and new business models，and advancing Chinese-style modernization.

In the era of digital intelligence，building the ecological dominance of leading-chain enterprises is the key driver in the security and high-quality development of a chain industry. Drawing on the resource concerto theory，this paper conducted a longitudinal case study of Sany Group to explore the evolutionary mechanisms involving digital intelligence empowerment，resource orchestration，and ecological dominance of leading-chain enterprises. The findings revealed that digital intelligence exerts a three-dimensional empowering effect on enhancing the ecological dominance of leading-chain enterprises，manifested through organizational breakdown，cross-border integration，and dynamic adjustment. The leading-chain enterprises cultivate their ecological dominance by adopting a heterogeneous approach in different stages. By framing resource concerto as a proactive capability for resource management，leading-chain enterprises achieve a positive feedback loop in the industrial chain ecology through a combination of "whole machine entry and high flexibility"，"strategic cooperation and vertical integration"，and "perfect ecology and three-dimensional co-evolution". Furthermore，the leading-chain enterprises have undergone an evolutionary process evolving from point-based initiatives to network-centric integration to establishment of ecological dominance. Specifically，the leading-chain enterprises form a driving force of technological innovation，product market guidance，and resource integration in the industrial chain ecosystem through three modes，namely，point breakthrough，chain collaboration，and ecological integration. This research has revealed the resource concerto mechanism of the leading-chain enterprises during the process of the evolution of the ecological dominance empowered by digital intelligence，and it will provide theoretical guidance and practical implications for the digital transformation of industrial chains，dynamic resource management，and cultivation of the ecological dominance of leading-chain enterprises.

The patent pledge financing policy is an important path to help enterprises to alleviate difficulties，which is of far-reaching significance for enterprises to optimize their asset structure and achieve high-quality development. However，there is a lack of research on the impact of patent pledge financing policies on the dynamic adjustment of corporate capital structure. This paper used a multi-period DID method to test the impact of patent pledge pilot policy on the dynamic adjustment of corporate capital structure based on the sample of China's A-share listed companies from 2001 to 2022. This paper found that the pilot policy of patent pledge can reduce the deviation of corporate capital structure. The mechanism analysis showed that the role of patent pledge pilot policy in reducing capital structure deviation is mainly achieved by alleviating financing constraints. The heterogeneity analysis showed that the reduction effect of patent pledge pilot policy on the deviation of corporate capital structure is more obvious in enterprises with non-state-owned nature，smaller scale and higher level of industry competition. From the perspective of adjustment speed，the patent pledge pilot policy can improve the speed of corporate capital structure adjustment；and after distinguishing the adjustment direction，it was found that the patent pledge pilot policy can not only improve the upward adjustment speed of corporate capital structure，but also improve the downward adjustment speed of corporate capital structure. From the perspective of adjustment methods，the patent pledge pilot policy mainly improves the speed of corporate capital structure adjustment through debt financing. This study will not only enrich the related research on the influencing factors of dynamic adjustment of enterprise capital structure and the economic effect of patent pledge policy，but also provide decision-making reference for further execution of the pilot work of patent pledge and optimization of the financing structure of enterprises.

The entry of technology enterprises serves as the innovation engine for achieving high-quality economic development. Utilizing a dataset that matches the registration information of industrial and commercial enterprises with 283 prefecture-level cities from 2004 to 2018，this paper adopted the establishment of the Yangtze River Delta Urban Economic Coordination Committee as a quasi-natural experiment，and used the machine learning method to identify the impact of unified market construction on the entry of technology enterprises. The results showed that the construction of a unified market significantly stimulates the increase in the number of technology enterprises and the enhancement of their scale，and the above promotion effect is particularly pronounced in samples characterized by smaller city size，higher financial constraints and weaker government innovation support. The mechanism analysis revealed that the construction of a unified market facilitates the entry of technology enterprises through the effects of talent agglomeration，technology agglomeration，and venture capital agglomeration. Further research uncovered that，in comparison with core cities，the construction of a unified market has a stronger effect on the number and scale of technology enterprises entering peripheral cities，thereby contributing to regional balanced development. The above findings have not only provided a novel perspective for understanding the economic effects of unified national market construction，but also provided insights for the in-depth promotion of unified national market construction and the formulation of policies aimed at regional balanced development.

The effective response to the paradoxical and unified contradictions in enterprise digital innovation is not only the premise for comprehensive realization of digital innovation but also an important issue for the development of new quality productive forces driven by digital innovation. However，the academic community currently lacks a systematic review of this knowledge framework. This paper adopted a bibliometric and systematic review method，by screening 108 relevant papers from high-level domestic and international journals to organize the enterprise digital innovation paradox. It constructed a research framework of "concept classification-causes-performance-response mechanisms". The main conclusions are as follows： first，the concept of enterprise digital innovation paradox is defined，forming a three-dimensional classification system of digital technology innovation paradox，digital market innovation paradox，and digital organizational innovation paradox；second，the causes and manifestations of enterprise digital innovation paradox are summarized in the technical，market，and organizational levels；and third，19 mechanisms for coping with digital innovation paradoxes are summarized from seven theoretical perspectives： dynamic capabilities，modularity，optimal differentiation，institutional logic，data ethics，paradoxical leadership，and organizational ambidexterity. Finally，the paper has further proposed potential paradoxical issues that may arise in the future，aiming to provide a detailed theoretical basis and analytical tools for subsequent research.

Spin-off，as an organizational change process in which parent company derive startups，is a long-term and holistic development strategy for incumbents. In today's dynamic and complex environment，whether incumbents can achieve innovation ambidexterity through spin-off is the key to ensuring their survival and sustainable development. Based on the "opportunity-motivation-ability" theoretical framework，this paper applied the QCA method to unveil the paths for incumbents to achieve innovation ambidexterity in the spin-off process. It was found that the six factors influencing the achievement of innovation ambidexterity of incumbents are the conjoint effects among six antecedents including policy and market opportunities，motivations of diversification strategy and organizational change，and abilities of resource acquisition and networking. Among these conditions，the strength of incumbents' abilities is the core condition for achieving innovation ambidexterity. When this condition is combined with other related conditions，there emerges the three paths for incumbents to achieve the one goal： innovation ambidexterity. One is the path with multiple equilibrium，in which incumbents actively lay out and fully utilize their abilities in the face of abundant external market opportunities. The second is the ability-driven path，in which incumbents rely on their strong ability endowments when the external opportunities are scarce. And the third is the opportunity-seizing path，in which incumbents seize opportunities by focusing on their main business and utilizing their own abilities when both policy and market opportunities are abundant. However，when the incumbents have weak abilities，even if they have strong motivations for diversification strategy and organizational change，or even if they are in a situation with abundant opportunities，they fail to achieve innovation ambidexterity mainly because of limited abilities. By clarifying the antecedents and their combined effects that affect incumbents to achieve innovation ambidexterity，this paper will provide useful reference and path guidance for undertaking corporate spin-off development.

Environmental supervision is an important part of government environmental governance and a key driving factor of green innovation. Based on the panel data of A-share listed companies in 120 major cities in China from 2008 to 2018，this paper examined the relationship between environmental supervision and corporate green innovation from the perspective of promotion pressure by using the fixed effect and moderating effect models. The study found that： （1） Environmental supervision only significantly promotes the quantity of corporate green innovation，rather than the quality，which induces the "bubble" phenomenon of green innovation；（2） The promotion pressure positively regulates the relationship between environmental supervision and the quantity of green innovation and enhances the "bubble" effect of environmental supervision；（3） The "bubble" phenomenon of green innovation caused by environmental supervision is concentrated in heavily polluting industries and eastern regions. It has a significant role in promoting the quality and quantity of green innovation in highly urbanized regions. However，the regulatory effect of promotion pressure is not effective；（4） Environmental supervision affects green innovation through industrial transfer，and causes neighboring areas to become "pollution havens". The central vertical supervision weakens the "bubble" phenomenon of green innovation. This paper has deepened the research scope and boundary conditions of macro-policy and micro-corporate innovation，which brings a new perspective and theoretical framework for existing research. It will also provide beneficial enlightenment and empirical evidence for optimizing environmental supervision policies and promoting corporate green transformation.

Government data opening is a necessary measure for the supply of data factors，and using government data opening to enhance urban entrepreneurial activeness is an important path and embodiment of releasing data dividends. In this paper，government data opening was used as a quasi-natural experiment，and the progressive double-difference method was used to test the impact of data factors supply on urban entrepreneurial activeness. It was found that the supply of data factors represented by government data opening can significantly improve the entrepreneurial activeness in cities. The mechanism analysis showed that government data opening enhances urban entrepreneurial activeness by promoting technological innovation，strengthening talent gathering and improving government administrative efficiency. The heterogeneity analysis showed that the promotion effect of government data opening on urban entrepreneurial activeness is more obvious in cities with higher financial development level，digital economy development level and economic development level，as well as producer services. Further analyses showed that there is a positive correlation between the open quality of government data and the entrepreneurial activeness in cities，and the open government data improves the entrepreneurial quality in cities. This paper will enrich the research on the economic effect of data factor supply and clarify the logical mechanism of government data opening to enhance urban entrepreneurial activeness，and provide theoretical basis and decision-making reference for enhancing the positive effect of government data opening on urban entrepreneurship.

The study of the impact of environmental regulations on green patent output has become a hot topic in academic research. The dual externalities in this impact process need to be addressed through the joint efforts of environmental regulations and intellectual property protection. Integrating environmental regulations，green patents，and intellectual property protection into a unified analytical framework is significant for exploring the effective solutions to environmental problems. This paper used the data from 11 provincial-level regions in the Yangtze River Economic Belt from 2010 to 2021 to examine the impact of environmental regulations on green patent output，and further analysed the moderating effect of intellectual property protection. The research found that： （1） there is a U-shaped relationship between environmental regulations and the quantity of green patent output；（2） Environmental regulations exhibit complex nonlinear characteristics on the quality of green patent output，and after crossing the inflection point of the U-shaped relationship，they can effectively improve the quality of green patent output；and （3） Intellectual property protection plays a significant positive regulatory role in the environmental regulation process affecting the quantity and quality of green patent output. This study has filled the gap in theoretical research on the impact of environmental regulations on green patent output，and will provide practical insights for balancing environmental protection and economic development in the Yangtze River Economic Belt.

As the capital market is gradually opening up，foreign institutional investors will impose higher requirements for the ESG performance of firms based on the international ESG standards and shareholding preferences. However，it is still not clear whether it can be a beneficial complementary mechanism for non-rigid ESG institutional environment in China. Therefore，this paper selected Chinese A-share listed firms of Shanghai and Shenzhen Stock Exchange from 2009 to 2022 as the sample and examined the influence mechanism of foreign institutional investors' shareholding on the ESG performance of firms with the panel OLS regression with fixed-effects. The paper comprised four conclusions. Firstly，foreign institutional investors' shareholding improves the ESG performance of firms. This conclusion remains robust after the endogeneity and robustness tests. Secondly，foreign institutional investors' shareholding improves the ESG performance through reducing managerial myopia，alleviating financing constraints，and enhancing risk-taking. Thirdly，analyst following，media supervision，and government constraint further enhance the positive effect of foreign institutional investors' shareholding on the ESG performance of firms. Finally，foreign institutional investors' shareholding further promotes exploratory innovation through improving the ESG performance of firms. Considering China's non-rigid ESG institutional environment，the departments concerned should improve the mechanism of China capital market opening and fully play the collaborative promotion effect of external stakeholders including analysts，media，and government，in order to increase the positive governance effect of foreign institutional investors' shareholding on the ESG performance of firms.