High-quality Enterprise Research Articles

Strategic Research on Supporting High Quality Development of Enterprises Based on Digital Economy

In the context of the burgeoning digital economy, fostering high-quality enterprise development has emerged as a critical challenge across diverse industries. The pervasive adoption of digital technologies has fundamentally transformed enterprise operations, unveiling novel avenues for innovation and bolstering market competitiveness. Research indicates that the deep integration of digital technologies, the establishment of a data-driven innovation ecosystem, and the cultivation of digital talent are pivotal strategies for enterprises to attain sustainable and high-quality development. These strategies provide a robust foundation for enterprises to sustain a competitive edge in the digital era by streamlining internal management, amplifying innovation capacities, and accelerating market responsiveness. The findings suggest that, through the effective implementation of these strategies, enterprises can achieve enduring and high-quality development propelled by the digital economy.

How does vertical fiscal imbalance affect corporate green innovation? Empirical evidence from China

The vertical fiscal imbalance of local governments under the Chinese-style decentralization system affects enterprise decision-making in their jurisdiction. Using the data of A-share listed enterprises in Shanghai and Shenzhen, this paper finds that vertical fiscal imbalance can promote enterprises' green innovation. The analysis of the mechanism of action reveals that the vertical fiscal imbalance positively impacts enterprises' green innovation through tax reduction and government R&D subsidies. In contrast, vertical fiscal imbalance's loss of human capital is a negative channel affecting green innovation of enterprises. Further analysis reveals that the vertical fiscal imbalance has a threshold effect on green innovation; the political and environmental backgrounds of senior executives can significantly strengthen the vertical fiscal imbalance's promoting effect on green innovation activities; in addition, the vertical fiscal imbalance can improve the efficiency and quality of green innovation by enterprises. The research findings are significant for further deepening the fiscal reform and encouraging enterprises to achieve green, high-quality enterprise development.

The impact of digital transformation on enterprises' export stability: Evidence from listed companies in China

Enterprise export stability is crucial to the stable growth of enterprise exports. The digital transformation of enterprises has become an important driver for promoting high-quality enterprise development with the development of digital technology. This paper examines the impact of digital transformation on enterprises' export stability and explores its intrinsic influence mechanism from the aspects of export product stability and export market stability using the sample data of Chinese listed companies from 2001 to 2016. Heterogeneity analysis indicates that digital transformation has a more significant impact on promoting the export stability of foreign-funded enterprises, private enterprises, labor-intensive enterprises, and enterprises in the central and western regions than state-owned enterprises, technology-intensive, capital-intensive enterprises, and enterprises in the eastern region. The mechanism analysis shows that enterprise technological innovation, enterprise total factor productivity, and enterprise export diversification level are important influence mechanisms of digital transformation on enterprises' export stability. The findings from the moderating effect analysis reveal that the government values the advancement of sports enterprises and can positively modulate the effects of digital transformation on enterprises' export stability.

Under the "Dual-carbon" Goal: Green Credit Policy and High-quality Enterprise Development in China

Given the context of "carbon peaking" and "carbon neutrality" goals, advancing the growth of green finance stands as a crucial agenda to bolster the high-quality advancement of China's economy in the contemporary epoch. Green credit is a remarkable milestone in pursuing the "Dual-carbon" emissions reduction objective and promoting high-quality development. Empirically, scant information exists regarding the correlation between GCP and the high-quality development of heavily polluting enterprises (HPEs). Using panel data from Chinese Lushan A-share listed enterprises spanning 2005 to 2022, this study employs the difference-in-difference model to evaluate the impact of the green credit policy (GCP) on HPEs. Our results show that after the implementation of GCP, the high-quality development of HPEs increased by 9.08% compared to non-HPEs. Despite considering multiple potential confounding factors, the conclusion remains unchanged. The positive effect is particularly pronounced among non-state-owned enterprises characterized by high carbon emissions and in the eastern region. The mechanism analysis indicates that GCP plays a role in influencing the high-quality development of enterprises by promoting low-carbon technological progress. This study establishes a foundation for making informed decisions in optimizing the green financial policy system to effectively enhance the high-quality development of enterprises in China and other developing countries.

THE IMPACT OF SMALL AND MEDIUM-SIZED TOURISM ENTERPRISES DIGITAL TRANSFORMATION ON THEIR COMPETITIVENESS

At present, China's economy has shifted from a high-speed growth stage to a high-quality development stage. At the macro level, high-quality development takes the form of high-quality economic development, while at the micro level, it manifests as high-quality enterprise development. High-quality enterprise development is the foundation of high-quality economic development. This study explores the mechanism of the digital transformation of small and medium-sized tourism enterprises in terms of their competitiveness and analyzes the regulatory role of environmental uncertainty in the relationship between digital transformation and corporate competitiveness. From the perspective of tourism enterprises, it is necessary to improve the level of data application capabilities, build a digital talent training system, and transform organizational culture and management models; from the perspective of the government, it is necessary to improve the top-level design of digital transformation, build a favorable digital environment, and increase government support.

How digital transformation enhances corporate innovation performance: The mediating roles of big data capabilities and organizational agility

Digital transformation has emerged as a key driver of high-quality enterprise development and an essential tool in forging an innovation-driven paradigm.Existing studies fail to delve into the specific mechanisms of their impact on firms' innovation performance, and views on their impact are divergent. Some studies suggest that digital transformation can enhance innovation performance, while others point out that it may have negative impacts, and cannot clearly answer how big data capabilities and organisational agility play a role in the digital transformation process. Therefore, based on dynamic capability theory and systems engineering theory, this study adopts the logical framework of "strategy-behaviour-performance" to systematically explore the process of digital transformation that enhances firms' innovation performance through the enhancement of big data capability and organisational agility. By empirically analysing the survey data of 476 manufacturing enterprises in China, the study reveals the chain-mediated effects of big data capability and organisational agility, and confirms the key roles of both in the transformation process. The findings suggest that digital transformation significantly improves firms' innovation performance, and that the dual mediating effects of big data capability and organisational agility are important links in its influencing mechanism. These findings not only provide empirical support for the theoretical model of digital transformation, but also provide practical guidance for enterprises to formulate strategies and optimise resource allocation in the digital era. We suggest that enterprises should strengthen the cultivation of big data capabilities and organisational agility while promoting digital transformation to better adapt to and lead market changes.

Research on the Development and Innovative Management Models of Cultural Creative Parks

Under the backdrop of the knowledge economy and globalization, the cultural creative industry, with its unique innovativeness and high added value, has gradually become a new driving force for economic development. Cultural creative parks, as vital platforms for the development of the cultural industry, have aggregated numerous creative enterprises and talents, becoming significant platforms for urban cultural innovation and cultural exchange. The innovation in development and management models of these parks is crucial for enhancing the competitiveness of the cultural industry and promoting urban cultural prosperity. However, with the rapid development of the cultural creative industry, traditional management models can no longer meet the developmental needs of these parks. Therefore, it is imperative to first clarify the functions of cultural creative parks, analyze the factors influencing their development one by one, base strategies on actual conditions, actively explore development and management models, establish market positioning, build on traditional management philosophies with modern management concepts, and strengthen brand building through resource optimization and integration. Implementing these strategies can effectively enhance the operational efficiency and service quality of cultural creative parks, attract more high-quality enterprises and talents, and promote the sustained and healthy development of the parks.

The Impact of Data Elements on Enterprises’ Capital Market Performance: Insights from Stock Liquidity in China and Implications for Global Markets

Amidst a backdrop of global economic challenges and shifting market dynamics, this study highlights the transformative role of data elements in enhancing enterprise performance within capital markets, particularly focusing on China’s leading position in the digital economy as a model with implications for global markets. This study utilized a panel data set consisting of 10,493 observations from 2687 listed enterprises in Shanghai and Shenzhen A-shares from 2015 to 2023. An econometric analysis was conducted using a two-way fixed effects model to explore the impact of enterprise data elements on capital market performance in the digital economy and its underlying mechanisms. The research reveals that the digitization of enterprise production factors can significantly enhance performance in the capital market. The study further suggests that enterprise innovation and enterprise value play a crucial role in mediating this effect. This paper introduces a new concept called “data elements”, which expands the definition and assessment methods of enterprise data capabilities. It goes beyond just digital transformation at the application level and includes data governance at the basic ability level. This approach provides a more accurate and comprehensive understanding of the different elements of data. Moreover, the research expands the research scope of microeconomic entities’ economic benefits, thereby extending the value contributed by enterprise data elements to their performance in the capital market. Additionally, this study reveals the relationship between enterprise data elementization and capital market performance through intermediary analysis of enterprise innovation performance and enterprise value, which unveils the “black box” and clarifies the transmission pathway. The findings of this research hold considerable theoretical value and have far-reaching practical implications for government policies concerning data elements and the development of high-quality enterprises, suggesting pathways for global markets to leverage data for enhanced enterprise performance and economic resilience. The results are particularly useful for policymakers, enterprise managers, and scholars in understanding and implementing data-driven strategies in capital markets.

A review and outlook on the influence factors for High-quality development of enterprises

Introdution: The high-quality development of the economy depends on the parallel progress of enterprises, it is particularly urgent to strengthen the research on the high-quality development of enterprises. Existing studies have conducted comprehensive analyses of the internal and external influencing factors of high-quality development of enterprises from different aspects. The study has mainly reviewed the literature about the high-quality development of enterprises from the historical evolution and current situation, definition, measurement and explored the influencing factors from four aspects: ESG, government incentive policies, green innovation, and innovation organization culture and to explore possible influence and path and relationship among different factors for further empirical research. The study found that (1) high-quality enterprise development has replaced rapid expansion as one of China's economic priorities. Sustainable and equitable growth is prioritized over rapid economic expansion. (2) ESG, green innovation, and innovation organization culture can have a positive impact on High-quality of enterprises, the influence of government incentive policy is ambiguity. Objective: The objective of this study is to investigate influence factors of high-quality development of enterprise and to analysis ESG, government incentive policies, green innovation, and innovation organization culture influence path and relationship among different factors. Theoretical Framework: The theory used is behavior change support from Robertson (1993). It refers to the behavior that employees willingly adopt and actively engage in in organizational management activities. This factor is crucial for the success of any organizational change. Results and Discussion: The study found that ESG, green innovation, and innovation organization culture can have an impact on High-quality of enterprises, the influence of government incentive policy is ambiguity. Future studies can explore technology innovation and corporate social responsibility, so as to help firms understand how their ESG performance affects their high-quality development and lead sustainable practices and innovation decisions. Research Implications: The study intends to expand the range of ESG-related academic views and suggest meaningful managerial implications for companies that want to practice ESG.

The Impact of Digital Transformation on the High-Quality Development of Enterprises: An Exploration Based on Meta-Analysis

With the rapid development of the digital economy and digital technologies, the significance of digital transformation for high-quality enterprise development has been growing. Anchored in the framework of the Resource-Based View, this study employs a meta-analytic approach to systematically, quantitatively analyze 40 empirical studies published between 2010 and 2022. The aims are to synthesize and identify the impact mechanisms of digital transformation on high-quality enterprise development, while also further examining the moderating effects of heterogeneity. The findings reveal that digital transformation exerts a significantly positive influence on high-quality enterprise development through three mechanisms: factors related to innovation, factors linked to enterprise performance, and factors associated with capital market performance. Notably, irrespective of the degree of heterogeneity, both the primary effects of digital transformation on high-quality enterprise development and the moderating effects of various impact mechanisms are statistically significant. The results underscore the importance of digital transformation in driving high-quality enterprise development and offer valuable insights for relevant decision makers.

基于企业实践流动站的“双师型”教师实践教学能力培养路径

With the deepening of the Action Plan for Improving the Quality of Vocational Education (2020-2023), the development of enterprise-education integration, the establishment of teacher enterprise practice mobile station, and the training of “double-qualified” teachers have become important lessons to support the development of modern vocational education. Faced with the practical problems of insufficient integration of production and education in China's vocational education and the lack of practical enterprise experience in teachers, vocational colleges must deepen the integration of production and education and school-enterprise cooperation in order to build a high-quality enterprise practice mobile station, and thus promote the training of “double-qualified” teachers, and significantly improve the practical teaching ability and comprehensive literacy of teachers. In this context, this paper carries out research. By analyzing the necessity of the construction of enterprise practice mobile station in vocational colleges and the problems faced in the construction of enterprise practice mobile station, it further puts forward the construction and management approach of enterprise practice mobile station in vocational colleges and the training path of “double-qualified” practical teaching ability based on enterprise practice mobile station.

Regional competition, spatial spillover effects, and entrepreneurship subsidy policies—evidence from incubators in Guangdong, China

ABSTRACT Using data from 2016 to 2018 for all incubators in Guangdong, China, we find that for start-up incubators, the average subsidy level of the city where the incubator is located is significantly positively correlated with the number of patents obtained per unit area of the incubator, regardless of the subsidy amount obtained by the incubator itself. However, this phenomenon is not significant for incubators that have been established for more than 1 year. The subsidy policy of the local government has a significant positive direct effect on the number of patents obtained per unit area of local incubators, but a significant negative indirect effect on incubators in neighbouring regions. Both effects are similar in magnitude, with the overall effect of the subsidy policy being almost completely offset. Therefore, owing to the spatial spillover effect, a considerable part of the effect of the local government subsidy policy only manifests as competition for high-quality enterprises between regions, and the actual improvement of the operational performance of the enterprises themselves is not obvious. Therefore, ignoring the spatial spillover effect of subsidy policies greatly reduces their actual effect.

Optimization of Logical Structure and Innovative Practice of Law-Based Evidence Talent Cultivation in the Context of Education-Industry Integration

Abstract The construction of “new liberal arts” and the advent of the era of artificial intelligence are forcing the traditional training mode of legal talents to change in the direction of interdisciplinary, high-quality composite talents who know how to govern society, among which, the legal evidence-based talents are the talents training direction adapted to the future needs and have a noble sense of social responsibility. At present, the cultivation of evidence-based talents is still in the exploratory stage, and in order to use the specific cultivation method, we need to cooperate with high-quality enterprises and practical departments. Practical exploration reveals that, on the one hand, utilizing the technical resources of enterprises can effectively enhance students’ ability to use evidence-based research methods. On the other hand, in cooperation with practical departments, conducting research on the rule of law around real issues and evaluating the implementation effect of policies can well exercise students’ practical ability and deepen their patriotic sentiment of helping people in the world. In addition, this paper also carries out the vectorized representation of legal text based on the N-Gram model, calculates the similarity of legal cases by combining with Word2Vec, and introduces the graph representation learning to establish a similar case law recommendation model, which helps students to find out the similar cases in the massive cases. It is conducive to students’ cultivation of systematic thinking in evidence-based jurisprudence and enhancement of their ability to discriminate similar cases. Through the practice of the course, the initial feasible experience of “five-stage parallel progress” and “three integration of science and reality” on the cultivation of evidence-based law talents has been formed, and the incentives and assessment mechanisms for the cultivation of industry-academia integration need to be further strengthened in the future.

The effect of environment, society, and governance (ESG) information disclosure on high-quality development of Chinese companies: Investigating the mediating role of green technology innovation

China listed companies play a significant role in fostering the economy's quality development and are leaders in the application of ESG principles by businesses. The application of ESG principles by listed companies is crucial to achieving a ‘win-win’ situation of social benefits and corporate economic benefits and raising the bar for high-quality development. Nevertheless, studies on the connection between corporate high-quality development and ESG information disclosure by China listed companies are few and contentious. This paper examines the role that ESG information disclosure plays in the development of corporate high-quality and the intermediary mechanism of green technology innovation in enterprises using panel data of China A-share non-financial listed companies from 2013 to 2022. The empirical results show that ESG disclosure and its three dimensions can significantly promote high-quality enterprise development. The study also discovers that high-quality enterprise development and ESG information disclosure are partially mediated by green technology innovation. The article’s findings serve as a guide for businesses, investors, and governments looking to adopt ESG practices.

Analysis of Digital Transformation of E-commerce Enterprise Management and Enterprise Development Prospects Based on Carbon Neutral Targets

Abstract This paper introduces the green technology innovation capacity under the carbon neutral goal as the dependent variable and makes research hypotheses on the digital transformation of e-commerce enterprise management and enterprise development. The research hypotheses model between the three is constructed by both quantile regression and multivariate linear regression, and the panel threshold adjustment model between green technology innovation capacity, digital transformation and enterprise development is given. Empirical evidence is used to verify the relevant influencing factors of digital specialization and enterprise development of e-commerce enterprise management under the carbon neutral goal from multiple perspectives, including correlation test, benchmark regression, quantile regression, and panel threshold adjustment test. The results show that the correlation coefficients between the potential variables of the model are all below 0.1, suggesting a significant correlation. The 1% level showed significant differences in the ability to innovate green technologies, digital transformation of e-commerce enterprise management, and high-quality enterprise development. The single threshold value of green technology innovation capacity on the ability of e-commerce enterprises to manage digital transformation is 1.6829, and the double threshold value on the high-quality development of enterprises is 0.6572 and 1.6847, respectively. The green technology innovation capacity of e-commerce enterprises needs to be strengthened under the goal of carbon neutrality in order to promote the digital transformation and high-quality development of e-commerce enterprises.

Urban climate adaptability and green total-factor productivity: Evidence from double dual machine learning and differences-in-differences techniques

Climate change has increasingly become a significant challenge to sustainable socio-economic development, and climate adaptation is a key issue that relevant research focuses on regional sustainable development models. By employing panel data between 2007 and 2020 from 284 Chinese prefecture-level cities, this study adopts quasi-experimental methods, including a difference-in-differences design and double dual machine learning model, to study the impact of climate adaptability on green regional sustainable development. Empirical results confirm that the pilot policy of building climate-resilient cities significantly improves urban green total-factor productivity. Difference-in-difference models (derived from entropy-weight and propensity score matching) and double dual learning models also support the improving effect of regional green total-factor productivity after policy intervention. The digital economy has strengthened the green development effect of pilot policies for building climate-adaptive cities. In addition, policy interventions to build climate-adaptive cities promote green urban development by optimizing industrial development structures and enhancing economic growth resilience. In addition, climate adaptability can also attract highly skilled talent and high-quality enterprises, facilitate science and technological progress in urban areas, and thus promoting the green development of cities in China. This study objectively evaluates the effects of climate policies and provides insights for global adaptation to climate change and optimization of public policies.

Impact of common institutional ownership on enterprise digital Transformation—Collaborative governance or collusion fraud?

As a crucial external capital force of enterprises, common institutional ownership plays an essential role in enterprise innovation and development. However, few studies have focused on the impact and underlying impact mechanisms of common institutional ownership on the digital transformation of enterprises. Hence, this study uses Python to analyse the annual reports of listed companies from 2007 to 2021 and constructs measures of enterprise digital transformation. Then, based on panel fixed effects Poisson regression, this study examines the influence of common institutional ownership on enterprise digital transformation by using theoretical logic and empirical evidence. The results reveal that common institutional ownership significantly inhibits enterprise digital transformation; this result remains valid after a series of endogeneity and robustness tests, thereby indicating that common institutional ownership exerts a collusion fraud effect. The mechanism analysis shows that common institutional ownership hampers enterprise digital transformation mainly by increasing monopoly power within the market, aggravating information asymmetry between enterprise insiders and outsiders, and intensifying executive self-dealing. Further analysis reveals that the inhibitory effect of common institutional ownership on digital transformation is more significantly negative in the case of non-state-owned enterprises versus state-owned enterprises. This study expands the research on the factors influencing enterprise digital transformation. The results provide a helpful reference for further improving institutional investors’ ownership structures and promoting high-quality enterprise development.

Role of Digital Inclusive Finance for High-Quality Business Development: A Study of China’s “Five Development Concept” Policy

The “Five Development Concept” policy is the foundation of high-quality development in China, and enterprises should base their high-quality development on this new paradigm. Can digital inclusive finance play a vital role in the high-quality growth of those businesses? This paper examines the relationship between digital inclusive finance and high-quality corporate development and its mechanism of action. This study demonstrates that digital financial inclusion can facilitate high-quality business development. Heterogeneity analysis shows that the contribution of digital inclusion to high-quality businesses development is more evident among non-state, large growth capacity and small-scale enterprises. An investigation of the mechanism reveals three pathways through which high-quality enterprise development is facilitated via digital inclusive finance, namely improving innovation, easing financing constraints, and improving risk taking, and a triple internal drive mechanism of innovation, capital, and risk is extant. This paper enhances the research related to the micro-level of digital inclusive finance on the high-quality development of enterprises, which is conducive to the construction of a long-term mechanism of digital inclusive finance under the new development pattern, so as to effectively facilitate the high-quality development of enterprises in developing countries.

Direct imitation or indirect reference?-research on peer effects of enterprises' green innovation.

This paper takes the China's A-share listed companies in the heavy pollution industry from 2010 to 2021 as the research sample and constructs a corresponding model to explore the existence, heterogeneity, and economic consequences of peer effect of green innovation. The results show that the enterprises' green innovation not only has strategic behaviors of direct imitation, but also receives the environmental information disclosed by peer enterprises to correct their own decision-making; that is, there are two types of peer effects: imitation and reference. At the same time, the enterprises tend to imitate and learn from large-scale and high-quality enterprises with high governance level while making decisions on green innovation. External situational characteristics can moderate the peer effects of green innovation. The strengthening of intellectual property protection and the improvement of market competition will promote mutual learning and reference among enterprises, and the improvement of the institutional environment will inhibit the interaction of enterprises. Further analysis shows that the peer effect of imitation amplifies the promoting effect of green innovation on business performance, while the peer effect of reference does not show obvious spillover characteristics. The above analysis is helpful to reveal the more real decision-making motivation and potential driving mechanism for enterprises to take green innovation actions and provides new ideas and experience for green innovation to serve the development of entity enterprises.

Investment, consumption smoothing with credit guarantee and adverse selection

This paper develops a single-period model of investments with credit guarantee swaps including Fee-for-Guarantee Swaps (FGSs), Equity-for-Guarantee Swaps (EGSs) and Option-for-Guarantee Swaps (OGSs). Enterprises have two types and high-quality enterprises suffer from adverse selection. The entrepreneurs are risk-averse while insurers are risk-neutral, taking on all default losses. We show that in pooling equilibria, high-quality enterprises are forced to transfer partial profits to low-quality ones. Even in separating equilibria, it is possible that high-quality enterprises suffer losses from adverse selection. As far as high-quality enterprises are concerned, OGS financing modes are the best, and they are more likely to reach separating equilibria than others. Only if the guarantee cost is feasible, the higher the strike price of the option, the higher the project value, and the optimal strike price makes guarantee cost arrive at its maximum feasible value.