Innovation and Firm Co-ownership Network in China’s Electric Vehicle Industry

Firms are embedded in complex networks,where diverse ideas combine and generate new ideas.Shareholders of firms are of-ten seen as critical external resources that have significant influence on firm innovation.The current literature tends to focus on the rela-tionship between firms and their shareholders,while paying less attention to the connections between firms with the same shareholders.This article identifies two types of network spillover effects,intra-city network effect and inter-city network effect,by visualizing the co-ownership networks in China’s electric vehicle(EV)industry.We find that firms with the same shareholders,which are defined as co-owned EV firms,are more innovative than non-co-owned ones.Furthermore,there are two dominant types of firm co-ownership ties formed by corporate and financial institution shareholders.While corporate shareholders help exploiting local tacit knowledge,financial institutions are more active in bridging inter-city connections.The conclusion is confirmed at both firm and city levels.This paper theor-izes the firm co-ownership network as a new form of institutional proximity and tested the result empirically.For policy consideration,we have emphasized the importance of building formal or informal inter-firm network,and the government should further enhance the knowledge flow channel by institutional construction.

Resource constraints and firm innovation:When less is more?

This paper explores the relationship between resource constraints and innovation of new firms.Drawing upon the relevant literature,we incorporate resource constraints as the antecedent to the bricolage-innovation link.Compared to prior studies that treated resource constraints as a one-dimensional variable,we operationalize it along two dimensions:knowledge constraints and financial constraints.Our argument posits that knowledge constraints and financial constraints act as catalysts for innovation in new firms,with bricolage serving as a mediating role.To test our hypotheses,we conducted a survey involving 183 entrepreneurs in the United States.The data analysis demonstrates that bricolage fully mediates the relationship between knowledge con‐straints and innovation and partially mediates the relationship between financial constraints and innovation.Theoretical and practical implications are discussed.

High-Speed Railway and Firm Innovation:Evidence from DID Method

With the launch of high-speed railways as a natural experiment,this paper finds that firms along the route became much more innovative after a high-speed railway was put into use,as reflected by the robust growth in patent licenses and applications,especially invention patents.From a dynamic view,high-speed railways’effects on firm patents increased over the years with a one-year lag in the effect on patent licenses relative to the effect on patent applications.This lag of impact reflects the normal cycle of firm innovation.Furthermore,our survey on the employees’education level at firms along the route verified that the inflow of skilled workforce helped firms innovate.After a high-speed railway was put into service,firms along the route saw a sharp rise in the percentage of college-educated personnel,most of whom were employed at technical positions.Highspeed railways contributed more to the innovation output of firms in medium-sized and large cities and within innovation-oriented firms.This paper has enriched relevant research on the drivers of firm innovation and the economics of high-speed railways.

Effects of China’s Manufacturing Exports on Firm Innovation in the US

Based on the market segmentation theory,this paper employed data on China-US trade and firm R&D,innovation and TFP to investigate the long-term effects of China’s manufacturing exports on firm innovation in the US from an heterogeneity perspective,and tested the underlying mechanism.The authors found that in the long run,China’s manufacturing exports had to some extent increased manufacturing firm innovation in the US.The effect is highly heterogeneous across various manufacturing sectors.While Chinese exports affect the innovation output of non-core manufacturing firms in the US,they did little on the innovation of core manufacturing firms in the US.In the long run,the cumulative R&D input of core manufacturing firms in the US has not decreased significantly,and factors of production had migrated from non-core to core manufacturing sectors.Such a reallocation of production factors has increased specialization and overall innovation output from US manufacturing firms.By demonstrating that the rise of developing countries is consistent with the theory of comparative advantages,this paper refutes the“China threat”narrative touted by some developed countries,and provides scientific basis for rational resource allocation and international division of labor.

Relationship Between Firm’s Social Capital and Innovation Performance:A Meta-Analysis

Despite a surge of studies examining the impact of firm’s social capital on the innovation performance,empirical research shows controversial results.To resolve this problem,this paper conducted a meta-analysis to restudy the relationship between firm’s social capital and innovation performance based on the empirical research results of 63 independent samples.This paper also identified some moderators affecting this relationship.The results indicated that the firm’s social capital-innovation performance link was positive and significant(r=0.363),and the age of the firm and the cultural context affected the impact of social capital on innovation performance to a large extent.Based on these findings,this paper developed recommendations for future research.

绿色信贷政策、ESG表现与高污染企业资本结构调整

绿色信贷政策作为结构性去杠杆的重要举措,对于高污染企业资本结构升级大有裨益。与此同时,ESG概念的提出明确了企业发展需着重考量环境(E)、社会(S)和公司治理(G)三方面的表现,即企业ESG表现也将作用于高污染企业资本结构调整。因此,论文以2011—2020年中国A股上市的高污染企业为研究样本,基于ESG表现视角,探究绿色信贷政策对高污染企业资本结构调整的作用效果。研究表明:1)绿色信贷政策显著促进高污染企业资本结构调整,区分企业负债水平后发现,相比于低负债企业,绿色信贷政策显著加快高负债污染企业的资本结构调整速度;2)绿色信贷政策会提升高污染企业的ESG表现,企业ESG表现会削弱绿色信贷政策对高污染企业资本结构调整的促进效果;3)在深入探讨企业融资约束和商业信用程度的异质性是否会影响绿色信贷政策的实施效果时,发现相较于面临弱融资约束和拥有高商业信用的企业,绿色信贷政策显著促进面临强融资约束和低商业信用的高污染企业调整资本结构。因此,探讨绿色信贷政策与高污染企业资本结构调整的关系对优化信贷资源配置、推动高污染企业绿色转型意义重大。

Identifying Spatial Heterogeneity in the Effects of High-Tech Firm Density on Housing Prices:Evidence from Guangdong-Hong Kong-Macao Greater Bay Area,China

Innovation capitalization is a new concept in innovation geography research.Extant research on a city scale has proven that innovation is an important factor affecting housing prices and verified that innovation has a capitalization effect.However,few studies investigate the spatial heterogeneity of innovation capitalization.Thus,case verification at the urban agglomeration scale is needed.Therefore,this study proposes a theoretical framework for the spatial heterogeneity of innovation capitalization at the urban agglomeration scale.Examining the Guangdong-Hong Kong-Macao Greater Bay Area(GHMGBA),China as a case study,the study investigated the spatial heterogeneity of the influence of high-tech firms,representing innovation,on housing prices.This work verified the spatial heterogeneity of innovation capitalization.The study constructed a data set influencing housing prices,comprising 11 factors in 5 categories(high-tech firms,convenience of living facilities,built environment,the natural environment,and the fundamentals of the districts)for 419 subdistricts in the GHMGBA.On the global scale,the study finds that high-tech firms have a significant and positive influence on housing prices,with the housing price increasing by 0.0156%when high-tech firm density increases by 1%.Furthermore,a semi-geographically weighted regression(SGWR)analysis shows that the influence of high-tech firms on housing prices has spatial heterogeneity.The areas where high-tech firms have a significant and positive influence on housing prices are mainly in the GuangzhouFoshan metropolitan area,western Shenzhen-Dongguan,north-central Zhongshan-Nansha district,and Guangzhou—all areas with densely distributed high-tech firms.These results confirm the spatial heterogeneity of innovation capitalization and the need for further discussion of its scale and spatial limitations.The study offers implications for relevant GHMGBA administrative authorities for spatially differentiated development strategies and housing policies that consider the role of innovation in successful urban development.

ESG表现、创新投资决策与企业价值

基于可持续发展理念的背景下,企业积极履行ESG责任是否以及如何影响企业价值的问题备受各界的广泛关注与讨论。选取2009—2021年中国沪深交易所A股上市公司,实证检验了ESG表现对企业账面价值和市场价值的影响效应,同时立足于企业创新投资决策的视角,分别探讨了企业创新投资水平和创新投资结构在上述过程中发挥的中介效应。研究结果表明:ESG表现对企业账面价值和企业市场价值的影响存在明显差异,良好的ESG表现有利于企业账面价值的提升,但对企业市场价值存在显著的负向影响;ESG表现通过提高企业创新投资水平对企业账面价值和市场价值产生了积极影响,但尚未通过调整企业创新投资结构这一传导渠道影响企业的账面价值和市场价值。研究结论不仅丰富了企业ESG表现对企业价值影响效应及作用机制的研究成果,而且为激发企业ESG履责内在动力、以创新投资决策赋能企业价值提升提供了可行的实践启示。

环境规制与重污染企业的ESG表现

环境、社会和公司治理(ESG)在一定程度上可衡量上市公司的综合水平,是体现双碳目标、推进绿色可持续转型的重要标准。以2014年《环境保护法》修订及17个省份颁布或修订环保条例作为准自然实验,根据彭博数据提供的ESG得分衡量上市公司的ESG表现,探讨环境规制对上市公司ESG表现的影响及其内在机制。研究发现,相比于非重污染上市公司,环境规制显著提升了重污染上市公司的ESG表现;从分项来看,环境规制显著促进了上市公司的环境和社会责任表现,但对公司治理的改善作用不明显;异质分析来看,环境规制对国有企业、研发投入高的上市公司ESG表现的影响更为显著。为此,政府应加快ESG信息披露的标准化建设,提高上市公司ESG信息披露质量;加强组织领导,完善相关法律和部门规章制度,推动企业积极践行ESG理念。

Inevitability and Emergent Problems of Science &Technology Innovation Access to Integration

The causes and the problems of integration of scientific ＆ technical innovation （ISTI） and inevitability are proposed. The status of domestic scientific ＆ technical innovation is analysed. A series of emergent managerial problems caused by the system ISTI （SISTI） are pointed out. Because of Hall three dimensions structure＇s enlightenment, a three dimensional logical net diagram in which the system integration of innovation based on problem in real world but not on disciplinary logic is drawn. The intelligent group＇ s need span is greater under the conditions of relatively low material level than common groups who have lower degree of education. The SISTI is composed by multi-rule and intelligent multi-agent behavior. It is concluded that the logical relationships of integrated technology which based on the author＇s experience and observation must be considerded for a valid management of SISTI.

Promoting Development and Innovation of China’s Human Rights Theory

This year marks the 90th anniversary of the found- ing of the Communist Party of China （CPC）. As Party General Secretary Hu Jintao said, for the past 90 years, under the leadership of the CPC, the Chinese people have accomplished the three missions of New Democratic Revolution, the Socialist Revolution and reform and opening-up. During the process, the Party and the people have opened a new path of socialism with Chinese characteristics, formed the theory of socialism with Chinese characteristics, as well as established a system of socialism with Chinese characteristics.

U-G-S协同推进创新人才早期培养的国际经验与启示

本文选取美国、澳大利亚、新加坡等创新人才机制相对成熟的国家,探究其创新人才多主体早期培育项目经验,分析、归纳得出主要培养路径有四:首先,“丰富和加速”是主要培养手段,以高阶课程助力超前学习、以缩短学制促进加速学习、以暑期项目丰富课程学习;其次,以信息技术搭建资优教育平台,扩展资源网络渠道,推进创新人才培养的机会均等;再次,注重教育体系衔接,以大中小衔接体系为创新人才接续培养枢纽,确保培养质量;最后,以分类培养理念创新人才和技术创新人才为目标,建立针对性培养体系。据此,本文提出改进我国创新人才早期培养U-G-S协作机制的建议:加强政策顶层设计、扶持校企联合、增强创新人才网络资源建设、推进校本创新人才培养项目建设等。

Scientific and Technological Innovation Is an Important Approach to Ensuring China’s Oil Security

With the rapid and continual growth of national economy, the gap between oil demand and supply keeps widening in China, therefore China will increasingly depend on imported oil. However, the world＇s oil and gas resources are unevenly distributed; global world＇s oil prices remain high; and over 70 percent of China＇s imported oil has to be shipped through the Malacca Strait. There are various ways to ensure China＇s oil security today, and the practical and feasible strategic option is to increase the discovery and production of domestic oil, raise energy efficiency and develop petroleum substitutes. Scientific and technological innovation is crucial both in new oil reserves discovery and production, energy conservation, and in the development of petroleum substitutes, establishment of a strategic oil reserve system and for environment protection. This indicates that China should take effective measures in investment strategy, fiscal policies, financing instruments, intellectual property protection, fostering talents and professionals, so as to establish its own scientific and technological innovation system in the petroleum industry and be better able to ensure oil security.

China's Technology Innovation and Biotechnology

Technology Innovation in China In the past two decades of implementing opening and reform policy,the Chinese government adopted a senes of policies

Asia's Inaugural ScienceInnovation Summit

Congratulating the Asia’s InauguralScience Innovation Summit to be held inBeijing on July 19-21, 2002.The Summit, co-sponsored by the PacificRim Forum and the China Council for thePromotion of International Trade (CCPIT),