This article takes Ping An as an example to explore the causes and consequences of targeted poverty alleviation in private listed companies, attempting to reveal whether profit-driven private enterprises can achieve the righteousness and benefit through targeted poverty alleviation. The study finds that: (1) Ping An’s poverty alleviation model covers industrial, medical and educational poverty alleviation. Its participation in poverty alleviation is driven by altruistic factors such as responding to national policies and improving the image of the insurance industry, but more importantly, it is driven by self-interest factors such as obtaining tax dividends, maintaining the relationship with government, improving the ESG system and laying out financial and medical technology strategies. (2) while achieving the altruistic act of poverty alleviation, Ping An has also realized positive self-interest consequences. Firstly, it has accumulated reputation capital, including winning poverty alleviation awards, improving ESG ratings and attracting international capital. Secondly, obtain political resources, increase government subsidies after poverty alleviation, deepen cooperation between government and enterprises, and lowering the level of tax burden. The third is to promote the improvement of industrial layout and enhance the performance of the core platforms for poverty alleviation. This article enriches the research on the causes and consequences of targeted poverty alleviation in private listed companies from the perspectives of self-interest and altruism. This can provide reference for enterprises to organically combine targeted poverty alleviation with corporate strategies and establish a long-term mechanism for targeted poverty alleviation.

The traditional exogenous incentives have failed in the context of the current knowledge-based employees, and the establishment of endogenous incentives is more suitable for the current characteristics of the times. Based on the perspective of structural empowerment, this paper conducts the grounded analysis of the amoeba pattern based on HSTYLE. It is found that: (1)in the introduction of the amoeba pattern, the structural empowerment system is designed based on the five empowerment dimensions of resource, information, support, opportunity and power to promote the transformation of individuals from the role of employees to the role of operators. (2)in the operation of the amoeba, relevant empowerment process modules are established, and the normalization of structural authorization empowerment is realized through the construction of information system and platform solidification. (3)at different stages of amoeba ’s development, enterprises have successively achieved the upgrading of individual empowerment, system empowerment and ecological empowerment, supporting the transformation and upgrading of enterprise’s organizational positioning. The research reveals the key characteristics and the logical framework of the structural empowerment of the amoeba pattern, which has certain reference significance for the incentive transformation of traditional enterprises

As an important financing method in Chinese capital market, equity pledge is increasingly common among listed companies. However, equity pledge also entails multiple potential risks such as stock price volatility and control rights transfer, Based on case study of35.COM, from the perspective of information disclosure as a mean of market value management, this paper explores the risk management strategies and economic consequences following equity pledges by controlling shareholders of listed companies. We find that a high ratio of pledged shares by controlling shareholders would induce motives for maintaining stock prices and value management for self-interest, which might lead to strategic information disclosure practices and even violations of information disclosure regulations. In the short term,the strategic information disclosure of controlling shareholders can achieve the goal of stabilizing or boosting stock prices, However, in the long term, these strategic and non-compliant information disclosures may affect the company's value, cause a decline in the quality of accounting information, and infringe on the interests of small and medium-sized shareholders.Research result is of practical significance for standardizing equity pledging, market value management and information disclosure behaviors in listed companies.

Original innovation serves as the motivity for technological advancement and business transformation, and plays a crucial role in driving sustainable development of enterprises. Based on the premise of strategic goal orientation, this study based on two enterprise samples of Huawei and iFlytek, examine their respective approaches to original innovation and uncovers the internal mechanisms that drive innovative practices within these organizations. It is found that enterprise-led original innovation falls within the Pasteur Quadrant innovation behavior, which is mainly divided into strategic long-term goal-oriented innovation and cutting-edge innovation oriented to knowledge application. These two models differ greatly in terms of support methods,behavior orientation, development goals and organizational modes, The original innovation ability of enterprises is essentially reflected as the endogenous evolution of “knowledge focusing ability-knowledge integration ability knowledge re-creation ability”, and continues to advance along the path of “joint intelligence introduction -independent research and development>open cooperation", The findings of this research may provide theoretical support and decision-making guidance for enterprises to pursue original innovation.

Digital transformation has become an inevitable move for the survival and long-term development of global manufacturing enterprises. Although current studies have pointed out the strategic direction of digital transformation, there is still a lack of holistic research on its dynamic process. Based on the perspective of resource action theories, this paper takes Audi AG as the case study object to describe the evolution trajectory and transformation mechanism of the digital transformation of manufacturing industry. The results indicate that enterprise digital transformation follows the stage evolution logic of “exploration - growth - deepening”, at different stages of enterprise digital transformation, affected by resource scenario constraints and strategic orientation, the enterprise resource action mode shows an evolutionary trend from “resource bricolage” to “resource configuration” and then to “resource orchestration”. The evolution of enterprise resource action makes enterprise business model realize the iteration from “supplier business model” to “digital platform business model” and then to “digital ecosystem business model”. The research conclusion is expected to provide theoretical support and practical guidance for digital transformation of manufacturing enterprises.

With the change of the economic situation, the manufacturing industry is moving towards a new stage of system restructuring, and the wide range of influence and high degree of disruption of intelligent manufacturing is unprecedented, which has become a new track for the transformation and leap of manufacturing enterprises. However, how can intelligent manufacturing empower the value chain of core enterprises? Coupling mechanism is not yet known. Accordingly, this paper introduces Haier as the research object based on the grounded theory to encode the data, and bridges the major theories of intelligent manufacturing and value chain. The research results present that intelligent production, intelligent products, intelligent services are important research factors to formation the value chain coupling mechanism of the intelligent manufacturing core enterprise. As a result, we construct the value chain coupling mechanism model of intelligent manufacturing core enterprise, analyze the dynamic evolution mechanism of the value chain. This research is expected to coordinate the promotion of intelligent transformation and upgrading and enhance the position of Chinese enterprises in the competitive pattern of the global manufacturing industry.

Based on the theoretical perspective of synergism, the study takes Hisense Group’s three-stage R&D collaboration evolution as a vertical case to explore the evolution path and driving mechanism of the R&D collaboration in an enterprise group. It is found that the R&D collaboration of the enterprise groups follow the three-stage evolutionary path of “collaborative preliminary — collaborative exploration — collaborative stabilization”, which is a combination of independent innovation and technology accumulation. Driven by the competitive environment and collaborative strategy, it promotes the dynamic integration of resources, information and technology of collaborative entities, and helps enterprise groups to optimize resource allocation and technological innovation, thereby stimulating the group’s deep-seated innovation capability. The conclusion of the study is conducive to promoting China’s enterprise groups to realize the transformation from industry technology breakthroughs to domestic technology leadership and then to international technology leadership.

With the rapid development of platform economy, how to create sustainable values for platform enterprises has become a new research hotspot. Taking Bilibili as a case, this paper makes an exploratory analysis on the sustainable value creation path of platform enterprises based on the grounded theory. The research finds that the sustainable value creation path of platform enterprises is dynamic, including two stages from value generation to value continuation. In the value generation stage, the business model dominates, and platform enterprises create initial values. In the value continuation stage, led by social responsibilities, platform enterprises create sustainable values. The research conclusion reveals the specific connotation and dimension difference of the original and sustainable values from three dimensions of economic, social and environmental values.

The metaverse ecosystem empowers the development of strategic emerging and future industries with a new model of high-quality productivity. This research introduces the complex adaptation theory, selects five metaverse related listed companies in China to carry out a logical analysis of value co-prosperity, and compares and analyzes the logical chain of the evolution of enterprise value co-enrichment in different case companies. On the basis of case analyses, this paper systematically summarizes an evolutionary logic of value co-enrichment in the metaverse ecosystem. The research concludes that the metaverse ecosystem experiences a dynamic evolutionary logic of “resource → value capital → value product → value wealth → value co-enrichment”. The research on value co-enrichment can provide a new perspective and practical direction for the future development of metaverse.

Taking the industrial investment event of CR Sanjiu M&A of Aonuo Pharmaceutical as the research sample and using the decentralization theory as the theoretical basis, this paper deeply analyzes the decision-making power decentralized to the invested by the industrial investor in different aspects of marketing, supply chain, and personnel, and discusses the way and path of post-investment integration of industrial investment. Research has found that: Firstly, the ability of the acquired enterprise determines its degree of decentralization in post-investment integration. The stronger the ability of the acquired party in a certain dimension, the higher the degree of decentralization, which helps to leverage the capabilities and advantages of the acquired party and avoid high decision-making costs caused by excessive control. The weaker the ability of the acquired party, the lower the degree of decentralization obtained, which helps to control agency costs caused by inconsistent goals. Secondly, the acquiring party dynamically adjusts the intensity of post-investment integration according to the situation. For the integration dimension with weaker capabilities of the acquired party, the degree of decentralization gradually decreases as the degree of integration goes on. Thirdly, as an informal institutional arrangement, cultural integration has a significant positive effect on stabilizing personnel and teams, and promoting subsequent formal integration. The research findings of this article can fill the research gap in post-investment integration of industrial investment, and can provide reference for investors to integrate better and empower the acquired enterprises from a long-term perspective. 

数字化转型背景下,构建商业模式闭环是商业模式创新路径的关键目标,然而关注 中小制造业企业商业模式闭环构建机理的文献较少。基于动态能力理论,采用纵向单案例 研究方法,试图厘清数字化推动中小制造业企业商业模式闭环的构建机理。研究发现: (1)中小制造业企业构建商业模式闭环会经历“单点撬动—服务延伸—场景生态”阶段。 (2)在不同阶段,数字化动态能力“数字化感知能力—数字化运营能力—数字化生态能力” 与商业模式构成组件“生产环节信息化—数据双向反馈—全触点体验优化”需要协同演进。 (3)商业模式构成组件在不同阶段存在交互平衡,渐进形成商业模式闭环,持续为企业创造 价值。研究结果响应了学界关于进一步探究数字化商业模式创新的期待,并可为中小制造 业企业成功实现商业模式创新提供有效指导。

In-depth exploration of the integrated effects of low-carbon development in industrial parks and their potential for green transformation is of great significance to achieve China’s dual carbon goals. This study takes the Carbon Neutral Smart Industrial Park of Goldwind Science & Technology Co., Ltd., a leading enterprise in the new energy equipment manufacturing industry, as a case and adopts an exploratory case study method combined with institutional theory to systematically analyze the pathways to carbon neutrality and value creation mechanisms in industrial parks. The research finds that, Based on policy regulations, market/social expectations and exploration of commercialization strategies, the industrial parks promote carbon neutrality through three core pathways: Energy structure optimization, energy-saving retrofits, and digital empowerment, and implement the carbon neutrality practice through five key steps: carbon diagnosis, resource integration, technological innovation action, carbon neutrality certification, and value creation. Ultimately, industrial parks achieve the integrated generation of economic and social value through the replication of its commercial model, and form a closed-loop mechanism from action to value. In addition, the that carbon neutrality in industrial parks is the result of a dynamic balance between institutional pressures and business motivation, technological innovation serves as a key link connecting social responsibility and commercial value. The findings enrich the application of environmental corporate social responsibility (ECSR) theory and institutional theory in the context of green transformation and provide a replicable and scalable case for the low-carbon development of industrial parks and policy optimization in China.

Digital transformation is widely accepted among Chinese family businesses, however, they face a substantial digital divide, with limited research on this topic. From the perspective of dynamic tension between digital strategy and organizational change, this article conducts an exploratory case analysis of New Hope Liuhe, examines the mechanism of “external change tension → internal intergenerational tension → digital strategy implementation” in family businesses’ digital transformation. The study reveals that: (1) external change tension, arising from scarce technical talent, creates significant challenges for digital transformation, exacerbating internal power shift and influencing intergenerational tension; (2) internal intergenerational tension, driven by generational conflicts, exposes the organization to risks of rigidity and loss of control during transformation, thus exerting a counter-effect on external change tension; (3) the interaction of internal and external tensions accelerates generational power shift. Contrary to expectations, while this shift boosts digital transformation by enhancing the organization’s digital readiness and capabilities, the new executives’ limited cross-cycle management experience weakens risk management, potentially hindering transformation. This study unveils the tension mechanism between digital strategy and organizational change in family businesses, provides insights into organizational change and transformation of family businesses in the digital age.

In a complex environment, many Chinese enterprises have difficulties in production.but there are some excellent resilient enterprises that can turn crises into opportunities and achieve stable development, Taking three Chinese listed private enterprises that have persevered through challenges and maintained stable operations as examples, following the resilience analysis approach of “external changes promoting internal growth", and combining with resource conservation theories, we propose a research framework of “scenario stimulus (external crisis shock)resource conservation (internal resilience response)- formation of highly resilient organizations (manifestation of resilience characteristics)" to explore the formation path of highly resilient organizations, The research findings are as follows: (l) high resilient organizations, by effectively deploying resources, show timely strong correlation, creativity and buffering resilience characteristics required for crisis response, (2)the formation of highly resilient organization is the result driven step by step by cognitive elements, behavioral elements, and outcome elements in the four stages of risk identification, resource integration.resource accumulation, and resource value realization, (3) there are two types of formation paths for highly resilient organizations: Challenge-oriented and compensation-oriented, The conclusion of this study has certain guiding significance for enterprises to survive and sustainable development in complex environment.

In order to promote China’s modernization development, enterprises are required to incorporate green development into their innovation missions, committing themselves to the research and development of green innovative products and the establishment of a comprehensive green innovation system, in which social enterprises play a pivotal role. However, existing research on breakthrough innovation has primarily focused on heavy industry and technology-driven enterprises, neglecting social enterprises with more pronounced mission-driven characteristics. This paper employs an exploratory case analysis method to investigate the decision-making process through which innovation missions drive social enterprises to achieve green breakthrough innovation. The study finds that: First, the mission-driven green breakthrough innovation in social enterprises is a dynamic process where enterprises act based on different decision-making logics and sequentially achieve modular, sectorial and ecological breakthroughs. Second, as the innovation mission evolves from green energy saving, green cleanliness, to green safety, the effectiveness of enterprise decision-making demonstrates a “top-down” logic from integrating existing resources, improving the innovation system, to activating internal entities, while the causes follow a “bottom-up” logic from highlighting service characteristics, institutionalizing green concepts, to connecting external entities, with the relationship between the two decision-making logics presenting a dynamic evolution of “preparation-embedding-complementing”. Third, as the stages progress, the innovation legitimacy of enterprises shifts from modular breakthroughs to sectoral breakthroughs and then to ecological breakthroughs, integrating into an innovation ecology. This research provides theoretical insights into how social enterprises can achieve green breakthrough innovation.

China Unicom’s mixed ownership reform is a landmark event in the reform of state-owned enterprises, and its experience provides important references for other similar enterprises. This study applies the synergetic phase transition theory to analyze the case of China Unicom’s mixed ownership reform. The results show that: First, the improvement in corporate performance after China Unicom’s reform is not significant, rooted in the fact that the environmental parameters determining the phase transition of the enterprise system have not changed, specifically, the three corporate power entities (shareholders’ assembly, board of directors, and management) have been consistently controlled by state-owned shareholders before and after the reform. Second, state-owned shareholders must cede control of at least one of the above three power entities to private strategic investors during the mixed ownership reform to achieve the expected reform goals. Based on the reform experience of China Unicom and integrating the classified reform approach for state-owned enterprises, as well as the industry characteristics and comparative advantages of private strategic investors, this paper constructs three corporate power allocation models for state-owned enterprise mixed ownership reform: management rights controlled by private shareholders, management and board of directors controlled by private shareholders, and complete privatization. These models aim to provide theoretical references and practical patterns for deepening state-owned enterprise mixed ownership reform.

With the advent of the digital era, an innovation ecosystem based on digital technology has gradually emerged. Based on the theory of resource orchestration, this paper adopts the method of longitudinal case study, analyzes the establishment process of digital innovation ecosystem of Weichai Group in detail, and actively explores the evolution model of digital innovation ecosystem of manufacturing enterprises. The findings are as follows: (1) the digital innovation ecosystem goes through three stages of generation stage, advanced stage and complete stage, and the development program of the system is started through the combination of different endogenous and exogenous causes. (2) the generation of digital innovation ecosystem follows the dynamic evolution characteristics of “growth effect—platform integration effect—digital ecological effect”. (3) in the digital context, manufacturing enterprises realize the application of digital technology and the rapid evolution of digital innovation ecosystem through the resource process of “digital resource structuring → digital resource capability → digital resource utilization”. Based on digital technology, digital innovation ecosystem promotes the continuous expansion and iteration of innovation ecosystem through digital products, gradually expands the system boundary and forms the digital innovation ecosystem. This study expands the theory of digital innovation ecosystem in manufacturing enterprises, bridges the theory of resource orchestration with the theory of digital innovation ecosystem, enriches the theoretical content, and provides certain practical guidance for the construction of digital innovation ecosystem in enterprises.

In order to solve the problem of unclear digital transformation path of manufacturing enterprises and prevent the transformation paradox, this paper analyzes the digital transformation of Great Wall Motor with the method of single case study based on open innovation. Specifically,this work identifies the key components of the digital transformation of manufacturing enterprises, that is,knowledge absorption, knowledge creation, knowledge integration,knowledge spillover, and knowledge interaction, and simultaneously builds a path model for the digital transformation, in this context, we employ the NK simulation model to verify the applicability of the transformation path model to other manufacturing enterprises, thus a clear optimal path for digital transformation is obtained, that is, knowledge absorption - knowledge creation knowledge integration knowledge spillover knowledge interaction. The clarification of the path would help the transformation and upgrading of manufacturing enterprises, and the high-quality development of the economy.

Science and technology projects are one of the main forms of innovation policy in China. To clarify the mechanism through which government’s science and technology projects affect enterprise innovation is the premise to respond to the controversy of “innovation policy effectiveness”. Based on the perspective of regional innovation system theory, this paper makes a case study on the practice of promoting enterprise innovation through science and technology projects in County J, and refines the innovation system construction mechanism. The grassroots government, guided by the requirement of declaring science and technology projects, mobilizes innovation subjects such as research institutions, financial institutions, intermediaries and the government to provide various innovation resources to enterprises, which actually forms a multi-subject collaborative innovation system with science and technology projects as the carrier to promote enterprise innovation. This mechanism is not the initial goal of policy formulation, but a “non-proactive” policy effect promoted by the grassroots government under the incentive mechanism. The results show that attaching great importance to the key role of grassroots government in the implementation of innovation policy and strengthening the construction of relevant incentive mechanism are the keys to improve the effectiveness of innovation policy.

The construction of authority during intergenerational succession (IS) has become increasingly important with the advent of the peak of IS of family businesses(FB) . Based on the perspective of organizational imprinting,this paper analyzed IS under the long-term orientation of FB from a historical perspective, focused on the microscopic mechanism of authority construction, and proposes an authority construction model during intergenerational succession. The results show that: the second generation can build formal authority according to the mechanism of “organizational imprinting — institutionalization — organizational institutions”, and gain individual authority by mechanisms of “organizational imprinting — organizational inertia — organizational identification” and “organizational imprinting — organizational inertia — portfolio entrepreneurship”. The conclusion combines organizational imprinting, authority construction and institutionalization, deepens the research on the IS and authority construction of FB, and provides theoretical guidance for the sustainable development of FB. 

In order to explore how agricultural enterprises innovate the agricultural supply chain’s financial model and risk control strategy under the background of digital transformation, we have done a field research on New Hope Liuhe, a leading agricultural enterprise, and its subsidiary Puhui Agriculture and Animal Husbandry Financing Guarantee Company. Based on the theory of comprehensive risk management, from the perspective of business and financial risks, we analyze the agricultural supply chain finance model and innovation of digital risk control strategies in the three stages of loan application, use and recovery. The study finds that New Hope Liuhe optimize the function sharing of core enterprises in supply chain finance and innovate digital risk control strategies such as 360-degree risk control management system by means of “online big data + offline visits”, effectively controlling business and financial risks in agricultural supply chain finance. Therefore, it is suggested that agricultural enterprises implementing supply chain finance should innovate the supply chain finance model from the perspective of differentiation of core enterprise functions, and constantly innovate risk control strategies by using digital means and big data in the agricultural operation process.

IC industry has become the focus of international competition under the background of digital economy, but the deep development of IC industry is restricted by various risks and threatens the national security, Based on the multi-source data and grounded theory, this paper builds a FEM-S theoretical model, identifies the risks of IC industry, explores the risk influencing factors and mechanism, The research shows that factor resources, environment atmosphere, management capacity and supply chain are the important factors that cause the risk of IC industry; Supply chain plays an intermediary role between factor resources, environment atmosphere, management capacity and IC industry risks; And the interaction between factor resources and environment, The research results are of great practical significance for promoting the industrial chain to “extend, supplement and strengthen the chain”, and improving the competitiveness of national and regional industries.

How to efficiently integrate the resources of both sides of the merger and acquisition (M&A) to promote innovation iteration and achieve technology catch-up still needs in-depth research. This paper adopts the single case study method, takes Weichai Group as the case study object, analyzes the evolution path of Weichai Group’s intellectual capital integration and ambidextrous innovation in the context of M&A and catch-up from the perspective of “both internal and external improvement”, and makes clear the mechanism of the integration of intellectual capital after cross-border M&A on the evolution of ambidextrous innovation. It reveals the internal mechanism of local latecomers to drive the evolution of ambidextrous innovation abilities based on transnational merger and integration to achieve technology catch-up. The research findings are as follows: First, in the M&A and catch-up scenario, the intellectual capital integration of local latecomers needs to be dynamically adjusted with the changes of situational characteristics, challenges, resources and capabilities at different catch-up stages. Second, the ambidextrous innovation in the M&A and catch-up situation of local latecomers presents an evolutionary trend of “exploitative innovation → exploratory innovation → ambidextrous innovation”, accompanied by a dynamic transition from exploitative to exploratory innovation capability. Third, the integration of intellectual capital can bring into play the “affective integration effect” and “ability difference integration effect” to promote exploitative innovation, and the “breakthrough effect of organizational inertia” and “integration effect of innovation elements” to promote exploratory innovation. The “transformation effect of control strategy” and “coordination effect of organizational resources” can be used to promote ambidextrous innovation, so as to drive the evolution of enterprises’ ambidextrous innovation capability, and realize technology catch-up. The conclusion of this study is helpful to uncover the black box of “M&A → catch-up” process and provide clear guidance for latecomers’ M&A and catch-up practice. 

The SRDI (Specialized, Refined, Distinct, and Innovative) has pointed out the growth direction for SMEs (Small and Medium-sized Enterprises). However, existing literature has yet to thoroughly investigate the process by which digital technology drives the transformation of SMEs into SRDI enterprises in a dynamic context. Integrating paradox and resource orchestration theories. This study takes the growth practice of Tongxin Intelligent Medical, a national-level SRDI “Little Giant” enterprise as the research object. Using an exploratory single-case study approach, this research explores the process mechanism by which digital technology facilitates SMEs’ transition into SRDI enterprises. The findings reveal that (1) SMEs progress through four distinct growth stages to evolve into SRDI enterprises: specialized entry stage, refined rooting stage, distinctive expansion stage, and innovative breakthrough stage. Throughout this process, paradoxical elements continuously transform and iterate through four stages: fundamental paradox, endogenous paradox, exogenous paradox, and core paradox. (2) with the support of digital technology, the “digital connection — digital collaboration — digital drive — digital foresight” guides relevant resource actions, helping SMEs effectively cope with paradoxes and accumulate SRDI capabilities. (3)by identifying paradoxical elements and decoding the core functions of digital technology, enterprises continuously upgrade their resource orchestration strategies. This progression follows a sequence of entrepreneurial resource bricolage, exploitative resource orchestration, exploratory resource orchestration, and integrative resource orchestration. The process model of SMEs to grow into SRDI enterprises enrich the theories related to paradoxes and resource actions in dynamic contexts, and provides managerial implications for SMEs and policy recommendations for government agencies seeking to support SRDI development. 

In response to the formalization phenomenon in interaction and case teaching in Chinese business classrooms, as well as the practical problems of low enthusiasm for enterprises to participate in business case teaching, this article elaborates on the interactive learning philosophy of the business “living” case teaching method, Based on the nearly 10 years of “living” case teaching practice, a three-dimensional interactive teaching method of business “living” case oriented towards the integration of industry and education is extracted, Case teaching is designed and implemented around the “real” problems of the industry in the era, through the interaction between teaching and learning, complementary learning and action, theoretical guidance and practical evaluation in different directions, as well as the interaction in different directions within the three dimensions, the case teaching method strengthens and enhances students’ thinking training and comprehensive quality, The research shows that the adaptive adjustment to the teaching and case situation is an obvious feature of the three-dimensional interactive teaching method of business “living” case, which is different from the ordinary case teaching method. It makes the symbolic interactions between teacher-student, student-student and industry-teaching in the case teaching have the sense of the times and being present, which is more conducive to improving students’ professional core ability and comprehensive quality.

The continuous evolution at business model innovation and business ecosystems in the age of digital intelligence is far beyond the scope of existing theoretical studies. While focusing on the impact of business model innovation on business ecosystem attributes, established studies have neglected how the digital business ecosystem as an organizational support affects business model innovation, This study takes advantage of the composite characteristics at Siemens Group as a provider of business model innovation for downstream enterprises in the same industry and a practitioner of its own business model innovation and constructs a theoretical model of the impact of digital business ecosystems on business model innovation through a single case rooted analysis of Siemens Group, The study finds that:(1)enterprises form digital business ecosystems based on digital opportunity identification, digital resource acquisition,digital channel construction, and create value at all levels of digital business ecosystems through the interconnection and interaction of multiple subjects, (2)the mechanism of digital business ecosystem affecting business model innovation is “digital business ecosystem - open learning business model innovation”, In the digital business ecosystem, producers, sellers, other recipients, consumers,etc, use the digital platform to realize communication, cooperation and learning among multiple subjects, and the digital business ecosystem promotes business model innovation through intra-industry learning and inter-industry learning. (3)customers have become participants in the digital business ecosystem, participating in the creation of value through common open learning and communication with the producers of the focal enterprise,and satisfying customer needs more effectively, This finding provides a new analytical framework for analyzing digital business ecosystems and business model innovation.

Market-oriented debt-to-equity swap can optimize the debt structure of enterprises and solve the problem of business difficulties. However, there are few researches on the impact of market-oriented debt-to-equity swap on the financial performance of enterprises, and the research objects are mostly concentrated on state-owned enterprises. Therefore, this paper selects a private enterprise, Yuanxing Energy, as the case study object, quantitatively analyzes the influence of market-oriented debt-to-equity swap on the financial performance of Yuanxing Energy through factor analysis, and further looks into the influence of various financial indicators on the comprehensive level of financial performance by a grey relational analysis. It is found that market-oriented debt to equity swap can improve Yuanxing Energy’s debt solvency, profitability, and growth ability in the short term, thereby improving the company’s financial performance. However, due to various factors such as lax debt control and increased management costs, the level of financial performance has decreased in the later stage, and the long-term effect is not ideal. In addition, among the selected indicators, those reflecting debt solvency, cost expenses and operating ability have a greater impact on the comprehensive level of financial performance.

Supply chain finance plays a crucial role in enhancing the resilience of small and medium-sized enterprises (SMEs), and becomes a new driving force for high-quality economic development in China.Managing various continuously conflicting yet interdependent value propositions has become a key issue, This study, based on the framework of "paradox of supply chain financial services paradox management SME resilience building”, employs a longitudinal case study approach to deeply analyze the practices of supply chain finance in MYbank, The findings reveal that: Under different supply chain financial service orientations,financial service providers need to develop effective paradox management capabilities through a mechanism of “micro-level segmentation macro-level integration". This involves transforming paradox coping strategies into sustainable em bedded paradox management capabilities by means of more granular segmentation and higher-level integration, This paper makes theoretical contributions to enriching the research perspective on enterprise resilience, expanding the theoretical perspective of supply chain finance, and revealing the internal mechanisms of paradox management, thereby inspiring relevant stakeholders to make better use of financial instruments to support the resilience building of SMEs.

Abstract; In EPC (Engineering Procurement Construction) projects, a reasonable relationship between the general contractor and the subcontractor is embedded to help achieve a good inter-organizational resource orchestration and maximize the competitive advantages of the general contracting model, However, the existing research on the impact of relational embeddedness on resource orchestration suffers from the paradox of relational embeddedness and lacks the consideration of the impact of project actors’cognitive initiatives, which makes it difficult to explain the internal logic of inter-organizational resource orchestration in EPO projects, Based on this, from the perspective of institutional logic, this paper adopts the multi-case study method and takes four typical EPC projects as the research object to explore the path of inter-organizational resource orchestration under different relational embeddedness between the general contractor and the subcontractor, It is found that: (1) proiect- and participant-oriented inter-organizational resource orchestration behaviors exist under the initial relational embedding of both strong ties and weak ties, and the design of constraint- and mechanisms can synergise with relationa lembeddedness to incentive-oriented governance influence the nature and effect of inter-organizational resource orchestration, (2) different 

relational embeddedness collaborative project governance mechanisms acts on the inter-organizational resource orchestration of the project through the institutional logic coupling of the general contractor and the subcontractor's. The findings provide a new theoretical explanation for the relational embeddedness paradox, as well as theoretical support and practical reference for the general contractors to adopt appropriate project governance mechanisms to optimize inter-organizational cooperation according to the relational embeddedness situation.

During more than four decades of China’s reform and opening-up, female entrepreneurs have helped China’s high-quality economy and social development by giving full play to their outstanding entrepreneurship. This paper attempts to explore the connotation and evolution of female entrepreneurship since China’s reform and opening-up based on the grounded theory. It has been summarized that the connotation of female entrepreneurship could be made of autonomy orientation, growth orientation, symbiosis orientation and society orientation. It is also found that female entrepreneurship has interacted with the institution in the changing policy, market and social environment since China’s reform and opening-up. This paper challenges the stereotypes of entrepreneurship as a male-dominated field, and provides a more comprehensive picture of female entrepreneurship. 

The exponential development of the platform economy in the era of digital age has made platform enterprises an important force in improving the efficiency of resource allocation in the whole society and linking up all aspects of the national economic cycle. The emergence of cloud ecology makes the enterprise value network present a more open and dynamic character, and new technologies such as cloud computing and big data become new elements of technological innovation and promote a new model of innovation ecology. In this paper, we chose Alibaba Cloud science and technology platform as the case study object, and adopted the case study method to systematically explore the mode of digital innovation ecosystem driven by science and technology platform in the digital context. The study finds that: (1) science and technology 第1期 魏 巍等:科技平台如何驱动数字创新生态系统运行 87platform assumes the roles of supporter, enabler and connector. Science and technology platforms can provide multi-level basic technical facilities and structures; provide assistance in technology, system, mode and market, and empower enterprises to grow with digitalization; and connect the participating subjects to match supply and demand, so that multiple subjects can collaborate and evolve. (2) through the platform effect, the science and technology platform builds a wide support, radial technology chain system to support the development of each direction; through cloud services, the flow process of innovation factors is connected to improve innovation efficiency; and achieves a win-win situation of the horizontal and vertical cross-value chain mesh co-creativeness with multi-stakeholder. (3) relying on the cloud innovation ecology, the science and technology platform vertically promotes the multi-level innovation of the industrial technology architecture, horizontally connects multiple participants, helps digital transformation, establishes cross-border cooperation by matching supply and demand, and supports the network cycle of horizontal and vertical cross-innovation value. The research conclusions theoretically enrich the application of innovation ecosystem in new scenarios, refine the operating mechanism of science and technology platform using cloud services to drive digital innovation ecosystem, expand the three-dimensional relationship form between platform enterprises and other enterprises, clarify the new mode of science and technology platform to support enterprise development from the bottom, and provide inspiration for the mutual empowering of participants and science and technology platform. 

Insider trading and market manipulation by institutional investors are persistent criminal behaviors in the Chinese securities market. On the basis of institutional anomie theory and situational action theory, we construct a cross-level analysis framework of institutions, situations and actions to analyze the formation mechanism of these criminal behaviors through multiple case studies. Research finds that: Institutional anomie at the macro-level, encompassing cultural, economic, and political factors, leads to meso-level criminal propensity and setting inducements. Exposure to such situations arouses criminal motivation and influences institutional investors’ perception-choice process at the micro-level. When the benefits outweigh the costs, institutional investors are likely to commit crimes due to low moral constraints and inadequate deterrence, eventually developing a criminal habit. The regulation of institutional investors’ insider trading and market manipulation should focus on correcting institutional anomie in the long term, eliminating the causality of the setting in the medium term, and strengthening deterrence in the short term to prevent the formation of criminal behaviors.

Strategy formation is crucial for enterprises to identify and seize entrepreneurial opportunities. The micro-foundation of strategy formation in in entrepreneurial settings is a hot issue in the research field. By utilizing the theoretical framework of decision weaving, this paper conducts an exploratory single case study on typical startups in hydrogen fuel-cell vehicle industry, reveals the strategic formation process of technology startups, and constructs a cross-level theoretical model of “managerial cognition change — enterprise niche evolution — strategy formation”. The results show that: (1) both the startup and the industry co-evolve, and the managerial cognition of entrepreneurs is proactive, which influences enterprise niches; (2) with the development of the firm, the managerial cognition of entrepreneurs changes, which triggers the implementation of managerial actions to present the enterprise niche and drive strategy formation in startups; (3) managerial cognition change, enterprise niche evolution and strategy formation together present a continuous dynamic logic, and strategy formation is the process of the transformation of entrepreneurs’ managerial cognition to specific managerial actions.

As enabling platforms in the industrial domain, industrial internet platforms still lack deeper discussions regarding the empowerment mechanisms for manufacturing enterprises accessing these platforms, and how this empowerment influences enterprise business models. This paper conducts a longitudinal case study based on the practice of a commercial printing enterprise applying an industrial internet platform to empower its business model innovation. The research found that: (1) the industrial internet platform empowers manufacturing enterprises engaged in continuous digital transformation through cross-level interactive effects, including business-level technical empowerment and employee-level authorization empowerment. At the technical empowerment level, it progresses from tool connection empowerment to deep application empowerment, and then to functional expansion empowerment, with increasing depth of enablement. At the authorization empowerment level, it shifts from structural to psychological empowerment, driving business transformation and reshaping employee behaviors. (2) under the cross-level empowerment of the industrial internet platform, manufacturing enterprises transit from business digitization to process digitization, and then to the creation of new scenarios. Correspondingly, businesses, their subjects, and value dimensions of their business models evolve, follow an innovation path that shifts from novelty-oriented to efficiency-oriented and back to novelty-oriented business model.

Under the background of the wave of artificial intelligence (AI) sweeping the world, how to unlock the full potential of AI in the innovation process to achieve corporate innovation goals has become a hot issue in both academia and the industry. However, research related to AI in the context of existing innovation is still in the early stages of exploration, with issues such as fragmentation and an unclear knowledge context. These problems seriously affected the knowledge and application of AI in the process of enterprise innovation in the theory and the industry. Through a systematic quantitative literature review, relevant domestic and international literatures from 1997 to 2023 has been summarized, and a theoretical framework of artificial intelligence in the context of innovation has been formulated with the core of “antecedents—application process—supporting factors—outcomes”. Specifically, the specific embodiment of the core functions of artificial intelligence in the various innovation segments is highlighted and clarified. On this basis, the main directions and issues of future research are put forward, aiming at providing support for the development of artificial intelligence industrial digital intellectualization.

This paper selects the first case of minority shareholder activism to determine the effectiveness of takeover defense mechanisms in China’s capital market, the hostile takeover of Zhenxing Biopharmaceutical & Chemical Co., Ltd by Zhejiang United Investment Group. Considering the activation of the corporate defense market and the motivations of control rights behind the first largest shareholder, this paper systematically analyzes the design of takeover defense mechanisms, takeover defense process, and takeover defense results based on the perspective of minority shareholder activism, and build a theoretical framework of the effectiveness of takeover defense mechanisms. This paper measures minority shareholder activism by exercising rights similarities when takeover defense happens. The findings are as follows: The rise in rights similarities can significantly weaken the effectiveness caused by takeover defense which is influenced by the company’s characteristics. Minority shareholder activism is mainly realized through the paths of strengthening public opinion monitoring and increasing the number of participants in collective actions. This process is constrained by the characteristics of the company and the institutional environment. Minority shareholder activism weakens the motivations of control rights behind the first largest shareholder while strengthening the “synergy effect”, which is conducive to protecting the long-term interests of minority shareholders. This paper focuses on a new corporate governance scenario, pays attention to the potential non-defensive motives of takeover defense mechanisms, and explores the realization path to improve the effectiveness of takeover defense mechanisms. The results of the study can enrich the theories related to the effectiveness of takeover defense mechanisms, provide the practical experience of shareholders’ activism, and supplement the research perspective of the Chinese story.

How to transform from“all stores precisely the same” (ASPS) to“each store with its own feature” (ESOF), and effectively guarantee the operational efficiency of enterprises while meeting differentiated demands, is a major problem faced by chain supermarket enterprises in the process of transformation and upgrading. A case study of Beijing CSF Market is conducted using the grounded research method, and followed by the development of a theoretical model to realize the ESOF based on modularization. It is found that: (1) modularization is an important way for retail enterprises to realize the ESOF, following the paths of “business circle analysis — target customer group selection and positioning of store characteristics — module construction — module combination — module adjustment — module integration — ESOF”. (2) the modularization process of chain supermarket enterprises usually includes three stages: module construction, module combination, and module adjustment. (3) module integration has the dual functions of standardization and differentiation, which can effectively resolve the contradiction between diversified demand satisfaction and the guarantee of operational efficiency. (4) the differences of modularity between the retail field and the manufacturing field are manifested in aspects such as application scope, operations, approaches, management and regulations, and effectiveness.The research results expand the research perspective of the application of modularization in the retail field, and provide theoretical support and practical reference for the transformation and upgrading of chain supermarket enterprises to the ESOF.

组织如何借助危机领导力激活组织韧性实现组织价值重塑,是组织成功实现长期生 存、发展的关键。通过选择纵向单案例研究方法,以成功转型的新东方为研究对象,探索了 “双减”政策情境下危机领导力激活组织韧性、影响组织价值重塑的机制。研究发现:(1)对 应资源准备、能力发挥和机会衍生三个阶段,危机领导力激活组织韧性的机制作用分别为 资源储备、动力给予和方向把控。(2)伴随危机领导力激活组织韧性的过程,组织韧性发挥 的作用分别是资源冗余→有效识别、活性激活、市场定位→战略转型。(3)伴随组织韧性发 挥作用的过程,组织韧性影响组织价值重塑的机制分别是维稳、赋活、优化。最后构建出危 机领导力激活组织韧性、影响组织价值重塑的框架模型,解构了危机领导力激活组织韧性 的机制及组织韧性影响组织价值重塑的机制,既补充了危机领导力、组织韧性和组织价值 重塑三者之间的关系研究,又可为组织韧性作用研究提供新视角。

In the context of profound changes in the global landscape, instability and uncertainty are prominent, and brand breakthroughs under industry trust crises have increasingly become a key issue in urgent need of exploration. Taking the “melamine incident” as the background, based on the brand development history of Feihe Dairy from 2008 to 2025, this study systematically combs through relevant theoretical knowledge of brand management, adopts a longitudinal single-case study method, and analyzes the brand breakthrough paths and their internal mechanisms in the context of industry trust crisis, as well as the logic of brand equity improvement. The study finds that: First, the key links in the brand breakthrough paths in the context of industry trust crisis lie in crisis situation communication, brand trust reconstruction, and brand equity improvement. Among them, brand trust reconstruction can be refined into quality trust construction, value trust reconstruction, and relationship trust enhancement. Second, the underlying logic of brand breakthrough in the context of industry trust crisis is manifested as the brand equity improvement in the three stages of “segmentation — leveraging — strengthening”, and follows the path of “quality barrier perception — brand reputation enhancement — brand loyalty enhancement”. Third, crisis situation communication covers three progressive levels: crisis response, crisis compliance, and crisis adaptation. The research findings can not only fill the research gap regarding brand breakthrough in the context of industry trust crisis and supplement theories such as situational crisis communication and brand trust, but also provide inspiration for brand equity improvement in the context of industry trust crisis.

In the context of the digital economy with increasingly prominent VUCA characteristics, the uncertainty of the market is increasing, and digital resilience is becoming the key for enterprises to cope with changes and achieve growth. Based on the logic of “cognition — action — ability”, the paper uses Yishang Home as a case to analyze the cultivation process of digital resilience of enterprises in dynamic environments. The study finds that: First, managers’ cognition and interpretation of the dynamic environment are the intrinsic driving force and a starting point for enterprises to build digital resilience, which has experienced the continuous iteration of cognitions in digital demand exploration, digital technology-enabling, and digital eco-innovation. Second, the organization adopts the actions of resource patchwork, resource choreography, and resource concertation matching with the management cognition to build the enterprise’s digital capability, and realizes the progression of capacities in digital opportunity perception, grasping and innovation, which are providing a strong support for enterprises to successfully shape digital resilience. Third, resource actions and digital capability construction are the key links and realization paths for enterprises to shape digital resilience, and promote digital resilience to go through the iteration of “activation — formation — enhancement”. The research results provide theoretical support and practical reference for enterprises to build digital resilience and maintain competitive advantages relying on management cognition in dynamic environments.