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.

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.

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.

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.

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

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.

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 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.

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.

In response to the problems such as the disconnection between theory and practice, insufficient multi-party collaboration, and information asymmetry between industry and education in the process of logistics management case teaching, this study elaborates on the collaborative innovation theory of the “government, industry, academia, research and application” deeply integrated in the case teaching method, and refines the multi-dimensional interactive teaching method in question. Through four dimensions of case development, teaching interaction, practical verification, and feedback optimization, a comprehensive capacity building system is constructed to cultivate compound talents that not only meet the needs of the times but also adapt to the development trends of the industry. The research shows that: The case teaching model based on the five-dimensional dynamic case library of “government, industry, academia, research and application”, the integrated ecological classroom of “theory-technology-ethics”, the “chain of industry-innovation-education” connected practical platform, and the “demand- supply-feedback” iterative improvement mechanism, can effectively promote the deep integration and innovation of the five dimensions mentioned above, and further enhance the cultivation of students’ core professional abilities and comprehensive qualities in logistics.

The customer experience in the context of emerging technologies is complex and dynamic, involving multi-stage interactions among various actors in the service ecosystem. Based on the emergence theory framework, and a longitudinal single-case study of Datang Everbright City, this article systematically and dynamically explores customer experience and its management with the underlying logic of “actor subjects — actor interaction — customer experience — customer experience management.” The research finds that: First, driven sequentially by national policies, industry demands, industrial environment, and digital technology, Datang Everbright City has gone through four development stages — gestation, evolution, growth, and maturity. Actor interactions continue to emerge as the stages progress, demonstrating four layers — temporary, regular, reactive, and reflective, with these four layers further deepening the interactive process. Second, customer experience emerges naturally with the deepening of actor interactions, encompassing four dimensions — hedonic, pragmatic, enabling, and spiritual experiences. Third, customer experience management evolves dynamically with the increasing depth of customer experience needs, manifested as four experience management strategies — independent, sequential, cross-cutting, and network-based. The research results can guide enterprises to formulate targeted customer experience management strategies and provide decision-making references for service industry managers.

The rapid development of science and technology and socio-economic issues have given rise to a series of social problems. More and more large companies are carrying out social entrepreneurship, which has become an innovative model for them to fulfill their social responsibilities and solve social problems. However, in a market environment full of uncertainty, the theoretical community has not yet provided in-depth and comprehensive answers to the question of how corporate social entrepreneurship can effectively create dual social and economic values and achieve a sustainable growth, especially how to build and maintain sustained competitive advantages. Taking Haier’s corporate social entrepreneurship in smart elderly care as an example, this study investigates the impact mechanism of technologies for good on the competitive advantage of corporate social entrepreneurship. The research results indicate that: The process of corporate social entrepreneurship is dynamic and complex, requiring phased and focused completion. In the different stages of corporate social entrepreneurship, technologies for good can be divided into three different levels of technological concept goodness, technological synergy goodness, and technological ecology goodness. The technological goodness of enterprises at different levels promotes the evolution of resource allocation, thereby promotes the transformation of the competitive advantage of corporate social entrepreneurship from innovation advantage, social value creation advantage to sustainable development advantage. The research conclusion can enrich and expand the literatures related to the improvement of enterprise technology for good, resource allocation, and corporate social entrepreneurship, providing a guidance and reference for the development of corporate social entrepreneurship.

Organizational resilience is the core ability of social enterprises to maintain survival, achieve development and cope with crises in the context of VUCA (Volatility, Uncertainty, Complexity, Ambiguity). How to enhance the organizational resilience of social enterprises through the collaboration of multiple elements, and the complex influence effects and path mechanisms, have not yet formed a systematic interpretation. The fuzzy set qualitative comparative analysis (fsQCA) is used to test the configuration effect of the seven prerequisites of individual, organizational and environmental dimensions on the organizational resilience of social enterprises. The study finds that: First, the organizational resilience of social enterprises is the synergy and coupling of multiple factors. Second, a single factor is not a necessary condition for building organizational resilience. Third, there are three configurations that produce high organizational resilience and six configurations that produce non-high organizational resilience, which can be summarized into four paths. There is a causal asymmetric relationship between the two types of organizational resilience configuration paths. Fourth, legitimacy, entrepreneurial attention allocation and resource bricolage play an important role in driving the high organizational resilience of social enterprises. In addition, social enterprises lacking a policy support can obtain higher organizational resilience through other conditions. The research results expand the multi-dimensional analysis framework of organizational resilience theory and provide practical guidance for the stable development and continuous value creation of social enterprises.

In order to cope with the dual pressure of resources and time brought by the VUCA environment, organizations usually use big data analysis and intuitive analysis to make fast and high-quality decisions, but how to coordinate the use of the analyses for organizational decision-making has become an urgent issue in the academic community. Based on the dual processing theory, this paper selects two typical e-commerce companies as case study objects. Research finds that: The dynamic matching of “processing decision” generated by big data analysis and “explorating decision” generated by intuitive analysis affects organizational decision-making. When the matching results of “processing decision” and “explorating decision” support each other, the decision-maker subjectively evaluates the feasibility of the scheme through the “coordination strategy” and carries out replicable behaviors; when the matching results of “processing decision” and “explorating decision” cannot support each other, the decision-maker objectively evaluates the effectiveness of the scheme through the “filling strategy” and carries out exploratory behaviors; when the two contradict each other, the organization chooses to give up the decision. This study explores the dynamic coordination mechanism of big data and intuitive analyses for organizational decision-making, expands the application scenarios and boundaries of the dual processing theory, and has enlightening and guiding significance for decision-makers to make organizational decisions.

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. 

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.

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.

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.

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.

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。

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.

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.

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.

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.

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. 

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 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. 

The illegally occupied funds of listed companies by controlling shareholders has always been a major pain point in the capital market. The illegally misappropriated fund not only hinders the future development of listed companies, but also disrupts the good order of capital market. This paper takes YanAn Bicon as the object, explores the motivation and economic consequences of controlling shareholder’s misappropriated fund tion. We find that the motive of the controlling shareholder is to put the misappropriated fund into actual controller’s other projects and alleviate debt disputes caused by equity pledge. Imperfect internal governance structure, inadequate risk assessment of important transactions and capital-related control activities create conditions for fund misappropriation. External audit institutions fail to perform their duties effectively and the low cost of punishment for violations of laws and regulations also facilitate controlling shareholders misappropriated funds. Controlling shareholder’s fund misappropriation has a negative impact on the market, financial situation and corporate value. This research provides references for companies to improve governance structure and strengthen internal control related to capital, and also provides important references for external supervision to prevent capital occupation.

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. 

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。

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.

With a typical representative in the AI industry selected as the research case, we analyze the evidence, motives and consequences of earnings management through R&D capitalization. The study finds that: (1) persistently high R&D capitalization rate, performance’s high dependence on capitalization, low conversion rate, and unclear information disclosure of R&D projects are the high covert characteristics of earnings management behaviors. (2) high capitalization rate becomes a “natural tool” for earnings management in AI industry, but firms’ earnings management behaviors become heterogeneous over time. (3) under the equilibrium condition of annual R&D investments, the artificially high capitalization rate has a great impact on the performance level of the first period of whitewash, and later on, the existence of “lie-patch-up effect” forms a hedge with the capitalization amount, and the general earnings management space based on this path is reduced. (4) under the condition of high growth of annual R&D investments, after artificially increasing capitalization rate, the “lie-patch-up effect” is relatively weakened, and the general earnings management space based on this path will increase year by year. The study reveals the “lie-patch-up effect” of R&D capitalization in earnings management, expands the application of motivation theories and decision preference in capital market research, deepens the understanding of the financial characteristics of artificial intelligence enterprises, and provides beneficial theoretical guidance and practical enlightenment for enterprise governance and supervision.

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. 

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. 

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.

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.

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.

The rise of new media is changing the marketing and dissemination ways of animated films and their IP derivatives. How to stand out among numerous contents and attract more audiences has become an important issue. Based on the SIVA and AISAS theoretical models, this paper conducts a case study with “Boonie Bears” produced by Huaqiang Fantawild as the research sample, and makes an in-depth analysis of the content elements, word-of-mouth advertising, derivatives, and omni-channel marketing and communication strategies of animated films and their IP derivatives in the era of social media. The research shows that domestic animated films should focus on content innovation, make full use of new media resources, broaden marketing and communication channels, refine marketing strategies, and deepen cooperation with major video websites to jointly build a broader marketing and communication platform, so as to provide new perspectives and paths for the marketing strategies of relevant animated films. The research results are helpful for enhancing the influence of animated films and their IP derivatives and comprehensively improving the market attractiveness of animated films and related derivatives.

Digital innovation ecosystem theory is a new form of the extension of innovation theories in the digital era, and how to bridge digitalization theory with innovation ecosystem theory becomes a popular topic in both academic and industrial circles. The article takes Weichai Group as the main case and utilizes the grounded theory method. The study explores different governance mechanisms existing in digital innovation ecosystems, focuses on the composition of their governance systems, and thus draws following conclusions: Firstly, there are four types of governance subsystems in the digital innovation ecosystem, namely, the contract subsystem with the control mechanism as the core, the relationship subsystem with the trust mechanism as the bond, the incentive subsystem with the benefit mechanism as the key, and the knowledge subsystem based on the learning mechanism. Secondly, according to the functional differences, the subsystems are divided into two categories: stability-seeking governance and innovation-seeking governance. Thirdly, various governance forms do not exist in isolation. During the continuous development of the digital innovation system, multiple combinations of governance models will be formed, and among them, some take the primary role while others are secondary. The research results reveal the governance connotation of digital innovation ecosystem, expand its theoretical boundaries, and provide references for the governance implementation of enterprises.

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.