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"City Building" and Talent Agglomeration: A Quasi-Natural Experiment Study Based on Innovative City Pilot XIONG Xueli , , YU Gangning, , HUANG Jiashun, 2024, 45(04): 3-17.  Abstract ( 103 )   PDF (1670KB) ( 58 )   City building is a form of mobilized governance campaign in China and a crucial component of city development. It plays a significant role in the city development of China. However, its impact on the talent agglomeration remains underexplored. This study examines the impact of city building on talent agglomeration, focusing on the innovative city pilot policy. In 2006, China put forward a proposal to become an Innovation Nation. The pilot programme for innovative cities was initiated by Shenzhen in 2008. As of 2023, there were 78 pilot cities. Previous studies have confirmed that innovative city construction can provide numerous benefits to cities, such as raising the level of urban innovation, promoting industrial upgrading, and improving the ecological environment. This study focuses on the relationship between innovative city pilots and talent agglomeration, regional heterogeneity, and its mechanism. The results provide evidence for local governments to develop innovation strategies and policies for attracting talent. This study examines the impact of city building on local talent agglomeration in China, using the innovative city pilot as a quasi-natural experiment. A time-varying difference-in-differences (DID) model is constructed based on panel data from 256 prefecture-level cities between 2003 and 2019. Control variables, including city's economic level, education level, population density, openness, and medical service, are taken into account. The empirical analysis is conducted in the following steps. Firstly, the parallel trend test is performed. Secondly, the study examines the regression results with and without control variables, and separately considers the fixed effects of city and year. Thirdly, a placebo test is conducted using a counterfactual approach. The estimated coefficients' robustness is ensured by randomising the sample and constructing a pseudo-experimental group 1,000 times. Finally, this study analyses the mechanism by exploring regional heterogeneity and mediating effects. The results show that the innovative city pilot policy can significantly improve the level of talent agglomeration, while regional differences also stand out. The influence on eastern cities was insignificant, while the influence on the other areas including middle, western, and northeast China was significant and positive. The mechanism analysis reveals that industrial structure upgrading is the mediating variable of pilot policies affecting talent agglomeration. This study suggests that implementing innovative pilot policies can have a positive impact on talent agglomeration and elicit varying effects in different regions. Mechanism analysis reveals that regional heterogeneity and industrial trans-fer are the primary reasons. As a result of the industrial structure upgrade in the east, some labour-intensive industries have been relocated to other regions. As other regions actively undertake the transfer of industries, the presence of industries attracts a large number of talented individuals, thereby promoting talent agglomeration in the city. Based on these findings, this study proposes policy recommendations. Firstly, it suggests expanding the geographical scope of the pilot innovative cities, with a particular focus on increasing support for the central, western, and northeastern regions. Secondly, it suggests improving the evaluation system for pilot innovative cities. Thirdly, this study recommends strengthening the talent system by focusing not only on cultivating 'high-precision', 'top-notch', and 'shortage' talents but also on cultivating and supplying skilled talents. Furthermore, it is important to establish a diverse talent identification system and optimise talent policies to encourage the return of local talents and attract foreign talents. This study offers academic and practical implications. The findings verify the impact of city building on talent mobility and innovative cities, which enriches the literature on this theme. Additionally, it provides strategic guidance for the future construction of innovative cities and has practical value for promoting high-quality development of the local economy and society. References | Related Articles | Metrics

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How do Patent Infringement Lawsuits Affect the Market Value of Companies? Empirical Evidence from Data of Chinese Listed Companies YANG Lin , SUN Yutao 2024, 45(04): 18-32.  Abstract ( 99 )   PDF (1384KB) ( 85 )   Through the continuous acquisition of patents, companies convey signal of their robust innovative capabilities to the market, elevating shareholders' and investors' expectations, consequently attracting financial capital. Alongside the surge in corporate patents lies an escalating susceptibility to patent infringement litigation. The impact of such litigation on an company's market value has emerged as a critical practical concern. Prevailing studies predominantly focus on patent infringement litigation behaviors in developed countries like the U.S., positing that such litigation detrimentally affects the average market value of both plaintiff and defendant companies. Nevertheless, these findings cannot be directly extrapolated to China. First, the dominant explanation for the negative effects of patent infringement litigation, steep litigation costs. Diverges substantially in China due to significantly lower costs compared to developed nations like the U.S. Second, the temporal influence of patent infringement litigation on market value transcends the litigation event itself; it requires allowance for the time needed by investors to assimilate information and assess repercussions, warranting the inclusion of temporal lag considerations. Further shaping market value alterations represent investors' perception of patent infringement litigation. Third, unlike the institutional investor-driven stock markets in developed countries, China's stock market is primarily fueled by retail investors who are yet to refine their capacity to evaluate a company's market value within the context of patent litigation. In this milieu, analysts' attention emerge as a pivotal moderating factor. Based on the above analysis, this study devises a theoretical analytical framework based on signaling theory to explore the ramifications of patent infringement litigation on company's market value within the Chinese context. Moreover, the study probes the modulating influence of analysts' attention as a signaling environment. The empirical investigation draws on data from Shanghai and Shenzhen main board-listed companies that disclosed patent infringement dispute-related announcements from 2012 to 2018. The analysis reveals several key findings. First, patent infringement litigation yields a marked positive effect on plaintiff company's stock prices on the announcement date, but subsequently exerts a negative influence on their future market value. Second, patent infringement litigation exhibits an insignificant impact on both announcement date stock prices and future market capitalization of defendant companies. Third, analysts' attention mitigates the positive impact of patent infringement litigation announcements on plaintiff company's announcement date stock prices, magnifies the adverse effect of such announcements on defendant plaintiff company's announcement date stock prices. Analysts' attention have no significant moderating effect on the impact of patent infringement lawsuits on the future market value of plaintiffs and defendants. The article's contributions span theoretical and practical realms. Theoretically, it interweaves signaling theory into the exploration of patent infringement litigation's impact on company market capitalization, injecting a dynamic dimension by tracing how investors' signal interpretations evolve over time. Furthermore, it dissects the moderating role of the signaling environment—specifically analysts' attention—on the connection between patent infringement litigation and company's market capitalization. This augments the theoretical framework, offering a comprehensive perspective on how patent infringement litigation, as a signaling mechanism, shapes company's market capitalization and the contextual factors at play. Notably, the article's findings regarding the impact of patent infringement litigation on defendant company's announcement date contrary from established conclusions centered on developed countries like the U.S. This underscores the distinctiveness of investor views in the Chinese landscape, attributable to the lower litigation costs and comparatively reduced compensation for infringement. In practical terms, the study underscores that the Chinese stock market generally accommodates patent infringement litigation events. In cases of infringement, companies are encouraged to pursue litigation confidently, while those facing infringement claims as defendants need not overly fret, instead focusing on proactive litigation response to transform challenges into opportunities. References | Related Articles | Metrics

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Research on the Relationship among Discretionary Slack, Ambidextrous Innovation and SMEs Performance in Crisis Context WEI Feng, ZHANG Huimiao, WANG Yifei 2024, 45(04): 33-51.  Abstract ( 69 )   PDF (1503KB) ( 97 )   In the midst of the Covid-19 pandemic, small and medium enterprises（SMEs）have faced considerable challenges due to external factors such as diminished market demand and disrupted supply chain. These pressures are compounded by their internal resource constraints, compelling SMEs to effectively utilize their available slack resources in response to the ongoing crisis. Discretionary slack, an important type of organizational slack, plays a crucial role in maintaining business continuity and responding to external shocks, especially for SMEs. This form of slack resource can provide adaptability and flexibility for SMEs, allowing them to invest in innovation and explore new opportunities without jeopardizing their opera-tions. However, our understanding of how resource-constrained SMEs leverage their limited discretionary slack effectively remains underdeveloped. Base on it, the research question of the study is to investigate how SMEs leverage their limited discretionary slack to engage in innovation and then improve performance in the context of crisis, such as the global Covid-19 pandemic. Drawing on the resource-based view, the study focused on discretionary slack, seeking to explore the underlying mechanisms and boundary conditions that affect the performance of SMEs. Utilizing a two-wave survey dataset from 159 Chinese SMEs collected during the Covid-19 pandemic, the study employed multiple linear regression analysis to test the hypotheses, ultimately leading to the following conclusions:under the crisis situation,（1）discretionary slack is positively related to short-term and sustainability performance of SMEs;（2）Exploratory innovation mediates the effects of discretionary slack on both short-term and sustainability performance, while exploitative innovation mediates the effect of discretionary slack on sustainability performance of SMEs;（3）Growth aspiration not only moderates the relationship between discretionary slack and exploratory innovation, but also moderates the mediation path of exploratory innovation;（4）Geographical distance to the epicenter not only moderates the relationship between discretionary slack and exploratory innovation, but also moderates the mediation path of exploratory innovation; These results indicate that:（1）managers of SMEs should actively monitor internal slack dynamics, enhance their capacities to utilize and manage excess resources effectively, and develop comprehensive crisis emergency plans in advance.（2）In response to unexpected crises, managers of SMEs should prioritize exploratory activities, allocating increased resources to support innovation endeavors. By actively developing new products and services, they can more effectively navigate and overcome such crises.（3）It's crucial to focus on fostering and motivating the aspiration levels of senior managers. By maximally stimulating their drive and determination, these enterprises can effectively surmount challenges.（4）For SMEs situated in or near areas heavily impacted by crises, it is advisable to allocate a greater portion of their discretionary slack towards exploratory innovation activities. This strategic allocation can better capitalize on the comprehensive performance enhancement benefits offered by exploratory innovation. In addition, future research can delve deeper into other internal mechanisms by which discretionary slack affects the performance of SMEs in crisis contexts. Such investigations would aim to thoroughly elucidate the interaction between discretionary slack and various contextual factors, thereby enhancing our understanding of how to optimize its effectiveness. References | Related Articles | Metrics

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Research on the Mechanism and Path Optimization of Intellectual Property Rights and Standards to Promote Artificial Intelligence Industry Innovation WANG Liying , ZHAO Chunmiao, , WANG Juduo , WEN Jia 2024, 45(04): 52-67.  Abstract ( 127 )   PDF (1489KB) ( 115 )   The fourth industrial revolution has accelerated the construction of innovation ecology with artificial intelligence technology as the core among industries. Among them, the technical standards under the influence of intellectual property rights have become the new competition rules for the innovation of artificial intelligence industry, and "technological monopoly", "standard lock", "alliance fragmentation" and other issues are becoming the "bottleneck" issues of the innovation and development of artificial intelligence industry. Therefore, strengthen the protection and application of artificial intelligence intellectual property rights The leading and leading of technical standards is crucial to accelerating the innovation of AI industry. However, most of the existing studies have analyzed the impact factors of digital industry innovation, and there is a large theoretical gap in the research on the dynamic process and internal mechanism and path of intellectual property rights and standards to jointly promote digital innovation in AI industry. Based on the practice of AI industry innovation and development, this paper first studies the interaction between intellectual property and standards and the mechanism of their synergistic impact on AI industry innovation through a systematic review, analyzes the types of intellectual property protection mechanism, standard leading mechanism and allianceecological mechanism, and then clarifies the connotation and characteristics of AI industry innovation. Further using the research method of multiple cases, through coding and theoretical dialogue, this paper analyzes the mechanism of intellectual property rights and standards to jointly promote the innovation of AI industry under the paradigm of progressive innovation, integrated innovation and breakthrough innovation, and puts forward the optimization path for the innovation and development of AI industry under different innovation paradigms. The case study of AI industry innovation shows that under the progressive innovation paradigm of AI industry, the intellectual property protection mechanism of AI late-developing enterprises represented by Hikvision and iFLYTEK reflects the characteristics of "weak monopoly+strong licensing+weak open source", and the standard leading mechanism shows the characteristics of "weak formulation+strong implementation+weak certification", At this stage, the AI industry needs to drive the industrial innovation and development to catch up with and surpass the path optimization through the effective coordination of the intellectual property protection mechanism and the standard leading mechanism. Under the integrated innovation paradigm of AI industry, the intellectual property protection mechanism of AI platform enterprises represented by Google, Baidu and others reflects the characteristics of "strong monopoly+strong license+weak open source", and the standard leading mechanism shows the characteristics of "strong formulation+strong implementation+weak certification", At this stage, the AI industry needs to drive the industrial innovation and development to a breakthrough path through the effective synergy of the standard leading mechanism and the alliance carrier ecological mechanism. Under the breakthrough innovation paradigm of the AI industry, Intel, Nvidia and others are the representatives of AI first-movers. The intellectual property protection mechanism reflects the characteristics of "strong monopoly + strong licensing + weak open source". The standard leading mechanism shows the characteristics of "strong formulation+strong implementation+strong certification". The "intellectual property alliance+standard alliance+industry alliance system" is constantly improved. At this stage, the standard leading mechanism The collaborative interaction between intellectual property protection mechanism and alliance carrier ecological mechanism plays an important role in forming a self-reliant path for the innovation and development of China's AI industry. The research conclusions are as follows: (1) The interaction mechanism of multi-dimensional interactive intellectual property rights and standards and alliance carriers is the key motivation to promote the independent and controllable innovation and development of AI industry. (2) The difference in the role of alliance carriers in multiple frameworks is an important factor that affects the synergy of intellectual property rights and standards in promoting the evolution of the AI industry innovation ecosystem. (3) Multi-stage symbiosis and cooperation is the development path for intellectual property rights and standards to jointly promote the ecological evolution of AI industry innovation. Finally, based on the practice of intellectual property rights and standards in promoting the innovation and development of AI industry in China, this paper puts forward countermeasures and suggestions at the macro, industrial and enterprise levels, with a view to providing theoretical support and practical guidance for the independent and controllable innovation development of AI industry in China to a higher level. References | Related Articles | Metrics

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Can Intellectual Property Strategy Promote the High-Quality Development of Enterprises? A Quasi-Natural Experiment Based on China's Intellectual Property Model Cities ZHU Ye, , SUN Minggui 2024, 45(04): 68-83.  Abstract ( 113 )   PDF (1535KB) ( 48 )   Can intellectual property strategy effectively support the high-quality development of enterprises? This is important to enable the high-quality development of enterprises by optimizing the business environment in the context of China's intellectual property power. The policy of intellectual property model city (IPMC) is to elevate the construction of the intellectual property system to the urban development strategy, and comprehensively promote the creation, application, protection, management, and service of intellectual property in cities. Taking the policy of IPMC as a quasi-natural experiment, it is of significance to expand the theoretical research and empirical evidence of the construction of IPMC and the high-quality development of enterprises by introducing the intellectual property strategy for policy effect evaluation at the enterprise level. Analyze the relationship between the policy content of IPMC and the high-quality development of enterprises embodying the new development concept based on the property rights theory. The intermediary mechanism is analyzed based on endogenous growth theory, financial repression theory, and transaction cost theory. Based on the sample of China's Shanghai and Shenzhen A-share listed enterprises from 2010 to 2019, the high-quality development index of enterprises is measured according to the new development concept of innovation, coordination, green, openness and sharing, and the impact of intellectual property strategy on the high-quality development of enterprises is verified by multi-period difference-in-difference model. The results show that the policy of IPMC has a significantly positive effect on the high-quality development of enterprises, and it passed parallel trends, placebos, and other robustness tests. The promotion effect has lag effects and long-term effects. The policy of IPMC promotes the high-quality development of enterprises by stimulating technological innovation, easing financing constraints, and reducing institutional transaction costs. At the enterprise level, it has a significant promoting effect on non-state-owned enterprises, but not on state-owned enterprises. It has a significant promoting effect on the enterprises that implement the organizational political strategy, but no significant effect on the enterprises that do not implement it. At the location level, it has a significant promoting effect on enterprises in coastal areas, but not in inland areas. In the government-business relationship, compared with low close and low clean government-business relationship, the enterprises belonging to high close and high clean government-business relationship have a greater promoting effect. The research conclusions have the following implications. First, further in-depth construction of IPMC, expand the scale of the demonstration, and at the same time, pay attention to smooth and enhance the efficiency of the path to promote high-quality development of enterprise. The government should strengthen the strategic guidance of enterprise innovation to stimulate technological innovation, optimize the intellectual property financial service support system to ease financing constraints, strengthen the efficiency of intellectual property work and vigorously support the development of the patent trading service industry to reduce institutional transaction costs. Second, improve the mechanism of selection, dynamic supervision, incentive, and withdrawal of IPMC, consolidate the position of state-owned enterprises in economic development, enhance the competitive position of non-state-owned enterprises in the market, encourage enterprises to implement the organizational political strategy, provide more space for enterprise development for different periods, ownership, and political strategy. Third, the focus for the creation of IPMC will remain on the coastal areas. Take full use of the location and economic advantages of the coastal areas to obtain efficient IPMC, and its plays the role of radiation, demonstration, and driving effects to promote the development of inland enterprises. Fourth, accelerate the construction of a new type of government-business relationship and optimize the business environment, to provide institutional guarantees for effectively playing the policy effect of IPMC. References | Related Articles | Metrics

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Chinese Enterprises' Participation in International Standard Setting: Technology-Driven or Policy-Driven? CUI Weijun , SUN Cheng , LIU Zixin , WU Jie, 2024, 45(04): 84-97.  Abstract ( 158 )   PDF (1316KB) ( 125 )   With the progress of technology and economic development, China's voice in the formulation of international standards has been greatly enhanced in recent years, which has aroused the vigilance and concern of the United States government and its major institutions. They argue that the driving force behind Chinese companies' participation in international standard formulation is the standardization policy, led by special subsidies for standardization, implemented by the Chinese government, rather than technology. However, open standardization is essentially a competition between technologies, and patent, as the result of technological innovation, is the basis for enterprises to participate in standardization activities to formulate technical standards. So is Chinese companies' participation in international standards driven by technology? Or is it driven by policy? Or is it driven by both? However, there are few studies on the participation of enterprises in international standard formulation, focusing on the independent influence of technological innovation and government intervention on standard formulation, which not only draws contradictory conclusions, but also ignores whether the two will have complementary or substitute effects. In addition, on the other hand, international standards are the embodiment of international market rules, and the important situational feature of internationalization degree is ignored, so it is difficult to accurately reflect and judge the driving force of Chinese enterprises' participation in the formulation of international standards in the local context. In this paper, technological innovation, the intensity of standardized policy subsidies and the degree of internationalization are included into the same research framework, and China's listed manufacturing companies from 2016 to 2018 are taken as the research object. The intensity of standardized policy subsidies reflects the degree of Chinese government's intervention in enterprises' participation in standardization. From the perspective of technology and policy, using the resource-based view and signal theory, this paper investigates the influences of technological innovation and the intensity of standardization policy subsidies on Chinese enterprises' participation in international standard formulation, and further analyzes the moderating effects of the intensity of standardization policy subsidies and the degree of internationalization of enterprises on technological innovation and participation in international standard formulation. The results indicate that: (1) Technological innovation can promote the participation of Chinese enterprises in the formulation of international standards, but the intensity of standardization subsidies does not directly promote the participation of Chinese enterprises in the formulation of international standards; (2) With the increase of the intensity of standardization subsidies, technological innovation plays a more significant role in promoting the participation of enterprises in the formulation of international standards; (3) Compared with enterprises with a low degree of internationalization, technological innovation plays a greater role in promoting enterprises with a high degree of internationalization to participate in the formulation of international standards. From the perspective of quantitative research, this paper verifies the driving effect of technological innovation on Chinese enterprises' participation in international standard formulation and reveals two channels of technological innovation on enterprises' participation in international standard formulation. In addition, this paper analyzes the impact of the intensity of standardized policy subsidies and the degree of internationalization on the effectiveness of technological innovation from two scenarios: the intensity of standardized policy subsidies and the degree of internationalization of enterprises. References | Related Articles | Metrics

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Risks, Principles and Responsibilities: Research on the Construction of the Ethical Norm Framework of Artificial Intelligence Social Experiment Based on the Experimental Path RU Peng , QIN Xiaoyang , SU Jun 2024, 45(04): 98-117.  Abstract ( 127 )   PDF (1431KB) ( 65 )   The Artificial Intelligence Social Experiment (AISE) investigates the broader social impact of AI technology. It employs social experimentation as a scientific method of research, with the goal of anticipating AI hazards, seeking solutions in advance, and promoting the benign growth of AI technology. AISEs must be carried out in real-life social circumstances and will surely have deep ethical consequences for both the participants and the social environment within the experimental areas. As a result, there is a pressing need to build a practical and effective ethical norm framework. Although some studies have investigated relevant ethical risks and principles, scholars and practitioners remain perplexed and divided about how to make these abstract concepts empirically understandable and useful, that is, to "translate" them into practices to guide the actual conduct of AISE. Meanwhile, the unpredictability of AI technology makes it more difficult to forecast and prevent ethical problems, as well as to assign responsibility in AISEs. In this setting, a more detailed explanation of how to identify ethical risks, apply ethical principles, and define ethical obligations in practice is required. Fortunately, the systermatic settings of AISE equip researchers with the tools and approaches to tackle these difficult topics. By sorting out the basic protocol of a standard AISE, it can be summarized that the typical AISE process consists of seven stages: build experimental scenarios, clarify experimental methods, confirm experimental objects, set observed variables, organize experimental implementation, analyze experimental data, and provide feedback on experimental results. Based on the specific stages of experiments, the ethical risks, principles, and responsibilities may be appropriately assessed and integrated, resulting in the construction of an AISE ethical norm system that can not only convey the value consensus in general, but also have strong practical operability. With this approach, the study of ethical risks may be merged based on the risks of AI technology and social experimentation at each experimental stage, which awaits enrichment and further interpretation based on diverse application scenarios paired with various AI features. Following the identification of ethical risks, the ethical principles established along the experimental path can directly target the ethical risks inside each stage, maximizing normative efficacy. By organizing the most prevalent ethical principles in AI ethics and social experiment ethics, the overlapping chosen principles of beneficence、autonomy、non-maleficence、justice and transparency are shown. Each principle informs different normative criteria and exerts varied normative effects at different phases, such comprehensive refinement works as detailed operating direction for all AISE participants. Furthermore, according to AISE regulations, the key participants in this event can be classified as application subjects, research subjects, technical subjects, and review subjects. Each participant has their own distinct tasks to contribute, which maintains their allocated obligation as well as accountability towards specific elements of the experiments. In this way, a complete comprehension of AISE's ethical norm framework can be acquired and illuminated. The ethical norm system based on the experimental path is not only simple to grasp and reflect the ethical qualities of AISE, but it is also simple to use, which aids in the resolution of practical ethical concerns, the avoidance of ethical harms, the application of ethical principles, and the definition of ethical obligations. References | Related Articles | Metrics

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Looking for the Best Allocation of Scientific and Technological Resources: A Perspective of Combinatorial Optimization HUANG Lu , CAI Yijie , CHEN Xiang , WANG Changtian 2024, 45(04): 118-136.  Abstract ( 39 )   PDF (2836KB) ( 45 )   As the integration of science and technology accelerates in the present era, the characteristics of their mutual interaction, combination, penetration, and transformation have become increasingly pronounced. In-depth exploration of the knowledge linkages between science and technology (S&T) is an essential prerequisite for accurately understanding the S&T innovation laws, promoting the transformation of scientific outcomes, and optimizing S&T innovation policies. However, there is a dearth of research that effectively captures the information from both the knowledge structure and textual semantics of science and technology, let alone deeply explores the linkage from the perspective of achieving optimal matching between science and technology topics. A novel deep learning-based methodology is proposed to investigate S&T linkages, where papers and patents are applied to represent science and technology. Specifically, science and technology networks are constructed based on Node2Vec and BERT. Then, science and technology topics are identified based on the Fast Unfolding algorithm and Z-Score index. Finally, a science-technology bipartite graph is constructed, the S&T topic linkages identification task is successfully transferred into a bipartite matching problem, and the maximum-weight matching is identified using a Kuhn-Munkres bipartite algorithm. Based on this, an empirical analysis is carried out using paper and patent data from the field of "Natural Language Processing" from 2010 to 2021. In validation, the proposed method is compared with four network construction methods in terms of topic identification, and its effectiveness is further validated against keywords linkage method and two semantic similarity methods in terms of topic similarity measurement. The results reveal that in the periods 2010-2013, 2014-2017, and 2018-2021, 82, 51, and 91 science-technology topic pairs are identified respectively. From 2010 to 2013, interactions in the NLP field began to increase, but the depth of linkage was superficial, mainly focusing on exploring ways to improve the performance of existing models and systems. From 2014 to 2017, although the frequency of science and technology interactions slightly reduced, a more profound fusion of science and technology had been achieved. It is worth noting that many interactions in this period between S&T appear in discovering the role of existing scientific theories in the new technology application scenarios. From 2018 to 2021, innovation activities in the NLP field entered a vibrant phase, with both the intensity and depth of S&T linkage significantly increasing, and research and applications of multi-modality data became a new trend. The primary theoretical contributions are as follows. First, the comprehensive application of Node2Vec and BERT deep learning methods achieved the effective integration of knowledge structure and textual semantic information, deepening the application of deep learning techniques and semantic analysis methods in S&T linkage research. Second, innovatively integrating network analysis methods, constructing the“topic coupling strength”indicator to capture the rich network structure information in scientific and technological knowledge systems, offering valuable additions to the study of S&T interactions and collaborative innovation pathways. Third, converting the science-technology topic linkage identification problem into a bipartite graph matching problem, realizing the combinatorial optimization of the S&T knowledge systems, providing a fresh perspective for S&T linkage analysis. Fourth, enriching the research in fields related to industry-academia-research collaborative innovation and innovation ecosystem governance, providing essential theoretical support for promoting the transformation of basic research results and driving the deep integration of innovation and industrial chains. References | Related Articles | Metrics

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Research on the Impact of Divestitures on SOE's Digital Technology Innovation: From the Perspective of Executives' Willingness and Ability ZHANG Yujing, , XUE Youzhi , 2024, 45(04): 137-156.  Abstract ( 89 )   PDF (1722KB) ( 51 )   State-owned economy as the first Subject of China's socialist market economy, plays a modelling role in the field of digital technology innovation, but the state-owned enterprises "owner absence", "insider control" and other problems are more prominent, and management has the dual characteristics of "economic person" and "political person", so management is not willing to carry out digital innovation with a long return on investment cycle, and makes strategic decisions that are more concerned about achieving performance goals than long-term corporate interests, resulting in the existence of a large amount of excess capacity in the enterprise but insufficient investment in R&D. In recent years, in order to promote the high-quality development of state-owned enterprises (SOEs), the government has introduced a series of policies to promote SOEs to remove excess capacity and focus on their main business which means realizing refocusing strategy, and divestiture is an effective way to realize the refocusing strategy. To a certain extent, divestiture decisions can reduce information asymmetry, improve internal governance structure, and alleviate the agency problem between shareholders and managers, so can divestiture influence management's myopia, promote enterprises to improve digital innovation, cultivate new impetus for economic growth, and effectively promote the transformation and upgrading of state-owned enterprises? What types of divestitures can promote enterprises to improve digital technology innovation? What contexts can influence the relationship between SOEs' divestiture and digital technology innovation? The above questions deserve in-depth discussion. Using a sample of Chinese state-owned A-share listed firms during 2003-2021, the result shows asset divestitures could improve the digital innovation level of state-owned enterprises, mainly related asset divestitures and strategic asset divestitures could improve digital innovation. Based on the executives' "willingness-ability" perspective, the result shows that asset divestitures could improve the digital innovation by alleviating internal information asymmetry and increasing digital innovation attention respectively. And through establishing the mediated moderation model and the moderated mediation model, it shows that the positive moderating effect of directors appointed by non-state-owned shareholders on the relationship between asset divestiture and digital technology innovation is achieved by alleviating the intermediary effect of information asymmetry, and the information technology background of executives positively regulates the intermediary path of asset divestiture to improve management's digital innovation attention. In addition, by analyzing the research subject of state-owned enterprises, the positive correlation between divestitures and digital innovation is more obvious in local state-owned enterprises, high-tech state-owned enterprises, technology intensive state-owned enterprises, and commercial competitive state-owned enterprises. The research has yielded the following implications: Firstly, government departments should further increase their policy support for the digital transformation of state-owned enterprises. Effective guidance should be provided to enterprises to improve their digital technology innovation, encourage them to actively make strategic adjustments, achieve rational allocation of resources, and continuously promote the digital transformation. Secondly, it is necessary to encourage the capital market to effectively identify corporate divestment strategies. The disclosure of information on asset divestments by enterprises is relatively incomplete, with only basic information such as the transacting parties and objects disclosed, making it difficult to obtain the true intentions. This research finds that related divestments and strategic divestments can effectively improve digital innovation, and different types of divestments can help investors to a certain extent in identifying the implementation intentions of corporate divestment decisions. Thirdly, it is crucial to enhance the awareness and capabilities of management in digital transformation. Unlike traditional IT technology, digital technology has a revolutionary and disruptive impact. Enterprise executives play a crucial role in strategic decision-making, and therefore, it is necessary to strengthen technical training for management, increase investment in technological elements, and improve their awareness and capabilities in digital strategic transformation. References | Related Articles | Metrics

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Configuration Analysis of Influencing Factors on the Development of Data Factor Markets: A Perspective Based on Multi-Center Governance YU Qing , SHI Yanwen , SUN Kexin , ZHANG Xi 2024, 45(04): 157-172.  Abstract ( 104 )   PDF (1468KB) ( 58 )   The rise of the data factor market plays a crucial role in China's path to modernization, with its development poised to reshape industrial ecosystems and facilitate the achievement of modernization goals. The unique characteristics of data factor, such as non-competitiveness, externality, replicability, and measurability, dictate the special complexity of governing the data factor market, needing the establishment of unique governance mechanisms to ensure the secure and efficient circulation of data factor. Due to the involvement of diverse data types, domains, and scenarios, a singular management approach falls short of covering its diversity, thus requiring industry-driven integration. Additionally, the multitude of stakeholders in the data factor market makes it challenging for a single governing body to address public issues adequately. Moreover, widespread support for governance principles may be challenged, leading to potential power imbalances that could harm the interests of other participants. However, governing the data factor market is a complex endeavor involving multiple stakeholders, stages, and levels, and analyzing it solely from a single governance dimension is insufficient. Currently, there is a lack of a comprehensive theoretical framework to reveal how different governance factors interact synergistically and influence the development of the data factor market. Through exploring the development trajectory of the data factor market from a configuration perspective, focusing on the theoretical framework of multi-stakeholder integrated governance and the combined effect of governance factors in driving market development. It aims to uncover the synergistic mechanisms of multi-dimensional governance and promote high-quality development tailored to local conditions, fostering a fair, competitive, and well-regulated market environment.It is not only an important practical issue but also a scientific problem in urgent need of resolution. Drawing on existing research and integrating polycentric governance theory, the study employs fuzzy set qualitative comparative analysis (fsQCA) to reveal the path choices of data factor market governance in different regions of China, answering two key questions: what are the governance mechanisms of the data factor market, and what governance paths drive its development? By addressing these questions, the study provides theoretical support for the complex governance mechanisms and logical relationships underlying the data factor market. The findings show that government, market, and public participation factors alone cannot constitute necessary conditions for an important level of data factor market development, emphasizing the need to balance multiple factors simultaneously. Furthermore, there are six paths to enhance data factor market development, reflecting the importance of multi-stakeholder collaborative governance. Finally, market mechanisms appear as core influencing factors across all paths toward high development levels, highlighting their critical role in polycentric governance. The conclusions offer practical insights into the design and formulation of governance and regulatory schemes for the data factor market. Firstly, governance of the data factor market should focus on the comprehensive balance and synergistic effects among government, market, and public participation factors. Secondly, market mechanisms play a crucial role in data factor market governance, causing a focus on their construction. Lastly, the choice of governance path for the data factor market should be tailored to local conditions, considering regional economic development, business environments, and platform construction. References | Related Articles | Metrics

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Does Managerial Myopia Restrain the Innovation Incentive Effect of Talent Policy? ZHU Hao, LI Lin, ZHANG Lulu, HE Jianhong 2024, 45(04): 173-194.  Abstract ( 118 )   PDF (1612KB) ( 107 )   Innovation-driven is essentially talent-driven. How to improve the incentive system and create a good environment to fully stimulate the innovation vitality of talents is an important practical topic for the in-depth implementation of talents strategy for powerful nation in the new era. In the practice of China's innovation-driven development, the government has successively introduced a package of incentives for technological innovation with financial and tax support as the core. Among these, there is still a lack of sufficient empirical evidence on the effectiveness of talent policy as a dedicated government investment in human capital, directly targeting the most scarce factor of talent production for firm innovation, to stimulate quality innovation in firms. At the same time, the upper echelon theories and time-oriented theories point out that enterprise managers subjectively pay more attention to the short term and prefer the present, and generally produce managerial myopia, distort and worsen the internal innovation environment of enterprises, which in turn may inhibit the effective functioning of government incentives. However, at present, there is a lack of direct empirical evidence from academia on whether managerial myopia negatively moderates the innovation incentive effect of government incentive policies, especially talent policies, which provides room for a marginal contribution to this paper, which will help explore feasible paths and powerful grips for strengthening talent incentives and optimizing the talent environment from the micro level of enterprises. Based on signal theory, upper echelon and time-oriented theory, this paper takes China's A-share listed companies from 2008 to 2020 as a sample. Talent subsidies are separated from the disclosed government subsidy details and machine learning techniques are used to construct managerial short-termism indicators to empirically test the innovation incentive effect of talent policies and the moderating effect of managerial short-termism on the innovation incentive effect of talent policies. The results show that the talent policy has a strong innovation incentive effect and can effectively promote high-quality innovation of enterprises. However, at the same time, the more short-sighted the manager, the more prominent the inhibitory effect on the innovation incentive effect of talent policy, which means that the enterprise managerial myopia significantly inhibits the innovation incentive effect of talent policy. The above conclusion is still valid after a series of robustness tests, which establishes a theoretical link between macro industrial policy and micro enterprise characteristics, and provides enterprise-level evidence for the optimization and improvement of talent policy; Further heterogeneity analysis from the two dimensions of equity structure and management governance shows that increasing the shareholding ratio and equity balance of supervisory institutional investors, hiring senior executives with financial background and increasing the shareholding ratio of management can effectively alleviate the inhibitory effect of managerial myopia on the innovation incentive effect of talent policy, and provide a path reference for establishing effective self-discipline and external supervision mechanisms from the enterprise level to create a good innovation atmosphere. This paper enriches the research on the relationship between talent policy, managerial myopia and high-quality innovation of enterprises, and has certain practical implications for improving the incentive system and creating a good environment to fully stimulate the vitality of talent innovation, such as continuously increasing talent support, effectively creating a good enterprise innovation environment, and optimizing and improving the level of corporate governance. However, there are still certain shortcomings and limitations in this paper, such as the lack of detailed observation and accurate portrayal of the perception and response of innovative talents to managerial myopia in enterprises, and field research and interviews with innovative talents can be strengthened in the future to enrich the study of the interaction between innovative talents and managers in enterprises. At the same time, in the future, we may try to discuss the support and influence of employee support and organizational atmosphere on innovative talents from a bottom-up perspective, so as to improve and optimize the corporate innovation environment to fully stimulate talents. References | Related Articles | Metrics