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.

In the context of digital platforms, gig work has become a rapidly developing new form of employment in the gig economy. Compared with the work identity of traditional employees, gig workers lack a fixed organizational environment they can rely on, and their identity construction has become an important issue that urgently needs to be addressed. Based on the social identity theory, this study adopts a research method that combines case studies with grounded theory analysis. Through interviews with 15 DiDi drivers, it explores the identity construction process and results of gig workers. The study finds that: Firstly, as a substitute for traditional organizations, the digital platform’s autonomy-control duality endows gig workers with the duality of platform identity characteristics, namely “personalization” and “depersonalization”, and the identity characteristics perceived by gig workers are determined by their motivations for joining the platform. Secondly, the direction of the duality of platform identity characteristics determines the type and degree of the tension between gig workers’ self-identity and platform identity. Thirdly, in the face of different identity tensions, gig workers will adopt three identity construction strategies: integration, differentiation, and balanced. Fourthly, different identity construction strategies lead to different types of platform identification, such as positive identification, non-identification, and ambivalent identification. Extending the social identity theory to the identity construction of gig workers in the context of digital platforms has important reference value for the governance of gig platforms.

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.

组织合法性是社会企业存在和发展的前提。当前我国对社会企业缺乏普遍性制度 支持,中介组织成为协同政府塑造社会企业合法性的关键主体。在政府关注组织公共性的 背景下,中介组织在塑造社会企业合法性的同时建构社会企业公共性的机制尚待深入研 究。通过对社会企业服务平台(CSESC)的分析发现:中介组织通过一系列措施帮助社会企 业在组织内外获得广泛认可,进而获得整体合法性,并从不同的组织合法性维度塑造社会 企业的组织公共性。具体而言,中介组织在塑造社会企业道德合法性的同时建构了社会企 业理念公共性;在塑造社会企业关系合法性的同时建构了社会企业治理公共性;在塑造社 会企业工具合法性的同时建构了社会企业结构公共性。研究结果厘清了社会企业合法性 和公共性的关系,揭示了中介组织推进社会企业良序发展的结构性机制,对于促进政府和 社会企业的协同治理有显著的理论价值和实际意义。

The agricultural product supply chain connects the bottom of the pyramid (BOP)and external markets, and the core enterprises in the supply chains play an irreplaceable role in promoting inclusive growth of the BOP by fulfilling their social responsibilities. This study adopts case study method, analyzes the impact of core enterprises’ fulfillment of their responsibilities on the inclusive growth of the BOP from the perspectives of behavioral exchange and structural exchange based on social exchange theory, and constructs a theoretical analysis framework of “responsibility fulfillment—exchange process—growth results”. The study finds that: In the broad-based growth stage, the core enterprises in the supply chain fulfill general social responsibilities and promote the single exogenous inclusive growth of the BOP through behavioral exchange; in the pro-poor growth stage, the core enterprises in the supply chain fulfill responsive social responsibilities and promote the composite exogenous inclusive growth of the BOP through behavioral exchange/structural exchange; and in the endogenous inclusive growth stage, the core enterprises in the supply chain fulfill strategic social responsibilities and promote the endogenous inclusive growth of the BOP through structural exchange. Introducing the social exchange theory into the analysis of the relationship between the performance of responsibilities by the core enterprises in the agricultural product supply chain and the inclusive growth of the BOP can not only provide effective models and implementation paths for the core enterprises in the agricultural product supply chain to perform social responsibilities, but also further provide references for the core enterprises in the agricultural product supply chain to perform social responsibilities and promote the inclusive growth of the BOP from the perspective of social exchange.

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.

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 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.

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.