ABSTRACT
Introduction: As a new trend, the digital economy will promote "digital industrialization" in the process of promoting "industrial digitalization." It can accelerate technological innovation by adjusting managerial behavior and strategic decisions, promoting and protecting technological research and development, and providing technological infrastructure. While technological innovation, which generally occurs in enterprises, will promote a new round of upgrading, optimization, and even reshaping of the whole industry. The two are highly synergistic. Therefore, it is of great practical significance to study the impact of the digital economy era on enterprise innovation behavior. Methods: We analyzed the impact of the digital economy era on corporate innovation behavior in the Web of Science database from 2010 to 2020 through bibliometric and scientific knowledge mapping methods. Results and discussion: Our study found that: the research on enterprise innovation behavior in the digital economy era has formed eight research directions, such as expertise, human capital FSA, integration in global value chains, financial innovation, fintech, people preference shift, internet of everything, and consumer co-creation. In addition, the research hotspots on enterprise innovation behavior in the digital economy era range from enterprises' perception of digital economy contact, to enterprises' familiarity with digital technology and its application, to enterprises' attempted evolution of digital transformation, reflecting the potential of both theoretical and practical characteristics. Finally, we present an outlook on the future cross-sectional development of research on enterprise innovative behavior in the digital economy era and propose a research trend based on the Chinese context.
ABSTRACT
The real estate industry is characterized by a high degree of financial intensity and is more significant in certain areas. The relative enterprises require certain financial ability and large shareholders' controlling power to support their survivals and competitiveness. However, due to the multiple adverse impacts of current state policies on banks and private capital, the problem of capital restraints of real estate has become increasingly serious. From a corporate governance perspective, this paper studies the interactions among financial constraints, ownership concentration and corporate performance under different shareholding states: by analyzing the quantitative characteristics of equity structure and searching for the appropriate range of the largest shareholder holding ratio, which has considered both the financial sustainability and characteristics. It is found that raising the ownership concentration could enhance supervision effect rather than encroachment, effectively ease the financial constraints and improve the performance of enterprises, both of which are significant under high ownership concentration. Financial constraints play a significant intermediary effect in absolute holdings and have obvious regulatory effects in decentralized equity. Also, the mechanisms of ownership concentration are reflected in the strengthening of corporate supervision, reduced agency costs, improved operating efficiency, and increased investment attractiveness. The adjusted behavior adds to the responsibility awareness rather than free-ride psychology, forming a dynamic game on financial decisions. Their financial sustainability in areas would provide a nationwide reference for governance reform and managerial behavior.
