Steel enterprises are one of the main causes of environmental pollution. To promote the green development of steel enterprises, China has formulated relevant policies from multiple aspects. Environmental policy is a major external factor affecting the green transformation of enterprises. Policies on both sides of supply and demand promote green transformation by reducing costs and improving the market benefits. On the one hand, the supply-side environmental policies help to reduce the cost of enterprise green transformation and the risk of green development by applying the improved external resource conditions; on the other hand, the demand-side environmental policies are conducive to improving the market benefits of enterprises' green transformation and the profit margins of enterprises by increasing the demand and income of green products.#br#Dynamic capability refers to the ability that the enterprises perceive opportunities and threats, learn and create new knowledge, and reconstruct internal and external resources to manage the rapid changes in the environment. It helps enterprises to bridge the resource and capacity gaps before and after the transformation and accelerate green transformation. Green transformation of enterprises is a process in which enterprises obtain new green competitive advantages by reorganizing and allocating internal and external resources, changing business directions, business models and corresponding organization modes to ensure the continuous development.#br#The green transformation of enterprises is the joint result of external and internal causes. Considering the characteristics of multi-links in the green transformation of enterprises and combining the comprehensive study from the external and internal perspectives, this paper focuses on the green transformation of enterprises by constructing the theoretical framework of “Environmental Policy-External Pressure-Green Transformation Link-Dynamic Capability-Internal Choice”. It uses a longitudinal case study method with a time span and text quantitative analysis method to analyze the process mechanism of Guangxi Liuzhou Steel Group's green transformation. The green transformation process of Liuzhou Steel has witnessed a typical microcosm of the green development of numerous steel and iron enterprises, and also represented the growth of enterprises in an economically underdeveloped region without large-scale investment. The green transformation of enterprises involves green product development, green material investment, green production process, green supply chain management and green marketing, among which the policies providing external support are in line with the internal dynamic capabilities of enterprises, and promote the green transformation of the whole life cycle of enterprises.#br#It is found that the green transformation of enterprises is a dynamic system with a constantly changing environment. Environmental policies stimulate enterprises to change, and dynamic capabilities provide a strong foundation for enterprise transformation. The external environment and internal capabilities have joint efforts in the green transformation of enterprises. Under a dynamically changing environment, the key for an enterprise to implementing transformation and achieving success lies in its dynamic capability to match the changes in the external environment. The essence of dynamic capability is the capability to change. Enterprises are expected to internally grasp national environmental policies and industrial development trends, learn new knowledge and technologies, and reconstruct enterprise resources as well as capabilities, and cyclically promote the green transformation of the whole life cycle of the enterprise from product development, material input, production and manufacturing, to supply chain management and marketing management. Moreover they shall not only grasp the business opportunities brought by changes from the external environmental policies, but also grasp the key links of transformation. From the perspective of the green transformation process, enterprises prefer to improve the back-end links in the life cycle, like the production process that is capable of obviously bringing benefits, and pay less attention to the front-end links such as the green material investment. The huge fossil energy consumption of the steel and iron industry has caused high carbon emissions, so that the green development of the material input link is significant for enterprises to achieve green transformation. It is essential for the government to guide steel enterprises to reduce the use of traditional high-emission raw materials and energy, and increase the proportion of green and clean energy. Enterprises shall actively increase the proportion of electric furnace steelmaking and hydrogen energy steelmaking, and utilize technologies of carbon dioxide capture, utilization and storage to make new green competitive advantages.#br#

As a new generation of general technology, digital technology can significantly improve the service level of the capital market. The application of digital technology can not only effectively reduce the transaction costs of the capital market, but also help the capital market play a fundamental and strategic role in leading corporate green innovation and promote the transformation of industrial structure. China's economy has moved from a stage of rapid growth to a stage of high-quality development. It is significant to focus on the changes in the ecological environment to drive the green and high-quality development of the economy and accelerate the green transformation of the economic structure. #br#XBRL is fully known as the extensible business reporting language, and it promotes the standardization of financial information disclosure. The differences of language style and format of information disclosure will affect investors' cognition of information and their decision-making. XBRL can provide more accurate and reliable financial information, and the standardized information can not only enhance information transparency, but also improve the comparability of information and stakeholders' decision-making efficiency. Meanwhile, XBRL can greatly improve the efficiency of stakeholders' collection, processing, exchange and application of these financial information.#br#This papertests the economic consequences of the XBRL format to disclose fund-related information, which not only provides investors with reliabledata, but also greatly reduces the cost of information collection for investors and other stakeholders, and improves information transparency. The improvement of fund information transparency can prevent fund managers from maliciously manipulating and disturbing the fund market and other short-sighted behaviors. At the same time, the improvement of fund information transparency will not only attract more funds to flow into the fund market, but also boost the enthusiasm of fund managers, improve the efficiency of capital allocation in the capital market and create a good green innovation environment for enterprises. Besides, when investors have easier access of information, if the investment behavior of the fund manager does not meet the expectations of investors or the fund performance is poor, investors can select other funds from the market. This way of voting with feet will increase the attention of the fund managers on the fund performance, and force them to pay attention to the company behaviors. #br#Therefore,given the fact that China Securities Regulatory Commission requires all fund companies to disclose fund information in XBRL format on the designated website, this paper tests the impact of the digitization of fund information disclosure on the green innovation behavior of the held enterprises using DID method. It is found that the digitization of fund information disclosure significantly improves the green innovation output of the held enterprises and robust tests also support this finding. Further analysis shows that the digitalization of fund information disclosure can improve the green innovation behavior by improving the information processing efficiency of investors and giving full play to the external governance role. It is also confirmed that the digitization of fund information disclosure significantly improves the green innovation of enterprises with poor innovation capabilities and enterprises with low innovation willingness. Conclusions show that the digital transformation of capital market significantly improves the quality and efficiency of financial services and the efficiency of comprehensive utilization of resources, and effectively encourages enterprises for the green development.#br#It is concluded that firstly, it is essential to improve the effectiveness of fund market information by standardizing the information disclosure standards which is not only conducive to investors' vertical comparison of information, but also investors' horizontal comparison of information, andit helps to reduce the agency problems between investors and fund managers, and create a sound innovation environment for the green development of enterprises. Secondly, institutional investors should give full play to the governance and supervision effects on listed firms. Their active participation of institutional investors in enterprise can effectively improve the corporate governance level of listed companies and guide the green development of enterprises. Finally,value investors are expected to stabilize the fund market, and the long-term value and environmental performance of enterprises should be emphasized so that enterprises would focus on environmental governance.#br#

As the driving force and source of the high-quality development strategy, green technology innovation has played a fundamental role in promoting high-quality development. From the transformation of production methods to the transformation and upgrading of the economic structure, it is inseparable from the support of green technology innovation. As an important subject of green technology innovation, enterprises play an irreplaceable role in promoting green technology innovation, but there are many factors restricting corporate green technology innovation in practice. Among them, talent shortage in green technology development is one of the key problems in manufacturing enterprises. Green human resource management is believed to provide green competitive advantages for manufacturing enterprises, and it is conducive to the realization of environmental management objectives of enterprises. Therefore, it is of great significance to explore the influence mechanism of green human resource management on green technology innovation for promoting corporate green technology innovation and achieving high-quality development.#br#The existing studies have mostly examined the connection between green human resource management and green innovation from the perspectives of resources and behavior, and reached the same conclusion that green human resource management can encourage businesses to adopt green technology. Although while the majority of academics agree that green human resource management may considerably boost an organization's performance in green innovation, little is known about how it works, how it is affected by organizational factors and environmental dynamics. The border circumstances of the interaction between green human resource management and green technology innovation are not sufficiently explored in the current research, and little attention is paid to the boundary conditions at the organizational level. In addition, the classification of green technology innovation is not included in the analysis of the relationship between green human resource management and green innovation. This study explores the impact of green human resource management on various forms of green technology innovation based on the dynamic capability theory. By introducing green dynamic capability, it also uncovers the mechanism underlying the aforementioned influence. Finally, the boundary conditions of the function of green human resource management are further specified by the introduction of the situational variable of organization regulatory orientation.#br#This study examines the mechanism between green human resource management and green technology innovation in depth, focusing on the boundary impact of organization regulatory orientation.It constructs a conceptual model based on the dynamic capacity theory and the regulatory orientation theory, and conducts an econometric model on 205 Chinese manufacturing firms. The empirical study explores the main effect, mediating effect, and moderating effect by using SPSS 23.0, and explores the moderated mediating effectby the software of PROCESS.#br#The findings show that (1) green human resource management has a significant positive impact on different types of green technology innovation; (2) green dynamic capability plays a mediating role in the relationship between green human resource management and green technology innovation; (3) organization regulatory orientation plays a moderating role：under the situation of promoting orientation, the positive impact of green dynamic capability on green product innovation will be stronger, and so is the indirect impact of green human resource management on green product innovation through green dynamic capability.#br#This paper's incremental contributions are as follows. First, it provides a new theoretical perspective for exploring the boundary conditions of the relationship between green human resource management and green technology innovation, reveals the special role of organizational factors in the relationship, responds to a call from scholars and promotes the application of regulatory orientation theory in green human resource management. Second, from an organizational standpoint, it contributes to research on the mechanism of green human resource management influencing the process of green technology innovation, and expands the application of dynamic capability theory in corporate green behavior. Finally, it clarifies the influence mechanism of green human resource management on two types of green technology innovation, investigates the relationship between green human resource management and green technology innovation from a more micro perspective, and extends theoretical research on green technology innovation.#br#

Under the guidance of high-quality development of manufacturing industry, the transformation and upgrading of manufacturing enterprises should take into account green and intelligence. Technological innovation and digital technology are expected to promote green development and enable green manufacturing. However, at present, China's manufacturing industry lacks the motivation to implement green innovation and doesn't have a good innovation support system to provide effective support for resource integration. According to the stimulus-organism-response (SOR) theory, external green attention is an important way to increase the motivation for green innovation in enterprises. The digital business model portrays the business logic and basic principles of commercialisation using the advantages of digital technology, and can guide the implementation of green innovation strategies. Therefore, how to efficiently promote green innovation in the digital business model scenarios is worthy of discussion, and the organic match between the two is an inevitable choice for enterprises.#br#At present, scholars have explored the drivers of green innovation based on institutional theory, resource-based theory and stakeholder theory, but most of the studies separate different subjects, and few scholars have explored the joint role of different subjects on green innovation, especially without specifying the state of their joint role; and most studies focus on the direct effect of different subjects on green innovation, and their conclusions have not yet reached an agreement, and they do not pay attention to the influence of other factors; therefore, it is necessary to explore the scenario factor of its mechanism of action. Business models, as a direct scenario, influence the choice of corporate strategy as well as business performance. In view of the lack of research on green innovation from the perspective of matching business models and strategies, this paper introduces digital business models and focuses on their moderating effect on the relationship between green concerns and green innovation.#br#Given the above-mentioned research deficiencies and corporate practice background, this paper constructs a conceptual model of green innovation strategy implementation based on digital business models according to the stimulus-organism-response (SOR) theory and business model theory, and conducts an econometric model on 294 manufacturing listed companies from 2015 to 2020. The empirical study explores the driving mechanism of green innovation, examines the moderating role of digital business models, and uses polynomial regression and response surface analysis techniques to explore the interactive synergistic effects of green concerns of different subjects.#br#The findings show that (1) consumer green concerns and retailer green concerns can significantly boost corporate green innovation, while supplier green concerns do not have a significant impact on corporate green innovation; (2) digital business models have a scenario moderation effect, specifically, personalisation positively modulates the contribution of consumer green concerns to green innovation, and networked collaboration positively modulates the contribution of retail green concerns to green innovation, and has no moderation effect on the relationship between supplier green concerns and green innovation; (3) green concerns of different subjects have interactive synergistic effects on corporate green innovation. In equilibrium, when both are at a high level, enterprises perform better in green innovation; in disequilibrium, when consumer green concerns are higher or lower than retailer green concerns, there is no significant difference in enterprises' green innovation performance.#br#The incremental contributions of this paper are as follows. (1) From the perspective of matching digital business models with green innovation strategies, a conceptual model of green innovation strategy implementation based on digital business models is constructed for the first time, and it provides a new theoretical framework and an integrated research paradigm for the study of enterprises' green innovation mechanism. (2) Starting from the connotation of business model,the role of the scenario of digital business model is highlighted after analyzing the effect of green concern on driving green innovation in the framework of "green value proposition → green value creation → green value acquisition". In addition, the interactive synergy effect of green concern of different subjects is found,and ittheoretically reveals the mechanism of green concerns of different subjects on green innovation in the digital business model.#br#