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Based on the data of companies that got ChiNext listed from 2009 to 2018, this paper empirically studies the relationship among R&D investment, venture capital (VC) syndication and IPO underpricing. It is found that there is a significant positive correlation between R&D investment and IPO underpricing, indicating that the higher the R&D investment is, the higher the IPO underpricing degree is; the intervention of VC syndication plays a role of “adverse selection” instead of giving play to its advantages of sharing information, which intensifies the positive correlation between R&D investment and IPO underpricing. Further analysis shows that the reputation of the leading VC in syndication can play a negative regulating role; the higher the reputation of the leading VC is, the more it can play the “certification effect”, reduce the information asymmetry caused by R&D investment, therefore alleviating the IPO underpricing caused by R&D investment.

This paper measures enterprise digital transformation by the method of text analysis and empirically tests the impact of enterprise digital transformation on the executives' corruption. We find that the higher degree of digital transformation of enterprises, the lower the probability of corporate executives' corruption. This conclusion is still valid under a series of robustness tests. The mechanism test shows that the impact of enterprise digital transformation on the governance of executives' corruption is mainly realized by reducing the degree of information asymmetry and alleviating the agency problem. Further research finds that both proportion of institutional investors and internal control can strengthen the reducing effect of digital transformation on the probability of corporate executives' corruption. The research conclusion of this paper reveals the governance effect of enterprise digital transformation on corporate executives' corruption, and provides effective experience for the central government and enterprise anti-corruption actions.

The data from 285 prefecture-level cities in China are selected as research samples from 2005 to 2021, using the panel data of listed companies. The empirical study examines the impact of regional industrial agglomeration levels on enterprise innovation sustainability and its heterogeneity effects. The findings reveal that industrial agglomeration in the manufacturing sector significantly hampers enterprise innovation sustainability, while agglomeration in the producer services sector promotes it. Mechanism analysis demonstrates that industrial agglomeration affects enterprise innovation sustainability through the micro-conductive mechanism of financial constraints. Heterogeneity analysis shows that the impact of manufacturing agglomeration on enterprise innovation sustainability is more pronounced in technology-intensive and high-end technology industries, whereas the impact of producer services agglomeration varies significantly in knowledge-intensive and resource-intensive industries. Furthermore, heterogeneity analysis suggests that the influence of industrial agglomeration on enterprise innovation sustainability varies according to different firm characteristics. These research findings contribute to a deeper understanding of the microeconomic effects of industrial agglomeration and expand the research perspective on the internal mechanisms and external factors driving sustainable corporate innovation.