We evaluate the impact of digital finance on the ESG performance of manufacturing enterprises and whether digital and traditional finance play a complementary or substitute role in promoting the ESG performance. First, we find that developing digital finance can alleviate financing constraints and promote technological innovation, thereby increasing enterprises' investment in environmental, social, and governance, providing sufficient technical support, and improving their ESG performance. Furthermore, digital finance and traditional finance have a direct impact on the ESG performance and further enhance their influence through complementary effects. Therefore, this paper may provide a valuable reference for finance to support manufacturing enterprises' development effectively.

Based on the panel data of listed manufacturing companies in China from 2010 to 2019, the artificial intelligence (AI) index is constructed using the industrial robot data provided by the International Federation of Robotics, and the two-way fixed effect model is used to test the impact of AI on the total factor productivity (TFP) of enterprises. The results show that AI significantly improves the TFP of manufacturing enterprises, and this conclusion remains valid after robustness tests and endogeneity processing. AI promotes TFP by improving the level of human capital and technological innovation, and management and operational levels positively regulate the promotional effect of AI on the TFP of enterprises. Compared with manufacturing enterprises in the central and western regions, AI boosts the TFP of those in the eastern region; compared with non-state-owned enterprises, AI boosts the TFP of state-owned enterprises; and AI significantly boosts the TFP of high-tech and non-high-tech enterprises.

In order to clarify the effect and mechanism of servitization level and digital transformation on the performance of listed sporting goods manufacturing enterprises in China, the index of the degree of digital transformation is constructed based on the data of 31 sporting goods manufacturing enterprises listed on Shanghai and Shenzhen A shares and the New OTC Market in China, taking the proportion of service business income in enterprise operating income as the index of servitization level, by analyzing the semantic expression of national policy related to digital economy and collecting "digital" category keywords in enterprise annual report with the help of crawler technology, then, the influence of servitization level and digital transformation on enterprise performance is discussed, and whether digital transformation plays a moderating effect between servitization and enterprise performance is tested. The results show that the servitization level suppresses the performance of listed sporting goods manufacturing enterprises, and there is a "Servitization Paradox" phenomenon. The degree of digital transformation has a positive U-shaped impact on enterprise performance, and at the same time, digital transformation has a weak positive moderating effect on servitization level and enterprise performance.

Based on the matching data of China’s industrial enterprise database and enterprise patent database, this study investigates the effect and mechanism of government subsidy policy on the innovation performance of Chinese enterprises using the panel data matching and multi-period difference-in-difference model. Results show that the incentive effect of government subsidy policy on enterprises’ innovation performance is dominant, thus improving the innovation performance of Chinese manufacturing enterprises. However, the promotion effect on lowquality innovation is greater than that on high-quality innovation. Moreover, the government subsidy policy affects the innovation performance of enterprises by stimulating enterprises to increase their R&D investment, increasing the spending on rent-seeking and taking on more social responsibility. The government subsidy policy significantly affects the innovation performance of non-state-owned enterprises, small and medium-sized enterprises, and technology-intensive industries. The impact of government subsidizing policies varies regionally. The policy effect on enterprise innovation performance is significant in the eastern and central regions but not in the western and northeast regions.

In the metaverse era，the digital transformation of manufacturing is an inevitable requirement to reshape the manufacturing value chain and enhance industrial competitiveness. The Industrial Metaverse combines digital technology with real industries， promotes the efficient development of physical industries， and builds a new manufacturing and service system covering the entire industry chain and value chain. Metaverse is a more concrete complex of the digital future， and a new area of digital economic innovation and industrial chain expansion. The Industrial Metaverse is a work platform that combines real employees and virtual employees， completes the industrial manufacturing value chain cycle， enables virtual digital technology to empower the real world， and realizes the symbiosis and integrated development of the real world and the digital world. Copy and change the real world in the digital world， and realize intelligent， humanized and crowd-innovative innovation management. The paper expounds that digital transformation is the only way for high-quality development of enterprises， and the industrial metaverse is a new time and space for the transformation and rebirth of manufacturing，and an important driving force for the future industry. The machine vision measurement of GETECH.CN and the digital twin solutions of SIEMENS and GE were briefly introduced and their effects.

Service oriented manufacturing is a new industrial form that integrates manufacturing and service development in the process of industrialization. In the era of digital economy, developing service-oriented manufacturing is an important way to strengthen the core competitiveness of the manufacturing industry, an important measure to expand domestic demand strategy, and an inevitable requirement to reshape the manufacturing value chain, enhance the resilience of the industrial chain, and promote the transformation of the manufacturing industry from large to strong. The article elaborates on the driving force for enterprises to carry out service-oriented manufacturing, which comes from fierce market competition, customer heterogeneity, and customer demand for complete solutions; Analyzed the mechanism and path of service-oriented manufacturing in the digital economy era, pointed out that digital empowers the transformation of the manufacturing industry, and promotes the global value chain climb of China's manufacturing industry; The article points out that changing from B2C to C2B is a fundamental disruption to the operational logic of the manufacturing industry; Analyzed the new characteristics and trends of service-oriented manufacturing such as personalized customization and product lifecycle management, and elaborated that lifecycle management is the high-end of the manufacturing value chain in the digital economy era. Chinese manufacturing enterprises should accelerate their transformation and strive to climb towards the high-end of the manufacturing value chain; Introduced the practices of companies such as Rolls Royce, Siemens, General Electric, and Sany Group in product lifecycle management. It is pointed out that adding high-quality, efficient, and differentiated services to industrial products is of great significance for enterprises to achieve differentiated competition and climb the global value chain of China's manufacturing industry.

Based on a compound random process including geometric Brownian motion and Poisson process, we established a model which can describe the environmental uncertainty more flexible. And then, we use a stochastic optimal control model to address the issue of resource allocation. Our study conclusions indicate the following: (1) if rare events can be described using a Poisson process, then the fixed-point theorem can be used to solve resource allocation scheme; and (2) if a certain asset or a certain department’s facing a rare event leads to a reduction in value, then the rare event will not only affect investment in this asset or department but will also have ramifications for investment in related assets or departments. After that, we briefly discuss the resource allocation issues of financial institutions and manufacturing enterprises. The results show that the uncertain, flexible environmental of financial institutions can improve the efficiency of asset allocation. Manufacturing companies can respond effectively and positively to such uncertainty through a flexible asset allocation strategy. The contribution of our paper lies mainly in its use of new methods to describe uncertainty. When we re-define the environment of uncertainty, the flexible resource allocation scheme can effectively mitigate the impact of random adverse effects of the environment. In addition, if the description methods are closer to the facts themselves, then the scheme for flexibility in resource allocation may also bring about an excess return.