Financial Economics Research (FER) is a double-blind peer-reviewed, open-access journal that publishes high-quality research in the field of financial economics. The journal aims to provide a platform for scholars, researchers, and practitioners to share cutting-edge research and insights that contribute to the understanding and enhancement of financial markets, institutions, and practices.
Fundamentals of Stablecoins and the Mechanisms of Arbitrage
Section: Research Articles Keywords: stablecoin, arbitrage, cryptocurrency Stablecoins are a type of cryptocurrency designed to maintain a stable value by pegging to fiat currencies or other assets through specific mechanisms. Currently, the market features four main types of stablecoins: fiat-collateralized, crypto-collateralized, algorithmic, and newly emerging hybrid models. This paper provides an in-depth examination of the fundamentals, classification and evolution, arbitrage mechanisms, and regulatory risks of stablecoins. The arbitrage mechanisms of stablecoins include simple spot arbitrage, cross-exchange arbitrage, and funding-rate-based arbitrage. These mechanisms play a crucial role in maintaining price stability but are also constrained by market frictions and inherent risks. The rapid development of stablecoins and their potential financial risks have attracted close attention from global regulators, as regulatory frameworks continue to evolve and undergo negotiation. In the future, research on stablecoins should further explore how to strike a new balance between encouraging innovation and preventing systemic risks.
Copyright (c) 2025 Xinyi Xue (Author) https://creativecommons.org/licenses/by/4.0
Research on the Driving Path of ESG Investment in Green Finance Development under Policy Leadership--An Analysis Based on Typical Case Evidence
Section: Research Articles Keywords: policy leadership, ESG investment, green finance, driving path Against the backdrop of global green development transformation and China's advancement of the dual-carbon goals, green finance has become crucial support for sustainable economic development. The guiding role of policy on ESG investment is becoming increasingly evident. However, further research on how policy leverages ESG investment to promote green finance development is needed. This paper employs literature research to review relevant theories and the current research status, uses case analysis to examine typical cases, focuses on the policy-led perspective to analyze driving paths, and combines typical cases with empirical analysis for multidimensional verification. It systematically identifies paths through which policy drives green finance development by guiding the dissemination of ESG investment concepts, promoting the development of the ESG investment market, and improving support mechanisms, supported by multidimensional case evidence. The study revealed that policy plays a key role in the ability of ESG investment to drive green finance development. The identified driving paths have practical guiding significance and can provide references for optimizing policies and market entity behaviors.
policy leadership, ESG investment, green finance, driving path
Copyright (c) 2025 Jiaying Lin (Author) https://creativecommons.org/licenses/by/4.0
Investigation of the Impact of Green Finance Reform and Innovation Pilot Zones on the Green Innovation of Heavily Polluting Enterprises — Grounded in Empirical Evidence from Listed Companies in Pilot Regions
Section: Research Articles Keywords: pilot zones for green finance reform and innovation policies, heavy-polluting enterprises, green finance, R&D investment In 2017, the General Office of the State Council established the initial set of green finance reform and innovation pilot zones in eight locations across five provinces in order to boost the advancement of green finance. Heavily polluting enterprises represent primary targets of green finance policies, and the effects of these policies on such enterprises are significant. The enterprise value indicates the future growth potential of an organization and serves as a primary focus for its stakeholders. Consequently, examining the effects of the establishment of green finance reform and innovation pilot zones on the value of heavily polluting enterprises effectively demonstrates a micro level in order ramifications of this policy and is crucial for assessing the efficacy of green finance initiatives. The present research examines the regulatory structure of pilot zones for environmentally friendly financial and technological advancement, initiated in 2017 as a whole as a quasi-natural test, utilizing listed heavy-pollution companies in A-shares from 2010 to 2023 as the participant data provided. This study employs a DID model to analyze the impact and mechanisms of establishing pilot zones for green finance reform and innovation on the green innovation practices of heavy-pollution enterprises. The findings indicate that the creation of pilot zones for green finance reform and innovation facilitates green innovation among enterprises. The policy of pilot zones for green finance reform and innovation can enhance the level of enterprises’ green innovation through increased R&D investment. Subsequent research indicates that, regarding enterprise characteristics, the creation of pilot zones for green finance reform and innovation significantly enhances the green innovation of state-owned enterprises. This paper presents significant empirical evidence supporting the ongoing promotion of the comprehensive and practical development of pilot zones for green finance reform and innovation, aimed at achieving modern development characterized by the harmonious coexistence of humanity and nature.
pilot zones for green finance reform and innovation policies, heavy-polluting enterprises, green finance, R&D investment
Copyright (c) 2025 Sihan Zhang (Author) https://creativecommons.org/licenses/by/4.0
The Impact of Digital Transformation on Financing Constraints
Section: Research Articles Keywords: digital transformation, financing constraints, information asymmetry, digital finance In the era of the digital economy, the digital transformation of enterprises has a profound impact on their financing capabilities. By comprehensively reviewing relevant studies, this paper clarifies the concepts of digital transformation and financing constraints, and focuses on analyzing their impact mechanisms. Research indicates that digital transformation primarily alleviates financing constraints by mitigating information asymmetry, enhancing enterprise performance and competitiveness, improving corporate governance, and broadening financing channels. However, its high initial investments may also exacerbate funding pressures in the short term. This article summarizes the consensus and divergences in existing research, and proposes measures from four perspectives: enterprises, government, financial institutions, and society, to assist enterprises in addressing financing challenges during the transformation process, thereby providing theoretical foundations and practical guidance for future studies.
digital transformation, financing constraints, information asymmetry, digital finance
Copyright (c) 2025 Peiwei Yu (Author) https://creativecommons.org/licenses/by/4.0
Research on the Mechanism of Digital Inclusive Finance in Promoting Social Integration of New Urban Residents-Evidence from Shenzhen's Policy, Technology, and Product Synergy
Section: Research Articles Keywords: new urban residents, digital inclusive finance, social integration, Shenzhen case study, new urbanization As a new financial model characterized by high convenience and broad coverage, digital inclusive finance can effectively mitigate the negative impacts of financial exclusion and accelerate the social integration of new urban residents. Taking Shenzhen as a case study, this paper systematically examines the operational mechanisms through which digital inclusive finance facilitates the social integration of new urban residents. Findings reveal that by synergizing policy, regulation, technology, infrastructure, and product innovation, digital inclusive finance effectively promotes integration across four dimensions: economic, institutional, psychological, and social. Consequently, Shenzhen’s three-dimensional framework—characterized by “policy coordination, technology empowerment, and product innovation”—offers a replicable model for people-centered new urbanization development.
new urban residents, digital inclusive finance, social integration, Shenzhen case study, new urbanization
Copyright (c) 2025 Yixin Zhuang (Author) https://creativecommons.org/licenses/by/4.0
The Impact of the UK Government's VAT on Private School Tuition Fees on Social and Economic Mobility
Section: Research Articles Keywords: UK private school VAT, social and economic mobility, educational inequality, class differentiation, public education resources Against the backdrop of the UK’s severe educational stratification—where private schools educate only 7% of pupils but account for 39% of high elites, while public education suffers from resource shortages—this study examines the socioeconomic mobility effects of the UK Labor Party’s proposal to impose a 20% Value-Added Tax (VAT) on private school tuition fees. The research employs a combination of theoretical frameworks (including Bourdieu’s cultural capital theory, Rawls’ “Difference Principle,” and Mincer’s human capital theory) and empirical data (from sources such as the Social Mobility Commission, Ofsted, and ONS) to analyze how VAT affects private educational institutions, families across income groups, and long-term social and economic mobility. The research purposes are to clarify the transmission mechanism of VAT’s impact on educational resource allocation, identify its heterogeneous effects on different social classes, and provide evidence-based policy recommendations to mitigate educational inequality. The research results indicate that: 1) Imposing VAT significantly alters the cost structure of private schools—schools either pass on costs (leading to a 20% average tuition increase) or cut expenses (reducing extracurricular offerings and teacher training, which lowers the teaching quality index by 21%); 2) Family responses show obvious class differentiation: the top 10% income group maintains private education participation (strengthening intergenerational advantage, with elite closure probability rising by 37%), 53% of the middle 40% switch to public schools (disrupting cultural capital inheritance, with career promotion probability falling by 29%), and 82% of the bottom 50% enter public or informal education (worsening intergenerational educational poverty, with social bottom solidification rate rising by 41%); 3) In the long run, VAT exacerbates educational opportunity inequality (forming a “class fault in educational opportunity”) and career-income disparities (private school graduates are 42% more likely to enter high-income sectors like law and finance, with median lifetime income 39.6% higher than public school peers), ultimately consolidating class divisions and weakening the public education system. The study concludes that the current 20% VAT on private school tuition fees intensifies socioeconomic stratification. It recommends implementing progressive VAT exemptions (e.g., tiered taxation for low-fee private schools), increasing direct funding for public schools, and learning from Sweden’s education voucher system to balance tax efficiency, market function, and social fairness.
UK private school VAT, social and economic mobility, educational inequality, class differentiation, public education resources
Copyright (c) 2025 Zeyu Wu (Author) https://creativecommons.org/licenses/by/4.0
Scene Empowerment: A Comparative Study of Coca-Cola and PepsiCo’s Scenario-Based Marketing Strategies and Its Implications for Chinese Beverage Companies
Section: Research Articles Keywords: scene marketing, situational consumption theory, Coca-Cola, PepsiCo, local beverage enterprises In the context of homogenization in the current beverage market competition and scenario-b ased consumer demand, an in-depth analysis of the marketing strategies of international brands holds significant reference value for local enterprises. This paper employs Belk’s situational consumption theory to conduct an in-depth comparative study on the scenario-based marketing strategies of “Shuangle” from five dimensions: physical environment, social interaction, time pressure, task goals, and physical and mental states. The following core findings are drawn from this analysis: Coca-Cola dominates high-frequency universal scenarios such as households and catering by constructing a vast physical terminal network. Its strategic core lies in controlling physical touchpoints to achieve large-scale penetration. PepsiCo, on the other hand, uses digital technology and trendy culture as engines to deeply penetrate youth niche scenarios. Its advantage lies in stimulating instantaneous impulses and emotional resonance by creating immersive experiences. Based on this, this paper proposes the following suggestions: first, implement asymmetric competition, focusing on markets such as regional specialty catering and the integration of local cultural tourism; second, promote the agility and digitalization of the supply chain, strengthening terminal control and data response capabilities; third, integrate traditional cultural elements into consumption scenarios to achieve resonance of brand value.
scene marketing, situational consumption theory, Coca-Cola, PepsiCo, local beverage enterprises
Copyright (c) 2025 Jiaxuan Li (Author) https://creativecommons.org/licenses/by/4.0
The Impact of Digital Transformation on Enterprises' Internationalization Strategy - A Study Based on Unilever
Section: Research Articles Keywords: digital transformation, unilever, internationalization strategy, OLI advantages, characteristics of the consumer goods industry, event study method, comparative analysis method This study focuses on Unilever to conduct an in-depth analysis of the intrinsic link between digital transformation and internationalization strategies. By employing a single-case study method combined with an event study and comparative analysis methods, a demonstration is conducted on 7 categories of visualized data. The results show that digital transformation has significantly promoted the implementation of Unilever's internationalization strategy and enhanced its efficiency and effectiveness. In the marketing field, the global digital marketing platform has driven an increase in advertising ROI and the growth rate of overseas revenue; in terms of the supply chain, the blockchain-based supply chain in Africa has significantly optimized the response cycle and stockout rate. Meanwhile, digitalization has reshaped Unilever's OLI advantages: in terms of ownership advantages, it has built a leading barrier with technology and brand; in terms of location advantages, it has accurately adapted to the characteristics of regional markets. In addition, the characteristics of the consumer goods industry positively moderate the relationship between the two. In emerging markets, the effects of omni-channel collaboration and cultural adaptation tools are more prominent. This study contributes to the theoretical system of the interaction mechanism between digital transformation and enterprises' internationalization strategies and provides valuable references for the practical operation of enterprises.
digital transformation, unilever, internationalization strategy, OLI advantages, characteristics of the consumer goods industry, event study method, comparative analysis method
Copyright (c) 2025 Xinyi Zhao (Author) https://creativecommons.org/licenses/by/4.0
Exclusive Games, Platform Strategy, and Financial Performance: A DuPont-Based Comparison of Nintendo, Sony, and Microsoft
Section: Research Articles Keywords: Exclusivisity, DuPont analysis, game theory This paper examines how exclusivity strategies in the video game industry manifest in the three core financial statements—income statement, balance sheet, and cash flows—and ultimately shape return on equity (ROE) via DuPont decomposition. Using Nintendo, Sony, and Microsoft as comparative case studies, I link exclusivity decisions not only to platform competition but also to accounting choices and capital allocation. Nintendo’s evergreen first-party franchises translate into high net margins and conservative balance-sheet management, with cash-heavy stability rather than leverage driving ROE. Sony’s blockbuster-oriented exclusives expand scale but compress margins during development and launch phases, while moderate leverage and content capitalization shift risks toward impairment and pipeline execution. Microsoft’s “weak exclusivity,” anchored in Game Pass and cross-platform engagement, generates stable subscription cash flows but inflates goodwill and intangible assets, reducing short-term turnover even as group-level margins remain cloud-driven. By integrating financial statement analysis with game theory, I argue that exclusivity is not simply a marketing lever but a financial variable that reallocates risk, timing, and capital intensity across firms. The findings suggest that exclusivity strategy is central to understanding how platform holders sustain profitability, structure their balance sheets, and smooth cash flows in a rapidly evolving global games market.
Exclusivisity, DuPont analysis, game theory
Copyright (c) 2025 Hengxi Liu (Author) https://creativecommons.org/licenses/by/4.0
Analyzing Changes in China's Automotive Consumption Environment from the Performance of French Automakers in the Chinese Market After 2010—A Case Study of PSA Groups
Section: Research Articles Keywords: Chinese automotive market, French automobiles, changes in market environment, PSA Group French automakers, with the PSA Peugeot Citroën Group (hereafter referred to as the PSA Group) as their representative, once stood as leaders in the global automotive industry. In recent years, however, French automobile brands have encountered successive setbacks in the Chinese market. When analyzing the evolving landscape of China's automotive consumption environment, the fluctuating market performance of French automakers serves as a highly representative case study. This paper draws on historical market data reports of the PSA Group and examines factors, including product quality, product positioning, the competitive landscape, and policy trends. It aims to analyze the underlying reasons for the PSA Group's struggles in the Chinese market and dissect the transformations occurring within the domestic automotive consumption sector. The study concludes that the ups and downs in the PSA Group's sales volume stemmed from specific market conditions, shifts in consumer demand, and the brand's strategic decisions. By analyzing the dramatic fluctuations in the PSA Group's market performance from 2010 to the present, three notable characteristics of the Chinese consumer market can be summarized: First, it boasts enormous consumption potential while witnessing rapidly changing demand; second, localization has evolved into an indispensable requirement for foreign brands to achieve long-term survival; third, end-users constitute the most critical variable.
Chinese automotive market, French automobiles, changes in market environment, PSA Group
Copyright (c) 2025 Wendi Yu (Author) https://creativecommons.org/licenses/by/4.0
The Influence of Artificial Intelligence to the Earnings of Sports Betting Companies
Section: Research Articles Keywords: artificial intelligence, sports betting companies, earnings The sports betting industry has grown significantly worldwide in recent years, driven largely by technological advancements and the proliferation of online sportsbooks (René Manassé Galekwa et al., 2024, as cited in Williams et al., 2011). The industry is projected to reach a compound annual growth rate (CAGR, 2025-2029) of 5.30% in revenue (Meredith Alda, 2025). Sports betting involves odds setting, accepting wagers, balancing the book, and calculating outcomes. Bookmakers first calculate the “true odds” based on the actual probability of event outcomes, and then add a margin, or “vig” (commission), to reduce payouts, thereby making the total implied probability of all outcomes exceed 100%. Bettors are allowed to place wagers on specific sports events to predict results based on these odds. During this process, bookmakers may adjust the odds to manage risk if betting disproportionately favors one outcome.
artificial intelligence, sports betting companies, earnings
Copyright (c) 2025 Qiying Ding (Author) https://creativecommons.org/licenses/by/4.0
Consumer Preference and Product Differentiation in the Chinese Tea Market: A Conjoint Analysis Approach
Section: Research Articles Keywords: consumer preference, conjoint analysis, product differentiation, utility value, tea market As tea consumption in China continues to diversify, understanding the key factors influencing consumer preferences is essential for effective market positioning. This study employs a conjoint analysis approach to evaluate the relative importance of product attributes in tea purchasing decisions. A structured online survey of 325 respondents assessed preferences across four attributes: tea type, brand, packaging, and price. Using SPSS’s orthogonal design, nine product profiles were generated and ranked. Linear regression was applied to estimate part-worth utilities, yielding a strong predictive fit (Pearson’s R = 0.992). Results indicate that tea type has the greatest impact on consumer choice, with green tea and the Bama brand being most preferred. Large bag packaging was also favored, while price showed the lowest relative importance. Despite limitations such as sampling bias and restricted attribute levels, the findings offer actionable insights for product development and differentiated marketing strategies. This study contributes to the empirical understanding of consumer behavior in the evolving Chinese tea market.
consumer preference, conjoint analysis, product differentiation, utility value, tea market
Copyright (c) 2025 Huifang Miao (Author) https://creativecommons.org/licenses/by/4.0
Investor Risk Preference Differentiation Mechanism and Cross-Market Strategies under Cultural Dimension Differences
Section: Research Articles Keywords: risk preference, Hofstede’s cultural dimensions theory, behavioral finance, cognitive biases, asset allocation Globalized financial markets demonstrate persistent heterogeneity in investor risk preferences, with individualist markets exhibiting significantly higher equity turnover than collectivist markets. However, the literature rarely integrates cultural psychology with behavioral finance in a unified empirical model. This study develops the Culture–Cognirtion–Decision framework, combining Hofstede’s six cultural dimensions with behavioral finance theory to examine how cognitive biases mediate the effect of cultural values on investment behavior. Using a multinational panel dataset covering sixty-one countries from 2014--2024 and applying a two-way fixed-effects regression with instrumental variables and the system generalized method of moments estimation, individualism positively correlates with equity allocation, collectivism amplifies herding behavior, high uncertainty avoidance suppresses speculative trading, long-term orientation distorts the disposition effect, and indulgence increases leverage tolerance. On the basis of these findings, a Culturally Adaptive Portfolio Strategy that adjusts asset weights following the cultural profiles of target markets is proposed. The results confirm that incorporating cultural psychology into financial decision-making produces measurable improvements in global asset allocation efficiency.
risk preference, Hofstede’s cultural dimensions theory, behavioral finance, cognitive biases, asset allocation
Copyright (c) 2025 Xinying Liao (Author) https://creativecommons.org/licenses/by/4.0
The Intermediary Role of Deep Learning in Financial Resource Allocation
Section: Research Articles Keywords: FinTech, green finance, inclusive finance, mediation effect, spatial Moran's I In the context of digital economy development and the advancement of “dual carbon” goals, fintech has become a core driving force for optimizing financial resource allocation. However, there is a structural contradiction between financial agglomeration in the eastern region and inclusive finance lagging in the western region, with a prominent issue of the lack of spatial coordination mechanisms. On the basis of panel data from 31 provinces in China from 2011--2020, this paper explores the impact mechanism of fintech on resource allocation efficiency through the coupling coordination degree model, a three-step regression method for mediating effect testing, and Moran's I analysis. The authors find that fintech indirectly optimizes resource allocation by enhancing the degree of coupling coordination, i.e., “technology-inclusiveness-greenness”, with the mediating effect accounting for 52.3%. The degree of coupling coordination exhibited significant regional agglomeration, with a pattern of “high in the east and low in the west” and increasing spatial dependence annually. This research provides micromechanism support for regional financial coordination policy formulation and spatial planning, echoing the requirements of high-quality development.
FinTech, green finance, inclusive finance, mediation effect, spatial Moran's I
Copyright (c) 2025 Jiaqi Zhu (Author) https://creativecommons.org/licenses/by/4.0
The Motivation and Market Reaction of Data Resources Included in the “Assets” Subject—Taking DataOcean AI as an Example
Section: Research Articles Keywords: data resources, entry motivation, inventory, event study Now that the data age is affected by the international situation, countries are paying increasing attention to data resources. At the beginning of 2024, the Interim Provisions on Accounting Treatment Related to Enterprise Data Resources (hereinafter referred to as the Interim Provisions) were issued. In that case, the expense data resources can be categorized under the subject of “assets”. To date, research on data resources included in the “assets” subject remains in its early stages, with most studies only staying at the theoretical level. It is difficult to provide personalized entry practices tailored to different enterprises, so addressing this research gap via case studies is urgent. DataOcean AI exhibits typical characteristics, including a comprehensive inventory of data resources, which is why this paper uses it as an example. First, the motivation for data resources entering the “assets” will be explored. In the following step, the event study is applied to explore the market response to the company’s release of the annual report and the Interim Provisions. The CAR value of the former is positive, but that of the latter is negative. This shows that the impact of an increase in the scale of enterprise transactions is greater than that of policy factors. Finally, the financial situation of DataOcean AI’s data resources is examined, providing a reference for the operation of the same type of companies.
data resources, entry motivation, inventory, event study
Copyright (c) 2025 Yangjing Zhang (Author) https://creativecommons.org/licenses/by/4.0
Research on Countermeasures to Improve the Comprehensive Carrying Capacity of Jingzhou County
Section: Research Articles Keywords: county economy, fulcrum construction, urban-rural integration, regional development For Jingzhou to achieve its development goals of strengthening infrastructure, expanding its economic reach, and broadening its vision in regional pivot construction, a crucial dependent variable should be the county-level economic development. As a transitional space bridging urban and rural areas, counties situated at the “urban-rural junction” serve as pivotal nodes in regional comprehensive capacity. These areas possess operational capabilities for managing economic, social, cultural, and ecological elements within their jurisdictions, playing a crucial role in facilitating high-quality socioeconomic development and steadily advancing common prosperity through their strategic position as “linking bridges” between urban and rural regions.
county economy, fulcrum construction, urban-rural integration, regional development
Copyright (c) 2025 Wei Liu (Author) https://creativecommons.org/licenses/by/4.0
The Shaping of Urban Cultural Memories Through Informal Employment: A Case Study of Dongguan, Guangdong, China
Section: Research Articles Keywords: informal employment, cultural memory, Dongguan city, factory, workers This paper takes Dongguan city, Guangdong Province, China, as a case study to explore how informal employment participates in shaping urban cultural memory. Combining desk research, secondary literature, and fieldwork interviews, this study introduces a triple theoretical perspective: applying a threefold theoretical perspective: functional linkage theory to frame the concept of informal employment; Lefebvre's “space production” theory to analyze how labor practices shape urban space; and Halbwach’s “collective memory”, which explains how daily labor is transformed into shared cultural memory; and analyses several cases. The study revealed that informal employment in Dongguan shapes the collective memory of the city as a cultural force through repetitive practice, spatial embedding and group interaction. However, urban renewal and governance have challenged the continuation of these memories, resulting in the dissolution and burial of some memories. The conclusion of this paper points out that informal employment should be understood not only as an economic phenomenon but also as an integral part of urbanization and identity construction, offering a renewed perspective on the link between informal employment and urban development.
informal employment, cultural memory, Dongguan city, factory, workers
Copyright (c) 2025 Ziyao Xie (Author) https://creativecommons.org/licenses/by/4.0
Prospects and Difficulties of Informal Employment in China Under the Enormous Wave of World Urbanization
Section: Research Articles Keywords: informal employment, urbanization, employment prospects, labor security, crowding out effect Worldwide urbanization is a phenomenon and trend of urban development worldwide. In the context of accelerated global urbanization, China’s urbanization rate has risen from 19.39% in 1980 to 67% in 2024. Informal employment promotes urbanization and absorption. The labor force plays a key role, but it is faced with issues such as the protection of rights and interests. This paper aims to explore its prospects and dilemmas. Data statistics, model analysis, and case studies were used. The innovation point is related to sociopolitical issues from the perspective of social reproduction, combined with the analysis of informal urbanization and the crowding out effect. The discussion shows that through improving the law, optimizing policies, balancing macroscopic influences, and considering the flexibility and protection of rights and interests, informal employment needs to achieve benign interactions between the individual and society and the economy.
informal employment, urbanization, employment prospects, labor security, crowding out effect
Copyright (c) 2025 Haoyang Chen (Author) https://creativecommons.org/licenses/by/4.0
The Reshaping of Corporate Financial Management Through Digital Transformation: Models, Pathways, and Performance Impacts
Section: Research Articles Keywords: digital transformation, intelligent finance, financial performance, literature review, path pattern Against the backdrop of a rapidly developing digital economy, the internal and external environments of corporate management have undergone significant changes. The field of financial management is undergoing a fundamental transformation, evolving from traditional models toward digitalization and intelligence. This paper reviews existing literature to comprehensively integrate application models of digital transformation in financial management, analyzes typical implementation pathways, and explores the impact mechanisms of digital transformation on both financial and non-financial corporate performance. It identifies gaps in current research regarding theoretical depth and empirical breadth, thereby proposing directions for future research expansion.
digital transformation, intelligent finance, financial performance, literature review, path pattern
Copyright (c) 2025 Ruijue Zhang (Author) https://creativecommons.org/licenses/by/4.0
Structural Embeddedness of China's Fiscal Policy and the Global Labor Movement in the Era of Globalization: A Retrospective Historical Analysis Based on the Extended Framework of the World-Systems Theory
Section: Research Articles Keywords: world systems, labor movement, fiscal policy, reform and opening-up, labor‒capital conflict This paper examines the structural embeddedness of China's fiscal policy and the international labor movement within the capitalist world system, emphasizing their dynamic interplay and mutual influence. By utilizing the extended framework of world-systems theory, this study explores how global labor movements have historically driven capitalist world-systems transformations and how China’s fiscal adjustments have facilitated their integration into the capitalist system. The analysis highlights the structural contradictions between capitalism and democratization, illustrating how these tensions manifest through fiscal policy, labor movements, and global value chain dynamics. The paper argues that China’s fiscal strategies, particularly during its reform and opening-up period, not only deepened its integration into the global system but also shaped labor‒capital relations worldwide. This research contributes to understanding how fiscal policy serves as a critical tool for navigating structural challenges in a globalized economy.
world systems, labor movement, fiscal policy, reform and opening-up, labor‒capital conflict
Copyright (c) 2025 Boyuan Min (Author) https://creativecommons.org/licenses/by/4.0
Financial Performance Research of Apple Inc. Based on DuPont Analysis
Section: Research Articles Keywords: Apple Inc., financial analysis, profitability, cash flow, technology sector This paper provides a comprehensive financial analysis of Apple, Inc., a leading global technology company renowned for its innovative products and integrated ecosystem. Through an in-depth examination of the company's consolidated balance sheet, income statement, and cash flow statement for the fiscal years ending in 2023 and 2024, this study meticulously assesses Apple's financial health, profitability, liquidity, and long-term sustainability. Key findings reveal a trajectory of strong asset growth and robust operational cash flow generation, despite a minor decline in net income, which was effectively offset by substantial gains in other comprehensive income components. A detailed DuPont analysis further uncovers the underlying drivers of Apple's performance, highlighting an exceptionally high return on equity fueled by efficient asset utilization, industry-leading profit margins, and the strategic application of financial leverage. The paper concludes that Apple's unwavering focus on research and development—particularly in frontier technologies such as artificial intelligence, health technology, and augmented reality—positions it optimally for sustained future growth. However, the analysis also identifies challenges related to managing elevated debt levels and navigating global market volatility. Ultimately, this comprehensive assessment underscores Apple's remarkable financial resilience and formidable strategic advantage within the intensely competitive global technology sector.
Apple Inc., financial analysis, profitability, cash flow, technology sector
Copyright (c) 2025 Ziqing Song (Author) https://creativecommons.org/licenses/by/4.0
Analysis of the Impact of Financial Technology on Enterprise Digital Transformation
Section: Research Articles Keywords: digital transformation; financial technology; risk prevention and control In the context of COVID-19, the offline operations of entity enterprises have been restricted, which has stimulated the inevitable requirements for digital transformation. This essay comprehensively reviews several papers that focus on the impact of financial technology on the digital transformation and development of enterprises. Research has shown that on the financing side, financial technology uses a big data credit information system to alleviate financing constraints and promote the growth of commercial credit and insurance technology innovation. In resource management, it improves the total factor productivity of enterprises by reducing information costs and optimizing factor allocation. At the risk prevention and control level, companies rely on big data and cloud computing technology to control insurance accurately. In terms of value promotion, it can overcome technical limitations, optimize processes, and provide support for enterprise transformation. However, technicians still need to deepen their efforts in the field to find a balance between the adaptability of financial technology and corporate business, the supply of professional talent and risk control, and the promotion of the steady implementation of transformation.
digital transformation; financial technology; risk prevention and control
Copyright (c) 2025 Zhihan Liu (Author) https://creativecommons.org/licenses/by/4.0
Theoretical Exploration of Fourier Frequency Domain Filtering in High-Frequency Noise Control and Risk Measurement in the Financial Market
Section: Research Articles Keywords: Fourier transform, high-frequency data, noise control, volatility estimation, risk measurement, market microstructure This study systematically explores the theoretical framework and practical value of Fourier frequency-domain filtering techniques in addressing high-frequency data noise in financial markets. By targeting the market microstructure noise inherent in high-frequency trading data, we propose a Fourier transform-based frequency-domain filtering method that effectively separates genuine price signals from noise components. The research demonstrates that this approach not only significantly improves volatility estimation accuracy but also enhances the effectiveness of liquidity measurement metrics, providing more reliable quantitative tools for risk management. Through theoretical analysis and empirical verification, this paper validates the innovative and practical applications of Fourier frequency-domain filtering in financial risk measurement, offering substantial theoretical and practical significance for high-frequency trading risk management.
Fourier transform, high-frequency data, noise control, volatility estimation, risk measurement, market microstructure
Copyright (c) 2025 Yichen Yang, Naiwen Zhang, Ziyu Luo, Guohua Ren (Author) https://creativecommons.org/licenses/by/4.0
A Study on Asset Price and Risk Management Based on Geometric Brownian Motion
Section: Research Articles Keywords: ZYNP, GBM, stock price forecast, risk management In the environment of downward interest rates, some financial assets have attracted the attention of investors because they can obtain excess returns, but behind the excess returns are risks and potential losses that cannot be ignored. Moreover, whether to invest in industry-leading individual stocks or to buy industry index stocks has become a hot topic in current academia. In this study, ZYNP (002448) was the research object, and through comparative analysis with ETF (516110), the Geometric Brownian motion (GBM) was used to calculate the expected price of ZYNP and estimate the stock price. The results show that in a downward interest rate environment, ZYNP can be overallocated, and ZYNP has stronger interest rate sensitivity. The expected stock price on December 31, 2025, is 10.32–10.79 yuan. This study provides an empirical basis for market investors to reasonably and effectively avoid market risk.
ZYNP, GBM, stock price forecast, risk management
Copyright (c) 2025 Yangxue Pan (Author) https://creativecommons.org/licenses/by/4.0
The Impact of ESG Ratings on Enterprises' Green Innovation Capability: An Empirical Study Based on Staggered Difference-in-Differences（Staggered DID）
Section: Research Articles Keywords: ESG rating, green innovation, Staggered DID, financing constraints, supply chain discourse Based on a Staggered Difference-in-Differences（Staggered DID） model, this paper empirically examines the impact of ESG ratings on corporate green innovation capability and its mechanism. The study takes Chinese A-share listed companies from 2009 to 2023 as a sample, and uses the first announcement of ESG ratings by SynTao Green Finance as an exogenous shock. The study finds that ESG ratings significantly enhance the green innovation capacity of enterprises, increasing the total green innovation by 12.19% on average, and the promotion effect on green invention patents is larger than that on green utility model patents. Moreover, the robustness of the results was verified by parallel trend test, placebo test, and changing the sample interval. Heterogeneity analysis shows that the promotion effect is more significant in larger firms. Further mechanism tests reveal that financing constraints and supply chain discourse are key moderating variables: financing constraints weaken the positive effect of ESG on green innovation, and supply chain discourse strengthens the positive effect of ESG on green innovation. This study provides empirical evidence to understand how ESG ratings drive corporate green innovation by alleviating information asymmetry, strengthening reputational monitoring and optimising resource allocation, and provides insights for companies to optimise ESG strategies, governments to improve green financial policies and promote industry chain synergies.
ESG rating, green innovation, Staggered DID, financing constraints, supply chain discourse
Copyright (c) 2025 Jiayi Xu (Author) https://creativecommons.org/licenses/by/4.0
The Impact of Extending Compulsory Education on Income Inequality
Section: Research Articles Keywords: compulsory education, income inequality, Gini index, causal inference, fixed effects, event study Income inequality has critical implications for economic development, social stability, and the achievement of common prosperity. Among various policy tools, extending the duration of compulsory education is a long-term, inclusive, and practical approach, but its net effect on income distribution remains unclear. This study assembles an international panel dataset of 85 countries from 1990--2024 and employs a rigorous causal inference framework to identify the impact of extending compulsory schooling on income inequality. Using country- and year-fixed-effects OLS regressions and an event study around the first policy change, we find that each additional year of legally mandated schooling reduces the Gini index by approximately 0.9 points on average (p < 0.01). An event study confirms a negative effect at the time of reform implementation, which becomes larger over the subsequent few years, indicating a sustained decrease in inequality. Mechanistic analysis suggests that extended compulsory education increases median educational attainment and compresses skill premiums: countries with longer compulsory schooling tend to have higher average years of schooling among adults (correlation ~0.30), which in turn is associated with lower income inequality. Policy implications: Extending compulsory education can significantly reduce income inequality, but it should be accompanied by improvements in education quality and complementary vocational training to ensure that additional schooling years translate into measurable human capital gains and a more equitable income distribution.
compulsory education, income inequality, Gini index, causal inference, fixed effects, event study
Copyright (c) 2025 Jianyu Chen (Author) https://creativecommons.org/licenses/by/4.0
Research on the Integration and Development of Digital Economy and Real Economy under the Perspective of New Quality Productive Forces—Taking Fujian Province as an Example
Section: Research Articles Keywords: new quality productive forces, integration of digital economy and real economy, dual structure, case study of Fujian Province, institutional innovation and talent cultivation In the strategic context of developing new quality productive forces, the integration of digital economy and real economy has become the core path to promote high-quality development. As a pioneer area in the construction of “Digital China”, the integration practice of Fujian Province is of typical significance. The purpose of this paper is to reveal the non-equilibrium evolution mechanism of digital integration between leading enterprises and small and medium-sized enterprises (SMEs), and to solve the problem of industrial digital divide. Comprehensively applying case study method, comparative analysis method and policy text analysis, this paper selects leading enterprises such as Contemporary Amperex Technology Co.,Ltd., Anta and traditional manufacturing SMEs as research objects, and systematically analyzes the micro-paths and macro-barriers of digital integration by combining the policy documents of Fujian Province and field data. The study proposes a three-in-one integration support framework of “chain leader - small, fast, light and accurate - transformation coupon”, emphasizing that the role of the government should be shifted from a resource provider to an ecological enabler; introduces the perspective of “new type of production relationship”, highlighting the systemic and institutional barriers to the integration. It also introduces the perspective of “new type of production relationship”, highlighting the key role of institutional innovation and cross-strait collaboration in fostering new productive forces. Fujian Province is characterized by a “dual structure”: leading enterprises have achieved productivity leap through extreme manufacturing and green transformation, while SMEs generally face the dilemma of “not daring to switch, not wanting to switch, and not knowing how to switch”. The solution lies in the construction of a dynamic ecosystem with chain master as the traction, service platform as the carrier, and institutional innovation as the guarantee, so as to promote the development of integration in the direction of wider, deeper and greener.
new quality productive forces, integration of digital economy and real economy, dual structure, case study of Fujian Province, institutional innovation and talent cultivation
Copyright (c) 2025 Xinran Zou (Author) https://creativecommons.org/licenses/by/4.0
A Study Based on the Impact of ESG Rating Divergence on Corporate Performance
Section: Research Articles Keywords: ESG rating divergence, financial performance, market performance, financing constraint theory, signaling theory As a core professional indicator that defines the sustainable development potential and long-term value of an enterprise, the ESG rating plays an important role in current investment decision-making and enterprise development assessment. However, the ESG rating results of the same company by different rating agencies often differ significantly. In this study, A-share listed companies in China from 2015–2023 are used as the sample to systematically investigate the impact of the divergence of ESG ratings on the financial performance and market performance of firms, and the action mechanism is analyzed on the basis of financing constraint theory, institutional theory and signaling theory. The study reveals that the divergence of ESG ratings significantly inhibits companies’ financial performance and market performance, and this conclusion still holds after a series of stability tests. Mechanistic tests reveal that ESG rating divergence inhibits corporate financial performance and market performance through the triple path of strengthening financing constraints, weakening corporate green technology innovation capability and reducing the quality of information disclosure. Heterogeneity analysis reveals that this negative effect is more prominent among companies in the eastern region, companies in heavily polluting industries, and companies with greater attention from analysts. This study provides not only management inspiration for enterprises to optimize their ESG management system but also a theoretical basis and policy reference for enhancing the sustainable development effectiveness of listed companies and improving ESG ecological governance.
ESG rating divergence, financial performance, market performance, financing constraint theory, signaling theory
Copyright (c) 2025 Boyuan Deng (Author) https://creativecommons.org/licenses/by/4.0
Analysis and Collation of Some Combat Means and Skills in Financial War
Section: Research Articles Keywords: financial warfare, financial security, capital flow shock, psychological warfare With the development the world economy and the continuous evolution and change in the world economic pattern, various types of financial wars have become more frequent and common and closer to ordinary people. The failure of a financial war can cost billions to trillions of dollars in economic damage and can seriously subvert a state's power. Therefore, the research and interpretation of financial war is still necessary and important. To systematically understand or fully study financial wars, we can start with the key combat means and techniques often used in financial wars. This paper will discuss the main operational means and skills of financial war, mainly by means of comparative demonstration, to obtain the main joint operational mechanism of operational means and skills in financial war.
financial warfare, financial security, capital flow shock, psychological warfare
Copyright (c) 2025 Yuxiang Zu (Author) https://creativecommons.org/licenses/by/4.0
A Comparative Study on the Brand Strategy of Jewelry Enterprises—Taking Tiffany and CHOW TAI FOOK as Examples
Section: Research Articles Keywords: CHOW TAI FOOK, Tiffany, jewelry, brand strategy, comparative study The acceleration of global economic integration has promoted market trade liberalization, sped up the trend of brand competition globalization, strengthened the connection and integration of global supply chains, and brought a series of risks and opportunities to the jewelry industry, including shifting consumer preferences toward sustainability, digitalization, and cultural resonance. In this context, how to build its own brand advantage and enhance the market competitiveness of jewelry companies is an urgent issue that needs to be addressed. This paper first analyses the current status and development trends of China's jewelry industry and explains the importance of brand strategy in this context. It then compares Tiffany and CHOW TAI FOOK in five aspects: brand positioning, brand expansion, product strategy, brand image and story, and sustainable development strategy. By discussing and analysing the similarities and differences in brand strategies between the two companies, the success factors of Tiffany and CHOW TAI FOOK are revealed. Finally, it offers suggestions for brand building in China's jewelry industry.
CHOW TAI FOOK, Tiffany, jewelry, brand strategy, comparative study
Copyright (c) 2025 Wenan Wu, Hanmengna Chen, Xue Yang (Author) https://creativecommons.org/licenses/by/4.0