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.
Heterogeneous Analysis of RMI on Urban Consumption Vitality: An Empirical Study Based on Panel Data of 50 Cities
Section: Research Articles Keywords: spatial mismatch, lower-tier market, relative mass-market index, consumption vitality Deepening domestic demand drives high-quality urban development. However, some lower-tier cities blindly introduce high-end brands, causing a spatial mismatch. This creates a severe gap between commercial supply and local purchasing power. Based on the Spatial Mismatch and Bottom of the Pyramid (BOP) theories, panel data from 50 Chinese cities (2022-2024) and spatial data of retail stores are utilized. A “Relative Mass-market Index” (RMI) is innovatively constructed. A Pooled OLS model is adopted to test how supply structure fit affects macro consumption. It is found that this activation effect is highly asymmetric. In lower-tier markets, the “downward compatibility” of mass-market retail generates a strong “filling effect,” significantly increasing per capita retail sales. In mature markets, due to a saturated retail ecosystem, the index adjustment exhibits “elasticity desensitization.” The conclusion confirms that high-quality mass-market retail acts as “new infrastructure” for lower-tier markets. It provides an important decision-making basis for local governments to abandon blindly upgrading commercial districts and to implement city-specific policies to unleash long-tail consumption benefits.
spatial mismatch, lower-tier market, relative mass-market index, consumption vitality
Copyright (c) 2026 Haoyu Qin (Author) https://creativecommons.org/licenses/by/4.0
What Makes Consumers Buy: A Study of Go–Stop Psychological Signals in L'Oréal's FMCG Marketing
Section: Research Articles Keywords: approach–avoidance conflict, regulatory focus theory, FMCG marketing, consumer psychology, L’Oréal The fast-moving consumer goods (FMCG) beauty market, as part of the beauty industry, is marked by short purchase cycles, high brand competition, and consumer behaviour characterized by alternating states of impulsive and deliberate consumption. The need to grasp the underlying psychology of consumer behaviour in the FMCG beauty market has emerged as an essential marketing strategy for global brands. The following review paper aims to investigate the relationship between go-signals, consisting of approach-based psychological drivers such as promotional cues, scarcity appeals, promotion focus, and positive affect, and stop-signals, consisting of avoidance-based drivers such as risk perception, prevention focus, and cognitive resistance, in the FMCG beauty marketing arena. The paper is based on peer-reviewed scholarly articles on consumer psychology, regulatory focus theory, neuromarketing, and brand management and draws on the theoretical frameworks to discuss the documented marketing practice adopted by the global brand, L’Oreal. The gaps in the literature are also discussed, revealing the need for cross-cultural comparative and longitudinal studies on the go-stop signal relationship in the digital FMCG arena.
approach–avoidance conflict, regulatory focus theory, FMCG marketing, consumer psychology, L’Oréal
Copyright (c) 2026 Jiaxin Shi (Author) https://creativecommons.org/licenses/by/4.0
Research on the Sustainable Development Capacity of CATL - Based on Financial Data from 2015 to 2024
Section: Research Articles Keywords: DuPont analysis method, CATL, battery power industry, return on equity (ROE), financial characteristics This paper selects the leading company in the battery power industry, CATL Company, as the sample. By using the company's financial data from 2015 to 2024 and that of 10 companies in the same industry for internal comparison, the DuPont analysis method is taken as the core. Combined with the sequential substitution method, the impact degree of the three factors - net profit margin, total asset turnover rate, and equity multiplier - on the return on equity (ROE) is quantitatively calculated. The sensitivity of the indicators is verified through SPSS empirical analysis, and a comparative study is conducted with the leading company in the industry, BYD. Through the triple analysis of industry horizontal comparison, self-vertical comparison, and double-leading company comparison, the financial driving logic of CATL Company is dissected. Its current shortcomings are identified and optimization strategies are proposed. The research concludes that CATL Company has the financial characteristics of “profit-driven and stable leverage ratio”, and determines the financial differentiation characteristics between CATL Company and BYD Company. This also provides certain reference value for financial analysis and optimization of enterprises in the battery power industry.
DuPont analysis method, CATL, battery power industry, return on equity (ROE), financial characteristics
Copyright (c) 2026 Yukang Liang (Author) https://creativecommons.org/licenses/by/4.0
Analysis of the Mechanism by Which Investor Sentiment Affects Stock Market Volatility
Section: Research Articles Keywords: investor sentiment, stock market volatility, market mechanism, behavioral finance, heterogeneity effect As a core topic in behavioral finance, investor sentiment and its impact mechanism on stock market volatility have always been a research hotspot in the financial field, serving as a key path to explaining market phenomena. Based on relevant empirical research in recent years, this article first systematically reviews the development process of investor sentiment and its impact on stock market volatility. On this basis, it focuses on analyzing the transmission pathways, boundary conditions, and heterogeneous effects of sentiment on stock market volatility. It also collates traditional econometric methods and text analysis techniques driven by large language models, clarifying the differentiated characteristics of investor sentiment under different market environments. Finally, this paper points out the deficiencies and limitations of current research on investor sentiment, and looks forward to the future where artificial intelligence technology empowers the study of investor sentiment towards high-frequency dynamics and multimodal fusion, aiming to provide theoretical references for risk management and investment decisions of market participants.
investor sentiment, stock market volatility, market mechanism, behavioral finance, heterogeneity effect
Copyright (c) 2026 Junbin Liang (Author) https://creativecommons.org/licenses/by/4.0
Research on the Influencing Factors and Optimization Strategies of Enterprise Capital Structure
Section: Research Articles Keywords: enterprise capital structure, influencing factors, optimization strategies At present's enterprise's financial Management System, The Capital Structure at the heart of its entire process and plays an essential role in Business Efficiency and Profitability. A reasonable capital Structure will be able to optimise resource allocation in an enterprise, lower financing expenses for enterprises, make full use of financial Leverage in practice to increase the Profit level of the enterprise. Given that changes in the economic Environment and an improved Capital Market have made it necessary to make scientific Adjustments to capital Structure as a means to ensure enterprise profitability. This paper combines the actual development of enterprises, discusses the problems in capital structure, analyzes common influencing factors, and makes scientific optimization strategies, so as to support the long-term healthy development of enterprises on the basis of controlling financial risk.
enterprise capital structure, influencing factors, optimization strategies
Copyright (c) 2026 Chenyu Wang (Author) https://creativecommons.org/licenses/by/4.0
Analysis of the Factors Influencing Residents' Cultural Consumption Expenditure——From the Perspective of Online Retail Use
Section: Research Articles Keywords: online retail, residents' cultural consumption, two-way fixed effects, influencing factors, cultural consumption upgrading On the basis of balanced provincial panel data from 30 provinces (autonomous regions and municipalities) in China for 2021 to 2024, this paper employs a two-way fixed effects model to empirically examine the impact of online retail development on residents’ cultural consumption. It further explores the internal influencing mechanism through three pathways—consumption convenience, information accessibility and demand stimulation—and conducts robustness tests. The results indicate that the development of online retail has a significant positive effect on residents’ cultural consumption. Similarly, the regional economic development level and residents’ per capita disposable income also play positive driving roles in cultural consumption. The benchmark findings remain robust after alternative variable measurement methods, 1% winsorization, and one-period lag treatment of the core explanatory variables are adopted. Finally, targeted countermeasures and suggestions are proposed in terms of deepening industrial integration, improving logistics infrastructure, increasing residents’ income, optimizing the supply of public cultural services, and promoting coordinated regional development. The research findings provide empirical support for tapping into the potential of residents’ cultural consumption and facilitating the high-quality development of cultural consumption.
online retail, residents' cultural consumption, two-way fixed effects, influencing factors, cultural consumption upgrading
Copyright (c) 2026 Yulu Xia (Author) https://creativecommons.org/licenses/by/4.0
A Study on the Impact of ESG Performance on Corporate Performance—Based on the Moderating Effect of Digital Transformation
Section: Research Articles Keywords: ESG performance, corporate performance, digital transformation, moderating effect, industry heterogeneity Against the backdrop of the parallel development of the “dual-carbon” strategy and the digital economy, the impact of ESG performance on corporate performance and the moderating effect of digital transformation have become valuable research topics. This paper uses A-share listed companies from 2016 to 2024 as a sample to explore the impact of ESG performance on corporate performance (ROA) and the moderating effect of digital transformation. The study finds that ESG performance has a significant negative impact on current performance, exhibiting obvious “short-term pain” characteristics and potential long-term positive effects that have not yet been fully realized. The combined costs of digital transformation and ESG construction exert a negative moderating effect. Heterogeneity analysis shows that the pollution attributes of an industry weaken the promoting effect of ESG performance on corporate performance, with heavily polluting industries showing even lower marginal effects. Furthermore, factors such as company size and growth significantly positively impact corporate performance, while financial leverage and the short-term costs of digitalization have a negative impact. Based on this, this paper proposes countermeasures from the perspectives of government, enterprises, and investment, providing theoretical reference and practical guidance for ESG-enabled corporate performance transformation and upgrading.
ESG performance, corporate performance, digital transformation, moderating effect, industry heterogeneity
Copyright (c) 2026 Qian Li (Author) https://creativecommons.org/licenses/by/4.0
The Impact of Talent Introduction Intensity on Corporate Artificial Intelligence Levels: Empirical Evidence from Chinese A-Share Listed Companies
Section: Research Articles Keywords: talent introduction intensity, corporate artificial intelligence level, financing constraints, employee quality, propensity score matching Talent introduction has become an important factor shaping enterprise development in recent years. Using panel data for Shanghai and Shenzhen A-share listed companies, this paper examines how talent introduction affects firms’ artificial intelligence (AI) development and explores the channels through which this effect operates. The empirical findings suggest that talent introduction is associated with higher levels of AI development among firms. This relationship remains robust after a series of robustness tests and instrumental variable estimations. Further analysis indicates that talent introduction may contribute to AI development by easing financing constraints and improving workforce quality. The effects are not uniform across firms, however. They appear to be more pronounced depending on characteristics such as pollution status, regional location, and industry affiliation, particularly in the manufacturing sector. Overall, the findings highlight the role of talent introduction in supporting corporate AI development and provide evidence that may be useful for the design of talent-related policies and the promotion of the AI industry.
talent introduction intensity, corporate artificial intelligence level, financing constraints, employee quality, propensity score matching
Copyright (c) 2026 Shanlin Bi (Author) https://creativecommons.org/licenses/by/4.0
Analysis on the Formation Causes of AH Premium and the Reverse Premium Anomaly of Leading Companies
Section: Research Articles Keywords: AH premium rate, reverse premium, core leading companies As the interconnection mechanism of Shanghai-Shenzhen-Hong Kong Stock Connect keeps improving, an increasing number of enterprises choose to go public simultaneously in the A-share and H-share markets. However, the long-standing problem of “same stock with different prices” and the persistent premium of A-shares still exist. Taking the valuation difference between A-shares and H-shares as the research object, this paper uses literature review, comparative analysis and case studies to explore the formation mechanism and fluctuation characteristics of AH share premium from the perspectives of market structure, trading system, liquidity, investor sentiment and exchange rate changes. It also focuses on the reverse premium anomaly of leading enterprises such as CATL. The results show that structural differences between the two markets are the main cause of AH share premium, and macro liquidity and capital flows significantly affect the trend of the premium. Meanwhile, industry leaders with strong fundamentals and high information transparency are more likely to show H-share reverse premium. This study can provide references for cross-market investment decisions, corporate capital operation and the institutional optimization of capital markets.
AH premium rate, reverse premium, core leading companies
Copyright (c) 2026 Yuexing Zhu (Author) https://creativecommons.org/licenses/by/4.0
The Impact of Artificial Intelligence Industry Development on Service Exports: A Systematic Review Approach
Section: Research Articles Keywords: artificial intelligence, service exports, digitally deliverable services With the rapid development of the digital economy, artificial intelligence (AI) has become an important factor influencing international service trade. As the growth of traditional merchandise trade slows, digitally deliverable services have continued to expand, supported by the increasing role of data and AI technologies. Using a systematic literature review approach and drawing on recent macro-level trade statistics and micro-level empirical studies, this paper examines the mechanisms through which AI affects the scale and structure of service exports and reviews the related empirical evidence. Recent data show that digitally deliverable services account for more than half of global service trade. Existing studies suggest that AI can improve the technological sophistication of knowledge-intensive service exports by lowering cross-border search costs, increasing total factor productivity, and enhancing service tradability. In this sense, AI contributes not only to the expansion of service trade but also to its movement toward higher value-added activities. The findings of this study help explain recent developments in digital trade and provide policy implications for narrowing the global digital divide, particularly through improvements in digital infrastructure and increased investment in research and development.
artificial intelligence, service exports, digitally deliverable services
Copyright (c) 2026 Youyu Pan (Author) https://creativecommons.org/licenses/by/4.0
Correlation Analysis of Time Value of Cash Flow and Pricing in IPO Enterprises —— Based on Multi-period Cash Flow Model
Section: Research Articles Keywords: initial public offering, time value of cash flow, DCF valuation, PE method In recent years, growth and technology-based companies account for a relatively high proportion of A-share IPO enterprises, and the fluctuation of cash flow and rising capital expenditure make the issue pricing more uncertain. In this paper, based on the multi-period cash flow model, the correlation between the time value of cash flow and IPO pricing is discussed, taking the IPO enterprises of science and technology innovation board Growth Enterprise Market as samples from 2024 to 2025. Through sample selection, unified parameter setting, correlation analysis, unary linear regression and comparison of pricing deviation, this paper finds that the direct explanatory power of discount rate to IPO issue price is weak, and the explanatory effect of DCF model is limited in the whole sample, but it is obviously enhanced after excluding abnormal samples, while PE method is closer to the actual issue price as a whole. The research shows that the multi-period cash flow model has a conditional explanatory function in IPO pricing, and its applicability is constrained by the stability of cash flow and the market pricing mechanism.
initial public offering, time value of cash flow, DCF valuation, PE method
Copyright (c) 2026 Hongwei Huang (Author) https://creativecommons.org/licenses/by/4.0
From Regulatory Text to Bank Behaviour: The Institutional Logic of the Basel NSFR Framework and Its Manifestation in HSBC
Section: Research Articles Keywords: Net Stable Funding Ratio (NSFR), Basel III liquidity regulation, institutional logic This paper examines the Basel III Net Stable Funding Ratio (NSFR) not simply as a technical liquidity requirement, but as a regulatory text that reflects an institutional logic of funding stability. Using qualitative policy text analysis, the study explores how the NSFR framework constructs behavioural expectations through its classifications, weighting system, and regulatory language, especially through the concepts of Available Stable Funding (ASF) and Required Stable Funding (RSF). To connect regulatory design with organisational response, the paper also uses HSBC as a case study and analyses its public disclosures on liquidity, funding, and balance sheet management. The findings suggest that the NSFR promotes a prudential banking model that prioritises stable liabilities, maturity alignment, and structural resilience. HSBC’s disclosures largely reflect this logic in its funding strategy, risk governance, and liquidity reporting. The paper argues that the NSFR should be understood not only as a compliance ratio, but also as a governance mechanism that shapes legitimate banking behaviour.
Net Stable Funding Ratio (NSFR), Basel III liquidity regulation, institutional logic
Copyright (c) 2026 Chengji Liu (Author) https://creativecommons.org/licenses/by/4.0
The Alienation of Behavioral Biases Among A-Share Investors from a Localization Perspective
Section: Research Articles Keywords: localization, A-share market, investor behavioral biases, behavioral alienation, behavioral finance Behavioral finance has established a complete theoretical system in mature Western capital markets, effectively explaining the alienation induced by Market Behavioral Biases. However, the A-share as an emerging policy-driven and retail-driven market, has a unique investor structure, trading mechanism, and indigenous sociopsychological characteristics, leading to a significant alienation of classic behavioral bias theory. This article will take the Alienation of Behavioral Biases Among A-Share Investors as the core object of study. And based on Prospect Theory and employing a literature review approach, this article will conduct a systematic analysis of such aberrant phenomena as the polarization and reversal of the Disposition Effect, the full-chain extension of the Herd Effect, and the cyclical reversal of overconfidence, also delve deeply into the roots of distortion—including trading systems, information asymmetry, the retailization of institutional investors, and local culture. Research indicates that Western behavioral finance theory is not fully adapted to the unique institutional and cultural environment of the A-share market, unable to explain its underlying causes. Promoting the localization of behavioral finance theory is a critical path for correcting A-share investor behavioral alienation and enhancing market pricing efficiency, providing a theoretical basis for regulatory policy formulation and investor strategy construction. This paper addresses the gap in traditional research that overlooks institutional and cultural differences in emerging markets, while acknowledging limitations such as the lack of empirical testing. Future research could further refine the localized behavioral finance theoretical system through empirical and quantitative studies.
localization, A-share market, investor behavioral biases, behavioral alienation, behavioral finance
Copyright (c) 2026 Zekai Jiang (Author) https://creativecommons.org/licenses/by/4.0
The Impact of IP Holdings of Listed Gaming Companies on Investment Efficiency
Section: Research Articles Keywords: investment efficiency, investment behavior of game companies, IP holdings, information asymmetry theory Recent years, the game industry has developed continuously. Game Intellectual Property (IP), as an important element in the game, has a very high popularity in the market, which has attracted more and more companies to concentrate on game IP for investment. However, there is a lack of multi-dimensional empirical research on the impact of game IP holdings on the investment efficiency of enterprises. It is found that the positive impact of IP holdings on inefficient investment has not passed the significance test, indicating that simply increasing the scale of IP holdings cannot significantly aggravate or alleviate the problem of inefficient investment; Enterprise growth has a significant inhibitory effect on inefficient investment, and high-growth enterprises are more likely to realize rational allocation of resources. This paper proves that it is difficult to convert the value of game IP into investment income alone, and blindly hoarding IP can easily lead to information asymmetry and aggressive investment by management, which in turn leads to resource mismatch. Learning the results of enterprise IP investment through this empirical analysis can improve the vigilance of enterprises against IP bubble, which can help to avoid blind investment in IP and turn their investment eyes to other sustainable growth points.
investment efficiency, investment behavior of game companies, IP holdings, information asymmetry theory
Copyright (c) 2026 Mada Su (Author) https://creativecommons.org/licenses/by/4.0
Research on the Impact of Digital Financial Literacy on Household Financial Portfolio Allocation Efficiency
Section: Research Articles Keywords: digital financial literacy, household financial portfolio allocation efficiency, financial accessibility, social interaction Against the backdrop of the burgeoning digital economy, this paper investigates the impact of residents’ digital financial literacy on the efficiency of household financial asset allocation and its underlying mechanisms. Using micro-survey data from the China Household Finance Survey (CHFS) for 2017 and 2019, we conduct an empirical test. The findings reveal that an improvement in digital financial literacy significantly enhances the efficiency of household financial asset allocation. This effect is achieved by increasing household financial accessibility and promoting social interaction. Moreover, these results remain robust and significant after replacing the measurement indicators of the explanatory variable and accounting for potential policy interference. The heterogeneity analysis indicates that the positive effect of digital financial literacy is larger for rural households, those in non-key urban agglomerations, and non-financially vulnerable households. This study holds significant implications for enhancing the digital financial literacy of residents in China and promoting the rationalization of household financial asset allocation.
digital financial literacy, household financial portfolio allocation efficiency, financial accessibility, social interaction
Copyright (c) 2026 Li Yang, Chen Yang (Author) https://creativecommons.org/licenses/by/4.0
The Dampening Effect of Green Finance Reform Policies on Corporate Green Innovation Bubbles: An Empirical Study of Chinese A-Share Listed Companies
Section: Research Articles Keywords: green finance reform, green innovation bubble, strategic innovation, substantive innovation While green finance reform policies channel capital toward green industries, can they effectively curb the green innovation bubbles caused by corporate “greenwashing”? This study examines Chinese A-share listed companies from 2010 to 2024, treating the establishment of green finance reform and innovation pilot zones as a quasi-natural experiment. Using a multi-period difference-in-differences method, the study systematically investigates the impact of green finance policies on corporate green innovation bubbles and their transmission mechanisms. The findings reveal: First, green finance reform policies significantly curb corporate green innovation bubbles. Second, a decomposition of the transmission mechanisms indicates that strategic green innovation is the core channel through which policies exert their “corrective” function; due to the short-term crowding-out effect of policies on substantive innovation, the contribution of the substantive green innovation channel is weak and runs in the opposite direction. Third, the policy effects exhibit heterogeneity: non-state-owned enterprises are more sensitive to policy responses; the moderating role of executives’ financial backgrounds is limited, with differences between groups failing to reach statistical significance. This paper reveals the underlying mechanism by which green finance policies improve innovation quality by curbing strategic innovation, providing empirical evidence for mitigating “greenwashing” risks and optimizing the institutional design of green finance.
green finance reform, green innovation bubble, strategic innovation, substantive innovation
Copyright (c) 2026 Zixin Xu (Author) https://creativecommons.org/licenses/by/4.0
AI Intervention in the Irrational Behavior of Individual Investors in the Securities Industry -- Based on the Construction of Financial Culture
Section: Research Articles Keywords: AI, financial culture, securities market In view of the practical problems of “limited effect of independent implementation and fuzzy coordination mechanism” in the current AI intervention and financial culture construction in guiding investors' rational behavior, this study takes the panel data of 31 provinces in mainland China from 2022 to 2025 as samples, takes the risk awareness search index as the proxy variable of rational cognition, and empirically tests the interaction between the two by using a two-way fixed effect model. The results show that both single AI intervention and financial culture construction have a significant negative impact on investors' risk awareness, and the interaction between the two is significantly positive. Financial culture construction can positively adjust the effect of AI intervention, forming a “technology culture” double drive promotion mechanism. This paper fills the theoretical gap between AI technology and financial culture research and provides empirical support for the construction of collaborative governance programs and the stability of the securities market.
AI, financial culture, securities market
Copyright (c) 2026 Chengjun Zou (Author) https://creativecommons.org/licenses/by/4.0
Research on the Impact of Population Aging on the Real Exchange Rate
Section: Research Articles Keywords: real exchange rate, aging population, ADF test, cointegration test Against the backdrop of China’s demographic aging, this study seeks to investigate the relationship between population aging and the real exchange rate. First, the study selected demographic and economic data from 2000 to 2024. To account for the impact of the COVID-19 pandemic on demographic trends and economic development, data for 2020 and 2021 were excluded. Subsequently, this article employs a multivariate explanatory variable approach to construct a linear model incorporating four variables: real exchange rate, elderly population, working-age population, and GDP, and then employed ADF tests and cointegration tests to analyze the relationships among the four variables. The results indicate that an increase in the elderly population and an increase in the economic growth rate both lead to an appreciation of the RMB, while an increase in the working-age population has a depreciating effect on the RMB exchange rate. So, there is indeed a significant correlation between population age structure and the real exchange rate.
real exchange rate, aging population, ADF test, cointegration test
Copyright (c) 2026 Huifan Chen (Author) https://creativecommons.org/licenses/by/4.0
How Does Green Innovation Affect Corporate Profitability? An Empirical Study Based on the Mediating Effect of Green Patents of Agricultural Listed Companies
Section: Research Articles Keywords: green innovation, corporate profitability, green patents, financing constraints, agricultural enterprises In the context of global sustainable development strategies and China’s “dual carbon” goals, green innovation has become a critical driving force for the transformation and development of agricultural enterprises. This study takes Chinese A-share agricultural listed companies from 2016 to 2024 as the research sample and systematically examines the impact mechanism of green innovation on corporate profitability. It particularly introduces green patents as a mediating variable to reveal the transmission path between green innovation and profitability. The study employs the entropy weight method to construct a comprehensive corporate profitability score. Green innovation is measured from two dimensions: R&D intensity and financing constraints. Empirical tests are conducted using multiple regression models. The results show that R&D intensity has a significant negative impact on corporate profitability, while financing constraints exert a significant positive impact. Green patents play a positive mediating role between R&D intensity and profitability, but a negative mediating role between financing constraints and profitability. Heterogeneity analysis indicates that the above relationships are more pronounced in the northern regions and in the post-epidemic period. The findings provide empirical support and policy implications for agricultural listed companies to optimize green innovation resource allocation and enhance profitability, and offer experience and path references from the Chinese capital market for global agricultural green transformation and sustainable development.
green innovation, corporate profitability, green patents, financing constraints, agricultural enterprises
Copyright (c) 2026 Ziqi Zhang, Shuangxiao Li (Author) https://creativecommons.org/licenses/by/4.0
The Impact of Retirement on Urban Residents’ Participation in Commercial Pension Insurance:An Empirical Analysis Based on Fuzzy Regression Discontinuity Design
Section: Research Articles Keywords: retirement, commercial pension insurance, fuzzy regression discontinuity design, income level, risk preference, financial literacy As China’s population aging accelerates, developing the third pillar of commercial pension insurance has become an important policy issue. However, the participation rate among urban residents remains persistently low. Existing studies mostly focus on static factors and overlook the dynamic impact of retirement—a critical life event. Based on data from the 2019 China Household Finance Survey (CHFS), this paper employs a fuzzy regression discontinuity design (FRDD), using the statutory retirement age as the policy cutoff, to precisely identify the causal effect of retirement on urban male residents aged 50–70 and their participation in commercial pension insurance. The study further examines the underlying mechanisms from three dimensions: income level, risk preference, and financial literacy. The results show that retirement significantly reduces the probability of urban residents participating in commercial pension insurance, decreasing the participation rate by 12.1 percentage points under the optimal bandwidth. Mechanism analysis reveals that retirement exerts a dual inhibitory effect by lowering residents’ income levels and risk preferences. Although increased leisure time after retirement improves financial literacy and generates a certain positive effect, this positive influence is offset by the negative effects of income constraints and increased risk aversion. This paper provides rigorous empirical evidence on the causal relationship between retirement and commercial pension insurance participation, offering important policy implications for improving the third pillar of the pension system.
retirement, commercial pension insurance, fuzzy regression discontinuity design, income level, risk preference, financial literacy
Copyright (c) 2026 Zilong Zhang (Author) https://creativecommons.org/licenses/by/4.0
Research on the Brand Competitiveness Empowerment Path of Tencent's Silver-haired Service ESG Practices Driven by the Emotional Consumption of the Silver-haired Group in the Digital Era
Section: Research Articles Keywords: silver-haired group, emotional consumption, ESG practices, silver-haired service, brand competitiveness, Tencent Against the dual background of a moderately aging society and digital consumption transformation, the consumption of the silver-haired group has shifted from function-oriented to emotion-oriented. Security anxiety, dignity pursuit, emotional loneliness, and communication barriers have become core emotional demands. Existing research insufficiently reveals the integrated mechanism among the silver-haired group’s emotional consumption, ESG social dimension practices, and brand competitiveness, making it difficult to explain the value transformation logic of technology enterprises’ silver-haired services. Taking Tencent's silver-haired service as a single case, this paper systematically analyzes the characteristics of the silver-haired group’s emotional consumption, the ESG practice system, and the competitiveness empowerment path by adopting literature research, exploratory case study, and grounded theory methods, based on stakeholder theory, social exchange theory, and signaling theory. The findings show that: (1) The emotional consumption of the silver-haired group centers on security, respect, companionship, and smooth communication, characterized by emotion priority, low trial-and-error tolerance, high intergenerational transmission, and strong trust dependence; (2) Tencent has formed an ESG practice system responding to the emotional needs of the silver-haired group with the senior care exclusive hotline, AI invisible caregiver, silver-aged service base, and product-wide aging-friendly adaptation as the core; (3) Tencent's silver-haired service ESG practices transform into brand competitiveness through three paths: trust empowerment, word-of-mouth empowerment, and reputation empowerment; (4) Silver-haired ESG practices can achieve synergy between social responsibility and market benefits. This paper expands the theoretical boundary of emotional consumption, enriches the research on ESG value transformation mechanism, and provides a reference for technology enterprises to layout aging-friendly services and build brand competitiveness.
silver-haired group, emotional consumption, ESG practices, silver-haired service, brand competitiveness, Tencent
Copyright (c) 2026 Ke Mi (Author) https://creativecommons.org/licenses/by/4.0
Digital Twin Technology Drives Real-Time Scheduling Optimization for Port Container Operations: A Verification Study Centred on the Goals of Efficiency Improvement and Cost Control
Section: Research Articles Keywords: digital twin technology, port container operation scheduling, human-machine collaborative decision-making In the context of global port intelligent transformation, digital twin technology has become a key support for breaking through the bottleneck of container operation scheduling efficiency and reducing operational costs. This study adopts a single-case exploratory design, selecting typical ports that have deployed digital twin systems as the research objects. It systematically examines the application mechanism of digital twin technology in container operation scheduling from three dimensions: technical empowerment, decision reconstruction, and performance optimization. The research team obtained multiple data sources through field investigation methods such as participatory observation, system operation logs, scheduling record reports, and in-depth interviews. They used the three-level coding method of grounded theory to construct a process model of “technical empowerment - decision transformation - performance output”, revealing the complete transformation path from technical input to efficiency-cost dual-target output. The study found that the digital twin system realizes real-time integration and virtual mapping of all process data through a hierarchical architecture, forming a hierarchical human-machine collaborative decision-making model of “automated in routine scenarios, collaborative in complex scenarios, and manual in emergency scenarios”, effectively achieving the collaborative optimization of vessel operation efficiency and reduction of operational costs. The process model constructed in this study reveals the internal mechanism of digital twin technology driving scheduling optimization, providing systematic theoretical and practical guidance for the construction of intelligent port scheduling.
digital twin technology, port container operation scheduling, human-machine collaborative decision-making
Copyright (c) 2026 Minghan Huang (Author) https://creativecommons.org/licenses/by/4.0
Money Intuition in Digital Financial Behavior: The Impact Mechanism of Mobile Payment and Credit Consumption on Financial Risk Perception among Quasi-Digital Natives
Section: Research Articles Keywords: digital payment, money perceptibility, financial risk perception, quasi-digital natives, payment pain, credit consumption The deep popularization of digital payment has profoundly influenced the consumption behavior and money cognition of young people, but it has also raised concerns about the weakening of financial risk perception. This paper introduces the core concept of “money perceptibility,” which refers to individuals’ subjective judgment of the authenticity of money’s value and their comprehensive psychological perception during spending. Based on this, the paper constructs a theoretical analysis framework of “payment method—money perceptibility—financial risk perception.” It explores the impact mechanisms of mobile payment and credit consumption on the financial risk perception of quasi-digital natives through three pathways: sensory, cognitive, and emotional. Accordingly, the paper proposes countermeasures from three levels—family and school education, corporate product design, and government regulatory protection—aiming to help young people reshape healthy money cognition and enhance their ability to guard against financial risks in the digital era.
digital payment, money perceptibility, financial risk perception, quasi-digital natives, payment pain, credit consumption
Copyright (c) 2026 Jiyu Yuan (Author) https://creativecommons.org/licenses/by/4.0
How Management Incentives Influence Corporate Financial Performance: A Mediating Effect Analysis Based on ESG Performance
Section: Research Articles Keywords: ESG performance, managerial incentives, corporate financial performance, mediating effect Against the backdrop of China’s dual-carbon targets and the pursuit of high-quality economic development, the synergistic relationship between ESG (environmental, social, and governance) performance and corporate governance mechanisms has become increasingly prominent. Using Chinese A-share listed companies from 2020 to 2024 as the research sample, this paper employs panel-data multiple regression and mediating-effect models to empirically examine both the direct impact of managerial incentives on corporate financial performance and the underlying transmission mechanisms. The results show that (1) both equity-based and compensation-based managerial incentives exert a statistically significant positive effect on corporate financial performance; and (2) ESG performance plays a significant partial mediating role in the relationship between managerial incentives and corporate financial performance—specifically, a transmission pathway exists in which managerial incentives improve ESG performance, which in turn enhances financial performance. These findings remain robust after a series of robustness checks, including variable substitution. By adopting a sustainable-development perspective, the study extends the literature on the economic consequences of managerial incentives. It also supplies empirical evidence that can help firms incorporate ESG metrics into executive evaluation systems, refine incentive contract design, and assist regulators in improving relevant institutional frameworks.
ESG performance, managerial incentives, corporate financial performance, mediating effect
Copyright (c) 2026 Jiayi Li (Author) https://creativecommons.org/licenses/by/4.0
The Impact of the Negative List System for Market Access on Real Earnings Management: Evidence from a Multi-period DID Quasi-natural Experiment
Section: Research Articles Keywords: negative list system for market access, real earnings management, multi-period difference-in-differences, competition governance This paper exploits the phased pilot implementation of the Negative List System for Market Access as a quasi-natural experiment. Using data on A-share listed firms in the Shanghai and Shenzhen stock exchanges from 2013 to 2019, we employ a multi-period difference-in-differences (DID) approach to examine the impact of this system on firms’ real earnings management. The results show that the Negative List System for Market Access significantly reduces the level of real earnings management. This finding remains robust after a series of robustness checks, including propensity score matching (PSM) and entropy balancing. Heterogeneity analysis indicates that the policy effect is more pronounced in firms with larger board size, while it is relatively weakened in firms with CEO duality, abundant cash flows, and strong profitability. From the perspective of corporate financial behavior, this study reveals the micro-level governance effects of market access reform and provides empirical evidence for deepening the “streamlining administration, delegating power, strengthening regulation, and improving services” reform and optimizing the business environment.
negative list system for market access, real earnings management, multi-period difference-in-differences, competition governance
Copyright (c) 2026 Junhan Sun (Author) https://creativecommons.org/licenses/by/4.0
An Analysis of Regional Differences in Consumption Expenditure Levels in China Based on Hierarchical Clustering
Section: Research Articles Keywords: systematic clustering method, regional consumption disparity, consumption structure, urban residents, within-cluster sum of squares method There are significant regional disparities in the consumption expenditure levels of urban residents in China. Scientifically identifying the regional differentiation characteristics of consumption structure is of great significance for formulating differentiated regional development policies. Based on the data of per capita consumption expenditure of urban residents across eight major categories in 31 provinces, autonomous regions, and municipalities from the China Statistical Yearbook 2024, this study conducts an empirical analysis of regional differences in consumption expenditure levels in China using the systematic clustering method, specifically the within-cluster sum of squares method and squared Euclidean distance. First, descriptive statistics and boxplots are employed to identify the distribution characteristics of variables and detect outliers. Second, Pearson correlation coefficients are used to examine the relationships among variables. Subsequently, systematic clustering based on the within-cluster sum of squares method is performed, and the optimal number of clusters is determined with the aid of scree plots and dendrograms. Finally, one-way analysis of variance (ANOVA) is applied to test the statistical significance of the clustering results. The empirical results indicate that the 31 provinces in China can be classified into three consumption tiers. The first category is characterized as “high consumption–comprehensive development,” including Beijing, Shanghai, and Zhejiang, where the consumption structure has shifted toward development- and enjoyment-oriented consumption. The second category is defined as “moderate consumption–structural optimization,” covering Tianjin, Inner Mongolia, Jiangsu, Fujian, Guangdong, and Tibet, where the consumption structure is in a transitional stage of upgrading. The third category is described as “relatively low consumption–survival-oriented,” comprising the remaining 22 provinces, where consumption remains concentrated on essential goods. Significant inter-group differences are observed across all eight categories of consumption expenditure among the three groups (p < 0.01), and the clustering results are highly consistent with China’s regional economic development patterns. This study provides empirical evidence for understanding regional differences in consumption structure in China and for formulating differentiated consumption promotion policies.
systematic clustering method, regional consumption disparity, consumption structure, urban residents, within-cluster sum of squares method
Copyright (c) 2026 Yawen Shi (Author) https://creativecommons.org/licenses/by/4.0
A Three-Dimensional “Government–Power–Carbon” Collaborative Optimization Framework for Energy-Intensive Industrial Parks
Section: Research Articles Keywords: high-energy-consuming industrial parks, “government-electricity-carbon” collaborative mechanism, low-carbon transformation, dual carbon goals Under the guidance of the “dual carbon” strategic goals, high-energy-consuming industrial parks, as the main carriers of industrial energy consumption and carbon emissions, are confronted with multiple challenges such as low energy utilization efficiency, increasingly strict carbon emission constraints, and slow policy responses. Traditional single governance approaches are unable to effectively coordinate the complex relationships among government regulation, power resource allocation, and carbon market mechanisms, thus there is an urgent need to establish a multi-dimensional mechanism coupling system optimization model. This paper focuses on the three-dimensional synergy of “government-electricity-carbon”, and constructs a collaborative optimization mechanism centered on the management organization layer, power system layer, and carbon flow network layer, exploring the path to achieve the maximization of resource allocation efficiency and the coordinated attainment of carbon emission control targets in high-energy-consuming industrial parks. To verify the feasibility of the mechanism, this paper takes the high-energy-consuming industrial park of Henan Luoyang Petrochemical as a case, and conducts simulation and comparative analysis based on on-site energy consumption and emission data. The research results show that this mechanism strengthens the dynamic regulatory role of government policies, enhances the response flexibility of the power system and the price discovery function of the carbon market. It not only provides theoretical support and practical paths for the low-carbon development of high-energy-consuming industrial parks, but also has significant practical significance and promotion value for achieving the carbon peak and carbon neutrality goals within the regional scope.
high-energy-consuming industrial parks, “government-electricity-carbon” collaborative mechanism, low-carbon transformation, dual carbon goals
Copyright (c) 2026 Mengyao Ren, Miao Shi (Author) https://creativecommons.org/licenses/by/4.0
Safety-First Pension Funds, Governance, and Market Risk: Evidence from China’s A-Share Market
Section: Research Articles Keywords: public pension funds, ESG, symbolic management, governance-risk decoupling, state capitalism, China A-share market This paper examines how Chinese public pension funds affect corporate governance and market risk in a state-capitalist setting. Using A-share firms from 2015 to 2024, we show that pension funds display an ESG screening effect ex ante and are followed by higher post-investment ESG scores. The effect, however, is concentrated in the governance pillar and is more than twice as large in SOEs as in private firms. Despite these governance gains, pension ownership is not associated with lower stock-return volatility. We interpret this pattern as governance-risk decoupling: pension funds appear to promote visible, compliance-oriented governance upgrades, but their small stakes and the retail-dominated market limit their ability to stabilize prices. The findings refine the universal-owner view by showing that, in transitional economies, state-backed patient capital may function more as administrative legitimacy than as a direct mechanism of market-risk reduction.
public pension funds, ESG, symbolic management, governance-risk decoupling, state capitalism, China A-share market
Copyright (c) 2026 Yun'e Xie (Author) https://creativecommons.org/licenses/by/4.0
Balanced Scorecard and Its Application in Enterprises: A Case Study of ANTA Sports Products Co., Ltd.
Section: Research Articles Keywords: balanced scorecard, ANTA Sports, multi-brand strategy, performance management, globalization In an increasingly competitive sportswear industry, where multiple brands are pursuing accelerated globalization, relying solely on financial metrics to evaluate corporate performance no longer suffices to support the effective execution of strategy. The Balanced Scorecard (BSC) integrates financial indicators with non-financial dimensions—such as customer satisfaction—enabling multi-brand conglomerates to more comprehensively balance short-term profitability against long-term sustainable development. This study selects ANTA Sports Products Co., Ltd. as its case, examining the practical implementation of the Balanced Scorecard across its four core perspectives. The analysis reveals that the BSC’s multidimensional evaluation framework aligns well with ANTA’s prevailing strategic orientation. Nevertheless, opportunities for refinement remain, particularly in the weighting and prioritization of individual performance indicators. The findings and related conclusions may offer valuable insights for other enterprises engaged in the manufacturing and distribution of sportswear as they develop or refine their own performance evaluation systems.
balanced scorecard, ANTA Sports, multi-brand strategy, performance management, globalization
Copyright (c) 2026 Jinwei Fang (Author) https://creativecommons.org/licenses/by/4.0