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.
Industrial Transfer and Regional Economic Growth: a Theoretical Analysis Based on Factor Flow
Section: Research Articles Keywords: industrial transfer, regional economic growth, factor flow Based on regional economic theory, this article explores the relationship between industrial transfer and regional economic growth, focusing on analyzing the mechanism of factor flow (labor, capital, technology) in the process of industrial transfer and its impact on regional economic development. The study combines neoclassical economic growth theory, new economic geography and gradient transfer theory to construct a theoretical framework of industrial transfer and factor flow, and verifies the applicability of the theoretical model through practical cases of industrial transfer in China (such as the transfer of industries from the Pearl River Delta to the central and western regions). The study found that industrial transfer has significantly promoted regional economic growth by optimizing factor allocation, promoting technological spillovers and industrial agglomeration, but it may also exacerbate regional development imbalances. To this end, this article puts forward policy suggestions, including strengthening regional policy coordination, improving labor skill matching, optimizing ecological environment governance, etc., to promote high-quality development of industrial transfer and sustainable growth of regional economy.
industrial transfer, regional economic growth, factor flow
Copyright (c) 2025 Xiaoran Li (Author) https://creativecommons.org/licenses/by/4.0
The Impact of Digital Transformation on Corporate Financialization and Its Mechanisms: Evidence from Non-Financial Listed Companies in Shanghai and Shenzhen A-Shares, 2009-2023
Section: Research Articles Keywords: digital transformation, corporate financialization, nature of property rights, high-tech enterprises Currently, corporate financialization has become prominent, and the issue of the economy “shifting from the real to the virtual” is increasingly acute, posing significant challenges to the development of the real economy. As a core strategic pathway for driving industrial upgrading and value reconfiguration, digital transformation holds important implications for exploring its dynamic effects on the real economy and promoting high-quality development of real industries. This paper takes non-financial listed companies in Shanghai and Shenzhen A-shares from 2009 to 2023 as the research sample and empirically examines the impact of digital transformation on corporate financialization and its underlying mechanisms. The results show that digital transformation significantly inhibits corporate financialization, reduces the proportion of financial asset allocation, and exerts a positive effect on the development of the real economy. Specifically, digital transformation suppresses financialization by enhancing internal control quality and reducing information asymmetry, thereby improving commercial credit financing, alleviating financing constraints, and weakening the “precautionary” (liquidity reservoir) motive; it also promotes resource allocation efficiency, fosters corporate innovation, and increases the return on real investment, thereby curbing the “substitution” motive. Heterogeneity analysis reveals that the inhibitory effect of digital transformation on corporate financialization is more pronounced in non-state-owned enterprises and non-high-tech enterprises. This study proposes solutions to address the existing financialization problems in real-sector enterprises, underscores the critical importance of real economy development, and elucidates the mechanisms and positive impacts through which digital transformation promotes the shift of enterprises “from the virtual back to the real” and empowers the real economy.
digital transformation, corporate financialization, nature of property rights, high-tech enterprises
Copyright (c) 2025 Xinyun Wei (Author) https://creativecommons.org/licenses/by/4.0
How Does the Low-Carbon City Pilot Policy Affect Firms’ Green Innovation? A Spatial DID Analysis Based on Multi-Dimensional Evidence
Section: Research Articles Keywords: low-carbon city pilot, green innovation, difference-in-differences method, financing constraints, environmental regulation Corporate green technological innovation serves as an effective pathway to promote the green transformation of economic development. This paper utilizes panel data of A-share listed companies from 2007 to 2024 as the empirical sample, taking China’s “Low-Carbon City Pilot” policy as the quasi-natural experiment. Employing a multi-period difference-in-differences (DID) approach, the study empirically examines the supportive impact of this environmental protection policy on the green technological development of listed companies and explores the underlying mechanisms. The empirical results indicate that the low-carbon city pilot policy significantly enhances firms’ green innovation behavior. Further mechanism analysis reveals that alleviating financing constraints and strengthening environmental governance constitute key channels through which the policy exerts its effects. On one hand, this study confirms the actual innovation-promoting effects of the low-carbon city pilot policy at the micro level; on the other hand, it elucidates the transmission pathways—optimization of the financing environment and intensification of environmental enforcement—through which the policy translates into corporate actions. These findings provide important theoretical support and practical implications for governments to refine environmental policy frameworks and enhance the endogenous incentives for firms’ green development.
low-carbon city pilot, green innovation, difference-in-differences method, financing constraints, environmental regulation
Copyright (c) 2025 Xiaoyu Wu (Author) https://creativecommons.org/licenses/by/4.0
Comparison and Reflection on the Economic Governance Models for Street Vendors in Large, Medium and Small Cities
Section: Research Articles Keywords: street vendors, urban governance, differentiated models, scale adaptation, collaborative governance Based on the perspective of city size, this paper systematically compares the differentiated governance models for street vendors in large, medium, and small cities, using Changshou District in Chongqing, Ganxian District in Ganzhou, and Yiwangxi Town in Taoyuan as typical cases. The study finds that large cities exhibit a “systematic empowerment” model, relying on administrative coordination and technological control; medium-sized cities adopt a “diversion and transformation” model, balancing multiple objectives through spatial relocation and industrial guidance; while small cities rely on a “local-rules-based” model, maintaining order at low cost through informal rules. The research further reveals the structural causes and inherent dilemmas of these different models and proposes an optimized path of “categorized guidance and flexible adaptation”, aiming to provide theoretical and practical insights for urban governance modernization.
street vendors, urban governance, differentiated models, scale adaptation, collaborative governance
Copyright (c) 2025 Darui Li (Author) https://creativecommons.org/licenses/by/4.0
Data Asset Recognition on the Balance Sheet: Theoretical Framework, Practical Challenges, and Implementation Pathways
Section: Research Articles Keywords: data asset recognition on the balance sheet, information disclosure, data governance Data elements have become crucial production factors driving corporate economic growth and value creation. This paper reviews the policy framework and evolutionary process of data asset recognition on the balance sheet. Through a systematic analysis of the current status and typical models of data asset recognition among listed companies, it delves into the challenges encountered in current practices from four dimensions: ownership confirmation dilemmas, valuation methods, corporate capabilities and willingness, and information disclosure versus commercial secret protection. Building on this foundation, it proposes implementation pathways for data asset recognition on the balance sheet and corresponding recommendations, aiming to provide operable guidance for enterprises’ data asset recognition and references for further standardization and refinement of accounting policies.
data asset recognition on the balance sheet, information disclosure, data governance
Copyright (c) 2025 Xuehan Ren (Author) https://creativecommons.org/licenses/by/4.0
The Impact of Perceived Value of Sports Licensed Merchandise on Spectating Intention and Repurchase Intention: A Case Study of the 2025 Chengdu World Games
Section: Research Articles Keywords: sports licensed merchandise, perceived value, satisfaction, repurchase intention, spectating intention, S-O-R theory This study, based on the Stimulus-Organism-Response (S-O-R) theoretical model and utilizing a sample of 454 consumers, constructs a path model to examine the effects of “perceived value (economic value, social value, aesthetic value), satisfaction, spectating intention towards the event, and repurchase intention for licensed merchandise.” The results indicate that all three dimensions of perceived value have a significant positive impact on satisfaction. Satisfaction, in turn, significantly positively influences both repurchase intention and spectating intention. Moreover, satisfaction plays a fully mediating role between perceived value and spectating intention, while it plays a partially mediating role between perceived value and repurchase intention. These findings reveal the intrinsic psychological transformation mechanism-from consumers’ cognitive appraisal of the value of event-related products to their behavioral intention to participate in the event-within the consumption context of licensed merchandise. This provides empirical evidence for event organizers and brand owners to enhance consumer satisfaction, promote sustained consumption, and encourage event participation by optimizing product value attributes.
sports licensed merchandise, perceived value, satisfaction, repurchase intention, spectating intention, S-O-R theory
Copyright (c) 2025 Huimin Wu (Author) https://creativecommons.org/licenses/by/4.0
A Study on the Coordination Between Distributional Equity and Economic Efficiency
Section: Research Articles Keywords: distributional equity, economic efficiency, coordination Distributional equity and economic efficiency are two critical dimensions of socio-economic development. They are interdependent and mutually influential, together forming the cornerstone of social and economic progress. This paper aims to explore the coordination between distributional equity and economic efficiency, analyzing their inherent logic, historical evolution, and contemporary challenges, while proposing corresponding policy recommendations. By reviewing relevant domestic and international theories and practices, this paper argues that under the conditions of a socialist market economy, achieving coordinated development between distributional equity and economic efficiency is an essential requirement for promoting sustainable economic and social development.
distributional equity, economic efficiency, coordination
Copyright (c) 2025 Huali Zhu (Author) https://creativecommons.org/licenses/by/4.0
Research on the Mechanism of the Digital Economy’s Impact on Labor Market Structure
Section: Research Articles Keywords: digital economy, labor market structure, skill-biased technological progress As the core driver of the new round of technological revolution and industrial transformation, the digital economy is reshaping the operational logic and structural form of the global labor market. From the perspective of theoretical economics, this study systematically identifies the core transmission paths through which the digital economy affects labor market structure, and analyzes the micro-mechanisms of digital technology’s impacts across four dimensions: total employment, employment structure, wage determination, and labor relations. Drawing on stylized facts, it further summarizes emerging characteristics and challenges facing the current labor market. The findings reveal that the digital economy exerts a dual effect of creative destruction on the labor market: while technological progress generates new jobs and optimizes resource allocation efficiency, it also triggers structural contradictions including skill mismatch and employment polarization. Finally, targeted policy recommendations for labor market regulation are proposed to adapt to digital economy development, providing a theoretical reference for mitigating structural employment pressures and achieving balanced labor market growth.
digital economy, labor market structure, skill-biased technological progress
Copyright (c) 2025 Xuexin Li (Author) https://creativecommons.org/licenses/by/4.0
Research on the Impact of Artificial Intelligence on Enterprise Resilience
Section: Research Articles Keywords: artificial intelligence, enterprise resilience, financing constraints, R&D investment intensity, management expense ratio This paper uses A-share listed companies in Shanghai and Shenzhen from 2014 to 2023 as the research sample to empirically examine the impact effect of artificial intelligence on enterprise resilience, its underlying mechanisms, endogeneity tests, and heterogeneity analysis. The study finds that artificial intelligence has a significant inhibitory effect on enterprise resilience, and this core conclusion remains valid after endogeneity and robustness tests. The mechanism test results indicate that artificial intelligence inhibits enterprise resilience through three pathways: increasing the level of financing constraints, enhancing the intensity of R&D investment, and raising the management expense ratio. The heterogeneity test results further reveal the differences in its inhibitory effects, showing that artificial intelligence has a more pronounced inhibitory impact on enterprise resilience in the eastern region, in non-manufacturing industries, and among heavily polluting enterprises. This paper breaks through the current mainstream research’s singular optimistic perspective on the application of artificial intelligence, revealing its potential risks to the sustainable development of enterprises, and provides empirical evidence and decision-making references for enterprises to rationally promote digital transformation.
artificial intelligence, enterprise resilience, financing constraints, R&D investment intensity, management expense ratio
Copyright (c) 2025 Qi Mai (Author) https://creativecommons.org/licenses/by/4.0
Research on Digital Transformation and Implementation Path of Marketing Specialties in Colleges and Universities in the Age of Artificial Intelligence
Section: Research Articles Keywords: artificial intelligence, marketing program, digital transformation, implementation paths The growth of artificial intelligence technology is causing a revolution in the global business landscape, with the marketing discipline leading the way. The digitalization of consumer behavior, fragmentation of marketing channels, and the intelligence of decision-making models are driving companies into a corner towards a new - type marketing talent that can harness data insight and algorithm - based applications. Meanwhile, the current marketing major in higher education is still organized around the traditional 4P theory, and there are decades - long generational divides between curricular contents and new iterations of industry technology. Data indicate that more than 70% of marketing positions require some digital skills, such as user portrait analysis, or intelligent placement, but the trained response to this demand by the cultivation system in higher education has not been systematic. This discrepancy between supply and demand pulls not only on the competitiveness of graduates, but also inhibits industrial intelligent upgrading. The digital transformation of marketing as a major is no longer an exploratory issue but rather a survival issue in terms of whether it will still function as an discipline.
artificial intelligence, marketing program, digital transformation, implementation paths
Copyright (c) 2025 Lin Liu (Author) https://creativecommons.org/licenses/by/4.0
Low Carbon Transformation of Chinese Cities: Theoretical Evolution, Empirical Progress and Future Prospects
Section: Research Articles Keywords: low carbon transformation of Chinese cities, theoretical evolution, empirical progress In the context of global warming, cities are the core source of carbon emissions, and promoting their low-carbon transformation is the key to China’s implementation of the “double carbon” goal. This paper aims to systematically sort out the frontier achievements of China’s urban low-carbon transformation, and build a comprehensive theoretical analysis framework. At the theoretical level, it traces the evolution of the concepts of decarbonization, LCD and LCT, clarifies the logical relationship, and integrates the theories of ecological modernization and sustainable development to lay the foundation for transformation. At the empirical level, this paper analyzes the suitability of IPCC, IOA and LCA carbon accounting methods and the index evaluation system, identifies that per capita income, energy structure, population size, industrial structure and green technology innovation are the main driving factors affecting carbon emissions, and summarizes the emission reduction effects of low-carbon city pilot, carbon trading market and other policy tools, revealing that the distribution pattern of carbon emissions is high in the East and low in the west, with significant spatial spillover effect, and that individual behavior plays an important role in low-carbon transformation. At the same time, this paper also points out that the current research still faces challenges such as insufficient theoretical localization, lack of micro mechanism mining, incomplete data system and poor policy adaptability, and puts forward corresponding future policy prospects, so as to provide theoretical reference and practical guidance for promoting the development of low-carbon transformation in Chinese cities.
low carbon transformation of Chinese cities, theoretical evolution, empirical progress
Copyright (c) 2025 Lingyan Zhai (Author) https://creativecommons.org/licenses/by/4.0
Research on Multi-modal Transportation Decision-making and Risk Control Strategies under Time-sensitivity Constraints
Section: Research Articles Keywords: time-sensitive issues, multi-modal transportation, penalty costs, risk control This paper investigates the conflict between consumer demands for prompt delivery and the uncertainty of actual transit times in the e-commerce era. A novel cost optimization model is proposed that integrates transportation costs and penalty costs, aiming to optimize transportation mode selection while minimizing both explicit and implicit costs. By analyzing historical order data, the study fits the actual transit times for various transportation modes into normal distribution functions. Utilizing the Sample Average Approximation (SAA) method, the expected objective function is modeled in Python and solved using the Gurobi optimizer to determine the recommended transportation modes and associated costs. A comparison between actual costs and model-derived results indicates that the proposed model significantly reduces penalty costs and lowers total operational costs. Consequently, this approach safeguards corporate goodwill and mitigates intangible losses that are otherwise difficult to quantify. The findings suggest that enterprises should look beyond standalone transportation expenses and adopt a comprehensive cost model that incorporates penalty-based risk factors.
time-sensitive issues, multi-modal transportation, penalty costs, risk control
Copyright (c) 2025 Zinuo Tao (Author) https://creativecommons.org/licenses/by/4.0
Analysis of How Green Finance Helps Enterprises Achieve Low-Carbon Transformation
Section: Research Articles Keywords: green finance, dual carbon targets, low-carbon transition, carbon neutrality Against the backdrop of global efforts to address climate change and China’s “dual carbon” goals, enterprises characterized by high energy consumption and high emissions are facing urgent pressure to transition to low-carbon practices. Green finance, as a key tool for guiding capital flows to green and low-carbon sectors, plays an irreplaceable role in alleviating the financing gap for transformation and driving green innovation in enterprises. This article aims to systematically elucidate the intrinsic mechanism and practical path of green finance in helping Chinese enterprises achieve low-carbon transformation. The study first outlines the concept and types of green finance, as well as the evolution of China’s green finance policy system. Furthermore, the paper delves into the three core mechanisms of capital allocation, risk management, and incentive constraints to analyze how tools such as green credit, green bonds, ESG ratings, and carbon pricing can promote corporate emission reduction and green technology innovation. Finally, considering the current challenges such as inconsistent standards, information asymmetry, and inadequate tools, policy recommendations are proposed to improve the standards system, accelerate product innovation, and cultivate professional talent. This article argues that green finance, through market mechanisms, effectively empowers enterprises to achieve low-carbon transformation and is an important financial guarantee for promoting systemic economic and social changes and achieving carbon neutrality goals.
green finance, dual carbon targets, low-carbon transition, carbon neutrality
Copyright (c) 2025 Sirui Yan (Author) https://creativecommons.org/licenses/by/4.0
Research on Financial Performance under Disney’s Asset-Light IP Operation Mode
Section: Research Articles Keywords: asset-light, operation mode, financial performance, Disney In the stage of global new economic development deeply empowered by technology, the asset-light mode is being adopted and promoted by an increasing number of enterprises. On the basis of summarizing the existing literature, this paper discusses the related concepts of the asset-light operation mode, and takes Disney as the research object, selecting its financial data from 2020 to 2024 to explore the actual utility and implementation effects of the asset-light IP operation mode on corporate financial performance. The study finds that Disney has successfully achieved a strategic transformation from heavy assets to light assets through measures such as brand value accumulation, content innovation drive, and diversified industrial chain synergy. Significant improvements have appeared in profitability, operational capability, solvency, and growth capability, but it still faces inventory and short-term solvency pressures. In response, this paper proposes the following targeted suggestions: first, strengthen inventory management to enhance the efficiency of asset-light operations; second, optimize working capital to improve cash flow turnover efficiency; third, synergize the IP ecosystem to continuously enhance profitability.
asset-light, operation mode, financial performance, Disney
Copyright (c) 2025 Yuting Zhu (Author) https://creativecommons.org/licenses/by/4.0
Research Progress on the Construction and Effectiveness of the Green Financial System under the “Dual Carbon” Goal
Section: Research Articles Keywords: green finance, dual carbon targets, system construction, effectiveness, literature review The proposal of the goal of “carbon peaking and carbon neutrality” marks that the economy and society have entered a critical stage of systematic green transformation, and puts forward all-round reform requirements for industrial restructuring, energy consumption upgrading and other fields. As the core link connecting financial capital and green projects, green finance is not only a key financing channel to achieve the “dual carbon” goal, but also an important incentive mechanism to guide market players to fulfill their environmental protection responsibilities. This article systematically sorts out domestic and foreign research literature on the construction of green financial systems (policies, markets, products) and their effectiveness in supporting green and low-carbon development, summarizes the main consensus, key controversies and deficiencies of existing research, and proposes possible future research The direction provides reference for enriching the theoretical system of environmental economics and finance, guiding policy formulation and market practice.
green finance, dual carbon targets, system construction, effectiveness, literature review
Copyright (c) 2025 Xiangran Chen (Author) https://creativecommons.org/licenses/by/4.0
A Study on the Effectiveness of ESG Information Disclosure in the New Tea Beverage Industry: CHAGEE’s U.S. Listing
Section: Research Articles Keywords: ESG information disclosure, new tea beverage industry, CHAGEE, U.S. listing, effectiveness evaluation This study uses CHAGEE, which is listed on the U.S. stock market in April 2025, as a case to explore the effectiveness of environmental, social, and governance (ESG) information disclosure in the new tea beverage industry. Using a case study and comparative research methods, this study systematically examines the motivations behind CHAGEE’s voluntary ESG disclosures in the U.S. market, the characteristics of the disclosed content, and the subsequent market reactions. For assessment, comparisons are made with peer companies listed in Hong Kong. The effectiveness of ESG disclosure in this industry is influenced by multiple factors, including regulatory policies, corporate strategies, industry-specific characteristics, and resource capabilities. Improving the quality of ESG disclosure requires enhancements in areas such as establishing robust management structures, strengthening quantitative data disclosure, and introducing third-party assurance. This research provides theoretical insights and practical guidance for ESG practices within the new tea beverage industry while also offering references for regulatory bodies aiming to refine ESG disclosure standards.
ESG information disclosure, new tea beverage industry, CHAGEE, U.S. listing, effectiveness evaluation
Copyright (c) 2025 Keyang Yang (Author) https://creativecommons.org/licenses/by/4.0
Analysis of Factors Influencing Corporate Financing Costs
Section: Research Articles Keywords: corporate financing cost, interfering factor, innovation in financing methods, green finance, macro-economic policy This article reviews the literature and analyzes the mechanism of financing cost impact from four dimensions: macro environment, enterprise characteristics, financing methods, and market environment. Macroscopically, it is influenced by interest rate liberalization, monetary policy, and regulatory systems; in terms of enterprises, it depends on credit, risk, and governance structures; in terms of financing methods, new financial instruments reshape the cost structure; at the market level, it is impacted by industry differences, regional financial ecology, and geopolitical risks. Research indicates that various factors interact with each other to jointly affect financing costs. Current research exhibits limitations such as insufficient cross-market analysis, inadequate exploration of dynamic mechanisms, and a need for enhanced research on novel mechanisms. In the future, we can focus on digital transformation, the cost mechanism of green financing under the goal of carbon neutrality, the transformation of financing models in the digital economy, and the quantitative analysis of the coupling effect of multiple dimensions. This article provides a research framework for the academic community and offers references and insights for businesses and policymakers.
corporate financing cost, interfering factor, innovation in financing methods, green finance, macro-economic policy
Copyright (c) 2025 Xuanjiang Li (Author) https://creativecommons.org/licenses/by/4.0
Analysis of the Coupling Coordination Relationship Between Green Finance and High-Quality Economic Development in China and Its Influencing Factors
Section: Research Articles Keywords: green finance, high-quality economic development, coupling coordination degree, Dagum Gini coefficient, influencing factors, spatiotemporal differentiation Drawing on panel data from 31 Chinese provinces over the period 2010–2023, this study constructs evaluation indices for green finance and high-quality economic development. The entropy weight method, coupling coordination degree model, and Dagum Gini coefficient are employed to examine the spatiotemporal synergies and regional disparities between the two systems. Findings reveal that, although both system indices exhibit growth in overall development levels, a marked pattern of “relative lag in high-quality economic development” has emerged since 2018. With respect to coordination status, national coupling coordination fluctuates and remains suboptimal, characterised by “high coupling but low coordination”; by 2023, the system had regressed to a state of “severe disequilibrium”. Spatially, a fundamental shift occurred after 2018, yielding a new pattern of differentiation: western and northeastern regions overtaking others, an inverted U-shaped decline in the east, and subsidence in the central region. Although the overall Gini coefficient has narrowed significantly, inter-regional disparities now constitute the predominant source of spatial imbalance, with their contribution rising to 65.38%. Economic development level, industrial structure optimisation, and government intervention emerge as the principal positive drivers of coordination. The analysis concludes that structural lag and pronounced spatial heterogeneity persist in the synergy between the two domains; policy priorities should therefore shift from “developing green finance” to “empowering high-quality development”, complemented by differentiated inter-regional coordination strategies.
green finance, high-quality economic development, coupling coordination degree, Dagum Gini coefficient, influencing factors, spatiotemporal differentiation
Copyright (c) 2025 Junhao Lai (Author) https://creativecommons.org/licenses/by/4.0
How China's Soybean Industry Chain Restructures and Enhances its Tenacity against the Background of the Global Food Security Crisis
Section: Research Articles Keywords: soybean, industry chain, new trade mode, resilience rebuild, industrial security This study analyzes the connotations of industrial security theory and trade theory in the context of international food security, summarizing the resilience patterns of the soybean industry both domestically and internationally. By constructing the theoretical framework and analyzing trends, the topic addresses the challenges posed by the global food security crisis, providing a paradigm for China’s soybean industry chain restructuring and resilience enhancement to maintain soybean industrial security.
soybean, industry chain, new trade mode, resilience rebuild, industrial security
Copyright (c) 2025 Chuhan Huang (Author) https://creativecommons.org/licenses/by/4.0
Study of the Impact of the Yarlung Zangbo Hydropower Station Construction on the Development of Tibet's Cement Industry from the Perspective of the Policy-market Game
Section: Research Articles Keywords: Yarlung Zangbo River, Yaxia Project, Tibet, cement enterprises, policy This study analyzes the impact of the Yarlung Zangbo River hydropower project (Yaxia Project) on Tibet's cement industry from a policy-market game perspective. We find that policy-driven demand conflicts with supply-side constraints (e.g., capacity replacement and environmental policies). This results in a policy-regulated oligopoly where local and external firms compete differently on the basis of location, technology, and cost. We suggest that enterprises adopt flexible supply chains and recommend that the government balance capacity control with infrastructure goals.
Yarlung Zangbo River, Yaxia Project, Tibet, cement enterprises, policy
Copyright (c) 2025 Jiaying Liu (Author) https://creativecommons.org/licenses/by/4.0
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