Financial Economics Research
type: channel
description: 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.
publisher: Zeus Press
language: en
publication name: Financial Economics Research
issn: 3006-3655
items: An Analysis of Regional Differences in Consumption Expenditure Levels in China Based on Hierarchical Clustering
items: A Three-Dimensional “Government–Power–Carbon” Collaborative Optimization Framework for Energy-Intensive Industrial Parks
items: Safety-First Pension Funds, Governance, and Market Risk: Evidence from China’s A-Share Market
items: Balanced Scorecard and Its Application in Enterprises: A Case Study of ANTA Sports Products Co., Ltd.
items: How the Digital Economy Shapes Workers’ Employment Choices: Internal Mechanisms and Empirical Evidence on Informal Employment
items: Valuation Analysis of Alibaba Using P/E, P/B, and EV/EBITDA Models
items: The Impact of New Quality Productive Forces on Firm Performance and Its Mechanisms
items: The Impact of 5G Factory Construction on Corporate Financial Efficiency— An Empirical Analysis Based on Manufacturing Listed Companies on the Shanghai and Shenzhen A‑Share Markets
items: The Underlying Logic, Practical Challenges and Optimal Pathways for Urban Commercial Banks to Expand into and Empower the New Rural Collective Economy
items: CSR Governance Framework for Internet Platform Enterprises
items: Application of Generative Artificial Intelligence in Financial Innovation and Risk Management
items: Media Information Dissemination Mechanisms and Capital Market Effects
items: Research on the Financial Performance of Scenario-Oriented Transformation of Business Models:An Exploratory Case Based on Suning.com
items: Research on the Development of Software for Authentic Cross-Cultural Communication Against the Background of Artificial Intelligence Development
items: ESG, Financial Constraints, and Green Technology Innovation: Evidence from China with the Moderating Role of Environmental Public Attention
items: Enterprise Artificial Intelligence Application and Digital-Industrial Technology Integration: Evidence from Chinese Listed Enterprises
items: Research on Incentive Mechanisms for Rural Talent Recruitment and Development
items: An Analysis of the Anchoring Effect in ESG Disclosure Models and Investor Decision-Making
items: Industrial Transfer and Regional Economic Growth: a Theoretical Analysis Based on Factor Flow
items: 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
items: How Does the Low-Carbon City Pilot Policy Affect Firms’ Green Innovation? A Spatial DID Analysis Based on Multi-Dimensional Evidence
items: Comparison and Reflection on the Economic Governance Models for Street Vendors in Large, Medium and Small Cities
items: Data Asset Recognition on the Balance Sheet: Theoretical Framework, Practical Challenges, and Implementation Pathways
items: The Impact of Perceived Value of Sports Licensed Merchandise on Spectating Intention and Repurchase Intention: A Case Study of the 2025 Chengdu World Games
items: A Study on the Coordination Between Distributional Equity and Economic Efficiency
items: Research on the Mechanism of the Digital Economy’s Impact on Labor Market Structure
items: Research on the Impact of Artificial Intelligence on Enterprise Resilience
items: Research on Digital Transformation and Implementation Path of Marketing Specialties in Colleges and Universities in the Age of Artificial Intelligence
items: Low Carbon Transformation of Chinese Cities: Theoretical Evolution, Empirical Progress and Future Prospects
items: Research on Multi-modal Transportation Decision-making and Risk Control Strategies under Time-sensitivity Constraints

An Analysis of Regional Differences in Consumption Expenditure Levels in China Based on Hierarchical Clustering
type: item
description: 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 …
subject: Research Articles
  topic: section
subject: systematic clustering method, regional consumption disparity, consumption structure, urban residents, within-cluster sum of squares method
  topic: keywords
creator: Yawen Shi
rights: Copyright (c) 2026 Yawen Shi (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-04-20
publication date: 2026-04-20
starting page: 137
ending page: 148
doi: 10.70267/fer.250302.137148

A Three-Dimensional “Government–Power–Carbon” Collaborative Optimization Framework for Energy-Intensive Industrial Parks
type: item
description: 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.
subject: Research Articles
  topic: section
subject: high-energy-consuming industrial parks, “government-electricity-carbon” collaborative mechanism, low-carbon transformation, dual carbon goals
  topic: keywords
creator: Mengyao Ren
creator: Miao Shi
rights: Copyright (c) 2026 Mengyao Ren, Miao Shi (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-04-17
publication date: 2026-04-17
starting page: 120
ending page: 136
doi: 10.70267/fer.250302.120136

Safety-First Pension Funds, Governance, and Market Risk: Evidence from China’s A-Share Market
type: item
description: 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.
subject: Research Articles
  topic: section
subject: public pension funds, ESG, symbolic management, governance-risk decoupling, state capitalism, China A-share market
  topic: keywords
creator: Yun'e Xie
rights: Copyright (c) 2026 Yun'e Xie (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-04-17
publication date: 2026-04-17
starting page: 108
ending page: 119
doi: 10.70267/fer.250302.108119

Balanced Scorecard and Its Application in Enterprises: A Case Study of ANTA Sports Products Co., Ltd.
type: item
description: 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.
subject: Research Articles
  topic: section
subject: balanced scorecard, ANTA Sports, multi-brand strategy, performance management, globalization
  topic: keywords
creator: Jinwei Fang
rights: Copyright (c) 2026 Jinwei Fang (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-04-15
publication date: 2026-04-15
starting page: 98
ending page: 107
doi: 10.70267/fer.250302.98107

How the Digital Economy Shapes Workers’ Employment Choices: Internal Mechanisms and Empirical Evidence on Informal Employment
type: item
description: Section: Research Articles Keywords: digital economy, informal employment, internet use Using data from the Chinese General Social Survey (CGSS) from 2017 to 2023, this study employs a Probit model to examine the impact of digital economy development on informal employment among the labor force. The results indicate that the development of the digital economy significantly increases the probability of engaging in informal employment. Mechanism analysis shows that the digital economy improves individuals’ internet usage, which in turn enhances human capital, reduces information barriers and transaction costs in the labor market, and ultimately raises the likelihood of informal employment. Heterogeneity analysis further reveals that the employment effects of the digital economy are not universally inclusive: the impacts are more pronounced among individuals with non-agricultural household registration, higher educational attainment, and the self-employed. Moreover, regions with higher levels of economic development benefit more from the promotion effect of the digital economy on informal employment.
subject: Research Articles
  topic: section
subject: digital economy, informal employment, internet use
  topic: keywords
creator: Yunshan Xie
rights: Copyright (c) 2026 Yunshan Xie (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-04-15
publication date: 2026-04-15
starting page: 85
ending page: 97
doi: 10.70267/fer.250302.8597

Valuation Analysis of Alibaba Using P/E, P/B, and EV/EBITDA Models
type: item
description: Section: Research Articles Keywords: Alibaba, valuation analysis, P/B, EV/EBITDA, comparable company analysis Background: As a leading enterprise in China’s internet industry, Alibaba Group Holding Limited holds significant reference value for investors, competitors, and academic researchers in terms of valuation analysis. This study aims to evaluate its intrinsic value and assess the rationality of market pricing through multiple relative valuation models. Methods: This study selects Tencent Holdings, JD.com, and Meituan as comparable companies. It applies three trading multiples within the relative valuation framework—Price-to-Earnings (P/E), Price-to-Book (P/B), and Enterprise Value to EBITDA (EV/EBITDA)—to conduct a comprehensive valuation analysis of Alibaba for fiscal year 2025 and the forecast period. Results: The analysis indicates that among the three models, EV/EBITDA demonstrates the highest applicability for valuing Alibaba in fiscal year 2025, as it is not affected by capital structure, non-operating income, or substantial capital expenditures. The P/E ratio exhibits reduced reliability due to distortions in net profit, while the P/B ratio shows the lowest applicability because Alibaba’s core value lies in its asset-light structure and platform ecosystem, which are not well aligned with the assumptions of this model. Conclusion: The findings emphasize that the selection of valuation methods should be based on a firm’s specific operating conditions and financial characteristics at a given stage.
subject: Research Articles
  topic: section
subject: Alibaba, valuation analysis, P/B, EV/EBITDA, comparable company analysis
  topic: keywords
creator: Kairong Yang
rights: Copyright (c) 2026 Kairong Yang (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-04-15
publication date: 2026-04-15
starting page: 79
ending page: 84
doi: 10.70267/fer.250302.7984

The Impact of New Quality Productive Forces on Firm Performance and Its Mechanisms
type: item
description: Section: Research Articles Keywords: new quality productive forces, firm performance, digital capability, R&D investment This study takes Chinese A-share listed firms in the Shanghai and Shenzhen stock markets from 2015 to 2024 as the research sample, constructs a panel data model, and empirically examines the impact of new quality productive forces on firms’ short-term operating performance and long-term value performance. It further analyzes the underlying mechanisms, robustness, and heterogeneity characteristics. The results show that, first, new quality productive forces have a significantly positive effect on firm performance, and this conclusion remains robust after a series of robustness tests, including the use of instrumental variable approaches and alternative measurements of core variables. Second, mechanism analysis indicates that R&D investment and digital capability serve as important transmission channels through which new quality productive forces affect firm performance. Specifically, new quality productive forces improve firm performance by promoting increased R&D investment and enhancing digital technological innovation capability. Third, heterogeneity analysis reveals that the performance-enhancing effect of new quality productive forces is particularly pronounced in non-heavily polluting industries. At the regional level, a clear gradient pattern is observed: the promoting effect is stronger for firms located in regions with higher levels of economic development than those in less developed regions, and it is more significant for firms in the eastern region than in the central and western regions. This study extends the literature on the microeconomic consequences of new quality productive forces to a certain extent and provides new empirical evidence for understanding the mechanisms through which technological innovation and the optimized allocation of production factors contribute to firm value creation. Meanwhile, it offers practical implicat…
subject: Research Articles
  topic: section
subject: new quality productive forces, firm performance, digital capability, R&D investment
  topic: keywords
creator: Ruixuan Zhang
rights: Copyright (c) 2026 Ruixuan Zhang (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-04-15
publication date: 2026-04-15
starting page: 60
ending page: 78
doi: 10.70267/fer.250302.6078

The Impact of 5G Factory Construction on Corporate Financial Efficiency— An Empirical Analysis Based on Manufacturing Listed Companies on the Shanghai and Shenzhen A‑Share Markets
type: item
description: Section: Research Articles Keywords: 5G factory, total factor productivity, difference-in-differences method, digital transformation In the era of digital economy, 5G factories, as the core carrier of intelligent manufacturing, represent an important manifestation of the transformation and upgrading of the manufacturing industry. This paper takes the manufacturing listed companies in Shanghai and Shenzhen stock markets from 2020 to 2024 as the sample. Using the “5G Factory List” released by the Ministry of Industry and Information Technology as the experimental group, a multi-period difference-in-differences model is employed to empirically examine the impact of 5G factory construction on the financial efficiency of enterprises. The research found that the construction of 5G factories significantly enhanced the total factor productivity of manufacturing enterprises. This conclusion remained robust after undergoing Parallel Trend Tests, Propensity Score Matching–Difference-in-Differences Model, and Placebo Tests. The Mechanism Test shows that although individual production, inventory or innovation indicators did not show significant changes in the short term, the 5G factory improved overall efficiency through systematic resource allocation optimization. This study provides microeconomic evidence for understanding the empowerment of the real economy by digital technologies.
subject: Research Articles
  topic: section
subject: 5G factory, total factor productivity, difference-in-differences method, digital transformation
  topic: keywords
creator: Ziyao Song
rights: Copyright (c) 2026 Ziyao Song (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-04-15
publication date: 2026-04-15
starting page: 52
ending page: 59
doi: 10.70267/fer.250302.5259

The Underlying Logic, Practical Challenges and Optimal Pathways for Urban Commercial Banks to Expand into and Empower the New Rural Collective Economy
type: item
description: Section: Research Articles Keywords: urban commercial banks, new rural collective economy, four-tier service network, cost–risk–efficiency, practical challenges Can urban commercial banks effectively empower the development of the new rural collective economy by expanding into rural markets? This paper constructs a three-dimensional theoretical analytical framework of “cost–risk–efficiency”. Drawing on the typical case of Guilin Bank’s four-tier service network (city–county–township–village), and employing literature review and case study methods, it systematically analyses the micro-level mechanisms and practical challenges involved in urban commercial banks’ efforts to empower the rural collective economy. The research finds that, through mechanism innovations such as a four-tier service network, governance by rural elites, and industrial chain finance, Guilin Bank has demonstrated the theoretical feasibility of such empowerment; however, in practice, constraints such as the insufficient capacity of village collectives, high banking service costs, and an imperfect external institutional environment have hindered the full realisation of the empowerment effects. The marginal contribution of this paper lies in: adopting a problem-oriented perspective to reveal the practical dilemma that urban commercial banks face in empowering the rural collective economy—namely, that while theoretically feasible, implementation is hindered—and in providing targeted policy recommendations to promote the optimised development of this model.
subject: Research Articles
  topic: section
subject: urban commercial banks, new rural collective economy, four-tier service network, cost–risk–efficiency, practical challenges
  topic: keywords
creator: Zhuoya Jiang
creator: Conghui Wu
creator: Yaru Li
creator: Liye Zhu
rights: Copyright (c) 2026 Zhuoya Jiang, Conghui Wu, Yaru Li, Liye Zhu (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-03-31
publication date: 2026-03-31
starting page: 40
ending page: 51
doi: 10.70267/fer.250302.4051

CSR Governance Framework for Internet Platform Enterprises
type: item
description: Section: Research Articles Keywords: internet platform enterprises, ecological governance framework, CSR The Internet platform economy is a new driving force for economic development, mobilizing entrepreneurial enthusiasm, activating social resources, and promoting integrated development across sectors. This article studies the CSR governance framework of Internet platform enterprises. From a multi-level governance perspective, it deconstructs governance priorities and approaches. This can not only fulfill social responsibility in every transaction of two-sided users of the platform, but also help platform enterprises expand the mission of “technology for good” from the field of public welfare to the overall operation of the platform.
subject: Research Articles
  topic: section
subject: internet platform enterprises, ecological governance framework, CSR
  topic: keywords
creator: Rongjia Su
creator: Quan Yuan
rights: Copyright (c) 2026 Rongjia Su, Quan Yuan (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-03-31
publication date: 2026-03-31
starting page: 34
ending page: 39
doi: 10.70267/fer.250302.3439

Application of Generative Artificial Intelligence in Financial Innovation and Risk Management
type: item
description: Section: Research Articles Keywords: AIGC, robo-advisor, risk prevention In the age of burgeoning technology, AI is playing an extremely indispensable role in finance. This paper focuses on the recent hot topic of two novel applications of generative AI, robo-advisors and emotionally-aware AI service, and the following risk prevention and control of them. And the thesis reviews the previous studies from 2022 to 2024 selected on AI core technology, machine learning, AIGC, robo-advisors and risk prevention. The review finds that during the growth of AI, though generative AI significantly improves the working efficiency, the methods to manipulate generative AI legally and avoid extra ethical and safety problems remain to be solved. Hence, the review proposes future research directions on AI explainable framework and regulatory prevention through human intervention to figure out the problems scientifically. Furthermore, this paper provides a holistic reference for both researchers and employees hoping to enhance and perfect generative AI, and address the security issues that are still not resolved at present.
subject: Research Articles
  topic: section
subject: AIGC, robo-advisor, risk prevention
  topic: keywords
creator: Jianheng Zhang
rights: Copyright (c) 2026 Jianheng Zhang (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-03-24
publication date: 2026-03-24
starting page: 28
ending page: 33
doi: 10.70267/fer.250302.2833

Media Information Dissemination Mechanisms and Capital Market Effects
type: item
description: Section: Research Articles Keywords: media information dissemination mechanisms, capital market effects, online new media Driven by digital technology, the linkage between media and the capital market has grown increasingly tight. Traditional media and online new media exhibit markedly different dissemination characteristics: the former is defined by authority, while the latter features viral dissemination accompanied by redundant and false information, along with the “information cocoon” problem. Current academic research lacks a systematic synthesis of the relationship between online new media and the capital market, suffering from issues such as missing key subjects and insufficient timeliness. This study focuses on the three core stakeholders—investors, enterprises, and the government—to explore media information dissemination mechanisms and their capital market effects. It analyzes investors’ information-processing features and behavioral biases in the new media environment, together with the evolution of investment strategies and theories; the recent changes in and influencing factors of corporate social responsibility information disclosure; the challenges faced by the government in regulation, including legislative lag and coordination difficulties, as well as the promotional role of government microblogs. The goal is to provide feasible strategies for these three parties and thereby support the healthy development of the financial market.
subject: Research Articles
  topic: section
subject: media information dissemination mechanisms, capital market effects, online new media
  topic: keywords
creator: Haotian Wu
rights: Copyright (c) 2026 Haotian Wu (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-03-24
publication date: 2026-03-24
starting page: 18
ending page: 27
doi: 10.70267/fer.250302.1827

Research on the Financial Performance of Scenario-Oriented Transformation of Business Models:An Exploratory Case Based on Suning.com
type: item
description: Section: Research Articles Keywords: business model, scenario-oriented, smart retail, Suning.com Improving service quality through the scenario-oriented transformation of business models delivers a better service experience for users. Such transformation leads to changes in corporate financial performance, which in turn reflect the effectiveness of the transformation. This paper selects Suning.com Group Co., Ltd. as the research object and analyzes its financial performance from 2017 to 2022 through case analysis and literature research. Firstly, it introduces the research background, significance and methods, then summarizes the relevant theories as the theoretical foundation for the subsequent case analysis. The paper presents an overview of Suning.com, elaborates on the development process of its scenario-oriented transformation of business model, and finally analyzes the impact of this transformation on its financial performance. Through in-depth case analysis, the research conclusions are summarized to provide references for other retail enterprises.
subject: Research Articles
  topic: section
subject: business model, scenario-oriented, smart retail, Suning.com
  topic: keywords
creator: Rui Tang
creator: Feimei Liao
rights: Copyright (c) 2026 Rui Tang, Feimei Liao (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-03-23
publication date: 2026-03-23
starting page: 11
ending page: 17
doi: 10.70267/fer.250302.1117

Research on the Development of Software for Authentic Cross-Cultural Communication Against the Background of Artificial Intelligence Development
type: item
description: Section: Research Articles Keywords: artificial intelligence, cross-cultural communication, software development, market demand, marketing strategy With the rapid advancement of globalization, the demand for authentic cross-cultural communication has surged substantially, yet traditional translation software suffers from prominent shortcomings in emotional interaction and cultural connotation transmission, failing to meet practical communication needs. Focusing on developing AI-enabled authentic cross-cultural communication software, this study analyzes the current status of international cross-cultural communication and machine translation’s development process, and explores the machine translation market from the dimensions of inter-field demand differences, market scale, competitive landscape and user group characteristics to clarify the software’s market positioning and development direction. On this basis, it designs a software system integrating real-time dialogue, AI intelligent assistance, social interaction and cultural experience, elaborates on its core functions, innovation points and product features, and formulates a comprehensive marketing strategy covering social media promotion, cooperative alliance, data analysis and user experience optimization. The research finds that in-depth integration of artificial intelligence into such software development effectively compensates for the defects of traditional translation tools, enabling authentic and barrier-free cross-cultural communication. This software boasts significant practical application value and broad market development prospects in daily life, business cooperation, technological exchange and other diverse fields.
subject: Research Articles
  topic: section
subject: artificial intelligence, cross-cultural communication, software development, market demand, marketing strategy
  topic: keywords
creator: Xueying Jiao
rights: Copyright (c) 2025 Xueying Jiao (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-03-18
publication date: 2026-03-18
starting page: 165
ending page: 173
doi: 10.70267/fer.250301.165173

ESG, Financial Constraints, and Green Technology Innovation: Evidence from China with the Moderating Role of Environmental Public Attention
type: item
description: Section: Research Articles Keywords: ESG, green technology innovation, financial constraint, environmental public attention Against the backdrop of China’s “dual-carbon” objectives and ongoing improvements in ESG disclosure standards, green technological innovation has become central to firms’ sustainable development. Using a sample of Chinese A-share listed companies, this study examines how ESG performance affects firms’ green technology innovation and whether the effect varies across regions and ownership types. To unpack the underlying channels, the analysis incorporates financing constraints as a mediating mechanism and environmental public attention as a moderating factor. The results show that ESG performance is positively associated with green innovation, with pronounced geographic variation and firm-level heterogeneity. The effect is stronger for non-state-owned enterprises than for state-owned enterprises. Financing constraints mediate the ESG–green innovation relationship, suggesting that improved ESG performance can ease funding frictions and thereby support innovation activities. In addition, environmental public attention significantly strengthens the positive effect of ESG on green innovation: in regions with higher public attention to environmental issues, the ESG-innovation linkage becomes more pronounced. Overall, this study contributes to the literature by integrating spatial heterogeneity and public environmental attention into the empirical analysis of ESG-driven green innovation.
subject: Research Articles
  topic: section
subject: ESG, green technology innovation, financial constraint, environmental public attention
  topic: keywords
creator: Jiawen Wang
rights: Copyright (c) 2025 Jiawen Wang (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-03-13
publication date: 2026-03-13
starting page: 1
ending page: 10
doi: 10.70267/fer.250302.0110

Enterprise Artificial Intelligence Application and Digital-Industrial Technology Integration: Evidence from Chinese Listed Enterprises
type: item
description: Section: Research Articles Keywords: artificial intelligence application, digital-industrial technology integration, digital transformation Based on data from Chinese non-financial listed enterprises from 2010 to 2023, this paper systematically investigates the impact of enterprise artificial intelligence applications on digital-industrial technology integration. The results indicate that enterprise artificial intelligence applications can effectively promote digital-industrial technology integration, with enhancing corporate knowledge absorption capacity and elevating corporate digitalization level of business scenarios serving as effective mechanisms. Heterogeneity tests reveal that the integration-promoting effect of artificial intelligence applications is stronger for enterprises with less financing constraints, higher synergy between human capital and artificial intelligence applications, and stronger digital economy policy support in their cities. This study provides important policy implications for uncovering the economic value of artificial intelligence applications and accelerating digital-industrial integration.
subject: Research Articles
  topic: section
subject: artificial intelligence application, digital-industrial technology integration, digital transformation
  topic: keywords
creator: Wan Liu
creator: Fan Su
rights: Copyright (c) 2025 Wan Liu, Fan Su (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-03-12
publication date: 2026-03-12
starting page: 156
ending page: 164
doi: 10.70267/fer.250301.156164

Research on Incentive Mechanisms for Rural Talent Recruitment and Development
type: item
description: Section: Research Articles Keywords: revitalization in rural areas, recruitment and development of talent, systems of incentive mechanisms, policy instruments, theory of planned behavior The optimal allocation and sustainable supply of talent constitute the core proposition of rural revitalization. Currently, rural talent recruitment and development face multiple interconnected dilemmas characterized by obstructed recruitment channels, incomplete cultivation mechanisms, sub-optimal retention environments, and insufficient utilization platforms. The deep-rooted cause of these multifaceted challenges lies fundamentally in the structural deficiency and systemic inadequacy of incentive mechanisms at both policy and implementation levels. Based on the dual theoretical perspectives of the Theory of Planned Behavior and Policy Instrument Theory, this study systematically analyzes the practical dilemmas and underlying theoretical logic of incentive mechanisms for rural talent recruitment and development. It constructs a comprehensive and integrated four-dimensional incentive framework encompassing material incentives, spiritual incentives, developmental incentives, and environmental incentives. Furthermore, it proposes detailed practical pathways for refining classified incentive systems through differentiated approaches, optimizing policy instrument combinations across multiple dimensions, and strengthening incentive synergy effects through coordinated governance. This research thereby provides substantial theoretical support and practical decision-making references for establishing sustainable long-term mechanisms for rural talent recruitment and development in the context of comprehensive rural revitalization.
subject: Research Articles
  topic: section
subject: revitalization in rural areas, recruitment and development of talent, systems of incentive mechanisms, policy instruments, theory of planned behavior
  topic: keywords
creator: Peng Du
rights: Copyright (c) 2025 Peng Du (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-03-01
publication date: 2026-03-01
starting page: 146
ending page: 155
doi: 10.70267/fer.250301.146155

An Analysis of the Anchoring Effect in ESG Disclosure Models and Investor Decision-Making
type: item
description: Section: Research Articles Keywords: ESG disclosure, anchoring effect, investor decision-making, cognitive bias, disclosure quality, corporate governance The goal of this research is to understand how variations in ESG information disclosure methods affect the development and reinforcement of an investor’s anchoring effect when making investment decisions. The research incorporates elements of theoretical analysis and event study methods to systematically study how the characteristics of information disclosures impact cognitive biases in investors. Based upon analysis, it has been found that due to the differences in the level of transparency, consistency and comparability of various types of information disclosures, there will be significant differences in the creation and stability of anchor points which can then lead to instances of misallocation and/or overreaction to ESG information; and thus, optimising the structure of these types of information disclosures and providing behavioural guidance to the cognitive processes of the investor community will be of paramount importance in minimizing anchoring bias and improving market efficiency.
subject: Research Articles
  topic: section
subject: ESG disclosure, anchoring effect, investor decision-making, cognitive bias, disclosure quality, corporate governance
  topic: keywords
creator: Mingxuan Cao
rights: Copyright (c) 2025 Mingxuan Cao (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-02-28
publication date: 2026-02-28
starting page: 139
ending page: 145
doi: 10.70267/fer.250301.139145

Industrial Transfer and Regional Economic Growth: a Theoretical Analysis Based on Factor Flow
type: item
description: 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.
subject: Research Articles
  topic: section
subject: industrial transfer, regional economic growth, factor flow
  topic: keywords
creator: Xiaoran Li
rights: Copyright (c) 2025 Xiaoran Li (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-02-12
publication date: 2026-02-12
starting page: 129
ending page: 138
doi: 10.70267/fer.250301.129138

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
type: item
description: 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 s…
subject: Research Articles
  topic: section
subject: digital transformation, corporate financialization, nature of property rights, high-tech enterprises
  topic: keywords
creator: Xinyun Wei
rights: Copyright (c) 2025 Xinyun Wei (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-02-11
publication date: 2026-02-11
starting page: 116
ending page: 128
doi: 10.70267/fer.250301.116128

How Does the Low-Carbon City Pilot Policy Affect Firms’ Green Innovation? A Spatial DID Analysis Based on Multi-Dimensional Evidence
type: item
description: 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.
subject: Research Articles
  topic: section
subject: low-carbon city pilot, green innovation, difference-in-differences method, financing constraints, environmental regulation
  topic: keywords
creator: Xiaoyu Wu
rights: Copyright (c) 2025 Xiaoyu Wu (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-02-09
publication date: 2026-02-09
starting page: 103
ending page: 115
doi: 10.70267/fer.250301.103115

Comparison and Reflection on the Economic Governance Models for Street Vendors in Large, Medium and Small Cities
type: item
description: 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.
subject: Research Articles
  topic: section
subject: street vendors, urban governance, differentiated models, scale adaptation, collaborative governance
  topic: keywords
creator: Darui Li
rights: Copyright (c) 2025 Darui Li (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-02-04
publication date: 2026-02-04
starting page: 94
ending page: 102
doi: 10.70267/fer.250301.94102

Data Asset Recognition on the Balance Sheet: Theoretical Framework, Practical Challenges, and Implementation Pathways
type: item
description: 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.
subject: Research Articles
  topic: section
subject: data asset recognition on the balance sheet, information disclosure, data governance
  topic: keywords
creator: Xuehan Ren
rights: Copyright (c) 2025 Xuehan Ren (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-02-02
publication date: 2026-02-02
starting page: 87
ending page: 93
doi: 10.70267/fer.250301.8793

The Impact of Perceived Value of Sports Licensed Merchandise on Spectating Intention and Repurchase Intention: A Case Study of the 2025 Chengdu World Games
type: item
description: 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.
subject: Research Articles
  topic: section
subject: sports licensed merchandise, perceived value, satisfaction, repurchase intention, spectating intention, S-O-R theory
  topic: keywords
creator: Huimin Wu
rights: Copyright (c) 2025 Huimin Wu (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-01-30
publication date: 2026-01-30
starting page: 73
ending page: 86
doi: 10.70267/fer.250301.7386

A Study on the Coordination Between Distributional Equity and Economic Efficiency
type: item
description: 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.
subject: Research Articles
  topic: section
subject: distributional equity, economic efficiency, coordination
  topic: keywords
creator: Huali Zhu
rights: Copyright (c) 2025 Huali Zhu (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-01-15
publication date: 2026-01-15
starting page: 69
ending page: 72
doi: 10.70267/fer.250301.6972

Research on the Mechanism of the Digital Economy’s Impact on Labor Market Structure
type: item
description: 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.
subject: Research Articles
  topic: section
subject: digital economy, labor market structure, skill-biased technological progress
  topic: keywords
creator: Xuexin Li
rights: Copyright (c) 2025 Xuexin Li (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-01-15
publication date: 2026-01-15
starting page: 64
ending page: 68
doi: 10.70267/fer.250301.6468

Research on the Impact of Artificial Intelligence on Enterprise Resilience
type: item
description: 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.
subject: Research Articles
  topic: section
subject: artificial intelligence, enterprise resilience, financing constraints, R&D investment intensity, management expense ratio
  topic: keywords
creator: Qi Mai
rights: Copyright (c) 2025 Qi Mai (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-01-09
publication date: 2026-01-09
starting page: 47
ending page: 63
doi: 10.70267/fer.250301.4763

Research on Digital Transformation and Implementation Path of Marketing Specialties in Colleges and Universities in the Age of Artificial Intelligence
type: item
description: 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.
subject: Research Articles
  topic: section
subject: artificial intelligence, marketing program, digital transformation, implementation paths
  topic: keywords
creator: Lin Liu
rights: Copyright (c) 2025 Lin Liu (Author) https://creativecommons.org/licenses/by/4.0
date: 2026-01-08
publication date: 2026-01-08
starting page: 40
ending page: 46
doi: 10.70267/fer.250301.4046

Low Carbon Transformation of Chinese Cities: Theoretical Evolution, Empirical Progress and Future Prospects
type: item
description: 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.
subject: Research Articles
  topic: section
subject: low carbon transformation of Chinese cities, theoretical evolution, empirical progress
  topic: keywords
creator: Lingyan Zhai
rights: Copyright (c) 2025 Lingyan Zhai (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 32
ending page: 39
doi: 10.70267/fer.250301.3239

Research on Multi-modal Transportation Decision-making and Risk Control Strategies under Time-sensitivity Constraints
type: item
description: 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.
subject: Research Articles
  topic: section
subject: time-sensitive issues, multi-modal transportation, penalty costs, risk control
  topic: keywords
creator: Zinuo Tao
rights: Copyright (c) 2025 Zinuo Tao (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 25
ending page: 31
doi: 10.70267/250301.2531