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: 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
items: Analysis of How Green Finance Helps Enterprises Achieve Low-Carbon Transformation
items: Research on Financial Performance under Disney’s Asset-Light IP Operation Mode
items: Research Progress on the Construction and Effectiveness of the Green Financial System under the “Dual Carbon” Goal
items: A Study on the Effectiveness of ESG Information Disclosure in the New Tea Beverage Industry: CHAGEE’s U.S. Listing
items: Analysis of Factors Influencing Corporate Financing Costs
items: Analysis of the Coupling Coordination Relationship Between Green Finance and High-Quality Economic Development in China and Its Influencing Factors
items: How China's Soybean Industry Chain Restructures and Enhances its Tenacity against the Background of the Global Food Security Crisis
items: 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
items: Fundamentals of Stablecoins and the Mechanisms of Arbitrage
items: Research on the Driving Path of ESG Investment in Green Finance Development under Policy Leadership--An Analysis Based on Typical Case Evidence
items: https://journals.zeuspress.org/index.php/FER/article/view/411
items: The Impact of Digital Transformation on Financing Constraints
items: 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
items: The Impact of the UK Government's VAT on Private School Tuition Fees on Social and Economic Mobility
items: Scene Empowerment: A Comparative Study of Coca-Cola and PepsiCo’s Scenario-Based Marketing Strategies and Its Implications for Chinese Beverage Companies
items: The Impact of Digital Transformation on Enterprises' Internationalization Strategy - A Study Based on Unilever
items: Exclusive Games, Platform Strategy, and Financial Performance: A DuPont-Based Comparison of Nintendo, Sony, and Microsoft
items: 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
items: The Influence of Artificial Intelligence to the Earnings of Sports Betting Companies
items: Consumer Preference and Product Differentiation in the Chinese Tea Market: A Conjoint Analysis Approach
items: Investor Risk Preference Differentiation Mechanism and Cross-Market Strategies under Cultural Dimension Differences
items: The Intermediary Role of Deep Learning in Financial Resource Allocation
items: The Motivation and Market Reaction of Data Resources Included in the “Assets” Subject—Taking DataOcean AI as an Example
items: Research on Countermeasures to Improve the Comprehensive Carrying Capacity of Jingzhou County
items: The Shaping of Urban Cultural Memories Through Informal Employment: A Case Study of Dongguan, Guangdong, China
items: Prospects and Difficulties of Informal Employment in China Under the Enormous Wave of World Urbanization
items: The Reshaping of Corporate Financial Management Through Digital Transformation: Models, Pathways, and Performance Impacts
items: https://journals.zeuspress.org/index.php/FER/article/view/355

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

Analysis of How Green Finance Helps Enterprises Achieve Low-Carbon Transformation
type: item
description: 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.
subject: Research Articles
  topic: section
subject: green finance, dual carbon targets, low-carbon transition, carbon neutrality
  topic: keywords
creator: Sirui Yan
rights: Copyright (c) 2025 Sirui Yan (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 18
ending page: 24
doi: 10.70267/fer.250301.1824

Research on Financial Performance under Disney’s Asset-Light IP Operation Mode
type: item
description: 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.
subject: Research Articles
  topic: section
subject: asset-light, operation mode, financial performance, Disney
  topic: keywords
creator: Yuting Zhu
rights: Copyright (c) 2025 Yuting Zhu (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-12-22
publication date: 2025-12-22
starting page: 11
ending page: 17
doi: 10.70267/fer.250301.1117

Research Progress on the Construction and Effectiveness of the Green Financial System under the “Dual Carbon” Goal
type: item
description: 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.
subject: Research Articles
  topic: section
subject: green finance, dual carbon targets, system construction, effectiveness, literature review
  topic: keywords
creator: Xiangran Chen
rights: Copyright (c) 2025 Xiangran Chen (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-12-22
publication date: 2025-12-22
starting page: 1
ending page: 10
doi: 10.70267/fer.250301.0110

A Study on the Effectiveness of ESG Information Disclosure in the New Tea Beverage Industry: CHAGEE’s U.S. Listing
type: item
description: 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.
subject: Research Articles
  topic: section
subject: ESG information disclosure, new tea beverage industry, CHAGEE, U.S. listing, effectiveness evaluation
  topic: keywords
creator: Keyang Yang
rights: Copyright (c) 2025 Keyang Yang (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-11-27
publication date: 2025-11-27
starting page: 317
ending page: 323
doi: 10.70267/fer.250203.317323

Analysis of Factors Influencing Corporate Financing Costs
type: item
description: 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.
subject: Research Articles
  topic: section
subject: corporate financing cost, interfering factor, innovation in financing methods, green finance, macro-economic policy
  topic: keywords
creator: Xuanjiang Li
rights: Copyright (c) 2025 Xuanjiang Li (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-11-27
publication date: 2025-11-27
starting page: 310
ending page: 316
doi: 10.70267/fer.250203.310316

Analysis of the Coupling Coordination Relationship Between Green Finance and High-Quality Economic Development in China and Its Influencing Factors
type: item
description: 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.
subject: Research Articles
  topic: section
subject: green finance, high-quality economic development, coupling coordination degree, Dagum Gini coefficient, influencing factors, spatiotemporal differentiation
  topic: keywords
creator: Junhao Lai
rights: Copyright (c) 2025 Junhao Lai (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-11-21
publication date: 2025-11-21
starting page: 295
ending page: 309
doi: 10.70267/fer.250203.295309

How China's Soybean Industry Chain Restructures and Enhances its Tenacity against the Background of the Global Food Security Crisis
type: item
description: 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.
subject: Research Articles
  topic: section
subject: soybean, industry chain, new trade mode, resilience rebuild, industrial security
  topic: keywords
creator: Chuhan Huang
rights: Copyright (c) 2025 Chuhan Huang (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-11-13
publication date: 2025-11-13
starting page: 286
ending page: 294
doi: 10.70267/fer.250203.286294

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
type: item
description: 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.
subject: Research Articles
  topic: section
subject: Yarlung Zangbo River, Yaxia Project, Tibet, cement enterprises, policy
  topic: keywords
creator: Jiaying Liu
rights: Copyright (c) 2025 Jiaying Liu (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-11-13
publication date: 2025-11-13
starting page: 276
ending page: 285
doi: 10.70267/fer.250203.276285

Fundamentals of Stablecoins and the Mechanisms of Arbitrage
type: item
description: 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.
subject: Research Articles
  topic: section
subject: stablecoin, arbitrage, cryptocurrency
  topic: keywords
creator: Xinyi Xue
rights: Copyright (c) 2025 Xinyi Xue (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-11-05
publication date: 2025-11-05
starting page: 270
ending page: 275
doi: 10.70267/fer.250203.270275

Research on the Driving Path of ESG Investment in Green Finance Development under Policy Leadership--An Analysis Based on Typical Case Evidence
type: item
description: 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.
subject: Research Articles
  topic: section
subject: policy leadership, ESG investment, green finance, driving path
  topic: keywords
creator: Jiaying Lin
rights: Copyright (c) 2025 Jiaying Lin (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-11-04
publication date: 2025-11-04
starting page: 255
ending page: 269
doi: 10.70267/fer.250203.255269

https://journals.zeuspress.org/index.php/FER/article/view/411
type: item
title: 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
description: 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…
subject: Research Articles
  topic: section
subject: pilot zones for green finance reform and innovation policies, heavy-polluting enterprises, green finance, R&D investment
  topic: keywords
creator: Sihan Zhang
rights: Copyright (c) 2025 Sihan Zhang (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-10-31
publication date: 2025-10-31
starting page: 238
ending page: 254
doi: 10.70267/fer.250203.238254

The Impact of Digital Transformation on Financing Constraints
type: item
description: 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.
subject: Research Articles
  topic: section
subject: digital transformation, financing constraints, information asymmetry, digital finance
  topic: keywords
creator: Peiwei Yu
rights: Copyright (c) 2025 Peiwei Yu (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-10-23
publication date: 2025-10-23
starting page: 230
ending page: 237
doi: 10.70267/fer.250203.230237

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
type: item
description: 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.
subject: Research Articles
  topic: section
subject: new urban residents, digital inclusive finance, social integration, Shenzhen case study, new urbanization
  topic: keywords
creator: Yixin Zhuang
rights: Copyright (c) 2025 Yixin Zhuang (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-10-23
publication date: 2025-10-23
starting page: 219
ending page: 229
doi: 10.70267/fer.250203.219229

The Impact of the UK Government's VAT on Private School Tuition Fees on Social and Economic Mobility
type: item
description: 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 …
subject: Research Articles
  topic: section
subject: UK private school VAT, social and economic mobility, educational inequality, class differentiation, public education resources
  topic: keywords
creator: Zeyu Wu
rights: Copyright (c) 2025 Zeyu Wu (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-10-23
publication date: 2025-10-23
starting page: 214
ending page: 218
doi: 10.70267/fer.250203.214218

Scene Empowerment: A Comparative Study of Coca-Cola and PepsiCo’s Scenario-Based Marketing Strategies and Its Implications for Chinese Beverage Companies
type: item
description: 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.
subject: Research Articles
  topic: section
subject: scene marketing, situational consumption theory, Coca-Cola, PepsiCo, local beverage enterprises
  topic: keywords
creator: Jiaxuan Li
rights: Copyright (c) 2025 Jiaxuan Li (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-10-21
publication date: 2025-10-21
starting page: 208
ending page: 213
doi: 10.70267/fer.250203.208213

The Impact of Digital Transformation on Enterprises' Internationalization Strategy - A Study Based on Unilever
type: item
description: 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.
subject: Research Articles
  topic: section
subject: digital transformation, unilever, internationalization strategy, OLI advantages, characteristics of the consumer goods industry, event study method, comparative analysis method
  topic: keywords
creator: Xinyi Zhao
rights: Copyright (c) 2025 Xinyi Zhao (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-10-20
publication date: 2025-10-20
starting page: 188
ending page: 207
doi: 10.70267/fer.250203.188207

Exclusive Games, Platform Strategy, and Financial Performance: A DuPont-Based Comparison of Nintendo, Sony, and Microsoft
type: item
description: 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.
subject: Research Articles
  topic: section
subject: Exclusivisity, DuPont analysis, game theory
  topic: keywords
creator: Hengxi Liu
rights: Copyright (c) 2025 Hengxi Liu (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-10-20
publication date: 2025-10-20
starting page: 180
ending page: 187
doi: 10.70267/fer.250203.180187

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
type: item
description: 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.
subject: Research Articles
  topic: section
subject: Chinese automotive market, French automobiles, changes in market environment, PSA Group
  topic: keywords
creator: Wendi Yu
rights: Copyright (c) 2025 Wendi Yu (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-10-20
publication date: 2025-10-20
starting page: 168
ending page: 179
doi: 10.70267/fer.250203.168179

The Influence of Artificial Intelligence to the Earnings of Sports Betting Companies
type: item
description: Section: Research Articles Keywords: artificial intelligence, sports betting companies, earnings The sports betting industry has grown significantly worldwide in recent years, driven largely by technological advancements and the proliferation of online sportsbooks (René Manassé Galekwa et al., 2024, as cited in Williams et al., 2011). The industry is projected to reach a compound annual growth rate (CAGR, 2025-2029) of 5.30% in revenue (Meredith Alda, 2025). Sports betting involves odds setting, accepting wagers, balancing the book, and calculating outcomes. Bookmakers first calculate the “true odds” based on the actual probability of event outcomes, and then add a margin, or “vig” (commission), to reduce payouts, thereby making the total implied probability of all outcomes exceed 100%. Bettors are allowed to place wagers on specific sports events to predict results based on these odds. During this process, bookmakers may adjust the odds to manage risk if betting disproportionately favors one outcome.
subject: Research Articles
  topic: section
subject: artificial intelligence, sports betting companies, earnings
  topic: keywords
creator: Qiying Ding
rights: Copyright (c) 2025 Qiying Ding (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-10-20
publication date: 2025-10-20
starting page: 162
ending page: 167
doi: 10.70267/fer.250203.162167

Consumer Preference and Product Differentiation in the Chinese Tea Market: A Conjoint Analysis Approach
type: item
description: Section: Research Articles Keywords: consumer preference, conjoint analysis, product differentiation, utility value, tea market As tea consumption in China continues to diversify, understanding the key factors influencing consumer preferences is essential for effective market positioning. This study employs a conjoint analysis approach to evaluate the relative importance of product attributes in tea purchasing decisions. A structured online survey of 325 respondents assessed preferences across four attributes: tea type, brand, packaging, and price. Using SPSS’s orthogonal design, nine product profiles were generated and ranked. Linear regression was applied to estimate part-worth utilities, yielding a strong predictive fit (Pearson’s R = 0.992). Results indicate that tea type has the greatest impact on consumer choice, with green tea and the Bama brand being most preferred. Large bag packaging was also favored, while price showed the lowest relative importance. Despite limitations such as sampling bias and restricted attribute levels, the findings offer actionable insights for product development and differentiated marketing strategies. This study contributes to the empirical understanding of consumer behavior in the evolving Chinese tea market.
subject: Research Articles
  topic: section
subject: consumer preference, conjoint analysis, product differentiation, utility value, tea market
  topic: keywords
creator: Huifang Miao
rights: Copyright (c) 2025 Huifang Miao (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-10-16
publication date: 2025-10-16
starting page: 158
ending page: 161
doi: 10.70267/fer.250203.158161

Investor Risk Preference Differentiation Mechanism and Cross-Market Strategies under Cultural Dimension Differences
type: item
description: Section: Research Articles Keywords: risk preference, Hofstede’s cultural dimensions theory, behavioral finance, cognitive biases, asset allocation Globalized financial markets demonstrate persistent heterogeneity in investor risk preferences, with individualist markets exhibiting significantly higher equity turnover than collectivist markets. However, the literature rarely integrates cultural psychology with behavioral finance in a unified empirical model. This study develops the Culture–Cognirtion–Decision framework, combining Hofstede’s six cultural dimensions with behavioral finance theory to examine how cognitive biases mediate the effect of cultural values on investment behavior. Using a multinational panel dataset covering sixty-one countries from 2014--2024 and applying a two-way fixed-effects regression with instrumental variables and the system generalized method of moments estimation, individualism positively correlates with equity allocation, collectivism amplifies herding behavior, high uncertainty avoidance suppresses speculative trading, long-term orientation distorts the disposition effect, and indulgence increases leverage tolerance. On the basis of these findings, a Culturally Adaptive Portfolio Strategy that adjusts asset weights following the cultural profiles of target markets is proposed. The results confirm that incorporating cultural psychology into financial decision-making produces measurable improvements in global asset allocation efficiency.
subject: Research Articles
  topic: section
subject: risk preference, Hofstede’s cultural dimensions theory, behavioral finance, cognitive biases, asset allocation
  topic: keywords
creator: Xinying Liao
rights: Copyright (c) 2025 Xinying Liao (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-10-16
publication date: 2025-10-16
starting page: 152
ending page: 157
doi: 10.70267/fer.250203.152157

The Intermediary Role of Deep Learning in Financial Resource Allocation
type: item
description: Section: Research Articles Keywords: FinTech, green finance, inclusive finance, mediation effect, spatial Moran's I In the context of digital economy development and the advancement of “dual carbon” goals, fintech has become a core driving force for optimizing financial resource allocation. However, there is a structural contradiction between financial agglomeration in the eastern region and inclusive finance lagging in the western region, with a prominent issue of the lack of spatial coordination mechanisms. On the basis of panel data from 31 provinces in China from 2011--2020, this paper explores the impact mechanism of fintech on resource allocation efficiency through the coupling coordination degree model, a three-step regression method for mediating effect testing, and Moran's I analysis. The authors find that fintech indirectly optimizes resource allocation by enhancing the degree of coupling coordination, i.e., “technology-inclusiveness-greenness”, with the mediating effect accounting for 52.3%. The degree of coupling coordination exhibited significant regional agglomeration, with a pattern of “high in the east and low in the west” and increasing spatial dependence annually. This research provides micromechanism support for regional financial coordination policy formulation and spatial planning, echoing the requirements of high-quality development.
subject: Research Articles
  topic: section
subject: FinTech, green finance, inclusive finance, mediation effect, spatial Moran's I
  topic: keywords
creator: Jiaqi Zhu
rights: Copyright (c) 2025 Jiaqi Zhu (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-10-16
publication date: 2025-10-16
starting page: 144
ending page: 151
doi: 10.70267/fer.250203.144151

The Motivation and Market Reaction of Data Resources Included in the “Assets” Subject—Taking DataOcean AI as an Example
type: item
description: Section: Research Articles Keywords: data resources, entry motivation, inventory, event study Now that the data age is affected by the international situation, countries are paying increasing attention to data resources. At the beginning of 2024, the Interim Provisions on Accounting Treatment Related to Enterprise Data Resources (hereinafter referred to as the Interim Provisions) were issued. In that case, the expense data resources can be categorized under the subject of “assets”. To date, research on data resources included in the “assets” subject remains in its early stages, with most studies only staying at the theoretical level. It is difficult to provide personalized entry practices tailored to different enterprises, so addressing this research gap via case studies is urgent. DataOcean AI exhibits typical characteristics, including a comprehensive inventory of data resources, which is why this paper uses it as an example. First, the motivation for data resources entering the “assets” will be explored. In the following step, the event study is applied to explore the market response to the company’s release of the annual report and the Interim Provisions. The CAR value of the former is positive, but that of the latter is negative. This shows that the impact of an increase in the scale of enterprise transactions is greater than that of policy factors. Finally, the financial situation of DataOcean AI’s data resources is examined, providing a reference for the operation of the same type of companies.
subject: Research Articles
  topic: section
subject: data resources, entry motivation, inventory, event study
  topic: keywords
creator: Yangjing Zhang
rights: Copyright (c) 2025 Yangjing Zhang (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-10-16
publication date: 2025-10-16
starting page: 137
ending page: 143
doi: 10.70267/fer.250203.137143

Research on Countermeasures to Improve the Comprehensive Carrying Capacity of Jingzhou County
type: item
description: Section: Research Articles Keywords: county economy, fulcrum construction, urban-rural integration, regional development For Jingzhou to achieve its development goals of strengthening infrastructure, expanding its economic reach, and broadening its vision in regional pivot construction, a crucial dependent variable should be the county-level economic development. As a transitional space bridging urban and rural areas, counties situated at the “urban-rural junction” serve as pivotal nodes in regional comprehensive capacity. These areas possess operational capabilities for managing economic, social, cultural, and ecological elements within their jurisdictions, playing a crucial role in facilitating high-quality socioeconomic development and steadily advancing common prosperity through their strategic position as “linking bridges” between urban and rural regions.
subject: Research Articles
  topic: section
subject: county economy, fulcrum construction, urban-rural integration, regional development
  topic: keywords
creator: Wei Liu
rights: Copyright (c) 2025 Wei Liu (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-10-15
publication date: 2025-10-15
starting page: 131
ending page: 136
doi: 10.70267/fer.250203.131136

The Shaping of Urban Cultural Memories Through Informal Employment: A Case Study of Dongguan, Guangdong, China
type: item
description: Section: Research Articles Keywords: informal employment, cultural memory, Dongguan city, factory, workers This paper takes Dongguan city, Guangdong Province, China, as a case study to explore how informal employment participates in shaping urban cultural memory. Combining desk research, secondary literature, and fieldwork interviews, this study introduces a triple theoretical perspective: applying a threefold theoretical perspective: functional linkage theory to frame the concept of informal employment; Lefebvre's “space production” theory to analyze how labor practices shape urban space; and Halbwach’s “collective memory”, which explains how daily labor is transformed into shared cultural memory; and analyses several cases. The study revealed that informal employment in Dongguan shapes the collective memory of the city as a cultural force through repetitive practice, spatial embedding and group interaction. However, urban renewal and governance have challenged the continuation of these memories, resulting in the dissolution and burial of some memories. The conclusion of this paper points out that informal employment should be understood not only as an economic phenomenon but also as an integral part of urbanization and identity construction, offering a renewed perspective on the link between informal employment and urban development.
subject: Research Articles
  topic: section
subject: informal employment, cultural memory, Dongguan city, factory, workers
  topic: keywords
creator: Ziyao Xie
rights: Copyright (c) 2025 Ziyao Xie (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-10-12
publication date: 2025-10-12
starting page: 119
ending page: 130
doi: 10.70267/fer.250203.119130

Prospects and Difficulties of Informal Employment in China Under the Enormous Wave of World Urbanization
type: item
description: Section: Research Articles Keywords: informal employment, urbanization, employment prospects, labor security, crowding out effect Worldwide urbanization is a phenomenon and trend of urban development worldwide. In the context of accelerated global urbanization, China’s urbanization rate has risen from 19.39% in 1980 to 67% in 2024. Informal employment promotes urbanization and absorption. The labor force plays a key role, but it is faced with issues such as the protection of rights and interests. This paper aims to explore its prospects and dilemmas. Data statistics, model analysis, and case studies were used. The innovation point is related to sociopolitical issues from the perspective of social reproduction, combined with the analysis of informal urbanization and the crowding out effect. The discussion shows that through improving the law, optimizing policies, balancing macroscopic influences, and considering the flexibility and protection of rights and interests, informal employment needs to achieve benign interactions between the individual and society and the economy.
subject: Research Articles
  topic: section
subject: informal employment, urbanization, employment prospects, labor security, crowding out effect
  topic: keywords
creator: Haoyang Chen
rights: Copyright (c) 2025 Haoyang Chen (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-10-11
publication date: 2025-10-11
starting page: 93
ending page: 99
doi: 10.70267/fer.250203.9399

The Reshaping of Corporate Financial Management Through Digital Transformation: Models, Pathways, and Performance Impacts
type: item
description: Section: Research Articles Keywords: digital transformation, intelligent finance, financial performance, literature review, path pattern Against the backdrop of a rapidly developing digital economy, the internal and external environments of corporate management have undergone significant changes. The field of financial management is undergoing a fundamental transformation, evolving from traditional models toward digitalization and intelligence. This paper reviews existing literature to comprehensively integrate application models of digital transformation in financial management, analyzes typical implementation pathways, and explores the impact mechanisms of digital transformation on both financial and non-financial corporate performance. It identifies gaps in current research regarding theoretical depth and empirical breadth, thereby proposing directions for future research expansion.
subject: Research Articles
  topic: section
subject: digital transformation, intelligent finance, financial performance, literature review, path pattern
  topic: keywords
creator: Ruijue Zhang
rights: Copyright (c) 2025 Ruijue Zhang (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-10-11
publication date: 2025-10-11
starting page: 84
ending page: 92
doi: 10.70267/fer.250203.8492

https://journals.zeuspress.org/index.php/FER/article/view/355
type: item
title: Structural Embeddedness of China's Fiscal Policy and the Global Labor Movement in the Era of Globalization: A Retrospective Historical Analysis Based on the Extended Framework of the World-Systems Theory
description: Section: Research Articles Keywords: world systems, labor movement, fiscal policy, reform and opening-up, labor‒capital conflict This paper examines the structural embeddedness of China's fiscal policy and the international labor movement within the capitalist world system, emphasizing their dynamic interplay and mutual influence. By utilizing the extended framework of world-systems theory, this study explores how global labor movements have historically driven capitalist world-systems transformations and how China’s fiscal adjustments have facilitated their integration into the capitalist system. The analysis highlights the structural contradictions between capitalism and democratization, illustrating how these tensions manifest through fiscal policy, labor movements, and global value chain dynamics. The paper argues that China’s fiscal strategies, particularly during its reform and opening-up period, not only deepened its integration into the global system but also shaped labor‒capital relations worldwide. This research contributes to understanding how fiscal policy serves as a critical tool for navigating structural challenges in a globalized economy.
subject: Research Articles
  topic: section
subject: world systems, labor movement, fiscal policy, reform and opening-up, labor‒capital conflict
  topic: keywords
creator: Boyuan Min
rights: Copyright (c) 2025 Boyuan Min (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-10-11
publication date: 2025-10-11
starting page: 110
ending page: 118
doi: 10.70267/fer.250203.110118