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.
Risk Control: A Multi-Dimensional Review of Risk-Taking, Liquidity Creation, and Green Credit with ESG
Section: Research Articles Keywords: FinTech, commercial banks, risk-taking, liquidity creation, green credit This paper explores the multi-dimensional impact of FinTech on commercial banks' risk control from the perspectives of risk-taking, liquidity creation, and green credit with ESG. Based on a review of existing literature and theoretical analysis, this study finds that FinTech exerts a dual effect on bank risk management. On the one hand, technologies such as big data and artificial intelligence improve risk identification efficiency, optimize liquidity allocation, and enhance green credit and ESG performance by alleviating information asymmetry between banks and borrowers. On the other hand, intensified market competition may induce excessive risk-taking, while technical integration barriers, data governance defects, and regulatory lag constrain the positive role of FinTech. The effects also exhibit significant heterogeneity across banks with different ownership structures, scales, and digital capabilities, with state-owned banks generally better positioned to leverage the advantages of FinTech than small private banks. The synergy between internal governance and external supervision is therefore critical for balancing FinTech innovation and risk control. This study enriches the theoretical framework linking FinTech and bank risk control and provides practical references for commercial banks to strengthen risk management and for regulators to formulate targeted policies that promote the healthy integration of FinTech and traditional banking.
FinTech, commercial banks, risk-taking, liquidity creation, green credit
Copyright (c) 2026 Mingxuan Shuai (Author) https://creativecommons.org/licenses/by/4.0
Baseline Price Rigidity and Promotional Adjustment in Digital Distribution Platforms: Empirical Evidence from the Steam-Epic Rivalry
Section: Research Articles Keywords: digital distribution platforms, price rigidity, promotional adjustment, fee pass-through, achievement-based lock-in This paper asks why Epic Games Store's 18-percentage-point commission advantage over Steam did not produce durable pass-through into Steam's current list prices, and how identity-bound ecosystem assets sustain this rigidity. Using a monthly panel of 547,518 Steam RPG title observations from January 2020 to March 2026, the study combines matched-sample staggered PSM-DID, lifecycle controls, price-margin decomposition, event-study evidence, and a 1,000-iteration permutation placebo test. Three results stand out. First, Steam's current list price does not respond significantly once lifecycle dynamics are modeled (β = 0.0238, SE = 0.0194, p = 0.2205), while the effective transaction price declines significantly (β = −0.1194, SE = 0.0215). Second, this decline operates through the promotional margin: discount depth increases by 6.46 percentage points (SE = 0.0081), and promotion probability increases by 5.12 percentage points (SE = 0.0113). Third, achievement-based lock-in emerges as the primary mechanism sustaining list-price rigidity: the achievement interaction is positive and significant (β = 0.0269, p = 0.0016), whereas workshop and playtime dimensions are not. These findings imply that lowering platform commission fees is insufficient to discipline an incumbent whose pricing power rests on non-portable identity assets rather than cost structure alone.
digital distribution platforms, price rigidity, promotional adjustment, fee pass-through, achievement-based lock-in
Copyright (c) 2026 Junyi Liu (Author) https://creativecommons.org/licenses/by/4.0
Analysis of Urban-Rural Differences and Countermeasures in Inclusive Elderly Care in Guangxi
Section: Research Articles Keywords: inclusive elderly care, urban-rural differences, elderly care services, accessibility, Guangxi With the rapid development of population aging and the increasing demand for elderly care services, China’s elderly care services are facing unprecedented challenges. As an economically underdeveloped region, Guangxi is characterized by a growing aging population and a prominent urban-rural inversion. For the majority of elderly people with low incomes and insufficient savings, access to affordable, accessible, and quality-assured elderly care services has become a major issue in contemporary elderly care. This paper briefly describes the current situation of inclusive elderly care services in Guangxi Zhuang Autonomous Region and explores the path of inclusive elderly care in the region. The study points out that the government needs to strengthen its leading role, break the hard constraints of elderly care operation costs, continuously promote the improvement of the basic elderly care service system, and ensure that the basic needs of China’s growing elderly population for care, support, and protection are met.
inclusive elderly care, urban-rural differences, elderly care services, accessibility, Guangxi
Copyright (c) 2026 Rui Pang (Author) https://creativecommons.org/licenses/by/4.0
ESG Performance, Financing Constraints, and Corporate Financial Performance
Section: Research Articles Keywords: ESG performance, corporate financial performance, financing constraints, two-way fixed-effects, mediating effect Based on the background of the dual-carbon target and the standardized ESG information disclosure mechanism of listed companies, this paper takes Shanghai-Shenzhen A-share listed companies from 2015 to 2024 as a research sample, constructs a two-way fixed-effects model to test the impact of ESG performance on the financial performance of firms, and explores the intermediary transmission mechanism of financing constraints. The study found that ESG performance has a positive effect on the financial performance of firms, and the results are robust. Financing constraints play a mediating role, and good ESG performance relieves financing constraints and improves the financial performance of firms. Heterogeneity analysis shows that the performance boost effect of ESG is heterogeneous. The research aims to provide an empirical basis for listed companies to promote ESG implementation and regulatory departments to improve green finance-related policies.
ESG performance, corporate financial performance, financing constraints, two-way fixed-effects, mediating effect
Copyright (c) 2026 Tingting Luo (Author) https://creativecommons.org/licenses/by/4.0
A Brief Analysis of PROYA's Marketing Strategy Based on 4P Theory
Section: Research Articles Keywords: marketing strategy, 4P theory, PROYA With the rapid development of domestic beauty products, digital marketing has become the core competitiveness for brands to break through. However, domestic beauty brands still face many challenges in breaking into the high-end market and building a systematic marketing system. Against this background, exploring the systematic marketing strategies of domestic beauty brands has significant practical significance for promoting the upgrading of domestic brands and enhancing the overall competitiveness of the industry. This paper takes PROYA as the research object and uses the literature research method and case analysis method to systematically analyze its marketing strategies from the four dimensions of product, price, channel, and promotion based on the 4P theory. The research finds that PROYA has achieved brand growth through precise product layout, popular pricing, full-channel layout, and diversified content promotion, but there is still room for improvement in channel operation and promotion systems. This study not only sorts out the marketing practice logic of PROYA but also provides practical ideas for the marketing upgrade of domestic beauty brands and provides a reference for the high-quality development of the industry.
Copyright (c) 2026 Jiayan Song (Author) https://creativecommons.org/licenses/by/4.0
The Impact of Green Finance on Corporate Green Innovation: Operating Cash Flow as a Mediating Channel
Section: Research Articles Keywords: green finance, corporate green innovation, cash flow, two-way fixed effects, transmission channels Against the institutional backdrop of the ongoing implementation of China’s “Dual Carbon” strategy and green finance policies, this paper examines the impact of green finance on corporate green innovation from the perspective of cash flow mediation. Based on panel data of Chinese A-share listed companies from 2015 to 2024, this study uses the green finance index as the core explanatory variable and corporate green innovation as the dependent variable. A two-way fixed effects model is constructed to test the underlying mechanism, heterogeneous effects and transmission mechanism of green finance. The baseline regression results show that green finance significantly promotes corporate green innovation, indicating that the development of green finance can provide important support for enterprises to carry out green technology research and green transformation. This conclusion remains valid after several robustness tests, including replacing the dependent variable and using the lagged core explanatory variable, which confirms the reliability of the empirical results. The heterogeneity analysis further shows that the effect of green finance is more significant in state-owned enterprises, highly profitable enterprises and heavily polluting enterprises. This suggests that enterprises with stronger resource advantages, better profitability or greater environmental pressure are more likely to benefit from green finance policies. The mediation test shows that cash flow is an important channel through which green finance promotes corporate green innovation. Green finance can improve firms’ operating cash flow, ease financial constraints in research and development activities, and indirectly encourage enterprises to increase green innovation investment. The results indicate that cash flow plays a partial mediating role, meaning that green finance affects green innovation through both direct and indirect channels. Overall, this paper enriches the empirical evidence on the micro-level effects of green finance and provides a reference for improving green finance policies and promoting enterprise green transformation under the “dual carbon” strategy.
green finance, corporate green innovation, cash flow, two-way fixed effects, transmission channels
Copyright (c) 2026 Leyan Liu (Author) https://creativecommons.org/licenses/by/4.0
The Impact of the Proportion of Independent Directors on Corporate Profitability—A Comparative Analysis Based on Wuliangye and ST Yanshi
Section: Research Articles Keywords: corporate governance, comparison of two case studies, proportion of independent directors There are huge differences in the governance environments of different companies in China. State-controlled companies, which follow stricter governance rules, can provide a solid institutional foundation for independent directors to do their jobs. But some privately controlled companies have highly concentrated ownership and a situation where one shareholder dominates, so independent directors often end up as ‘figurehead directors’ and struggle to effectively supervise. This study uses a comparative double-case method and concludes that this reality makes the relationship between the proportion of independent directors and company profits not simply linear, but influenced by the overall governance environment of the company.
corporate governance, comparison of two case studies, proportion of independent directors
Copyright (c) 2026 Xinyu Zhang (Author) https://creativecommons.org/licenses/by/4.0
The Impact of Structural Monetary Policy on Commercial Banks’ Credit Risk: A Quasi-Natural Experiment Based on the Central Bank’s Carbon Emission Reduction Facility
Section: Research Articles Keywords: carbon emission reduction facility, commercial banks, credit risk, difference-in-differences method, structural monetary policy Against the backdrop of China’s “Dual Carbon” strategy, structural monetary policy has increasingly been used to support green transition while maintaining financial stability. Taking the Carbon Emission Reduction Facility (CERF), introduced by the People’s Bank of China in November 2021, as a policy shock, this study examines its effect on commercial banks’ credit risk. Using balanced panel data for Chinese commercial banks from 2014 to 2024, a Difference-in-Differences (DID) framework is employed, with the first group of national financial institutions participating in the CERF serving as the treatment group and local city commercial banks and rural commercial banks as the control group. The results suggest that the implementation of the CERF is associated with a decline in credit risk, but the estimated effect on the non-performing loan ratio does not reach conventional levels of statistical significance. This indicates that the policy’s risk-reduction effect had not yet become fully evident during the initial stage of implementation. A possible explanation is that the benefits of lower-cost funding were offset, at least in the short run, by adjustment costs arising from green transformation, including long investment horizons and still-developing risk assessment systems. The main findings remain unchanged after controlling for bank-level characteristics and macroeconomic growth conditions. Overall, the evidence suggests that the influence of the CERF on bank risk is more gradual than immediate. The findings contribute to ongoing discussions of the transmission effects of structural monetary policy and offer insights into how commercial banks manage the balance between green credit expansion and risk control under the “Dual Carbon” agenda.
carbon emission reduction facility, commercial banks, credit risk, difference-in-differences method, structural monetary policy
Copyright (c) 2026 Chenlin Cai (Author) https://creativecommons.org/licenses/by/4.0
Systemic Risk Transmission and Stratified Resilience in China’s Banking Sector under Trade Frictions: Evidence from Executive Interviews across Different Types of Banks
Section: Research Articles Keywords: trade war, systemic risk, banking, qualitative interviews Since 2018, the China–U.S. trade war has become a major source of uncertainty in the global economy and has also had significant implications for China’s financial system. This paper examines how the spillover effects of the trade war translate into systemic risk within the banking sector, with particular attention to the heterogeneous responses of banks of different sizes and ownership structures. Based on in-depth interviews with senior executives from large state-owned banks, national joint-stock banks, and small local banks, this study applies thematic analysis to identify two main transmission channels through which external economic shocks affect banks, including disruptions in export-related demand and client repayment capacity. The findings suggest that large state-owned banks are relatively less exposed due to their diversified client base and stronger risk-buffering capacity, whereas local banks face more pronounced credit risk pressures, largely driven by their concentrated sector exposure and more limited access to stabilizing financial instruments during periods of stress.
trade war, systemic risk, banking, qualitative interviews
Copyright (c) 2026 Chenhao He, Jinrui Zhang, Yuxuan Liu, Kangkai Peng (Author) https://creativecommons.org/licenses/by/4.0
How Physical Climate Risks Impact the Risk Linkage of the Electricity Industrial Chain
Section: Research Articles Keywords: climate change, physical climate risk, electric power industry chain, DCC-GARCH model, MF-VAR model The physical risks of climate change are transmitting shocks along the entire electricity industrial chain, disrupting the cross-sectoral interdependencies between them. This study measures dynamic risk linkage across the upstream, midstream, and downstream segments of China’s electricity industry chain using the DCC-GARCH model. Then, the MF-VAR model is used to investigate the impact of physical climate risk on the electricity power industry chain. The results reveal that the risk linkage network of China's electricity power industry chain exhibits significant heterogeneity. Upstream-midstream and upstream-downstream linkages are primarily characterized by negative risk hedging, whereas midstream-downstream connectedness displays positive risk synergy. Furthermore, different types of physical climate risks affect risk linkage within the power industry chain through distinct short-term impact pathways. Specifically, extreme temperatures and droughts influence upstream-midstream linkages by altering the power generation mix, whereas extreme rainfall directly disrupts midstream-downstream linkages through physical grid failures. In contrast, when these individual physical risks are aggregated into a comprehensive index, a rise in that index enhances overall risk co‑movement. Moreover, the impacts of climate risk on segment returns are asymmetrical, with the midstream generation segment as the core value-loss zone and main vulnerability. These findings provide policy guidance to enhance climate adaptability and prevent cross-segment risk transmission.
climate change, physical climate risk, electric power industry chain, DCC-GARCH model, MF-VAR model
Copyright (c) 2026 Yanlan Liu, Jiusheng Chen (Author) https://creativecommons.org/licenses/by/4.0
A Study on Innovative Approaches to Teaching Cross-Border Marketing Courses in Higher Education Institutions in the Context of Digital Transformation
Section: Research Articles Keywords: digital transformation, cross-border marketing, course instruction, educational innovation, integration of industry and education The digital transformation of cross-border marketing courses has evolved from a technological upgrade in teaching methods to a structural shift in educational paradigms. The digital restructuring of cross-border marketing channels and the rise of data-driven decision-making models are reshaping industry demands for marketing talent competencies, requiring curriculum instruction to adapt in terms of objectives, content frameworks, and practical platforms. However, current courses lag in aligning with job competency requirements, updating platform tools, and deepening industry-academia collaboration, which hinders the efficiency of matching talent development with industry needs. This study establishes an implementation framework for teaching innovation by referencing industry competency standards, focusing on four dimensions: objective reconstruction, content integration, platform development, and collaborative education, providing theoretical references and practical pathways for the digital transformation of business courses.
digital transformation, cross-border marketing, course instruction, educational innovation, integration of industry and education
Copyright (c) 2026 Zhe Hu, Yanqin Wang (Author) https://creativecommons.org/licenses/by/4.0
Integrating ESG into Factor Pricing Models and Actuarial Risk Estimation: Implications for Venture Capital
Section: Research Articles Keywords: environmental, social and governance (ESG), factor pricing model, actuarial risk estimation, venture capital, tail risk This paper reviews how Environmental, Social and Governance (ESG) factors can be incorporated into factor pricing models and actuarial risk estimation methods, and evaluates their implications for venture capital (VC) investment. Traditional asset pricing models, including single-factor and multi-factor models, provide a framework for assessing systematic risk, while actuarial techniques such as Value at Risk (VaR), Conditional Value at Risk (CVaR), and Extreme Value Theory (EVT) are effective in measuring tail risk. Existing literature suggests that ESG performance influences both expected returns and downside risk, with firms exhibiting stronger ESG profiles generally showing lower tail risk and greater resilience during periods of financial stress. In the context of venture capital, ESG serves as a signal of management quality, governance capability, and long-term growth potential, helping investors mitigate information asymmetry and improve investment selection. This review identifies major research findings, ongoing debates, and current gaps, particularly the lack of an integrated framework combining factor pricing and actuarial methods for ESG analysis in private markets. The paper concludes by proposing future research directions for building quantitative ESG assessment tools tailored to venture capital.
environmental, social and governance (ESG), factor pricing model, actuarial risk estimation, venture capital, tail risk
Copyright (c) 2026 Linlang Song (Author) https://creativecommons.org/licenses/by/4.0
Extreme Weather Impacts on Stock Price Crash Risk: Evidence from China
Section: Research Articles Keywords: extreme climate, stock market crash risk, information asymmetry, information disclosure Extreme weather events have increasingly imposed significant shocks on corporate operations and the financial system's stability. This study examines the impact of extreme weather on the stock price crash risk and its underlying mechanisms using a sample of A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2010 to 2023. The results demonstrate that extreme weather significantly increases the stock price crash risk for listed companies. After addressing endogeneity issues and conducting a series of rigorous robustness tests, the core conclusions remain robust. Channel analyses reveal that extreme weather exacerbates stock price crash risk by deteriorating corporate fundamentals, reducing the quality of financial disclosures, and exacerbating information asymmetry. Heterogeneity analysis further indicates that the reinforcement effect is more pronounced among firms in the eastern region, firms with high-quality information disclosures, and non-state-owned enterprises. These findings contribute to the literature by identifying novel determinants of stock price crash risk and shedding light on the role of climate risk among investors.
extreme climate, stock market crash risk, information asymmetry, information disclosure
Copyright (c) 2026 Wenjing Ma, Jiusheng Chen (Author) https://creativecommons.org/licenses/by/4.0
Heterogeneous Analysis of RMI on Urban Consumption Vitality: An Empirical Study Based on Panel Data of 50 Cities
Section: Research Articles Keywords: spatial mismatch, lower-tier market, relative mass-market index, consumption vitality Deepening domestic demand drives high-quality urban development. However, some lower-tier cities blindly introduce high-end brands, causing a spatial mismatch. This creates a severe gap between commercial supply and local purchasing power. Based on the Spatial Mismatch and Bottom of the Pyramid (BOP) theories, panel data from 50 Chinese cities (2022-2024) and spatial data of retail stores are utilized. A “Relative Mass-market Index” (RMI) is innovatively constructed. A Pooled OLS model is adopted to test how supply structure fit affects macro consumption. It is found that this activation effect is highly asymmetric. In lower-tier markets, the “downward compatibility” of mass-market retail generates a strong “filling effect,” significantly increasing per capita retail sales. In mature markets, due to a saturated retail ecosystem, the index adjustment exhibits “elasticity desensitization.” The conclusion confirms that high-quality mass-market retail acts as “new infrastructure” for lower-tier markets. It provides an important decision-making basis for local governments to abandon blindly upgrading commercial districts and to implement city-specific policies to unleash long-tail consumption benefits.
spatial mismatch, lower-tier market, relative mass-market index, consumption vitality
Copyright (c) 2026 Haoyu Qin (Author) https://creativecommons.org/licenses/by/4.0
What Makes Consumers Buy: A Study of Go–Stop Psychological Signals in L'Oréal's FMCG Marketing
Section: Research Articles Keywords: approach–avoidance conflict, regulatory focus theory, FMCG marketing, consumer psychology, L’Oréal The fast-moving consumer goods (FMCG) beauty market, as part of the beauty industry, is marked by short purchase cycles, high brand competition, and consumer behaviour characterized by alternating states of impulsive and deliberate consumption. The need to grasp the underlying psychology of consumer behaviour in the FMCG beauty market has emerged as an essential marketing strategy for global brands. The following review paper aims to investigate the relationship between go-signals, consisting of approach-based psychological drivers such as promotional cues, scarcity appeals, promotion focus, and positive affect, and stop-signals, consisting of avoidance-based drivers such as risk perception, prevention focus, and cognitive resistance, in the FMCG beauty marketing arena. The paper is based on peer-reviewed scholarly articles on consumer psychology, regulatory focus theory, neuromarketing, and brand management and draws on the theoretical frameworks to discuss the documented marketing practice adopted by the global brand, L’Oreal. The gaps in the literature are also discussed, revealing the need for cross-cultural comparative and longitudinal studies on the go-stop signal relationship in the digital FMCG arena.
approach–avoidance conflict, regulatory focus theory, FMCG marketing, consumer psychology, L’Oréal
Copyright (c) 2026 Jiaxin Shi (Author) https://creativecommons.org/licenses/by/4.0
Research on the Sustainable Development Capacity of CATL - Based on Financial Data from 2015 to 2024
Section: Research Articles Keywords: DuPont analysis method, CATL, battery power industry, return on equity (ROE), financial characteristics This paper selects the leading company in the battery power industry, CATL Company, as the sample. By using the company's financial data from 2015 to 2024 and that of 10 companies in the same industry for internal comparison, the DuPont analysis method is taken as the core. Combined with the sequential substitution method, the impact degree of the three factors - net profit margin, total asset turnover rate, and equity multiplier - on the return on equity (ROE) is quantitatively calculated. The sensitivity of the indicators is verified through SPSS empirical analysis, and a comparative study is conducted with the leading company in the industry, BYD. Through the triple analysis of industry horizontal comparison, self-vertical comparison, and double-leading company comparison, the financial driving logic of CATL Company is dissected. Its current shortcomings are identified and optimization strategies are proposed. The research concludes that CATL Company has the financial characteristics of “profit-driven and stable leverage ratio”, and determines the financial differentiation characteristics between CATL Company and BYD Company. This also provides certain reference value for financial analysis and optimization of enterprises in the battery power industry.
DuPont analysis method, CATL, battery power industry, return on equity (ROE), financial characteristics
Copyright (c) 2026 Yukang Liang (Author) https://creativecommons.org/licenses/by/4.0
Analysis of the Mechanism by Which Investor Sentiment Affects Stock Market Volatility
Section: Research Articles Keywords: investor sentiment, stock market volatility, market mechanism, behavioral finance, heterogeneity effect As a core topic in behavioral finance, investor sentiment and its impact mechanism on stock market volatility have always been a research hotspot in the financial field, serving as a key path to explaining market phenomena. Based on relevant empirical research in recent years, this article first systematically reviews the development process of investor sentiment and its impact on stock market volatility. On this basis, it focuses on analyzing the transmission pathways, boundary conditions, and heterogeneous effects of sentiment on stock market volatility. It also collates traditional econometric methods and text analysis techniques driven by large language models, clarifying the differentiated characteristics of investor sentiment under different market environments. Finally, this paper points out the deficiencies and limitations of current research on investor sentiment, and looks forward to the future where artificial intelligence technology empowers the study of investor sentiment towards high-frequency dynamics and multimodal fusion, aiming to provide theoretical references for risk management and investment decisions of market participants.
investor sentiment, stock market volatility, market mechanism, behavioral finance, heterogeneity effect
Copyright (c) 2026 Junbin Liang (Author) https://creativecommons.org/licenses/by/4.0
Research on the Influencing Factors and Optimization Strategies of Enterprise Capital Structure
Section: Research Articles Keywords: enterprise capital structure, influencing factors, optimization strategies At present's enterprise's financial Management System, The Capital Structure at the heart of its entire process and plays an essential role in Business Efficiency and Profitability. A reasonable capital Structure will be able to optimise resource allocation in an enterprise, lower financing expenses for enterprises, make full use of financial Leverage in practice to increase the Profit level of the enterprise. Given that changes in the economic Environment and an improved Capital Market have made it necessary to make scientific Adjustments to capital Structure as a means to ensure enterprise profitability. This paper combines the actual development of enterprises, discusses the problems in capital structure, analyzes common influencing factors, and makes scientific optimization strategies, so as to support the long-term healthy development of enterprises on the basis of controlling financial risk.
enterprise capital structure, influencing factors, optimization strategies
Copyright (c) 2026 Chenyu Wang (Author) https://creativecommons.org/licenses/by/4.0
Analysis of the Factors Influencing Residents' Cultural Consumption Expenditure——From the Perspective of Online Retail Use
Section: Research Articles Keywords: online retail, residents' cultural consumption, two-way fixed effects, influencing factors, cultural consumption upgrading On the basis of balanced provincial panel data from 30 provinces (autonomous regions and municipalities) in China for 2021 to 2024, this paper employs a two-way fixed effects model to empirically examine the impact of online retail development on residents’ cultural consumption. It further explores the internal influencing mechanism through three pathways—consumption convenience, information accessibility and demand stimulation—and conducts robustness tests. The results indicate that the development of online retail has a significant positive effect on residents’ cultural consumption. Similarly, the regional economic development level and residents’ per capita disposable income also play positive driving roles in cultural consumption. The benchmark findings remain robust after alternative variable measurement methods, 1% winsorization, and one-period lag treatment of the core explanatory variables are adopted. Finally, targeted countermeasures and suggestions are proposed in terms of deepening industrial integration, improving logistics infrastructure, increasing residents’ income, optimizing the supply of public cultural services, and promoting coordinated regional development. The research findings provide empirical support for tapping into the potential of residents’ cultural consumption and facilitating the high-quality development of cultural consumption.
online retail, residents' cultural consumption, two-way fixed effects, influencing factors, cultural consumption upgrading
Copyright (c) 2026 Yulu Xia (Author) https://creativecommons.org/licenses/by/4.0
A Study on the Impact of ESG Performance on Corporate Performance—Based on the Moderating Effect of Digital Transformation
Section: Research Articles Keywords: ESG performance, corporate performance, digital transformation, moderating effect, industry heterogeneity Against the backdrop of the parallel development of the “dual-carbon” strategy and the digital economy, the impact of ESG performance on corporate performance and the moderating effect of digital transformation have become valuable research topics. This paper uses A-share listed companies from 2016 to 2024 as a sample to explore the impact of ESG performance on corporate performance (ROA) and the moderating effect of digital transformation. The study finds that ESG performance has a significant negative impact on current performance, exhibiting obvious “short-term pain” characteristics and potential long-term positive effects that have not yet been fully realized. The combined costs of digital transformation and ESG construction exert a negative moderating effect. Heterogeneity analysis shows that the pollution attributes of an industry weaken the promoting effect of ESG performance on corporate performance, with heavily polluting industries showing even lower marginal effects. Furthermore, factors such as company size and growth significantly positively impact corporate performance, while financial leverage and the short-term costs of digitalization have a negative impact. Based on this, this paper proposes countermeasures from the perspectives of government, enterprises, and investment, providing theoretical reference and practical guidance for ESG-enabled corporate performance transformation and upgrading.
ESG performance, corporate performance, digital transformation, moderating effect, industry heterogeneity
Copyright (c) 2026 Qian Li (Author) https://creativecommons.org/licenses/by/4.0
The Impact of Talent Introduction Intensity on Corporate Artificial Intelligence Levels: Empirical Evidence from Chinese A-Share Listed Companies
Section: Research Articles Keywords: talent introduction intensity, corporate artificial intelligence level, financing constraints, employee quality, propensity score matching Talent introduction has become an important factor shaping enterprise development in recent years. Using panel data for Shanghai and Shenzhen A-share listed companies, this paper examines how talent introduction affects firms’ artificial intelligence (AI) development and explores the channels through which this effect operates. The empirical findings suggest that talent introduction is associated with higher levels of AI development among firms. This relationship remains robust after a series of robustness tests and instrumental variable estimations. Further analysis indicates that talent introduction may contribute to AI development by easing financing constraints and improving workforce quality. The effects are not uniform across firms, however. They appear to be more pronounced depending on characteristics such as pollution status, regional location, and industry affiliation, particularly in the manufacturing sector. Overall, the findings highlight the role of talent introduction in supporting corporate AI development and provide evidence that may be useful for the design of talent-related policies and the promotion of the AI industry.
talent introduction intensity, corporate artificial intelligence level, financing constraints, employee quality, propensity score matching
Copyright (c) 2026 Shanlin Bi (Author) https://creativecommons.org/licenses/by/4.0
Analysis on the Formation Causes of AH Premium and the Reverse Premium Anomaly of Leading Companies
Section: Research Articles Keywords: AH premium rate, reverse premium, core leading companies As the interconnection mechanism of Shanghai-Shenzhen-Hong Kong Stock Connect keeps improving, an increasing number of enterprises choose to go public simultaneously in the A-share and H-share markets. However, the long-standing problem of “same stock with different prices” and the persistent premium of A-shares still exist. Taking the valuation difference between A-shares and H-shares as the research object, this paper uses literature review, comparative analysis and case studies to explore the formation mechanism and fluctuation characteristics of AH share premium from the perspectives of market structure, trading system, liquidity, investor sentiment and exchange rate changes. It also focuses on the reverse premium anomaly of leading enterprises such as CATL. The results show that structural differences between the two markets are the main cause of AH share premium, and macro liquidity and capital flows significantly affect the trend of the premium. Meanwhile, industry leaders with strong fundamentals and high information transparency are more likely to show H-share reverse premium. This study can provide references for cross-market investment decisions, corporate capital operation and the institutional optimization of capital markets.
AH premium rate, reverse premium, core leading companies
Copyright (c) 2026 Yuexing Zhu (Author) https://creativecommons.org/licenses/by/4.0
The Impact of Artificial Intelligence Industry Development on Service Exports: A Systematic Review Approach
Section: Research Articles Keywords: artificial intelligence, service exports, digitally deliverable services With the rapid development of the digital economy, artificial intelligence (AI) has become an important factor influencing international service trade. As the growth of traditional merchandise trade slows, digitally deliverable services have continued to expand, supported by the increasing role of data and AI technologies. Using a systematic literature review approach and drawing on recent macro-level trade statistics and micro-level empirical studies, this paper examines the mechanisms through which AI affects the scale and structure of service exports and reviews the related empirical evidence. Recent data show that digitally deliverable services account for more than half of global service trade. Existing studies suggest that AI can improve the technological sophistication of knowledge-intensive service exports by lowering cross-border search costs, increasing total factor productivity, and enhancing service tradability. In this sense, AI contributes not only to the expansion of service trade but also to its movement toward higher value-added activities. The findings of this study help explain recent developments in digital trade and provide policy implications for narrowing the global digital divide, particularly through improvements in digital infrastructure and increased investment in research and development.
artificial intelligence, service exports, digitally deliverable services
Copyright (c) 2026 Youyu Pan (Author) https://creativecommons.org/licenses/by/4.0
Correlation Analysis of Time Value of Cash Flow and Pricing in IPO Enterprises —— Based on Multi-period Cash Flow Model
Section: Research Articles Keywords: initial public offering, time value of cash flow, DCF valuation, PE method In recent years, growth and technology-based companies account for a relatively high proportion of A-share IPO enterprises, and the fluctuation of cash flow and rising capital expenditure make the issue pricing more uncertain. In this paper, based on the multi-period cash flow model, the correlation between the time value of cash flow and IPO pricing is discussed, taking the IPO enterprises of science and technology innovation board Growth Enterprise Market as samples from 2024 to 2025. Through sample selection, unified parameter setting, correlation analysis, unary linear regression and comparison of pricing deviation, this paper finds that the direct explanatory power of discount rate to IPO issue price is weak, and the explanatory effect of DCF model is limited in the whole sample, but it is obviously enhanced after excluding abnormal samples, while PE method is closer to the actual issue price as a whole. The research shows that the multi-period cash flow model has a conditional explanatory function in IPO pricing, and its applicability is constrained by the stability of cash flow and the market pricing mechanism.
initial public offering, time value of cash flow, DCF valuation, PE method
Copyright (c) 2026 Hongwei Huang (Author) https://creativecommons.org/licenses/by/4.0
From Regulatory Text to Bank Behaviour: The Institutional Logic of the Basel NSFR Framework and Its Manifestation in HSBC
Section: Research Articles Keywords: Net Stable Funding Ratio (NSFR), Basel III liquidity regulation, institutional logic This paper examines the Basel III Net Stable Funding Ratio (NSFR) not simply as a technical liquidity requirement, but as a regulatory text that reflects an institutional logic of funding stability. Using qualitative policy text analysis, the study explores how the NSFR framework constructs behavioural expectations through its classifications, weighting system, and regulatory language, especially through the concepts of Available Stable Funding (ASF) and Required Stable Funding (RSF). To connect regulatory design with organisational response, the paper also uses HSBC as a case study and analyses its public disclosures on liquidity, funding, and balance sheet management. The findings suggest that the NSFR promotes a prudential banking model that prioritises stable liabilities, maturity alignment, and structural resilience. HSBC’s disclosures largely reflect this logic in its funding strategy, risk governance, and liquidity reporting. The paper argues that the NSFR should be understood not only as a compliance ratio, but also as a governance mechanism that shapes legitimate banking behaviour.
Net Stable Funding Ratio (NSFR), Basel III liquidity regulation, institutional logic
Copyright (c) 2026 Chengji Liu (Author) https://creativecommons.org/licenses/by/4.0
The Alienation of Behavioral Biases Among A-Share Investors from a Localization Perspective
Section: Research Articles Keywords: localization, A-share market, investor behavioral biases, behavioral alienation, behavioral finance Behavioral finance has established a complete theoretical system in mature Western capital markets, effectively explaining the alienation induced by Market Behavioral Biases. However, the A-share as an emerging policy-driven and retail-driven market, has a unique investor structure, trading mechanism, and indigenous sociopsychological characteristics, leading to a significant alienation of classic behavioral bias theory. This article will take the Alienation of Behavioral Biases Among A-Share Investors as the core object of study. And based on Prospect Theory and employing a literature review approach, this article will conduct a systematic analysis of such aberrant phenomena as the polarization and reversal of the Disposition Effect, the full-chain extension of the Herd Effect, and the cyclical reversal of overconfidence, also delve deeply into the roots of distortion—including trading systems, information asymmetry, the retailization of institutional investors, and local culture. Research indicates that Western behavioral finance theory is not fully adapted to the unique institutional and cultural environment of the A-share market, unable to explain its underlying causes. Promoting the localization of behavioral finance theory is a critical path for correcting A-share investor behavioral alienation and enhancing market pricing efficiency, providing a theoretical basis for regulatory policy formulation and investor strategy construction. This paper addresses the gap in traditional research that overlooks institutional and cultural differences in emerging markets, while acknowledging limitations such as the lack of empirical testing. Future research could further refine the localized behavioral finance theoretical system through empirical and quantitative studies.
localization, A-share market, investor behavioral biases, behavioral alienation, behavioral finance
Copyright (c) 2026 Zekai Jiang (Author) https://creativecommons.org/licenses/by/4.0
The Impact of IP Holdings of Listed Gaming Companies on Investment Efficiency
Section: Research Articles Keywords: investment efficiency, investment behavior of game companies, IP holdings, information asymmetry theory Recent years, the game industry has developed continuously. Game Intellectual Property (IP), as an important element in the game, has a very high popularity in the market, which has attracted more and more companies to concentrate on game IP for investment. However, there is a lack of multi-dimensional empirical research on the impact of game IP holdings on the investment efficiency of enterprises. It is found that the positive impact of IP holdings on inefficient investment has not passed the significance test, indicating that simply increasing the scale of IP holdings cannot significantly aggravate or alleviate the problem of inefficient investment; Enterprise growth has a significant inhibitory effect on inefficient investment, and high-growth enterprises are more likely to realize rational allocation of resources. This paper proves that it is difficult to convert the value of game IP into investment income alone, and blindly hoarding IP can easily lead to information asymmetry and aggressive investment by management, which in turn leads to resource mismatch. Learning the results of enterprise IP investment through this empirical analysis can improve the vigilance of enterprises against IP bubble, which can help to avoid blind investment in IP and turn their investment eyes to other sustainable growth points.
investment efficiency, investment behavior of game companies, IP holdings, information asymmetry theory
Copyright (c) 2026 Mada Su (Author) https://creativecommons.org/licenses/by/4.0
Research on the Impact of Digital Financial Literacy on Household Financial Portfolio Allocation Efficiency
Section: Research Articles Keywords: digital financial literacy, household financial portfolio allocation efficiency, financial accessibility, social interaction Against the backdrop of the burgeoning digital economy, this paper investigates the impact of residents’ digital financial literacy on the efficiency of household financial asset allocation and its underlying mechanisms. Using micro-survey data from the China Household Finance Survey (CHFS) for 2017 and 2019, we conduct an empirical test. The findings reveal that an improvement in digital financial literacy significantly enhances the efficiency of household financial asset allocation. This effect is achieved by increasing household financial accessibility and promoting social interaction. Moreover, these results remain robust and significant after replacing the measurement indicators of the explanatory variable and accounting for potential policy interference. The heterogeneity analysis indicates that the positive effect of digital financial literacy is larger for rural households, those in non-key urban agglomerations, and non-financially vulnerable households. This study holds significant implications for enhancing the digital financial literacy of residents in China and promoting the rationalization of household financial asset allocation.
digital financial literacy, household financial portfolio allocation efficiency, financial accessibility, social interaction
Copyright (c) 2026 Li Yang, Chen Yang (Author) https://creativecommons.org/licenses/by/4.0
The Dampening Effect of Green Finance Reform Policies on Corporate Green Innovation Bubbles: An Empirical Study of Chinese A-Share Listed Companies
Section: Research Articles Keywords: green finance reform, green innovation bubble, strategic innovation, substantive innovation While green finance reform policies channel capital toward green industries, can they effectively curb the green innovation bubbles caused by corporate “greenwashing”? This study examines Chinese A-share listed companies from 2010 to 2024, treating the establishment of green finance reform and innovation pilot zones as a quasi-natural experiment. Using a multi-period difference-in-differences method, the study systematically investigates the impact of green finance policies on corporate green innovation bubbles and their transmission mechanisms. The findings reveal: First, green finance reform policies significantly curb corporate green innovation bubbles. Second, a decomposition of the transmission mechanisms indicates that strategic green innovation is the core channel through which policies exert their “corrective” function; due to the short-term crowding-out effect of policies on substantive innovation, the contribution of the substantive green innovation channel is weak and runs in the opposite direction. Third, the policy effects exhibit heterogeneity: non-state-owned enterprises are more sensitive to policy responses; the moderating role of executives’ financial backgrounds is limited, with differences between groups failing to reach statistical significance. This paper reveals the underlying mechanism by which green finance policies improve innovation quality by curbing strategic innovation, providing empirical evidence for mitigating “greenwashing” risks and optimizing the institutional design of green finance.
green finance reform, green innovation bubble, strategic innovation, substantive innovation
Copyright (c) 2026 Zixin Xu (Author) https://creativecommons.org/licenses/by/4.0