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.
Application of Generative Artificial Intelligence in Financial Innovation and Risk Management
Section: Research Articles Keywords: AIGC, robo-advisor, risk prevention In the age of burgeoning technology, AI is playing an extremely indispensable role in finance. This paper focuses on the recent hot topic of two novel applications of generative AI, robo-advisors and emotionally-aware AI service, and the following risk prevention and control of them. And the thesis reviews the previous studies from 2022 to 2024 selected on AI core technology, machine learning, AIGC, robo-advisors and risk prevention. The review finds that during the growth of AI, though generative AI significantly improves the working efficiency, the methods to manipulate generative AI legally and avoid extra ethical and safety problems remain to be solved. Hence, the review proposes future research directions on AI explainable framework and regulatory prevention through human intervention to figure out the problems scientifically. Furthermore, this paper provides a holistic reference for both researchers and employees hoping to enhance and perfect generative AI, and address the security issues that are still not resolved at present.
Copyright (c) 2026 Jianheng Zhang (Author) https://creativecommons.org/licenses/by/4.0
Media Information Dissemination Mechanisms and Capital Market Effects
Section: Research Articles Keywords: media information dissemination mechanisms, capital market effects, online new media Driven by digital technology, the linkage between media and the capital market has grown increasingly tight. Traditional media and online new media exhibit markedly different dissemination characteristics: the former is defined by authority, while the latter features viral dissemination accompanied by redundant and false information, along with the “information cocoon” problem. Current academic research lacks a systematic synthesis of the relationship between online new media and the capital market, suffering from issues such as missing key subjects and insufficient timeliness. This study focuses on the three core stakeholders—investors, enterprises, and the government—to explore media information dissemination mechanisms and their capital market effects. It analyzes investors’ information-processing features and behavioral biases in the new media environment, together with the evolution of investment strategies and theories; the recent changes in and influencing factors of corporate social responsibility information disclosure; the challenges faced by the government in regulation, including legislative lag and coordination difficulties, as well as the promotional role of government microblogs. The goal is to provide feasible strategies for these three parties and thereby support the healthy development of the financial market.
media information dissemination mechanisms, capital market effects, online new media
Copyright (c) 2026 Haotian Wu (Author) https://creativecommons.org/licenses/by/4.0
Research on the Financial Performance of Scenario-Oriented Transformation of Business Models:An Exploratory Case Based on Suning.com
Section: Research Articles Keywords: business model, scenario-oriented, smart retail, Suning.com Improving service quality through the scenario-oriented transformation of business models delivers a better service experience for users. Such transformation leads to changes in corporate financial performance, which in turn reflect the effectiveness of the transformation. This paper selects Suning.com Group Co., Ltd. as the research object and analyzes its financial performance from 2017 to 2022 through case analysis and literature research. Firstly, it introduces the research background, significance and methods, then summarizes the relevant theories as the theoretical foundation for the subsequent case analysis. The paper presents an overview of Suning.com, elaborates on the development process of its scenario-oriented transformation of business model, and finally analyzes the impact of this transformation on its financial performance. Through in-depth case analysis, the research conclusions are summarized to provide references for other retail enterprises.
business model, scenario-oriented, smart retail, Suning.com
Copyright (c) 2026 Rui Tang, Feimei Liao (Author) https://creativecommons.org/licenses/by/4.0
Research on the Development of Software for Authentic Cross-Cultural Communication Against the Background of Artificial Intelligence Development
Section: Research Articles Keywords: artificial intelligence, cross-cultural communication, software development, market demand, marketing strategy With the rapid advancement of globalization, the demand for authentic cross-cultural communication has surged substantially, yet traditional translation software suffers from prominent shortcomings in emotional interaction and cultural connotation transmission, failing to meet practical communication needs. Focusing on developing AI-enabled authentic cross-cultural communication software, this study analyzes the current status of international cross-cultural communication and machine translation’s development process, and explores the machine translation market from the dimensions of inter-field demand differences, market scale, competitive landscape and user group characteristics to clarify the software’s market positioning and development direction. On this basis, it designs a software system integrating real-time dialogue, AI intelligent assistance, social interaction and cultural experience, elaborates on its core functions, innovation points and product features, and formulates a comprehensive marketing strategy covering social media promotion, cooperative alliance, data analysis and user experience optimization. The research finds that in-depth integration of artificial intelligence into such software development effectively compensates for the defects of traditional translation tools, enabling authentic and barrier-free cross-cultural communication. This software boasts significant practical application value and broad market development prospects in daily life, business cooperation, technological exchange and other diverse fields.
artificial intelligence, cross-cultural communication, software development, market demand, marketing strategy
Copyright (c) 2025 Xueying Jiao (Author) https://creativecommons.org/licenses/by/4.0
ESG, Financial Constraints, and Green Technology Innovation: Evidence from China with the Moderating Role of Environmental Public Attention
Section: Research Articles Keywords: ESG, green technology innovation, financial constraint, environmental public attention Against the backdrop of China’s “dual-carbon” objectives and ongoing improvements in ESG disclosure standards, green technological innovation has become central to firms’ sustainable development. Using a sample of Chinese A-share listed companies, this study examines how ESG performance affects firms’ green technology innovation and whether the effect varies across regions and ownership types. To unpack the underlying channels, the analysis incorporates financing constraints as a mediating mechanism and environmental public attention as a moderating factor. The results show that ESG performance is positively associated with green innovation, with pronounced geographic variation and firm-level heterogeneity. The effect is stronger for non-state-owned enterprises than for state-owned enterprises. Financing constraints mediate the ESG–green innovation relationship, suggesting that improved ESG performance can ease funding frictions and thereby support innovation activities. In addition, environmental public attention significantly strengthens the positive effect of ESG on green innovation: in regions with higher public attention to environmental issues, the ESG-innovation linkage becomes more pronounced. Overall, this study contributes to the literature by integrating spatial heterogeneity and public environmental attention into the empirical analysis of ESG-driven green innovation.
ESG, green technology innovation, financial constraint, environmental public attention
Copyright (c) 2025 Jiawen Wang (Author) https://creativecommons.org/licenses/by/4.0
Enterprise Artificial Intelligence Application and Digital-Industrial Technology Integration: Evidence from Chinese Listed Enterprises
Section: Research Articles Keywords: artificial intelligence application, digital-industrial technology integration, digital transformation Based on data from Chinese non-financial listed enterprises from 2010 to 2023, this paper systematically investigates the impact of enterprise artificial intelligence applications on digital-industrial technology integration. The results indicate that enterprise artificial intelligence applications can effectively promote digital-industrial technology integration, with enhancing corporate knowledge absorption capacity and elevating corporate digitalization level of business scenarios serving as effective mechanisms. Heterogeneity tests reveal that the integration-promoting effect of artificial intelligence applications is stronger for enterprises with less financing constraints, higher synergy between human capital and artificial intelligence applications, and stronger digital economy policy support in their cities. This study provides important policy implications for uncovering the economic value of artificial intelligence applications and accelerating digital-industrial integration.
artificial intelligence application, digital-industrial technology integration, digital transformation
Copyright (c) 2025 Wan Liu, Fan Su (Author) https://creativecommons.org/licenses/by/4.0
Research on Incentive Mechanisms for Rural Talent Recruitment and Development
Section: Research Articles Keywords: revitalization in rural areas, recruitment and development of talent, systems of incentive mechanisms, policy instruments, theory of planned behavior The optimal allocation and sustainable supply of talent constitute the core proposition of rural revitalization. Currently, rural talent recruitment and development face multiple interconnected dilemmas characterized by obstructed recruitment channels, incomplete cultivation mechanisms, sub-optimal retention environments, and insufficient utilization platforms. The deep-rooted cause of these multifaceted challenges lies fundamentally in the structural deficiency and systemic inadequacy of incentive mechanisms at both policy and implementation levels. Based on the dual theoretical perspectives of the Theory of Planned Behavior and Policy Instrument Theory, this study systematically analyzes the practical dilemmas and underlying theoretical logic of incentive mechanisms for rural talent recruitment and development. It constructs a comprehensive and integrated four-dimensional incentive framework encompassing material incentives, spiritual incentives, developmental incentives, and environmental incentives. Furthermore, it proposes detailed practical pathways for refining classified incentive systems through differentiated approaches, optimizing policy instrument combinations across multiple dimensions, and strengthening incentive synergy effects through coordinated governance. This research thereby provides substantial theoretical support and practical decision-making references for establishing sustainable long-term mechanisms for rural talent recruitment and development in the context of comprehensive rural revitalization.
revitalization in rural areas, recruitment and development of talent, systems of incentive mechanisms, policy instruments, theory of planned behavior
Copyright (c) 2025 Peng Du (Author) https://creativecommons.org/licenses/by/4.0
An Analysis of the Anchoring Effect in ESG Disclosure Models and Investor Decision-Making
Section: Research Articles Keywords: ESG disclosure, anchoring effect, investor decision-making, cognitive bias, disclosure quality, corporate governance The goal of this research is to understand how variations in ESG information disclosure methods affect the development and reinforcement of an investor’s anchoring effect when making investment decisions. The research incorporates elements of theoretical analysis and event study methods to systematically study how the characteristics of information disclosures impact cognitive biases in investors. Based upon analysis, it has been found that due to the differences in the level of transparency, consistency and comparability of various types of information disclosures, there will be significant differences in the creation and stability of anchor points which can then lead to instances of misallocation and/or overreaction to ESG information; and thus, optimising the structure of these types of information disclosures and providing behavioural guidance to the cognitive processes of the investor community will be of paramount importance in minimizing anchoring bias and improving market efficiency.
ESG disclosure, anchoring effect, investor decision-making, cognitive bias, disclosure quality, corporate governance
Copyright (c) 2025 Mingxuan Cao (Author) https://creativecommons.org/licenses/by/4.0
Industrial Transfer and Regional Economic Growth: a Theoretical Analysis Based on Factor Flow
Section: Research Articles Keywords: industrial transfer, regional economic growth, factor flow Based on regional economic theory, this article explores the relationship between industrial transfer and regional economic growth, focusing on analyzing the mechanism of factor flow (labor, capital, technology) in the process of industrial transfer and its impact on regional economic development. The study combines neoclassical economic growth theory, new economic geography and gradient transfer theory to construct a theoretical framework of industrial transfer and factor flow, and verifies the applicability of the theoretical model through practical cases of industrial transfer in China (such as the transfer of industries from the Pearl River Delta to the central and western regions). The study found that industrial transfer has significantly promoted regional economic growth by optimizing factor allocation, promoting technological spillovers and industrial agglomeration, but it may also exacerbate regional development imbalances. To this end, this article puts forward policy suggestions, including strengthening regional policy coordination, improving labor skill matching, optimizing ecological environment governance, etc., to promote high-quality development of industrial transfer and sustainable growth of regional economy.
industrial transfer, regional economic growth, factor flow
Copyright (c) 2025 Xiaoran Li (Author) https://creativecommons.org/licenses/by/4.0
The Impact of Digital Transformation on Corporate Financialization and Its Mechanisms: Evidence from Non-Financial Listed Companies in Shanghai and Shenzhen A-Shares, 2009-2023
Section: Research Articles Keywords: digital transformation, corporate financialization, nature of property rights, high-tech enterprises Currently, corporate financialization has become prominent, and the issue of the economy “shifting from the real to the virtual” is increasingly acute, posing significant challenges to the development of the real economy. As a core strategic pathway for driving industrial upgrading and value reconfiguration, digital transformation holds important implications for exploring its dynamic effects on the real economy and promoting high-quality development of real industries. This paper takes non-financial listed companies in Shanghai and Shenzhen A-shares from 2009 to 2023 as the research sample and empirically examines the impact of digital transformation on corporate financialization and its underlying mechanisms. The results show that digital transformation significantly inhibits corporate financialization, reduces the proportion of financial asset allocation, and exerts a positive effect on the development of the real economy. Specifically, digital transformation suppresses financialization by enhancing internal control quality and reducing information asymmetry, thereby improving commercial credit financing, alleviating financing constraints, and weakening the “precautionary” (liquidity reservoir) motive; it also promotes resource allocation efficiency, fosters corporate innovation, and increases the return on real investment, thereby curbing the “substitution” motive. Heterogeneity analysis reveals that the inhibitory effect of digital transformation on corporate financialization is more pronounced in non-state-owned enterprises and non-high-tech enterprises. This study proposes solutions to address the existing financialization problems in real-sector enterprises, underscores the critical importance of real economy development, and elucidates the mechanisms and positive impacts through which digital transformation promotes the shift of enterprises “from the virtual back to the real” and empowers the real economy.
digital transformation, corporate financialization, nature of property rights, high-tech enterprises
Copyright (c) 2025 Xinyun Wei (Author) https://creativecommons.org/licenses/by/4.0
How Does the Low-Carbon City Pilot Policy Affect Firms’ Green Innovation? A Spatial DID Analysis Based on Multi-Dimensional Evidence
Section: Research Articles Keywords: low-carbon city pilot, green innovation, difference-in-differences method, financing constraints, environmental regulation Corporate green technological innovation serves as an effective pathway to promote the green transformation of economic development. This paper utilizes panel data of A-share listed companies from 2007 to 2024 as the empirical sample, taking China’s “Low-Carbon City Pilot” policy as the quasi-natural experiment. Employing a multi-period difference-in-differences (DID) approach, the study empirically examines the supportive impact of this environmental protection policy on the green technological development of listed companies and explores the underlying mechanisms. The empirical results indicate that the low-carbon city pilot policy significantly enhances firms’ green innovation behavior. Further mechanism analysis reveals that alleviating financing constraints and strengthening environmental governance constitute key channels through which the policy exerts its effects. On one hand, this study confirms the actual innovation-promoting effects of the low-carbon city pilot policy at the micro level; on the other hand, it elucidates the transmission pathways—optimization of the financing environment and intensification of environmental enforcement—through which the policy translates into corporate actions. These findings provide important theoretical support and practical implications for governments to refine environmental policy frameworks and enhance the endogenous incentives for firms’ green development.
low-carbon city pilot, green innovation, difference-in-differences method, financing constraints, environmental regulation
Copyright (c) 2025 Xiaoyu Wu (Author) https://creativecommons.org/licenses/by/4.0
Comparison and Reflection on the Economic Governance Models for Street Vendors in Large, Medium and Small Cities
Section: Research Articles Keywords: street vendors, urban governance, differentiated models, scale adaptation, collaborative governance Based on the perspective of city size, this paper systematically compares the differentiated governance models for street vendors in large, medium, and small cities, using Changshou District in Chongqing, Ganxian District in Ganzhou, and Yiwangxi Town in Taoyuan as typical cases. The study finds that large cities exhibit a “systematic empowerment” model, relying on administrative coordination and technological control; medium-sized cities adopt a “diversion and transformation” model, balancing multiple objectives through spatial relocation and industrial guidance; while small cities rely on a “local-rules-based” model, maintaining order at low cost through informal rules. The research further reveals the structural causes and inherent dilemmas of these different models and proposes an optimized path of “categorized guidance and flexible adaptation”, aiming to provide theoretical and practical insights for urban governance modernization.
street vendors, urban governance, differentiated models, scale adaptation, collaborative governance
Copyright (c) 2025 Darui Li (Author) https://creativecommons.org/licenses/by/4.0
Data Asset Recognition on the Balance Sheet: Theoretical Framework, Practical Challenges, and Implementation Pathways
Section: Research Articles Keywords: data asset recognition on the balance sheet, information disclosure, data governance Data elements have become crucial production factors driving corporate economic growth and value creation. This paper reviews the policy framework and evolutionary process of data asset recognition on the balance sheet. Through a systematic analysis of the current status and typical models of data asset recognition among listed companies, it delves into the challenges encountered in current practices from four dimensions: ownership confirmation dilemmas, valuation methods, corporate capabilities and willingness, and information disclosure versus commercial secret protection. Building on this foundation, it proposes implementation pathways for data asset recognition on the balance sheet and corresponding recommendations, aiming to provide operable guidance for enterprises’ data asset recognition and references for further standardization and refinement of accounting policies.
data asset recognition on the balance sheet, information disclosure, data governance
Copyright (c) 2025 Xuehan Ren (Author) https://creativecommons.org/licenses/by/4.0
The Impact of Perceived Value of Sports Licensed Merchandise on Spectating Intention and Repurchase Intention: A Case Study of the 2025 Chengdu World Games
Section: Research Articles Keywords: sports licensed merchandise, perceived value, satisfaction, repurchase intention, spectating intention, S-O-R theory This study, based on the Stimulus-Organism-Response (S-O-R) theoretical model and utilizing a sample of 454 consumers, constructs a path model to examine the effects of “perceived value (economic value, social value, aesthetic value), satisfaction, spectating intention towards the event, and repurchase intention for licensed merchandise.” The results indicate that all three dimensions of perceived value have a significant positive impact on satisfaction. Satisfaction, in turn, significantly positively influences both repurchase intention and spectating intention. Moreover, satisfaction plays a fully mediating role between perceived value and spectating intention, while it plays a partially mediating role between perceived value and repurchase intention. These findings reveal the intrinsic psychological transformation mechanism-from consumers’ cognitive appraisal of the value of event-related products to their behavioral intention to participate in the event-within the consumption context of licensed merchandise. This provides empirical evidence for event organizers and brand owners to enhance consumer satisfaction, promote sustained consumption, and encourage event participation by optimizing product value attributes.
sports licensed merchandise, perceived value, satisfaction, repurchase intention, spectating intention, S-O-R theory
Copyright (c) 2025 Huimin Wu (Author) https://creativecommons.org/licenses/by/4.0
A Study on the Coordination Between Distributional Equity and Economic Efficiency
Section: Research Articles Keywords: distributional equity, economic efficiency, coordination Distributional equity and economic efficiency are two critical dimensions of socio-economic development. They are interdependent and mutually influential, together forming the cornerstone of social and economic progress. This paper aims to explore the coordination between distributional equity and economic efficiency, analyzing their inherent logic, historical evolution, and contemporary challenges, while proposing corresponding policy recommendations. By reviewing relevant domestic and international theories and practices, this paper argues that under the conditions of a socialist market economy, achieving coordinated development between distributional equity and economic efficiency is an essential requirement for promoting sustainable economic and social development.
distributional equity, economic efficiency, coordination
Copyright (c) 2025 Huali Zhu (Author) https://creativecommons.org/licenses/by/4.0
Research on the Mechanism of the Digital Economy’s Impact on Labor Market Structure
Section: Research Articles Keywords: digital economy, labor market structure, skill-biased technological progress As the core driver of the new round of technological revolution and industrial transformation, the digital economy is reshaping the operational logic and structural form of the global labor market. From the perspective of theoretical economics, this study systematically identifies the core transmission paths through which the digital economy affects labor market structure, and analyzes the micro-mechanisms of digital technology’s impacts across four dimensions: total employment, employment structure, wage determination, and labor relations. Drawing on stylized facts, it further summarizes emerging characteristics and challenges facing the current labor market. The findings reveal that the digital economy exerts a dual effect of creative destruction on the labor market: while technological progress generates new jobs and optimizes resource allocation efficiency, it also triggers structural contradictions including skill mismatch and employment polarization. Finally, targeted policy recommendations for labor market regulation are proposed to adapt to digital economy development, providing a theoretical reference for mitigating structural employment pressures and achieving balanced labor market growth.
digital economy, labor market structure, skill-biased technological progress
Copyright (c) 2025 Xuexin Li (Author) https://creativecommons.org/licenses/by/4.0
Research on the Impact of Artificial Intelligence on Enterprise Resilience
Section: Research Articles Keywords: artificial intelligence, enterprise resilience, financing constraints, R&D investment intensity, management expense ratio This paper uses A-share listed companies in Shanghai and Shenzhen from 2014 to 2023 as the research sample to empirically examine the impact effect of artificial intelligence on enterprise resilience, its underlying mechanisms, endogeneity tests, and heterogeneity analysis. The study finds that artificial intelligence has a significant inhibitory effect on enterprise resilience, and this core conclusion remains valid after endogeneity and robustness tests. The mechanism test results indicate that artificial intelligence inhibits enterprise resilience through three pathways: increasing the level of financing constraints, enhancing the intensity of R&D investment, and raising the management expense ratio. The heterogeneity test results further reveal the differences in its inhibitory effects, showing that artificial intelligence has a more pronounced inhibitory impact on enterprise resilience in the eastern region, in non-manufacturing industries, and among heavily polluting enterprises. This paper breaks through the current mainstream research’s singular optimistic perspective on the application of artificial intelligence, revealing its potential risks to the sustainable development of enterprises, and provides empirical evidence and decision-making references for enterprises to rationally promote digital transformation.
artificial intelligence, enterprise resilience, financing constraints, R&D investment intensity, management expense ratio
Copyright (c) 2025 Qi Mai (Author) https://creativecommons.org/licenses/by/4.0
Research on Digital Transformation and Implementation Path of Marketing Specialties in Colleges and Universities in the Age of Artificial Intelligence
Section: Research Articles Keywords: artificial intelligence, marketing program, digital transformation, implementation paths The growth of artificial intelligence technology is causing a revolution in the global business landscape, with the marketing discipline leading the way. The digitalization of consumer behavior, fragmentation of marketing channels, and the intelligence of decision-making models are driving companies into a corner towards a new - type marketing talent that can harness data insight and algorithm - based applications. Meanwhile, the current marketing major in higher education is still organized around the traditional 4P theory, and there are decades - long generational divides between curricular contents and new iterations of industry technology. Data indicate that more than 70% of marketing positions require some digital skills, such as user portrait analysis, or intelligent placement, but the trained response to this demand by the cultivation system in higher education has not been systematic. This discrepancy between supply and demand pulls not only on the competitiveness of graduates, but also inhibits industrial intelligent upgrading. The digital transformation of marketing as a major is no longer an exploratory issue but rather a survival issue in terms of whether it will still function as an discipline.
artificial intelligence, marketing program, digital transformation, implementation paths
Copyright (c) 2025 Lin Liu (Author) https://creativecommons.org/licenses/by/4.0
Low Carbon Transformation of Chinese Cities: Theoretical Evolution, Empirical Progress and Future Prospects
Section: Research Articles Keywords: low carbon transformation of Chinese cities, theoretical evolution, empirical progress In the context of global warming, cities are the core source of carbon emissions, and promoting their low-carbon transformation is the key to China’s implementation of the “double carbon” goal. This paper aims to systematically sort out the frontier achievements of China’s urban low-carbon transformation, and build a comprehensive theoretical analysis framework. At the theoretical level, it traces the evolution of the concepts of decarbonization, LCD and LCT, clarifies the logical relationship, and integrates the theories of ecological modernization and sustainable development to lay the foundation for transformation. At the empirical level, this paper analyzes the suitability of IPCC, IOA and LCA carbon accounting methods and the index evaluation system, identifies that per capita income, energy structure, population size, industrial structure and green technology innovation are the main driving factors affecting carbon emissions, and summarizes the emission reduction effects of low-carbon city pilot, carbon trading market and other policy tools, revealing that the distribution pattern of carbon emissions is high in the East and low in the west, with significant spatial spillover effect, and that individual behavior plays an important role in low-carbon transformation. At the same time, this paper also points out that the current research still faces challenges such as insufficient theoretical localization, lack of micro mechanism mining, incomplete data system and poor policy adaptability, and puts forward corresponding future policy prospects, so as to provide theoretical reference and practical guidance for promoting the development of low-carbon transformation in Chinese cities.
low carbon transformation of Chinese cities, theoretical evolution, empirical progress
Copyright (c) 2025 Lingyan Zhai (Author) https://creativecommons.org/licenses/by/4.0
Research on Multi-modal Transportation Decision-making and Risk Control Strategies under Time-sensitivity Constraints
Section: Research Articles Keywords: time-sensitive issues, multi-modal transportation, penalty costs, risk control This paper investigates the conflict between consumer demands for prompt delivery and the uncertainty of actual transit times in the e-commerce era. A novel cost optimization model is proposed that integrates transportation costs and penalty costs, aiming to optimize transportation mode selection while minimizing both explicit and implicit costs. By analyzing historical order data, the study fits the actual transit times for various transportation modes into normal distribution functions. Utilizing the Sample Average Approximation (SAA) method, the expected objective function is modeled in Python and solved using the Gurobi optimizer to determine the recommended transportation modes and associated costs. A comparison between actual costs and model-derived results indicates that the proposed model significantly reduces penalty costs and lowers total operational costs. Consequently, this approach safeguards corporate goodwill and mitigates intangible losses that are otherwise difficult to quantify. The findings suggest that enterprises should look beyond standalone transportation expenses and adopt a comprehensive cost model that incorporates penalty-based risk factors.
time-sensitive issues, multi-modal transportation, penalty costs, risk control
Copyright (c) 2025 Zinuo Tao (Author) https://creativecommons.org/licenses/by/4.0
Analysis of How Green Finance Helps Enterprises Achieve Low-Carbon Transformation
Section: Research Articles Keywords: green finance, dual carbon targets, low-carbon transition, carbon neutrality Against the backdrop of global efforts to address climate change and China’s “dual carbon” goals, enterprises characterized by high energy consumption and high emissions are facing urgent pressure to transition to low-carbon practices. Green finance, as a key tool for guiding capital flows to green and low-carbon sectors, plays an irreplaceable role in alleviating the financing gap for transformation and driving green innovation in enterprises. This article aims to systematically elucidate the intrinsic mechanism and practical path of green finance in helping Chinese enterprises achieve low-carbon transformation. The study first outlines the concept and types of green finance, as well as the evolution of China’s green finance policy system. Furthermore, the paper delves into the three core mechanisms of capital allocation, risk management, and incentive constraints to analyze how tools such as green credit, green bonds, ESG ratings, and carbon pricing can promote corporate emission reduction and green technology innovation. Finally, considering the current challenges such as inconsistent standards, information asymmetry, and inadequate tools, policy recommendations are proposed to improve the standards system, accelerate product innovation, and cultivate professional talent. This article argues that green finance, through market mechanisms, effectively empowers enterprises to achieve low-carbon transformation and is an important financial guarantee for promoting systemic economic and social changes and achieving carbon neutrality goals.
green finance, dual carbon targets, low-carbon transition, carbon neutrality
Copyright (c) 2025 Sirui Yan (Author) https://creativecommons.org/licenses/by/4.0
Research on Financial Performance under Disney’s Asset-Light IP Operation Mode
Section: Research Articles Keywords: asset-light, operation mode, financial performance, Disney In the stage of global new economic development deeply empowered by technology, the asset-light mode is being adopted and promoted by an increasing number of enterprises. On the basis of summarizing the existing literature, this paper discusses the related concepts of the asset-light operation mode, and takes Disney as the research object, selecting its financial data from 2020 to 2024 to explore the actual utility and implementation effects of the asset-light IP operation mode on corporate financial performance. The study finds that Disney has successfully achieved a strategic transformation from heavy assets to light assets through measures such as brand value accumulation, content innovation drive, and diversified industrial chain synergy. Significant improvements have appeared in profitability, operational capability, solvency, and growth capability, but it still faces inventory and short-term solvency pressures. In response, this paper proposes the following targeted suggestions: first, strengthen inventory management to enhance the efficiency of asset-light operations; second, optimize working capital to improve cash flow turnover efficiency; third, synergize the IP ecosystem to continuously enhance profitability.
asset-light, operation mode, financial performance, Disney
Copyright (c) 2025 Yuting Zhu (Author) https://creativecommons.org/licenses/by/4.0
Research Progress on the Construction and Effectiveness of the Green Financial System under the “Dual Carbon” Goal
Section: Research Articles Keywords: green finance, dual carbon targets, system construction, effectiveness, literature review The proposal of the goal of “carbon peaking and carbon neutrality” marks that the economy and society have entered a critical stage of systematic green transformation, and puts forward all-round reform requirements for industrial restructuring, energy consumption upgrading and other fields. As the core link connecting financial capital and green projects, green finance is not only a key financing channel to achieve the “dual carbon” goal, but also an important incentive mechanism to guide market players to fulfill their environmental protection responsibilities. This article systematically sorts out domestic and foreign research literature on the construction of green financial systems (policies, markets, products) and their effectiveness in supporting green and low-carbon development, summarizes the main consensus, key controversies and deficiencies of existing research, and proposes possible future research The direction provides reference for enriching the theoretical system of environmental economics and finance, guiding policy formulation and market practice.
green finance, dual carbon targets, system construction, effectiveness, literature review
Copyright (c) 2025 Xiangran Chen (Author) https://creativecommons.org/licenses/by/4.0
A Study on the Effectiveness of ESG Information Disclosure in the New Tea Beverage Industry: CHAGEE’s U.S. Listing
Section: Research Articles Keywords: ESG information disclosure, new tea beverage industry, CHAGEE, U.S. listing, effectiveness evaluation This study uses CHAGEE, which is listed on the U.S. stock market in April 2025, as a case to explore the effectiveness of environmental, social, and governance (ESG) information disclosure in the new tea beverage industry. Using a case study and comparative research methods, this study systematically examines the motivations behind CHAGEE’s voluntary ESG disclosures in the U.S. market, the characteristics of the disclosed content, and the subsequent market reactions. For assessment, comparisons are made with peer companies listed in Hong Kong. The effectiveness of ESG disclosure in this industry is influenced by multiple factors, including regulatory policies, corporate strategies, industry-specific characteristics, and resource capabilities. Improving the quality of ESG disclosure requires enhancements in areas such as establishing robust management structures, strengthening quantitative data disclosure, and introducing third-party assurance. This research provides theoretical insights and practical guidance for ESG practices within the new tea beverage industry while also offering references for regulatory bodies aiming to refine ESG disclosure standards.
ESG information disclosure, new tea beverage industry, CHAGEE, U.S. listing, effectiveness evaluation
Copyright (c) 2025 Keyang Yang (Author) https://creativecommons.org/licenses/by/4.0
Analysis of Factors Influencing Corporate Financing Costs
Section: Research Articles Keywords: corporate financing cost, interfering factor, innovation in financing methods, green finance, macro-economic policy This article reviews the literature and analyzes the mechanism of financing cost impact from four dimensions: macro environment, enterprise characteristics, financing methods, and market environment. Macroscopically, it is influenced by interest rate liberalization, monetary policy, and regulatory systems; in terms of enterprises, it depends on credit, risk, and governance structures; in terms of financing methods, new financial instruments reshape the cost structure; at the market level, it is impacted by industry differences, regional financial ecology, and geopolitical risks. Research indicates that various factors interact with each other to jointly affect financing costs. Current research exhibits limitations such as insufficient cross-market analysis, inadequate exploration of dynamic mechanisms, and a need for enhanced research on novel mechanisms. In the future, we can focus on digital transformation, the cost mechanism of green financing under the goal of carbon neutrality, the transformation of financing models in the digital economy, and the quantitative analysis of the coupling effect of multiple dimensions. This article provides a research framework for the academic community and offers references and insights for businesses and policymakers.
corporate financing cost, interfering factor, innovation in financing methods, green finance, macro-economic policy
Copyright (c) 2025 Xuanjiang Li (Author) https://creativecommons.org/licenses/by/4.0
Analysis of the Coupling Coordination Relationship Between Green Finance and High-Quality Economic Development in China and Its Influencing Factors
Section: Research Articles Keywords: green finance, high-quality economic development, coupling coordination degree, Dagum Gini coefficient, influencing factors, spatiotemporal differentiation Drawing on panel data from 31 Chinese provinces over the period 2010–2023, this study constructs evaluation indices for green finance and high-quality economic development. The entropy weight method, coupling coordination degree model, and Dagum Gini coefficient are employed to examine the spatiotemporal synergies and regional disparities between the two systems. Findings reveal that, although both system indices exhibit growth in overall development levels, a marked pattern of “relative lag in high-quality economic development” has emerged since 2018. With respect to coordination status, national coupling coordination fluctuates and remains suboptimal, characterised by “high coupling but low coordination”; by 2023, the system had regressed to a state of “severe disequilibrium”. Spatially, a fundamental shift occurred after 2018, yielding a new pattern of differentiation: western and northeastern regions overtaking others, an inverted U-shaped decline in the east, and subsidence in the central region. Although the overall Gini coefficient has narrowed significantly, inter-regional disparities now constitute the predominant source of spatial imbalance, with their contribution rising to 65.38%. Economic development level, industrial structure optimisation, and government intervention emerge as the principal positive drivers of coordination. The analysis concludes that structural lag and pronounced spatial heterogeneity persist in the synergy between the two domains; policy priorities should therefore shift from “developing green finance” to “empowering high-quality development”, complemented by differentiated inter-regional coordination strategies.
green finance, high-quality economic development, coupling coordination degree, Dagum Gini coefficient, influencing factors, spatiotemporal differentiation
Copyright (c) 2025 Junhao Lai (Author) https://creativecommons.org/licenses/by/4.0
How China's Soybean Industry Chain Restructures and Enhances its Tenacity against the Background of the Global Food Security Crisis
Section: Research Articles Keywords: soybean, industry chain, new trade mode, resilience rebuild, industrial security This study analyzes the connotations of industrial security theory and trade theory in the context of international food security, summarizing the resilience patterns of the soybean industry both domestically and internationally. By constructing the theoretical framework and analyzing trends, the topic addresses the challenges posed by the global food security crisis, providing a paradigm for China’s soybean industry chain restructuring and resilience enhancement to maintain soybean industrial security.
soybean, industry chain, new trade mode, resilience rebuild, industrial security
Copyright (c) 2025 Chuhan Huang (Author) https://creativecommons.org/licenses/by/4.0
Study of the Impact of the Yarlung Zangbo Hydropower Station Construction on the Development of Tibet's Cement Industry from the Perspective of the Policy-market Game
Section: Research Articles Keywords: Yarlung Zangbo River, Yaxia Project, Tibet, cement enterprises, policy This study analyzes the impact of the Yarlung Zangbo River hydropower project (Yaxia Project) on Tibet's cement industry from a policy-market game perspective. We find that policy-driven demand conflicts with supply-side constraints (e.g., capacity replacement and environmental policies). This results in a policy-regulated oligopoly where local and external firms compete differently on the basis of location, technology, and cost. We suggest that enterprises adopt flexible supply chains and recommend that the government balance capacity control with infrastructure goals.
Yarlung Zangbo River, Yaxia Project, Tibet, cement enterprises, policy
Copyright (c) 2025 Jiaying Liu (Author) https://creativecommons.org/licenses/by/4.0
Fundamentals of Stablecoins and the Mechanisms of Arbitrage
Section: Research Articles Keywords: stablecoin, arbitrage, cryptocurrency Stablecoins are a type of cryptocurrency designed to maintain a stable value by pegging to fiat currencies or other assets through specific mechanisms. Currently, the market features four main types of stablecoins: fiat-collateralized, crypto-collateralized, algorithmic, and newly emerging hybrid models. This paper provides an in-depth examination of the fundamentals, classification and evolution, arbitrage mechanisms, and regulatory risks of stablecoins. The arbitrage mechanisms of stablecoins include simple spot arbitrage, cross-exchange arbitrage, and funding-rate-based arbitrage. These mechanisms play a crucial role in maintaining price stability but are also constrained by market frictions and inherent risks. The rapid development of stablecoins and their potential financial risks have attracted close attention from global regulators, as regulatory frameworks continue to evolve and undergo negotiation. In the future, research on stablecoins should further explore how to strike a new balance between encouraging innovation and preventing systemic risks.
Copyright (c) 2025 Xinyi Xue (Author) https://creativecommons.org/licenses/by/4.0
Research on the Driving Path of ESG Investment in Green Finance Development under Policy Leadership--An Analysis Based on Typical Case Evidence
Section: Research Articles Keywords: policy leadership, ESG investment, green finance, driving path Against the backdrop of global green development transformation and China's advancement of the dual-carbon goals, green finance has become crucial support for sustainable economic development. The guiding role of policy on ESG investment is becoming increasingly evident. However, further research on how policy leverages ESG investment to promote green finance development is needed. This paper employs literature research to review relevant theories and the current research status, uses case analysis to examine typical cases, focuses on the policy-led perspective to analyze driving paths, and combines typical cases with empirical analysis for multidimensional verification. It systematically identifies paths through which policy drives green finance development by guiding the dissemination of ESG investment concepts, promoting the development of the ESG investment market, and improving support mechanisms, supported by multidimensional case evidence. The study revealed that policy plays a key role in the ability of ESG investment to drive green finance development. The identified driving paths have practical guiding significance and can provide references for optimizing policies and market entity behaviors.
policy leadership, ESG investment, green finance, driving path
Copyright (c) 2025 Jiaying Lin (Author) https://creativecommons.org/licenses/by/4.0