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.
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
AI Intervention in the Irrational Behavior of Individual Investors in the Securities Industry -- Based on the Construction of Financial Culture
Section: Research Articles Keywords: AI, financial culture, securities market In view of the practical problems of “limited effect of independent implementation and fuzzy coordination mechanism” in the current AI intervention and financial culture construction in guiding investors' rational behavior, this study takes the panel data of 31 provinces in mainland China from 2022 to 2025 as samples, takes the risk awareness search index as the proxy variable of rational cognition, and empirically tests the interaction between the two by using a two-way fixed effect model. The results show that both single AI intervention and financial culture construction have a significant negative impact on investors' risk awareness, and the interaction between the two is significantly positive. Financial culture construction can positively adjust the effect of AI intervention, forming a “technology culture” double drive promotion mechanism. This paper fills the theoretical gap between AI technology and financial culture research and provides empirical support for the construction of collaborative governance programs and the stability of the securities market.
AI, financial culture, securities market
Copyright (c) 2026 Chengjun Zou (Author) https://creativecommons.org/licenses/by/4.0
Research on the Impact of Population Aging on the Real Exchange Rate
Section: Research Articles Keywords: real exchange rate, aging population, ADF test, cointegration test Against the backdrop of China’s demographic aging, this study seeks to investigate the relationship between population aging and the real exchange rate. First, the study selected demographic and economic data from 2000 to 2024. To account for the impact of the COVID-19 pandemic on demographic trends and economic development, data for 2020 and 2021 were excluded. Subsequently, this article employs a multivariate explanatory variable approach to construct a linear model incorporating four variables: real exchange rate, elderly population, working-age population, and GDP, and then employed ADF tests and cointegration tests to analyze the relationships among the four variables. The results indicate that an increase in the elderly population and an increase in the economic growth rate both lead to an appreciation of the RMB, while an increase in the working-age population has a depreciating effect on the RMB exchange rate. So, there is indeed a significant correlation between population age structure and the real exchange rate.
real exchange rate, aging population, ADF test, cointegration test
Copyright (c) 2026 Huifan Chen (Author) https://creativecommons.org/licenses/by/4.0
How Does Green Innovation Affect Corporate Profitability? An Empirical Study Based on the Mediating Effect of Green Patents of Agricultural Listed Companies
Section: Research Articles Keywords: green innovation, corporate profitability, green patents, financing constraints, agricultural enterprises In the context of global sustainable development strategies and China’s “dual carbon” goals, green innovation has become a critical driving force for the transformation and development of agricultural enterprises. This study takes Chinese A-share agricultural listed companies from 2016 to 2024 as the research sample and systematically examines the impact mechanism of green innovation on corporate profitability. It particularly introduces green patents as a mediating variable to reveal the transmission path between green innovation and profitability. The study employs the entropy weight method to construct a comprehensive corporate profitability score. Green innovation is measured from two dimensions: R&D intensity and financing constraints. Empirical tests are conducted using multiple regression models. The results show that R&D intensity has a significant negative impact on corporate profitability, while financing constraints exert a significant positive impact. Green patents play a positive mediating role between R&D intensity and profitability, but a negative mediating role between financing constraints and profitability. Heterogeneity analysis indicates that the above relationships are more pronounced in the northern regions and in the post-epidemic period. The findings provide empirical support and policy implications for agricultural listed companies to optimize green innovation resource allocation and enhance profitability, and offer experience and path references from the Chinese capital market for global agricultural green transformation and sustainable development.
green innovation, corporate profitability, green patents, financing constraints, agricultural enterprises
Copyright (c) 2026 Ziqi Zhang, Shuangxiao Li (Author) https://creativecommons.org/licenses/by/4.0
The Impact of Retirement on Urban Residents’ Participation in Commercial Pension Insurance:An Empirical Analysis Based on Fuzzy Regression Discontinuity Design
Section: Research Articles Keywords: retirement, commercial pension insurance, fuzzy regression discontinuity design, income level, risk preference, financial literacy As China’s population aging accelerates, developing the third pillar of commercial pension insurance has become an important policy issue. However, the participation rate among urban residents remains persistently low. Existing studies mostly focus on static factors and overlook the dynamic impact of retirement—a critical life event. Based on data from the 2019 China Household Finance Survey (CHFS), this paper employs a fuzzy regression discontinuity design (FRDD), using the statutory retirement age as the policy cutoff, to precisely identify the causal effect of retirement on urban male residents aged 50–70 and their participation in commercial pension insurance. The study further examines the underlying mechanisms from three dimensions: income level, risk preference, and financial literacy. The results show that retirement significantly reduces the probability of urban residents participating in commercial pension insurance, decreasing the participation rate by 12.1 percentage points under the optimal bandwidth. Mechanism analysis reveals that retirement exerts a dual inhibitory effect by lowering residents’ income levels and risk preferences. Although increased leisure time after retirement improves financial literacy and generates a certain positive effect, this positive influence is offset by the negative effects of income constraints and increased risk aversion. This paper provides rigorous empirical evidence on the causal relationship between retirement and commercial pension insurance participation, offering important policy implications for improving the third pillar of the pension system.
retirement, commercial pension insurance, fuzzy regression discontinuity design, income level, risk preference, financial literacy
Copyright (c) 2026 Zilong Zhang (Author) https://creativecommons.org/licenses/by/4.0
Research on the Brand Competitiveness Empowerment Path of Tencent's Silver-haired Service ESG Practices Driven by the Emotional Consumption of the Silver-haired Group in the Digital Era
Section: Research Articles Keywords: silver-haired group, emotional consumption, ESG practices, silver-haired service, brand competitiveness, Tencent Against the dual background of a moderately aging society and digital consumption transformation, the consumption of the silver-haired group has shifted from function-oriented to emotion-oriented. Security anxiety, dignity pursuit, emotional loneliness, and communication barriers have become core emotional demands. Existing research insufficiently reveals the integrated mechanism among the silver-haired group’s emotional consumption, ESG social dimension practices, and brand competitiveness, making it difficult to explain the value transformation logic of technology enterprises’ silver-haired services. Taking Tencent's silver-haired service as a single case, this paper systematically analyzes the characteristics of the silver-haired group’s emotional consumption, the ESG practice system, and the competitiveness empowerment path by adopting literature research, exploratory case study, and grounded theory methods, based on stakeholder theory, social exchange theory, and signaling theory. The findings show that: (1) The emotional consumption of the silver-haired group centers on security, respect, companionship, and smooth communication, characterized by emotion priority, low trial-and-error tolerance, high intergenerational transmission, and strong trust dependence; (2) Tencent has formed an ESG practice system responding to the emotional needs of the silver-haired group with the senior care exclusive hotline, AI invisible caregiver, silver-aged service base, and product-wide aging-friendly adaptation as the core; (3) Tencent's silver-haired service ESG practices transform into brand competitiveness through three paths: trust empowerment, word-of-mouth empowerment, and reputation empowerment; (4) Silver-haired ESG practices can achieve synergy between social responsibility and market benefits. This paper expands the theoretical boundary of emotional consumption, enriches the research on ESG value transformation mechanism, and provides a reference for technology enterprises to layout aging-friendly services and build brand competitiveness.
silver-haired group, emotional consumption, ESG practices, silver-haired service, brand competitiveness, Tencent
Copyright (c) 2026 Ke Mi (Author) https://creativecommons.org/licenses/by/4.0
Digital Twin Technology Drives Real-Time Scheduling Optimization for Port Container Operations: A Verification Study Centred on the Goals of Efficiency Improvement and Cost Control
Section: Research Articles Keywords: digital twin technology, port container operation scheduling, human-machine collaborative decision-making In the context of global port intelligent transformation, digital twin technology has become a key support for breaking through the bottleneck of container operation scheduling efficiency and reducing operational costs. This study adopts a single-case exploratory design, selecting typical ports that have deployed digital twin systems as the research objects. It systematically examines the application mechanism of digital twin technology in container operation scheduling from three dimensions: technical empowerment, decision reconstruction, and performance optimization. The research team obtained multiple data sources through field investigation methods such as participatory observation, system operation logs, scheduling record reports, and in-depth interviews. They used the three-level coding method of grounded theory to construct a process model of “technical empowerment - decision transformation - performance output”, revealing the complete transformation path from technical input to efficiency-cost dual-target output. The study found that the digital twin system realizes real-time integration and virtual mapping of all process data through a hierarchical architecture, forming a hierarchical human-machine collaborative decision-making model of “automated in routine scenarios, collaborative in complex scenarios, and manual in emergency scenarios”, effectively achieving the collaborative optimization of vessel operation efficiency and reduction of operational costs. The process model constructed in this study reveals the internal mechanism of digital twin technology driving scheduling optimization, providing systematic theoretical and practical guidance for the construction of intelligent port scheduling.
digital twin technology, port container operation scheduling, human-machine collaborative decision-making
Copyright (c) 2026 Minghan Huang (Author) https://creativecommons.org/licenses/by/4.0
Money Intuition in Digital Financial Behavior: The Impact Mechanism of Mobile Payment and Credit Consumption on Financial Risk Perception among Quasi-Digital Natives
Section: Research Articles Keywords: digital payment, money perceptibility, financial risk perception, quasi-digital natives, payment pain, credit consumption The deep popularization of digital payment has profoundly influenced the consumption behavior and money cognition of young people, but it has also raised concerns about the weakening of financial risk perception. This paper introduces the core concept of “money perceptibility,” which refers to individuals’ subjective judgment of the authenticity of money’s value and their comprehensive psychological perception during spending. Based on this, the paper constructs a theoretical analysis framework of “payment method—money perceptibility—financial risk perception.” It explores the impact mechanisms of mobile payment and credit consumption on the financial risk perception of quasi-digital natives through three pathways: sensory, cognitive, and emotional. Accordingly, the paper proposes countermeasures from three levels—family and school education, corporate product design, and government regulatory protection—aiming to help young people reshape healthy money cognition and enhance their ability to guard against financial risks in the digital era.
digital payment, money perceptibility, financial risk perception, quasi-digital natives, payment pain, credit consumption
Copyright (c) 2026 Jiyu Yuan (Author) https://creativecommons.org/licenses/by/4.0
How Management Incentives Influence Corporate Financial Performance: A Mediating Effect Analysis Based on ESG Performance
Section: Research Articles Keywords: ESG performance, managerial incentives, corporate financial performance, mediating effect Against the backdrop of China’s dual-carbon targets and the pursuit of high-quality economic development, the synergistic relationship between ESG (environmental, social, and governance) performance and corporate governance mechanisms has become increasingly prominent. Using Chinese A-share listed companies from 2020 to 2024 as the research sample, this paper employs panel-data multiple regression and mediating-effect models to empirically examine both the direct impact of managerial incentives on corporate financial performance and the underlying transmission mechanisms. The results show that (1) both equity-based and compensation-based managerial incentives exert a statistically significant positive effect on corporate financial performance; and (2) ESG performance plays a significant partial mediating role in the relationship between managerial incentives and corporate financial performance—specifically, a transmission pathway exists in which managerial incentives improve ESG performance, which in turn enhances financial performance. These findings remain robust after a series of robustness checks, including variable substitution. By adopting a sustainable-development perspective, the study extends the literature on the economic consequences of managerial incentives. It also supplies empirical evidence that can help firms incorporate ESG metrics into executive evaluation systems, refine incentive contract design, and assist regulators in improving relevant institutional frameworks.
ESG performance, managerial incentives, corporate financial performance, mediating effect
Copyright (c) 2026 Jiayi Li (Author) https://creativecommons.org/licenses/by/4.0
The Impact of the Negative List System for Market Access on Real Earnings Management: Evidence from a Multi-period DID Quasi-natural Experiment
Section: Research Articles Keywords: negative list system for market access, real earnings management, multi-period difference-in-differences, competition governance This paper exploits the phased pilot implementation of the Negative List System for Market Access as a quasi-natural experiment. Using data on A-share listed firms in the Shanghai and Shenzhen stock exchanges from 2013 to 2019, we employ a multi-period difference-in-differences (DID) approach to examine the impact of this system on firms’ real earnings management. The results show that the Negative List System for Market Access significantly reduces the level of real earnings management. This finding remains robust after a series of robustness checks, including propensity score matching (PSM) and entropy balancing. Heterogeneity analysis indicates that the policy effect is more pronounced in firms with larger board size, while it is relatively weakened in firms with CEO duality, abundant cash flows, and strong profitability. From the perspective of corporate financial behavior, this study reveals the micro-level governance effects of market access reform and provides empirical evidence for deepening the “streamlining administration, delegating power, strengthening regulation, and improving services” reform and optimizing the business environment.
negative list system for market access, real earnings management, multi-period difference-in-differences, competition governance
Copyright (c) 2026 Junhan Sun (Author) https://creativecommons.org/licenses/by/4.0
An Analysis of Regional Differences in Consumption Expenditure Levels in China Based on Hierarchical Clustering
Section: Research Articles Keywords: systematic clustering method, regional consumption disparity, consumption structure, urban residents, within-cluster sum of squares method There are significant regional disparities in the consumption expenditure levels of urban residents in China. Scientifically identifying the regional differentiation characteristics of consumption structure is of great significance for formulating differentiated regional development policies. Based on the data of per capita consumption expenditure of urban residents across eight major categories in 31 provinces, autonomous regions, and municipalities from the China Statistical Yearbook 2024, this study conducts an empirical analysis of regional differences in consumption expenditure levels in China using the systematic clustering method, specifically the within-cluster sum of squares method and squared Euclidean distance. First, descriptive statistics and boxplots are employed to identify the distribution characteristics of variables and detect outliers. Second, Pearson correlation coefficients are used to examine the relationships among variables. Subsequently, systematic clustering based on the within-cluster sum of squares method is performed, and the optimal number of clusters is determined with the aid of scree plots and dendrograms. Finally, one-way analysis of variance (ANOVA) is applied to test the statistical significance of the clustering results. The empirical results indicate that the 31 provinces in China can be classified into three consumption tiers. The first category is characterized as “high consumption–comprehensive development,” including Beijing, Shanghai, and Zhejiang, where the consumption structure has shifted toward development- and enjoyment-oriented consumption. The second category is defined as “moderate consumption–structural optimization,” covering Tianjin, Inner Mongolia, Jiangsu, Fujian, Guangdong, and Tibet, where the consumption structure is in a transitional stage of upgrading. The third category is described as “relatively low consumption–survival-oriented,” comprising the remaining 22 provinces, where consumption remains concentrated on essential goods. Significant inter-group differences are observed across all eight categories of consumption expenditure among the three groups (p < 0.01), and the clustering results are highly consistent with China’s regional economic development patterns. This study provides empirical evidence for understanding regional differences in consumption structure in China and for formulating differentiated consumption promotion policies.
systematic clustering method, regional consumption disparity, consumption structure, urban residents, within-cluster sum of squares method
Copyright (c) 2026 Yawen Shi (Author) https://creativecommons.org/licenses/by/4.0
A Three-Dimensional “Government–Power–Carbon” Collaborative Optimization Framework for Energy-Intensive Industrial Parks
Section: Research Articles Keywords: high-energy-consuming industrial parks, “government-electricity-carbon” collaborative mechanism, low-carbon transformation, dual carbon goals Under the guidance of the “dual carbon” strategic goals, high-energy-consuming industrial parks, as the main carriers of industrial energy consumption and carbon emissions, are confronted with multiple challenges such as low energy utilization efficiency, increasingly strict carbon emission constraints, and slow policy responses. Traditional single governance approaches are unable to effectively coordinate the complex relationships among government regulation, power resource allocation, and carbon market mechanisms, thus there is an urgent need to establish a multi-dimensional mechanism coupling system optimization model. This paper focuses on the three-dimensional synergy of “government-electricity-carbon”, and constructs a collaborative optimization mechanism centered on the management organization layer, power system layer, and carbon flow network layer, exploring the path to achieve the maximization of resource allocation efficiency and the coordinated attainment of carbon emission control targets in high-energy-consuming industrial parks. To verify the feasibility of the mechanism, this paper takes the high-energy-consuming industrial park of Henan Luoyang Petrochemical as a case, and conducts simulation and comparative analysis based on on-site energy consumption and emission data. The research results show that this mechanism strengthens the dynamic regulatory role of government policies, enhances the response flexibility of the power system and the price discovery function of the carbon market. It not only provides theoretical support and practical paths for the low-carbon development of high-energy-consuming industrial parks, but also has significant practical significance and promotion value for achieving the carbon peak and carbon neutrality goals within the regional scope.
high-energy-consuming industrial parks, “government-electricity-carbon” collaborative mechanism, low-carbon transformation, dual carbon goals
Copyright (c) 2026 Mengyao Ren, Miao Shi (Author) https://creativecommons.org/licenses/by/4.0
Safety-First Pension Funds, Governance, and Market Risk: Evidence from China’s A-Share Market
Section: Research Articles Keywords: public pension funds, ESG, symbolic management, governance-risk decoupling, state capitalism, China A-share market This paper examines how Chinese public pension funds affect corporate governance and market risk in a state-capitalist setting. Using A-share firms from 2015 to 2024, we show that pension funds display an ESG screening effect ex ante and are followed by higher post-investment ESG scores. The effect, however, is concentrated in the governance pillar and is more than twice as large in SOEs as in private firms. Despite these governance gains, pension ownership is not associated with lower stock-return volatility. We interpret this pattern as governance-risk decoupling: pension funds appear to promote visible, compliance-oriented governance upgrades, but their small stakes and the retail-dominated market limit their ability to stabilize prices. The findings refine the universal-owner view by showing that, in transitional economies, state-backed patient capital may function more as administrative legitimacy than as a direct mechanism of market-risk reduction.
public pension funds, ESG, symbolic management, governance-risk decoupling, state capitalism, China A-share market
Copyright (c) 2026 Yun'e Xie (Author) https://creativecommons.org/licenses/by/4.0
Balanced Scorecard and Its Application in Enterprises: A Case Study of ANTA Sports Products Co., Ltd.
Section: Research Articles Keywords: balanced scorecard, ANTA Sports, multi-brand strategy, performance management, globalization In an increasingly competitive sportswear industry, where multiple brands are pursuing accelerated globalization, relying solely on financial metrics to evaluate corporate performance no longer suffices to support the effective execution of strategy. The Balanced Scorecard (BSC) integrates financial indicators with non-financial dimensions—such as customer satisfaction—enabling multi-brand conglomerates to more comprehensively balance short-term profitability against long-term sustainable development. This study selects ANTA Sports Products Co., Ltd. as its case, examining the practical implementation of the Balanced Scorecard across its four core perspectives. The analysis reveals that the BSC’s multidimensional evaluation framework aligns well with ANTA’s prevailing strategic orientation. Nevertheless, opportunities for refinement remain, particularly in the weighting and prioritization of individual performance indicators. The findings and related conclusions may offer valuable insights for other enterprises engaged in the manufacturing and distribution of sportswear as they develop or refine their own performance evaluation systems.
balanced scorecard, ANTA Sports, multi-brand strategy, performance management, globalization
Copyright (c) 2026 Jinwei Fang (Author) https://creativecommons.org/licenses/by/4.0
How the Digital Economy Shapes Workers’ Employment Choices: Internal Mechanisms and Empirical Evidence on Informal Employment
Section: Research Articles Keywords: digital economy, informal employment, internet use Using data from the Chinese General Social Survey (CGSS) from 2017 to 2023, this study employs a Probit model to examine the impact of digital economy development on informal employment among the labor force. The results indicate that the development of the digital economy significantly increases the probability of engaging in informal employment. Mechanism analysis shows that the digital economy improves individuals’ internet usage, which in turn enhances human capital, reduces information barriers and transaction costs in the labor market, and ultimately raises the likelihood of informal employment. Heterogeneity analysis further reveals that the employment effects of the digital economy are not universally inclusive: the impacts are more pronounced among individuals with non-agricultural household registration, higher educational attainment, and the self-employed. Moreover, regions with higher levels of economic development benefit more from the promotion effect of the digital economy on informal employment.
digital economy, informal employment, internet use
Copyright (c) 2026 Yunshan Xie (Author) https://creativecommons.org/licenses/by/4.0
Valuation Analysis of Alibaba Using P/E, P/B, and EV/EBITDA Models
Section: Research Articles Keywords: Alibaba, valuation analysis, P/B, EV/EBITDA, comparable company analysis Background: As a leading enterprise in China’s internet industry, Alibaba Group Holding Limited holds significant reference value for investors, competitors, and academic researchers in terms of valuation analysis. This study aims to evaluate its intrinsic value and assess the rationality of market pricing through multiple relative valuation models. Methods: This study selects Tencent Holdings, JD.com, and Meituan as comparable companies. It applies three trading multiples within the relative valuation framework—Price-to-Earnings (P/E), Price-to-Book (P/B), and Enterprise Value to EBITDA (EV/EBITDA)—to conduct a comprehensive valuation analysis of Alibaba for fiscal year 2025 and the forecast period. Results: The analysis indicates that among the three models, EV/EBITDA demonstrates the highest applicability for valuing Alibaba in fiscal year 2025, as it is not affected by capital structure, non-operating income, or substantial capital expenditures. The P/E ratio exhibits reduced reliability due to distortions in net profit, while the P/B ratio shows the lowest applicability because Alibaba’s core value lies in its asset-light structure and platform ecosystem, which are not well aligned with the assumptions of this model. Conclusion: The findings emphasize that the selection of valuation methods should be based on a firm’s specific operating conditions and financial characteristics at a given stage.
Alibaba, valuation analysis, P/B, EV/EBITDA, comparable company analysis
Copyright (c) 2026 Kairong Yang (Author) https://creativecommons.org/licenses/by/4.0
The Impact of New Quality Productive Forces on Firm Performance and Its Mechanisms
Section: Research Articles Keywords: new quality productive forces, firm performance, digital capability, R&D investment This study takes Chinese A-share listed firms in the Shanghai and Shenzhen stock markets from 2015 to 2024 as the research sample, constructs a panel data model, and empirically examines the impact of new quality productive forces on firms’ short-term operating performance and long-term value performance. It further analyzes the underlying mechanisms, robustness, and heterogeneity characteristics. The results show that, first, new quality productive forces have a significantly positive effect on firm performance, and this conclusion remains robust after a series of robustness tests, including the use of instrumental variable approaches and alternative measurements of core variables. Second, mechanism analysis indicates that R&D investment and digital capability serve as important transmission channels through which new quality productive forces affect firm performance. Specifically, new quality productive forces improve firm performance by promoting increased R&D investment and enhancing digital technological innovation capability. Third, heterogeneity analysis reveals that the performance-enhancing effect of new quality productive forces is particularly pronounced in non-heavily polluting industries. At the regional level, a clear gradient pattern is observed: the promoting effect is stronger for firms located in regions with higher levels of economic development than those in less developed regions, and it is more significant for firms in the eastern region than in the central and western regions. This study extends the literature on the microeconomic consequences of new quality productive forces to a certain extent and provides new empirical evidence for understanding the mechanisms through which technological innovation and the optimized allocation of production factors contribute to firm value creation. Meanwhile, it offers practical implications for guiding firms to accurately seize development opportunities associated with new quality productive forces and for assisting governments in implementing differentiated policies.
new quality productive forces, firm performance, digital capability, R&D investment
Copyright (c) 2026 Ruixuan Zhang (Author) https://creativecommons.org/licenses/by/4.0
The Impact of 5G Factory Construction on Corporate Financial Efficiency— An Empirical Analysis Based on Manufacturing Listed Companies on the Shanghai and Shenzhen A‑Share Markets
Section: Research Articles Keywords: 5G factory, total factor productivity, difference-in-differences method, digital transformation In the era of digital economy, 5G factories, as the core carrier of intelligent manufacturing, represent an important manifestation of the transformation and upgrading of the manufacturing industry. This paper takes the manufacturing listed companies in Shanghai and Shenzhen stock markets from 2020 to 2024 as the sample. Using the “5G Factory List” released by the Ministry of Industry and Information Technology as the experimental group, a multi-period difference-in-differences model is employed to empirically examine the impact of 5G factory construction on the financial efficiency of enterprises. The research found that the construction of 5G factories significantly enhanced the total factor productivity of manufacturing enterprises. This conclusion remained robust after undergoing Parallel Trend Tests, Propensity Score Matching–Difference-in-Differences Model, and Placebo Tests. The Mechanism Test shows that although individual production, inventory or innovation indicators did not show significant changes in the short term, the 5G factory improved overall efficiency through systematic resource allocation optimization. This study provides microeconomic evidence for understanding the empowerment of the real economy by digital technologies.
5G factory, total factor productivity, difference-in-differences method, digital transformation
Copyright (c) 2026 Ziyao Song (Author) https://creativecommons.org/licenses/by/4.0
The Underlying Logic, Practical Challenges and Optimal Pathways for Urban Commercial Banks to Expand into and Empower the New Rural Collective Economy
Section: Research Articles Keywords: urban commercial banks, new rural collective economy, four-tier service network, cost–risk–efficiency, practical challenges Can urban commercial banks effectively empower the development of the new rural collective economy by expanding into rural markets? This paper constructs a three-dimensional theoretical analytical framework of “cost–risk–efficiency”. Drawing on the typical case of Guilin Bank’s four-tier service network (city–county–township–village), and employing literature review and case study methods, it systematically analyses the micro-level mechanisms and practical challenges involved in urban commercial banks’ efforts to empower the rural collective economy. The research finds that, through mechanism innovations such as a four-tier service network, governance by rural elites, and industrial chain finance, Guilin Bank has demonstrated the theoretical feasibility of such empowerment; however, in practice, constraints such as the insufficient capacity of village collectives, high banking service costs, and an imperfect external institutional environment have hindered the full realisation of the empowerment effects. The marginal contribution of this paper lies in: adopting a problem-oriented perspective to reveal the practical dilemma that urban commercial banks face in empowering the rural collective economy—namely, that while theoretically feasible, implementation is hindered—and in providing targeted policy recommendations to promote the optimised development of this model.
urban commercial banks, new rural collective economy, four-tier service network, cost–risk–efficiency, practical challenges
Copyright (c) 2026 Zhuoya Jiang, Conghui Wu, Yaru Li, Liye Zhu (Author) https://creativecommons.org/licenses/by/4.0
CSR Governance Framework for Internet Platform Enterprises
Section: Research Articles Keywords: internet platform enterprises, ecological governance framework, CSR The Internet platform economy is a new driving force for economic development, mobilizing entrepreneurial enthusiasm, activating social resources, and promoting integrated development across sectors. This article studies the CSR governance framework of Internet platform enterprises. From a multi-level governance perspective, it deconstructs governance priorities and approaches. This can not only fulfill social responsibility in every transaction of two-sided users of the platform, but also help platform enterprises expand the mission of “technology for good” from the field of public welfare to the overall operation of the platform.
internet platform enterprises, ecological governance framework, CSR
Copyright (c) 2026 Rongjia Su, Quan Yuan (Author) https://creativecommons.org/licenses/by/4.0
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