Frontiers in Economics and Management (FEM) is a monthly online, international, peer-reviewed journal. All articles published are rigorously and fast reviewed meeting the Journal Quality standards. FEM is dedicated to publish empirical, academic, theoretical and review research articles that contribute to the practice in economics, management, and related topics. All articles published are rigorously and fast reviewed meeting the Journal Quality standards.
The Impact Mechanism and Spatial Effects of Land Transfer on the New Productive Forces in Agriculture
To clarify the intrinsic relationship between land transfer and new agricultural productive forces and explore its impact mechanisms, this study utilizes panel data from 30 provinces (autonomous regions and municipalities) in China from 2005 to 2023, employing threshold effects and dynamic SDM models to investigate their interplay. The findings reveal: (1) A significant positive correlation exists between land transfer and new agricultural productive forces. (2) Land transfer primarily promotes the development of new agricultural productive forces by enhancing land resource allocation efficiency. (3) Green technology innovation significantly moderates the relationship between land transfer and new agricultural productive forces. (4) The impact of land transfer on new agricultural productive forces exhibits nonlinear characteristics. (5) The effects of land transfer on new agricultural productive forces demonstrate regional heterogeneity. (6) Compared to long-term spatial effects, land transfer's short-term spatial spillover effects are more pronounced.
Land Transfer; New Agricultural Productive Forces; Efficiency of Land Resource Allocation; Green Technology Innovation; Spatial Durbin (SDM) Model.
Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
Influence of Effort-Reward Imbalance of Primary Medical Staff on Performance Management Reform: A Cross-Sectional Study
Objective: To explore the impact of the Effort-Reward Imbalance of medical staff in primary medical institutions on the performance management reform, and to analyze the influencing factors of the performance management reform in primary medical institutions. Methods: Using the Effort-Reward Imbalance scale and the performance management questionnaire of primary medical institutions compiled by the research group, 1084 medical staff from 30 primary medical institutions in Anhui Province, China were investigated, using descriptive statistical analysis and logistic regression methods. Results: The Effort-Reward Imbalance of medical staff in primary medical institutions was 0.93 ± 0.38, of which 38.19% were in the state of high effort-low reward, 61.81% were in the state of low effort-high reward, and 88.1% supported the performance management reform. Logistic regression results showed that gender, working life, authorized strength and effort-reward ratio were the influencing factors of the performance management reform of primary medical institutions (P < 0.05). Conclusion: The performance management reform of primary medical institutions should consider the gender of medical staff, working life, authorized strength and the status of effort-reward.
Primary Medical Staff; Effort-Reward Imbalance; Performance Management.
The Implementation of China’s Fair Competition Review System: A SWOT Analysis of Shanxi Province in China
The Fair Competition Review System constitutes a key measure for deepening the reform of the market economic system and constructing a unified national market. As a typical resource-based region, Shanxi Province has long been confronted with multiple challenges, including a single industrial structure and administrative intervention. During the critical period of energy transition, the province is in urgent need of relying on the Fair Competition Review System to dismantle policy barriers and boost the endogenous driving force of the market. This study systematically reviews the progress achieved since the implementation of Shanxi Province’s Fair Competition Review System in January 2017. By integrating characteristic local review cases and policy cleanup data, it summarizes the effectiveness and innovative practices in the comprehensive coverage of the system and the enforcement of reviews. On this basis, employing the SWOT analysis method, the study conducts an in-depth analysis of the internal strengths and weaknesses, as well as external opportunities and threats, inherent in Shanxi’s implementation of the system. Targeted optimization strategies are proposed in four dimensions: deepening precise policy alignment by leveraging top-level design and digital economy dividends; addressing the fragmentation in review enforcement through capacity building and regional coordination; curbing regional policy games via rigid institutional constraints; and mitigating external economic fluctuations through industrial risk early warning and third-party evaluation. The research findings could provide theoretical references and practical pathways for Shanxi Province and other similar resource-based regions nationwide to curb administrative monopolies, optimize the business environment, and advance the construction of a unified national market against the backdrop of the Carbon Peak and Carbon Neutrality goals.
Fair Competition Review System; Resource-based Regions; Business Environment; SWOT Analysis.
Research on the Impact of Green Trust on Consumers' Willingness to Purchase Low-Carbon Products
In the context of global low-carbon development, the gap between consumers' willingness to purchase low-carbon products and their actual behavior has become a key bottleneck restricting the development of the low-carbon market. Combining planned behavior theory and trust theory, this paper constructs a theoretical model with green trust as the core anfactorial variable to explore the direct impact of green trust on purchase intention, as well as the indirect effects of attitudes, subjective norms, and perceived behavior control. Taking consumers in Liaoning Province as the research subjects, 229 valid questionnaires were collected and empirical analysis was conducted using various statistical methods. The results show that the level of green trust among consumers needs to be improved, and there are problems such as insufficient construction of green trust among enterprises, imperfect government guarantee system, and lack of credibility of third-party certification. Based on this, this paper proposes countermeasures from the perspectives of enterprises, governments, and third-party institutions to enhance consumers' purchasing intentions, serve the "dual carbon" goals, and at the same time enrich the application of relevant theories to provide empirical evidence for enterprise marketing and policy-making.
Green Trust; Low-carbon Products; Purchase Intention; Theory of Planned Behavior; Mediating Effect.
Schedule Risk Evaluation and Control Countermeasures for Supporting Infrastructure Projects of Large-Scale Equipment based on ISM-BN
To address the issues of vague schedule risk identification, insufficient quantitative research, and poorly targeted control measures in supporting infrastructure projects for large-scale equipment, this paper takes the perspective of the owner (the construction unit) as the starting point. Through expert interviews, a set of risk factors for such projects is identified and established. Using Interpretive Structural Modeling (ISM), the hierarchical relationships and propagation paths of schedule risks are revealed. A Bayesian Network (BN) model is then constructed for quantitative analysis to identify key risk nodes and causal chains, and to determine and classify schedule risk levels. Based on a comprehensive evaluation, targeted risk control measures are proposed, providing a reference for the owner's schedule management.
Large-scale Equipment Supporting Infrastructure Projects; Owner's Perspective; Schedule Risk Control; ISM-BN.
Study on the Mechanism of Mobile Phone Brand Preference Switching based on the Push-Pull-Mooring Framework
Against the background that the smartphone market is shifting from incremental expansion to stock based competition, consumers' brand preference switching has become an important issue affecting user retention, market share, and brand competitiveness of mobile phone enterprises. Drawing on the Push Pull Mooring framework, this paper analyzes the influencing factors and mechanism of mobile phone brand preference switching in the context of digital and intelligent consumption. The study argues that brand satisfaction and brand quality constitute the push factors that drive consumers away from their original brands; brand promotion, brand competitiveness, country of origin, price performance ratio, and brand awareness constitute the pull factors that attract consumers to alternative brands; and brand uniqueness constitutes an important mooring factor affecting whether consumers actually switch brands. The findings provide references for mobile phone enterprises to optimize brand positioning, enhance user loyalty, and carry out refined user operations.
Brand Preference Switching; Push Pull Mooring Framework; Consumer Behavior; Mobile Phone Brand.
Research on the Impact of Carbon Trading Policy on Corporate ESG Performance
Selecting Chinese listed enterprises from 2010 to 2024 as the research sample, this study constructs a multi-period difference-in-differences (DID) model to investigate the impact of carbon trading policy on corporate ESG performance. The findings reveal that carbon trading policy significantly enhances the overall ESG performance of enterprises, a conclusion that remains robust after a series of tests, including parallel trend and placebo tests. Heterogeneity analysis demonstrates that the driving effect of the policy varies significantly across different types of enterprises, primarily manifesting in large-scale enterprises, high-carbon industries, and enterprises located in regions with stringent environmental regulations. Mechanism tests indicate that green technology innovation, digital transformation, and political-business connection serve as key moderating variables between carbon trading policy and corporate ESG performance, significantly moderating the policy's effects on ESG outcomes. The research findings of this paper contribute to advancing the government's refinement of the carbon trading market system and promoting high-quality corporate transformation.
Carbon Trading Policy; ESG Performance; Corporate Transformation.
Inverted Yield Curve Signals Recession and Complicated Investment Behavior
Historically, almost each time not long after the yield of long-term and short-term Treasury Bills is inverted, let’s say, one to two years, there would be a phenomenon of financial or economic bubble being from grown up to burst. This article will illustrate fundamentals behind the phenomenon of this Yield Inversion，and also, its connection to the following recession, namely, the different behavior of funds mainly gaining yields by holding bonds for a very long time till their expiration day and those profiting from the price fluctuation by using leverages , and the Fed’s interest rate hiking and cutting cycle.
Short-term Bonds; Long-term Bonds; Yield; Inverted; Recession.
Research on the Impact of Data Resource Listing on Enterprise Innovation Performance
With the rapid development of the digital economy, data is increasingly becoming an important strategic resource and a key factor of production for enterprises. In recent years, China has continuously advanced the construction of basic data systems. In 2024, the Ministry of Finance implemented the Interim Provisions on the Accounting Treatment of Enterprise Data Resources, marking that the inclusion of data resources in financial statements has gradually moved from conceptual discussion to institutional practice. The inclusion of data resources in financial statements not only adds relevant accounting items to corporate financial statements, but also exerts a chain impact on enterprises’ resource allocation, financing environment, governance capacity and innovation activities. Taking A-share listed companies as the research sample, this paper analyzes the mechanism through which the inclusion of data resources in financial statements affects innovation performance. The study finds that data resource inclusion can significantly improve enterprise innovation performance on the whole. It influences innovation performance mainly through three paths: optimizing resource allocation, easing financing constraints, and improving internal governance. Heterogeneity test results show that the innovation-promoting effect of data resource inclusion is more pronounced in data-intensive industries, enterprises with strong financing constraints, and firms with a sound governance foundation. Accordingly, enterprises should adhere to the principle of prudent recognition, consolidate the foundation of cost collection and data governance, and promote the coordinated implementation of data resource inclusion with innovation management, internal control and performance appraisal. Regulatory authorities should further refine practical operational standards and information disclosure requirements to improve the implementation effect of the system.
Data Resource Inclusion; Enterprise Innovation Performance; Financing Constraints; Resource Allocation; Corporate Governance.
Study on Service Recovery Quality of Vipshop based on Perceived Justice Theory
Based on the perceived justice theory, this study takes consumers who have returned products on Vipshop as the research object to explore the impact of service recovery quality on positive post-purchase behavior, incorporating consumer positive emotion as a mediating variable and platform policy leniency as an external variable. The findings reveal that procedural, interactional, and outcome justice in service recovery all stimulate consumers’ positive emotions, which in turn significantly enhance repurchase and recommendation intentions. Therefore, platforms should establish convenient after-sales and priority compensation mechanisms, customer service communications need to be empathetic, and coupons, personalized replies, and lenient recovery policies should be provided to reduce consumption barriers and strengthen trust and loyalty.
Perceived Justice Theory; Service Recovery Quality; Consumer Emotion; Post-Purchase Behavior.
Scene-Driven Spatial Production: Constructing a Theoretical Framework for Scene Innovation of Intangible Cultural Heritage Homestays
This study integrates spatial production theory and scene theory to develop a “four-dimensional–three-element” analytical framework for scene innovation within intangible cultural heritage (ICH) homestay contexts. The core research findings are summarized as follows: first, the ICH homestay scene is constituted by four interrelated dimensions, including spatial experience, temporal rhythm, emotional connection, and behavioral interaction. Second, scene-driven spatial production operates through three intrinsic mechanisms of symbolic implantation, emotional resonance, and meaning co-creation, progresses sequentially across three developmental stages of scene implantation, scene activation, and scene iteration, and is moderated by three contextual factors: subjective, cultural, and institutional elements. Third, dominant correspondences exist between the four-dimensional scene elements and Lefebvre’s tripartite spatial production processes, namely spatial practice, representations of space, and representational spaces. This theoretical construction provides a systematic and testable analytical model for advancing scholarly research on ICH homestay development.
Intangible Cultural Heritage Homestay; Scene Theory; Spatial Production; Scene Driving; Theoretical Framework.
The Impact of Government Policies and Related Factors on Stock Prices
Stock price fluctuations are closely related to national macro policies. As core regulatory tools, fiscal and monetary policies have their mechanisms and implementation effects under intense academic and market scrutiny. This paper conducts research on the impact of government policies and related factors on stock prices. By employing literature review, comparative analysis, and logical analysis, it systematically dissects the action paths of fiscal and monetary policies, explores the policy synergy effects and the influence of market expectations and investor sentiment, and combines practical cases to analyze their application in investor decision-making and corporate planning. The research finds that the impact of policies on stock prices is not the result of a single factor but rather a product of the characteristics of policy tools, industry heterogeneity, market expectations, and cyclical environments. The findings of this paper can enrich the theoretical system of the interaction between financial markets and policies, provide decision-making references for investors, offer a basis for policymakers to optimize policy directions, and assist listed companies in responding to policy environments and improving the healthy development mechanism of capital markets.
Government Policies; Stock Price Fluctuations; Fiscal Policies; Monetary Policies; Policy Coordination.
This study focuses on college students majoring in media, and constructs an interactive effect model of the impact of internship and academic study on the employment quality of this group, exploring its specific effects and mechanisms. With the help of 194 valid sample data collected through a questionnaire survey, the regression analysis results show that: 1) internships can significantly improve the employment quality of media majors for college students; 2) The effect of academic study on improving employment quality has not been verified; 3) There is a significant negative interaction between internship and academic study, exhibiting a "substitution effect" rather than a complementary relationship. The study reveals the professional characteristics of media majors that are relatively more focused on practice, providing empirical evidence and practical inspiration for college students to balance their studies and internships, universities to optimize talent training programs, and enterprises to improve talent screening mechanisms.
College Students; Majoring in Media; Employment Quality; Internship; Academic Study.
Research on Demand Diffusion of Airline Tickets based on Social Media
Leveraging the strong social attributes of social media platforms, airline ticket products can be rapidly disseminated through user interactions, significantly enhancing the efficiency of information delivery in online social networks. This study focuses on the demand diffusion process of airline tickets, taking Shenzhen Airlines’ live-streaming rooms as the research subject. By collecting bullet comments and user behavior data, we classify users into four states: Potential Spreader (P), Observer (O), Potential Buyer (B), and Discarder (D). An improved SEIR epidemic model is constructed to simulate the diffusion of product information. Model parameters are estimated using the least squares method based on real data. The influence of key factors such as information propagation rate and product attractiveness on demand diffusion is analyzed through numerical simulations. The results provide theoretical guidance for airlines to optimize their social media marketing strategies.
Airline Ticket; Demand Diffusion; Social Media; SEIR Model; Parameter Estimation.
Research on the Strategy for Breaking through the Circle of Beverage Products under Social Media Marketing
With the continuous diversification of beverage products like milk tea and coffee alongside the rapid growth of social media, beverage innovation has gained significant momentum in the market, attracting increasing consumer attention. Xiaohongshu, a platform for content discovery and consumption scenarios, and Douyin, a major short-video dissemination platform, have become crucial platform for beverage brands to compete for publicity. Characterized by speed, resonant content, these dual platforms have emerged as vital arenas for beverage brands. This study examines the collaborative marketing campaigns of Luckin Coffee's "Sauce-Aroma Latte" and "Coconut Cloud Latte" with established Chinese brands. It systematically analyzes operational strategies on Xiaohongshu and Douyin through content analysis of posts/videos from official accounts, marketing channels, KOLs, and general users, along with metrics like likes and related comments. Findings reveal that Luckin achieved significant user engagement success through content matrix construction, diversified interactions, and differentiated product marketing. This provides practical insights for refined social media operations, supporting sustainable brand growth.
Soy Sauce Latte; Coconut Cloud Latte; Cross-Circle Strategy; Social Media.
Future Banking: An Innovative Credit Product Linking Green Consumption to Carbon Emission Reduction
Against the backdrop of global carbon neutrality goals and the accelerating green economic transition, green finance has become a critical strategic direction for financial institutions worldwide. However, existing green financial products remain predominantly enterprise-oriented, leaving a significant gap in individual and household green consumption financing. The product features a dual-incentive mechanism whereby users earn green points proportional to their verified carbon emission reductions from purchasing electric vehicles, energy-efficient appliances, and residential photovoltaic systems. These points can be applied to offset loan interest or principal, redeemed at partner merchants, or traded on carbon exchanges. We formalize the green credit scoring model, the carbon-to-points conversion algorithm incorporating machine learning-based dynamic green factors, and the compound interest-adjusted loan deduction framework. A comprehensive financial projection over a five-year horizon demonstrates that the product achieves accounting break-even by Year 2 with approximately 833 active borrowers, yields an internal rate of return (IRR) of approximately 20.5%, and attains a static payback period of 5.83 years. Market analysis confirms strong demand driven by China’s dual-carbon policy, rising consumer environmental awareness, and the expanding green finance ecosystem projected to exceed CNY 3 trillion in individual green consumption by 2030. The proposed framework bridges the “last mile” of green finance by transforming personal carbon reduction into quantifiable financial assets, establishing a sustainable closed loop of “green consumption-carbon reduction-financial reward.”
Green Finance; Carbon Emission Reduction; Green Consumption Loan; Carbon Credit Scoring; Blockchain; Big Data Analytics; Machine Learning; Sustainable Banking; Carbon Trading; IoT-based Carbon Tracking.
Study of the Impact of Short-selling Mechanisms on Auditor Behaviour
The short-selling mechanism, as a significant external governance mechanism in the capital market, exerts a discernible influence on auditor behavior, thereby emerging as a salient and burgeoning area of academic inquiry. This study utilizes a sample of A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2015 to 2023. Empirical tests are performed on panel data from this period, employing benchmark regression and double mediation effect models. The research empirically examines the impact of short-selling intensity on auditor behavior, specifically the audit fee rate and the severity of audit opinions. Furthermore, the study investigates the dual mediating roles of auditor professional competence and risk preference in this relationship. The results indicate that heightened short-selling intensity indirectly elevates audit fees and exacerbates the severity of audit opinions. This effect is mediated by an increased emphasis on auditors' professional competence and risk appetite, compelling firms to incur higher costs and face more stringent audit assessments. This study contributes to the literature on the economic implications of short-selling and the determinants of auditor behavior. Furthermore, it provides empirical evidence that listed companies can leverage to optimize their auditor selection strategies, while also offering valuable insights for regulators to refine the short-selling mechanism and enhance the governance of the audit market.
Short-selling Intensity; Auditor Behaviour; Professional Competence; Risk Appetite.
How Digital-Real Integration Drives the Development of New-Quality Industries
The deep convergence between the digital economy and the real economy has increasingly emerged as the core driver of high-quality economic development. Amid the efforts to develop new-quality productive forces, new-quality industries are experiencing rapid growth. Using panel data covering 198 prefecture‑level cities in China over the period 2010–2024, this paper empirically explores the impact and underlying mechanism of digital‑real integration on the advancement of new‑quality industries. The results demonstrate that digital‑real integration exerts a significantly positive stimulative effect on the growth of new‑quality industries, and this conclusion holds steady after multiple robustness checks. Further mechanism tests suggest that digital patent innovation acts as a mediating variable in the linkage between digital‑real integration and new‑quality industry development. Specifically, digital‑real integration enhances the dynamism of digital patent creation, while the technological upgrading and commercialization of digital patents further fuel the expansion of new‑quality industries. Heterogeneity analysis shows that the promotional impact of digital‑real integration is more pronounced in eastern China and regions southeast of the Hu Huanyong Line. This study enriches the academic literature on digital‑real integration and new‑quality productive forces, and offers meaningful references for policy design to advance digital‑real integration and foster the growth of new‑quality industries.
Digital-real Integration; New-quality Industries; Digital Patents; Mediating Effect.
Agenda Setting and Symbolic Resonance: A Study on the Cultural Hotspot Generation Mechanism of the "KAWS×UNIQLO" Joint Event
This study aims to deconstruct the intrinsic mechanisms through which commercial marketing events transcend their economic boundaries to evolve into participatory cultural phenomena in the social media era. Taking the 2019 KAWS × UNIQLO collaborative launch as a key case study, we construct a triangular analytical framework integrating consumer semiotics, agenda-setting theory, and participatory culture theory. Employing a mixed-methods approach (case study and content analysis) and conducting a three-tier coding analysis of public-generated content meeting stringent sampling criteria across platforms like Weibo and Douyin, this study reveals that the ‘brand-media-public’ triad operates not as a linear transmission but as a cyclical, interactive dynamic process. Core findings indicate that the public's creative symbolic practices (secondary creation, playful adaptations) serve as pivotal transformers elevating events into cultural phenomena, their impact far exceeding passive information reception or consumption. Ultimately, this paper proposes a localised ‘agenda triggering-framework competition-symbolic co-creation’ model for phenomenon generation. This not only contextualises existing theories but also offers fresh analytical perspectives for understanding contemporary Chinese cyberspace's cultural production logic.
Cultural Hotspots; Brand Collaborations; Symbolic Consumption; Participatory Culture; Framing Theory.
Study on the Teaching Path of Integrating Integrity Education Elements into the Course “Foundations of Financial Big Data”
With the widespread adoption of financial big data technologies, ethical issues such as data distortion and falsification in financial work have become increasingly prominent. Integrating integrity education into the course “Foundations of Financial Big Data” is therefore of significant practical importance. Guided by the principles of curriculum ideology and politics, and addressing the current lack of systematic integrity education in this course, this paper proposes a teaching pathway characterized by “aligned objectives, embedded content, integrated methods, and closed-loop evaluation.” The pathway is implemented across four dimensions: curriculum content restructuring, classroom teaching delivery, practical education expansion, and assessment and evaluation. By achieving an organic integration of technical instruction and integrity education, the study aims to cultivate a new generation of financial professionals who possess both strong financial big data skills and a firm commitment to professional integrity. This research provides a replicable practical model for integrating integrity education into technology-oriented courses, contributing positively to the construction of a “Clean China” and the high-quality development of the financial industry.
Foundations of Financial Big Data; Integrity Education; Curriculum Ideology and Politics.
Innovation and Development of Marxist Productive Forces Theory through New Quality Productive Forces
New-type productive forces are essentially a more sophisticated form of productive forces which are moved by the innovation of science and technology. They attain very efficient production based on scientific and technological accomplishments which outweigh the traditional productive forces on sophistication. The evolution of the new-type productive forces has driven the present-day innovation and growth of the Marxist productive forces theory. The research on the refinement and enrichment of new-type productive forces in the Marxist productive forces theory has tremendous modern importance and worth. This book initially logically describes the main elements of new-type productive forces. It then examines the representation of original value in new-type productive forces in the Marxist productive forces theory. Lastly, it clarifies the concrete channels of development of new-type productive forces in the Marxist productive forces theory dissecting their value supplemental to the new era theory and thus providing a strong theoretical framework to the development of productive forces under socialism of Chinese features in the new era.
Marxist Theory of Productive Forces; New-quality Productive Forces; Innovative Development.
Research on Obstacles to Integrated Financial Management and Pathways for Smart Finance Construction in Multi-Campus Public Hospitals
The steady expansion of public hospitals into multi-campus construction is driving a critical need for more integrated, coordinated, and refined financial management. Due to their dispersed layouts and diversified business types, multi-campus public hospitals still face several challenges in promoting financial integration. Key issues include inconsistent financial systems and management standards, insufficient coordination among budgeting, cost, and performance management, fragmented information systems, poor data sharing, complex financial processes, and low maturity of intelligent application. As an important pathway for promoting the transformation of hospital financial management, smart finance construction can enhance the level of financial integration across campuses through standardized systems, optimized processes, system integration, and data synergy. Focusing on the main obstacles in the financial integration of multi-campus public hospitals, this study proposes development pathways such as unifying financial systems and management standards, strengthening budget-cost-performance coordination, promoting system integration and data sharing, and optimizing financial processes and smart applications, with the aim of providing references for improving hospital financial governance capacity and operational efficiency.
Multi-campus Public Hospitals; Financial Integration; Smart Finance.
Research on Market Reaction to New Product Launches by Japanese Game Companies
Despite being a small island country, Japan has a leading role in the global gaming market. Since the days of home consoles until the next generation of consoles, pixel art to AAA masterpieces, Japanese manufacturers have transformed the industry many times over. Not only did Japanese game companies define the past few decades but they are still shaping the future. This paper chooses five leading Japanese game companies as samples: Nintendo, Sony, Sega, Capcom and Square Enix. According to the Semi-Strong Efficient Market Hypothesis, this study applies the Event Study method to perform an empirical analysis of the market reaction to new software and hardware product launches from 2017 to 2026. The study concludes that: (1) The Japanese gaming capital market is typically semi-strong efficient; the introduction of high-quality new products by game companies (like Resident Evil 4 Remake and The Legend of Zelda: Tears of the Kingdom) can create a substantial positive Cumulative Abnormal Returns (CAR). (2) The response to the Japanese gaming market has considerable asymmetry and loss aversion; new products that fail to meet the expectations of the people (like Final Fantasy XVI) have a significant negative correlation with Cumulative Abnormal Returns (CAR). (3) There is some corporate heterogeneity; the stock price elasticity of pure content developers (Capcom) is larger than that of diversified hardware platform providers (Sony). (4) The time discounting effect is confirmed in the difference between the announcement and the release of Pokemon Legends: Z-A. This paper not only supplements empirical research related to the Japanese gaming market and the financial field but also provides an empirical basis for managing market value of game enterprises and choosing strategies for investors.
Japanese Game Industry; Event Study; Market Reaction; Efficient Market Hypothesis; Cumulative Abnormal Return.
Research on the Current Status and Trends of Reverse Service Outsourcing in China
Driven by both globalization and information technology innovation, reverse service outsourcing has emerged as a new business format, becoming an important path for enterprises in developing countries to upgrade their value chains. This paper adopts case study, literature research and data analysis methods, focusing on the high-end service sector. Combining the measurement of China's reverse service outsourcing index and industry difference analysis, and taking Huawei's overseas R&D centers as a typical case, it explores the operational logic and implementation effects of reverse service outsourcing. The study finds that global reverse service outsourcing presents a pattern of "contracting by emerging countries and undertaking by developed countries". China's reverse service outsourcing index shows a fluctuating upward trend, and reverse service outsourcing in the R&D and innovation industry is characterized by high-end and specialization. Through the layout of global R&D centers, Huawei has integrated top-tier technology and talent resources, achieving an all-round improvement in financial performance, technical strength and global market competitiveness. The research provides certain theoretical support and practical references for Chinese enterprises to carry out reverse service outsourcing.
Reverse Service Outsourcing; R&D Innovation; Huawei R&D Centers.
Research on the Nonlinear Influence of Data Assets on Enterprise New Quality Productivity
Based on data of Chinese A-share listed firms from 2009 to 2024, this paper investigates the impact of data assets on corporate new quality productivity(NQP). The empirical results show that there exists a nonlinear dynamic relationship between data assets and NQP. Specifically, data assets exert an inhibiting effect at low levels but a promoting effect at high levels. Heterogeneity tests further reveal that the positive impact of data assets on NQP is more pronounced in non-state-owned enterprises, high-tech industries, and firms located in regions with advanced digital infrastructure. Accordingly, enterprises should fully evaluate their development conditions and internal characteristics. Meanwhile, governments should optimize the management and regulatory systems of data assets, strengthen the construction of digital infrastructure, cultivate digital talents actively, provide a sound external environment for the development of NQP, and steadily promote high-quality development.
Data Assets; New Quality Productivity; Nonlinear Relationship.
Tax Competition and Digital Industry Agglomeration
The digital economy has become a crucial engine driving high-quality development in China. Based on panel data of 296 prefecture-level cities in China from 2009 to 2022, this paper empirically examines the impact, mechanisms, and heterogeneity of inter-regional tax competition on the level of digital industry agglomeration. The findings are as follows: First, tax competition exerts a significant inhibitory effect on digital industry agglomeration, and this conclusion remains robust after a series of robustness tests. Second, mechanism analysis indicates that tax competition does not function directly but indirectly inhibits industrial agglomeration through the mediating pathway of "weakening fiscal investment intensity," revealing the underlying logic that it erodes the fiscal capacity of local governments and undermines the long-term development foundation of industries. Furthermore, heterogeneity analysis shows that the inhibitory effect is more pronounced in coastal regions, areas with a higher level of digital infrastructure, and regions with more preferential tax policies, highlighting the imbalance of policy effects. This paper provides new empirical evidence for understanding government behavior and the coordinated development of regional economies, and offers important theoretical basis and policy implications for optimizing regional policy coordination and transforming industrial policies from "race-to-the-bottom in taxation" to "environment creation."
Tax Competition; Digital Industry Agglomeration; Fiscal Investment Intensity; Coordinated Development of Regional Economies.
The Impact of Credit Ratings on Bond Credit Spreads
The bond market is a key force serving the real economy, but its credit rating system still faces challenges such as low rating quality, insufficient differentiation and questionable credibility. In this context, this paper discusses the influence mechanism of credit rating on bond credit risk premium. The study shows that credit ratings significantly affect bond credit risk premiums by mitigating information asymmetry, providing risk pricing benchmarks, and affecting bond liquidity. The empirical analysis shows that the credit rating is significantly negatively correlated with the credit risk premium of bonds, and the higher the rating, the lower the premium. Heterogeneity analysis shows that this effect is more pronounced in small-scale enterprises and enterprises with low levels of corporate governance. Finally, this paper puts forward relevant policy suggestions from the perspectives of improving the credit rating system, strengthening regulatory policies, and improving the capabilities of market participants.
Credit Rating; Credit Risk Premium; Bond Pricing; Information Asymmetry.
A Predictive Model for Early Intervention Efficacy of Fake News based on Epistemic Vigilance
Early automated intervention against fake news is critical for social media platform governance. This paper proposes a predictive method for intervention efficacy grounded in Epistemic Vigilance. First, using Truth-Default Theory (TDT) as a theoretical lens, empirical analysis on the RumourEval 2019 dataset confirms that "Deny" first-comments effectively break audiences' default inertia, significantly suppressing the subsequent support ratio to 0.525. Second, we translate this mechanism into a probability prediction task, utilizing the ELECTRA architecture and Focal Loss to address extreme sample imbalance. Cross-validation results demonstrate that our method substantially improves the recall rate of high-potential refutational texts to 0.898. By reversely applying stance evolution logic to active intervention evaluation, this study provides a scientific reference for platforms to deploy high-recall early-blocking strategies.
Fake News; Epistemic Vigilance; Truth-Default Theory; Early Intervention; Natural Language Processing; Design Science.
Study on the Triple Logic of the United Nations External Audit Panel in Promoting the Optimization of the Global Governance Structure
The United Nations Panel of External Auditors (UNPEA,), serving as an independent external audit body for the UN and its specialized agencies, is committed to enhancing global governance efficiency and optimizing UN governance structures through the audit and oversight of financial conditions and operational efficiency. It acts as a key driver in the transition of global governance from a "power-based" to a "rule-based" paradigm. Based on a triple logic analytical framework, this paper demonstrates the role of the UNPEA in optimizing global governance structures: historical logic traces its evolutionary trajectory, theoretical logic explains its conceptual role framework, and realistic logic illustrates its consequential impacts. The study finds that the UNPEA, after conducting independent audits of the UN's finances, management, and compliance, submits audit findings and improvement recommendations to the UN General Assembly. Following this, the UN adopts corresponding strategies and actions to optimize its governance structure. This "Oversight-Feedback-Reform" cycle ensures the UN’s adherence to financial regulations and international standards, identifies and corrects non-compliance and inefficiencies, and promotes improvements in administrative and project management, thereby elevating the overall level of UN governance.
Performance Evaluation; Governance Rule Reconstruction; Principal–Agent Theory.
Research on the China’s Industrial Development of Specialized Towns for Ice and Snow Outdoor Sports
Against the background of consumption upgrading and the dividends of the Beijing Winter Olympics, ice and snow outdoor sports specialized towns have become important carriers of China’s ice and snow industry development. This study uses literature review and logical analysis to define the concept and theoretical basis of such towns, analyzes their current industrial development status, and summarizes four development types and four restrictive factors, including indistinct industrial characteristics, insufficient industrial integration, imperfect coordination mechanisms, and inadequate public services. It proposes targeted development strategies: building a professional and comprehensive project system, creating multi-industry integrated all-season business forms, establishing a dual-drive model of brand events and festivals, and improving the diversified coordination mechanism. The research aims to provide a theoretical reference for the high-quality and sustainable development of ice and snow outdoor sports specialized towns.
Ice and Snow Outdoor Sports; Specialized Towns; Industrial Development.