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.
Research on the Impact of Green Digital Finance on the Industrial Green Transformation of Resource-Based Cities in China
China possesses abundant natural resources, and resource-based cities have played a vital role in driving rapid national economic growth. However, these cities commonly exhibit industrial systems characterized by high emissions, high pollution, and high energy consumption. Their over-reliance on resource extraction is unsustainable, making green transition a critical issue. Green digital finance, an innovative service model integrating green finance and digital finance, plays a significant role in promoting the industrial green transition of resource-based cities. This study aims to examine whether green digital finance can influence this transition and analyze its mechanisms and effects, providing theoretical and empirical support for making policy. Based on a literature review and theoretical analysis, the study first defines key concepts, summarizes current developments and challenges, and explores potential mechanisms. Using panel data from 111 Chinese resource-based cities (2013–2023), it employs the EBM model to measure industrial green transition levels and econometric models to assess the impact of green digital finance. Results show that green digital finance significantly promotes the transition, mainly through enhancing human capital, alleviating financing constraints, and advancing industrial structure. Heterogeneity analysis reveals varying effects across city types, income levels, and geographical regions. Policy recommendations include: actively developing green digital finance to provide targeted green funding; leveraging its technological and inclusive features to ease corporate financing constraints; utilizing its mechanisms to enhance human capital and industrial upgrading; and implementing differentiated policies based on city-specific characteristics.
Green Digital Finance; Resource-based Cities; Industrial Green Transition.
Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
Research on Pricing Strategies based on Online and Offline Omnichannel Sales
With the rapid development of e-commerce and shifts in consumer shopping habits, the online-offline omnichannel retail model has emerged as the dominant trend in the retail industry, particularly in the Chinese market. Consumers’ shopping paths have become increasingly diversified. Retailers are now tasked not only with optimizing the in-store shopping experience but also with confronting intense price competition on e-commerce platforms. Against this backdrop, determining appropriate pricing strategies for the omnichannel environment has become a pressing challenge for businesses. This paper examines the coordination mechanisms and conflict resolution for pricing across online and offline channels. By analyzing market data, consumer behavior, and existing literature, it explores how flexible pricing strategies can enhance a company’s market competitiveness and profitability. Research indicates that online consumers are generally more price-sensitive, whereas offline shoppers place greater emphasis on tangible product experience and brand value. Consequently, retailers should implement differentiated pricing strategies tailored to the specific needs of different channels and consumer segments. Meanwhile, data analytics and big data technologies provide precise support for pricing decisions. This study offers a theoretical foundation for retailers to optimize their omnichannel pricing strategies and recommends adopting intelligent pricing systems and agile price adjustments to improve sales conversion rates. In the future, the application of AI and big data in omnichannel pricing will further drive development and innovation in the retail industry.
Omnichannel Pricing Strategy; Online-Offline Price Coordination; Consumer Behavior Analysis; Dynamic Pricing; Big Data and Artificial Intelligence (AI).
Digital Finance and Accounting Information Comparability
Focusing on all A-share listed enterprises during the 2011–2023 timeframe, this study assesses the effect of digital finance on the comparability of corporate accounting data. The outcomes of the empirical tests indicate that digital finance notably boosts the degree of comparability of corporate accounting information. Mechanism tests reveal that digital transformation and intrinsic governance effectiveness serve as a mediator in the link from digital finance to accounting information comparability. Heterogeneity tests indicate that the impact of digital finance on accounting information comparability is more pronounced for enterprises in eastern and central China and those in non-high-tech industries.
Digital Finance; Comparability of Accounting Information; Digital Transformation; Quality of Internal Controls.
Seizing the Moment: A Study on the Practical Efficacy and Economic Value of AI Prediction Algorithms in High-Frequency Trading
This study focuses on the application effects and economic benefits of artificial intelligence (AI) prediction algorithms in the field of high-frequency trading (HFT). It establishes a comprehensive evaluation framework covering "technical characteristics - economic returns - market responses" to fully assess the overall performance of AI models in real HFT scenarios. Quantitative methods are used to analyze the key indicators of the algorithms, and real-world data is employed to verify their feasibility. Through an in-depth exploration of the interactive impacts among AI technology, trading returns, cost structure, and market liquidity, the study reveals that AI prediction algorithms not only significantly improve the operational efficiency of HFT but also enhance its profitability notably, while also driving changes in the improvement of market-wide liquidity. This research provides theoretical guidance and practical operation guidelines for financial institutions in formulating strategic plans and for regulatory authorities in developing policies.
High-Frequency Trading; AI Prediction Algorithm; Technical Efficacy; Economic Value; Market Impact.
The Research on the Influence of China-US Trade Friction on China's Communication Equipment Export
This study examines the impact of Sino-US trade frictions on high-tech industries such as communication equipment, systematically assessing the direct effects, underlying mechanisms, and structural differences of US tariff increases. Using 2017-2024 HTS-8-digit data and employing methods including two-way fixed effects models, the findings reveal: (1) Tariffs significantly suppress exports, with a 1% tariff rate increase leading to an average export decline of approximately 24.9%; (2) The impact exhibits heterogeneity, where intermediate goods and low-end products are more affected than final products and high-end goods; (3) A "price pass-through" mechanism exists, where exporters absorb part of the cost through strategic price reductions. The research demonstrates that trade frictions generate trade-distorting effects through cost and supply chain channels, providing a basis for industries to address international competition and optimize global layouts.
Sino-US Trade Friction; Communication Equipment; Tariff; Heterogeneity Analysis.
Research on the Triple Dilemma of Digital Transformation in Private Enterprises and Pathways to Breakthrough
Driven by the global digital wave and national strategic initiatives, digital transformation has emerged as a pivotal force propelling economic growth and societal change. China places high importance on digital economic development, successively introducing multiple policies to advance the deep integration of digital technologies with the real economy. Against this backdrop, private enterprises-as key players in the national economy-face a digital transformation journey that not only impacts their own competitiveness but also serves as a vital pillar for achieving high-quality economic development and building a modern industrial system. However, in practice, numerous private enterprises face practical obstacles such as weak technological adaptability, significant funding pressures, and organizational coordination barriers, resulting in transformation progress lagging behind expectations. This study employs the Technology-Organization-Environment (TOE) framework and the Resource-Based View (RBV) to analyze the interactive relationship between external environmental pressures, technological barriers, internal resource constraints, and capability gaps in private enterprises' digital transformation. It reveals the formation and reinforcement mechanisms of a triple dilemma. Findings indicate a mutually reinforcing negative cycle among these dilemmas, with resource constraints, capability gaps, and ecosystem limitations serving as core drivers. To address these challenges, this study proposes a three-dimensional solution: constructing a tiered transformation pathway, establishing an ecosystem collaboration system, and implementing targeted policy empowerment. This framework offers theoretical guidance and practical reference for the digital transformation of private enterprises.
Private Enterprises; Digital Transformation; Triple Dilemma; Ecosystem Synergy; Breakthrough Pathways.
Research on the Optimization of Marketing Strategies for Valve Enterprises in the Context of Digital Transformation
Against the backdrop of the deep penetration of the digital economy into various industries, industrial product enterprises are confronted with the contradiction between traditional marketing models and technologically complex products. Digital transformation has become a key path to break through development bottlenecks. This paper takes Wenzhou Dingjin Valve Co., Ltd. as the research object, adopts literature research, field investigation, and case analysis methods to systematically diagnose the current situation and pain points of the enterprise's digital marketing. Drawing on the practical experience of industry benchmarks and combining the characteristics of Wenzhou's valve industrial cluster, it constructs an optimized marketing strategy system from four dimensions: content communication, channel integration, customer operation, and implementation guarantee. The research results can provide practical references for the digital marketing transformation of similar valve enterprises and contribute to the digital upgrading of regional industrial clusters.
Digital Transformation; Valve Enterprises; Marketing Strategy; Industrial Product Marketing; Industrial Cluster.
Study on the "Standard Terms Trap" in Shared Power Bank Credit Contracts
With the in-depth integration of the sharing economy and the personal credit reporting system, the credit-based deposit-free model for shared power banks has gradually become popular, emerging as a new and convenient option for users. However, during the promotion of credit contracts, two types of standard terms-"automatic renewal" and "overdue fines"-have sparked numerous disputes. Some enterprises, leveraging their dominant market position, hide unfair contents in the terms, which not only harm the legitimate rights and interests of users but also disrupt the order of the credit consumption market. Based on credit reporting theory and analysis of existing literature, this paper explores the problems in the credit contracts of shared power banks from the perspective of standard terms, focusing on analyzing the surface phenomena and underlying roots of the "automatic renewal" and "overdue fines" clauses, and proposes reasonable governance paths on this basis. This paper will help standardize the credit contracts in the shared power bank industry and provide reference value for protecting users' credit rights and interests and guiding the benign and mutually promoting development of the credit reporting system and the sharing economy.
Shared Power Bank; Credit Contract; Trap in Standard Terms; Automatic Renewal; Overdue Penalty.
The Global Electric Vehicle (EV) Industry Price War: Implications for Managerial Decision-Making
This paper provides an in-depth analysis of the price war dominated by Tesla and BYD in the global electric vehicle (EV) industry between 2023 and 2025, along with its managerial implications. The study reveals that as market competition transitions from the initial growth phase to a zero-sum stage, the stimulative effect of price leverage on Total Revenue (TR) has diminished, primarily driven by structural shifts in the Price Elasticity of Demand (PED). Applying game theory models, the analysis demonstrates that automakers have fallen into a classic "Prisoner’s Dilemma" under conditions of incomplete information. This has resulted in a widespread structural collapse of industry profit margins; notably, Tesla’s net profit for the third quarter of 2025 fell to $2.95 billion, representing a significant year-on-year decline of 40.5%. A comparative analysis indicates a stark divergence in financial resilience between the two leading firms: while Tesla’s gross margin retracted to approximately 15.4% due to frequent price adjustments, BYD maintained a robust automotive gross margin of 20% in the first half of 2025, attributed to its profound Vertical Integration and Economies of Scale. Furthermore, the study highlights that frequent price volatility has not only eroded brand equity but also triggered a "wait-and-see effect" among consumers, causing the short-term demand curve to become increasingly inelastic. The paper concludes that the competitive logic of the EV industry is transitioning from "hardware-based pricing" to "value reconstruction." Strategic managers should transcend homogeneous price competition and establish a differentiated moat through non-price competition strategies, including Software-Defined Vehicles (SDV), cost optimization via vertical supply chain integration, and the implementation of brand residual value protection systems, thereby facilitating a strategic leap from scale-driven expansion to efficiency-driven growth.
Electric Vehicles; Price War; Price Elasticity of Demand (PED); Game Theory; Vertical Integration; Managerial Decision-Making.
Study on the Advantages and Disadvantages of the Coffee Experience Service Industry
In today's society where the demand for coffee is on the rise, Starbucks stands out among coffee companies. This article will take Starbucks as an example to explore the strengths and weaknesses of the coffee experience service industry and make assumptions and conduct research on the correlation between perceived prices and purchase intentions. The study was mainly conducted in the form of an online questionnaire survey (N=115), and individual interviews were conducted with those who answered in detail. Data analysis shows a positive correlation between perceived price and purchase intention. Starbucks coffee shops have an advantage in dining environment and staff service, but are slightly lacking in product innovation.
Starbucks; Marketing Strategy; Consumer Experience; Perceived Price.
Experiential Marketing, Customer Engagement, and Repurchase Intention: An Empirical Study based on Shanghai Disneyland
Experiential marketing has become one of the most prevalent strategies in the theme park industry, aiming to elicit positive consumer feedback by enhancing their immersive experiences. As a well-established topic in marketing research, prior studies have indicated that experiential marketing is associated with brand loyalty and emotional attachment. However, the relationship between experiential marketing and repurchase intention remains underexplored, with limited empirical evidence clarifying their connection. A report issued by the China Tourism Academy suggests that one of the key success factors of Shanghai Disney Resort is its integration of immersive storytelling with elements familiar to visitors. For instance, the representative “Zootopia” land brings cinematic scenes to life, making guests feel as though they are part of the story. Therefore, this study takes Shanghai Disneyland as a case and investigates consumers’ repurchase intention toward its offerings through a mixed-methods approach, incorporating qualitative focus group interviews and quantitative questionnaire surveys. Structural equation modeling (SEM) and hierarchical regression techniques are employed to analyze the collected data, examining the relationships between experiential marketing and customer engagement, between experiential marketing and brand relationships (brand loyalty and emotional attachment), and between experiential marketing and repurchase behavior. Finally, recommendations are proposed for Shanghai Disneyland’s experiential marketing model to suggest pathways for further development.
Experiential Marketing; Repurchase Behavior; Brand Loyalty; Shanghai Disneyland.
Research on the Changes, Impacts and Countermeasure Suggestions of Gansu Province's Population Age Structure
Based on Gansu Province's statistical data from 2010 to 2024, this study analyzes the evolutionary characteristics of the province's population age structure and its social-economic impacts. The research shows that Gansu Province has fully transitioned from the "demographic dividend period" to the initial stage of "deep aging". The core characteristics are as follows: first, the proportion of working-age population (15-64 years old) has dropped significantly to 68.43%, and the population dependency burden has rebounded rapidly from its historical low; second, regional differentiation has intensified, presenting a dual structure of "deep aging in core industrial cities" (such as Lanzhou and Jinchang) and "relative youthfulness in ethnic minority areas" (such as Linxia and Gannan). The profound changes in the population structure, on the one hand, have restrained the overall economic and financial development level of the province by weakening the foundation of labor supply, and on the other hand, have led to a decline in the resident savings rate in areas with a high degree of aging; the superposition of these two effects has jointly exacerbated the differences in regional development and urban-rural patterns within the province. To address these issues, this paper proposes a strategic orientation of "replacing quantity dividend with quality dividend", and suggests constructing a cross-regional coordination mechanism between population and industry, and deeply tapping the domestic demand potential of the "silver economy" to cope with the structural challenges in the era of negative population growth.
Gansu Province; Population Age Structure; Aging; Low Fertility Rate; Regional Differences.
The Research on the Influence of Foreign Shareholding Ratio on Stock Return
With the continuous improvement of the openness of China's capital market, the shareholding ratio of foreign capital in the A-share market has been rising steadily, and its impact mechanism on stock returns has become an important issue of concern in both academic and practical circles. Based on the data of Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect stocks from 2014 to 2023, this paper empirically studies the dynamic impact of foreign capital's shareholding ratio on A-share stock returns and its transmission path. The research finds that there is a significant negative correlation between foreign capital's shareholding ratio and stock returns; meanwhile, from the perspective of market reaction, the choice of stock liquidity in the transmission mechanism validates the rationality of this theory.
Foreign Ownership Ratio; Stock Liquidity; Stock Return.
Study on the Disparities in Capital Requirements Across Different Stages of Technological Innovation and the Matching Logic of Patient Capital
Technological innovation serves as the core driver of high-quality economic development, exhibiting significant heterogeneity across its entire lifecycle. Correspondingly, capital requirements differ fundamentally in terms of scale, cycle, risk appetite, and other dimensions. Patient capital, centered on long-termism, provides stable financial support for technological innovation by tolerating short-term uncertainty and extending investment cycles. However, the matching logic between patient capital and the various stages of technological innovation has yet to be systematically clarified.This study, grounded in the theory of the technological innovation lifecycle, categorizes the innovation process into four distinct phases: basic research, applied development, commercialization, and industrial expansion. It systematically analyzes the capital demand characteristics of each phase. Building upon this foundation, a matching analysis framework for patient capital and different stages of technological innovation is constructed across four dimensions: scale of capital supply, risk-sharing mechanisms, return orientation, and value-added provision. Finally, drawing on case studies from representative industries, differentiated patient capital matching strategies are proposed.The findings offer theoretical insights and practical implications for optimizing innovation capital allocation efficiency and enabling patient capital to precisely empower technological innovation.
Technological Innovation; Life Cycle; Patient Capital; Capital Demand; Matching Logic.
Risk Management in AI-Based Quantitative Trading: A Comprehensive Review and Perspective
This paper offers an expanded review and perspective on risk management in artificial intelligence (AI)-based quantitative trading. As machine learning and deep learning approaches gain influence in financial markets, their reliability and adaptability under volatile conditions have become major concerns. This review follows a structured approach, beginning with a recall of the background and motivation for studying AI in quantitative finance. The main body integrates recall with viewpoints by reviewing literature, empirical studies, and case evidence, while adding critical perspectives on data dependence, overfitting, market instability, and systemic risk. Finally, the conclusion presents a viewpoint on how AI can be more effectively embedded into financial systems, highlighting the need for hybrid models, explainability, regulation, and robust oversight. This comprehensive treatment aims to contribute to academic debates while offering practical guidance to practitioners, regulators, and policymakers.
Artificial Intelligence; Quantitative Trading; Risk Management; Financial Markets.
Research on the Overseas Expansion Strategies of Chinese Construction Machinery Enterprises: Analysis based on International Policy Compliance and International Relations Fluctuations
Against the backdrop of profound changes in global value chain restructuring and the geopolitical landscape, Chinese construction machinery enterprises are undergoing a significant strategic transformation from "product export" to "industrial expansion." Based on the theories of global value chain restructuring and the OLI framework, this study constructs a panel data model incorporating variables such as policy stability, market openness, and localization rate to empirically examine the impact mechanisms of international policy compliance and international relations fluctuations on the overseas expansion of Chinese construction machinery enterprises. Based on the research findings, this paper proposes that Chinese construction machinery enterprises should build a "four-in-one" overseas expansion strategic system encompassing institutional compliance, operational localization, technological greening, and information transparency. This system aims to address the new changes in globalization and provide theoretical support and practical guidance for enterprises to climb upwards in the restructured global value chain.
Construction Machinery; Overseas Expansion Strategy; International Policy Compliance; International Relations Fluctuations; Global Value Chain Restructuring.
Research on Debt Risk and Default Behavior among Pastoral Households in Southern Xinjiang: Evidence from Field Surveys in Minfeng County
Pastoral households in Southern Xinjiang face increasing financial pressure driven by climate variability, fragile ecological conditions, and limited access to formal financial services. Using primary data collected from a field survey of 312 pastoral households in Minfeng County, this study examines the determinants of debt risk and the behavioral patterns associated with loan default. Descriptive statistics, logistic regression, and a household debt-risk index (HDRI) are employed to quantify risk exposure and identify the socio-economic, ecological, and institutional factors that influence repayment behavior. Results show that 62.8% of surveyed households hold outstanding debt, and 18.6% have experienced some form of repayment difficulty or partial default in the past three years. Herd size volatility, unstable market access, health-related shocks, and informal borrowing networks significantly elevate debt risks. Access to financial literacy training, stable livestock income, and diversified livelihoods reduce the probability of default. The findings highlight the structural constraints faced by marginalized pastoral communities in China’s arid regions and underscore the need for targeted credit programs, early-warning monitoring tools, and adaptive pastoral-risk governance.
Pastoral Households; Southern Xinjiang; Minfeng County; Debt Risk; Default Behavior; Field Survey; Household Finance.
Exploration of the Development Path of Red Cultural Tourism under the Background of the Integration of Culture and Tourism
In recent years, the development of red cultural tourism has been booming and has achieved certain results. Gao County in Yibin City, Sichuan Province, as an "old red revolutionary county", is rich in red cultural tourism resources. However, in the development process, there are still problems such as insufficient exploration of cultural connotations, homogeneous development models, and a relative shortage of professional talents. Accordingly, this paper puts forward countermeasures and suggestions such as deepening the exploration of cultural connotations, extending the industrial chain, and strengthening talent cultivation, in order to provide useful reference for the development of red cultural tourism in similar regions.
Integration of Culture and Tourism; Red Culture; Red Tourism; Rural Revitalization; Gao County.
Research on the Influence of Individual Decision Reversal under an Information Cascade Reversal Scenario
Information cascade reversal is a common phenomenon in real-world societies. Our study mainly investigates whether the reversal of group beliefs in information cascade reversal impacts the decision behavior of prior users. Through experimental research, we examine the moderating effects of information accuracy and regulatory focus on the relationship between decision consistency and individuals' decision reversal. The empirical analysis reveals that information accuracy moderates the impact of decision consistency on weakening prior belief, with the effect being more pronounced in contexts with low information accuracy. Regulatory focus also moderates the effect of information accuracy on weakening prior belief, with a more significant difference observed between prevention focus and promotion focus regarding decision consistency and weakening prior belief. Weakening prior belief positively and significantly influences decision reversal, mediating between decision consistency and decision reversal. Our study explores the factors and mechanisms underlying decision reversal in information cascade reversals, providing valuable insights for advancing theoretical understanding and expanding practical applications in the study of information cascade.
Information Cascade; Decision Reversal; Decision Consistency; Information Accuracy; Regulatory Focus.
Content Characteristics and Dissemination Patterns of Consumer-Initiated Promotion in the New Media Era: A Case Study of Pop Mart
In the era of new media, user-generated content (UGC) has become a crucial medium for brand communication. Within the trendy toys industry, which thrives on strong emotional connections, consumer-initiated promotion plays an especially significant role. As a representative brand in this sector, Pop Mart's UGC ecosystem offers valuable insights into the patterns of spontaneous consumer promotion. This study combines literature review, case analysis, and data analysis to examine the content characteristics and dissemination patterns of Pop Mart's consumer-driven promotions. The research reveals a three-tiered structure in UGC development: emotional expression, knowledge sharing, and cultural co-creation. Platform-specific content adaptation proves particularly noticeable – Xiaohongshu primarily features practical long-form posts like storage guides, whereas Douyin specializes in emotional short videos showcasing unboxing experiences. Regarding dissemination mechanisms, content follows a cyclical pattern from demand stimulation to stratified diffusion, ultimately forming feedback loops. This process is jointly driven by platform algorithms and user interactions. This study clarifies the core features and operational logic behind consumer-initiated promotions in trendy toy marketing, providing practical evidence for similar brands to optimize their new media strategies.
New Media Era; Consumer-Initiated Promotion; User-Generated Content (UGC); Pop Mart; Trendy Toy Industry.
Research on Measuring New Quality Productivity: A Case Study of the Yangtze River Delta Region
To assess the development level of new-quality productive forces (NQPF) in the Yangtze River Delta, this study constructs a "goal-subject-carrier" three-dimensional evaluation system and measures NQPF using the entropy weight method based on prefecture-level data from 2014 to 2023. Results indicate that NQPF in the region has grown steadily (with the average comprehensive index increasing by over 260% in a decade) but shows significant spatial differentiation, forming a gradient pattern led by Shanghai, Suzhou, and Hangzhou. High-level NQPF depends on the systematic matching of factor upgrading, multi-subject collaboration, and industrial upgrading. The research provides policy references for promoting the integrated high-quality development of NQPF in the region.
New-quality Productive Forces (NQPF); Yangtze River Delta Region; Measurement; Three-dimensional Index System; Spatiotemporal Differentiation.
Research on the Construction of Knowledge Map Technology Framework of Core Curriculum within the "AI+" Context
With the deep integration of artificial intelligence into education, core courses face challenges like the need for strong interdisciplinary knowledge, complex content, and a lack of adaptability in teaching. As a result, this research utilizes “AI+” as the technological framework, constructing a knowledge graph based on a three-tier architecture-“data layer, schema layer, application layer”-utilizing the Protege tool for ontology construction and standardized coding. By combining the Bert model, precise extraction of entity relationships is possible, which facilitates knowledge storage and the development of a visual interface via the Neo4j graph database. This knowledge graph ensures quality through a closed-loop mechanism of “construction-evaluation-optimization-application” supporting intelligent applications such as personalized learning recommendations, smart question-answering, and teaching decision-making support. It effectively mitigates the fragmentation of interdisciplinary knowledge, drives educational model innovation, and provides a technical paradigm and practical reference for implementing “AI+Education”.
Artificial Intelligence; Knowledge Graph; Core Courses.
Geopolitical Shocks, Internationalization, and Stock Market Reactions: Evidence from Chinese A-Share Firms during the U.S.–China Trade War
This study examines how geopolitical shocks influence stock market reactions among Chinese A-share firms, with a focus on the 2018–2020 U.S.–China trade war. Using a multi-event study framework combined with firm fixed-effects regressions, we analyze cumulative abnormal returns (CARs) around ten major escalating and easing announcements. The results show a pronounced asymmetry: escalation events trigger significantly negative CARs, whereas easing announcements generate positive yet short-lived responses. Firm-level internationalization, measured through overseas revenue exposure, cross-listing, and outward foreign direct investment, exhibits negative but statistically weak associations with CARs, suggesting that systemic uncertainty dominates firm-specific fundamentals during geopolitical conflicts. These findings enrich understanding of how global political tensions transmit through emerging financial markets and highlight the limited moderating role of internationalization in short-term valuation effects.
Geopolitical Risk; Trade War; Cross-Listing; Outward Foreign Direct Investment; Event Study.
The Impact of Short Selling on the Readability of Corporate Financial Reports
As a significant external governance force in capital markets, can the short-selling mechanism effectively prompt enterprises to enhance the quality of textual information disclosure in their financial reports? Using data from Chinese A-share listed companies between 2013 and 2023, this study constructs a Difference-in-Differences (DID) model to empirically examine the causal effect of the short-selling mechanism on the readability of corporate financial reports and its operational channels. Findings reveal that the introduction of short selling significantly enhances financial report readability by effectively reducing textual complexity and ambiguity. This effect is particularly pronounced in non-state-owned enterprises-where information environments are weaker and agency problems more acute-and in firms receiving lower analyst attention. These conclusions remain robust across a series of stability tests. This study provides micro-level textual disclosure evidence illuminating short sellers' corporate governance roles, offering significant policy implications for regulators pursuing deeper market institutional reforms.
Short Selling; Financial; Report Readability; DID Model; Corporate Governance.
Empirical Study on Supplier Relationship Stability and Corporate Cost Structure
This study uses A-share listed companies in my country from 2018 to 2022 as research samples and employs multiple regression analysis to empirically explore the impact and mechanism of supplier relationship stability on corporate cost structure. This study aims to reveal the intrinsic relationship between the two and provide theoretical support and practical guidance for enterprises to optimize cost management. The results show that supplier relationship stability significantly and negatively affects corporate procurement and transaction costs, thereby optimizing the cost structure of the company. Supply chain collaboration efficiency partially mediates the relationship between the two. Enterprise size and ownership structure significantly moderate this impact. This study enriches interdisciplinary research on supplier relationship management and cost structures, expands the application scenarios of relevant theories, and provides empirical evidence for enterprises to improve cost competitiveness through stable supplier relationships.
Supplier Relationship Stability; Corporate Cost Structure; Supply Chain Collaboration; Empirical Study.
Research Hotspots and Trends of Digital Human Resource Management at Abroad based on CiteSpace
Now is the era of digital economy, digital technology has injected new evolutionary impetus into the practice and research of human resource management, but at the same time, managers and scholars are also faced with the challenge of how to integrate digital technology with the organization's human resources and play its positive role. In order to explore the current research status of digital human resource management, this paper takes the digital human resource related literature of Web of Science database from 2008 to 2024 as the research object, and uses CiteSpace software to sort out the collected literature. Through the analysis of the general trend, core authors and keywords, it is found that the research of digital human resource management is in the preliminary exploration stage. Future research on digital human resource management can be carried out on the basis of existing research, including theoretical research, multi-perspective research, malpractice research and Chinese localization research.
Digitization; Human Resources; Research Hotspot; Research Trend; CiteSpace; Visualization.
The Application of Event Study Method in Virtual Goods Markets: Based on CS:GO Skin Prices
With the rapid advancement of information technology, virtual assets have experienced significant growth, both in terms of market value and variety. Among these, a new category of virtual assets rooted in online gaming has emerged. Specifically, decorative items (commonly referred to as "skins") in Counter-Strike: Global Offensive 2 (CS2) exhibit key characteristics of financial assets, such as price volatility, liquidity, and responsiveness to market events-making them a unique subject of economic analysis. Despite the growing economic significance of CS2 skins, there remains a lack of systematic methods to quantify how specific events influence their price dynamics. Existing studies often focus on broader virtual asset markets, with limited attention to the nuanced relationships between event-specific factors and price fluctuations of single highly-related item in gaming ecosystems. This gap blocks both players (as casual traders) and investors from understanding market responses and managing associated risks. To address this, the present study proposes a precise analytical framework to assess the extent to which events impact the prices of specific CS2 items. By doing so, it aims to clarify the causal links between same types of events and market reactions in this understudied domain. This work makes two key contributions: (1) It develops a scientific and replicable method to determine whether an event has a statistically significant impact on specific in-game items; (2) It provides actionable insights into the risks associated with different types of events, enabling more informed estimation of potential losses for market participants.
Event Study Method; Counter-Strike; Skin Market; Price Fluctuation; Financial.
The Reconstruction and Practice of the Practical Teaching System for the FinTech Major
With the digital intelligence transformation of the global economy, FinTech is reshaping the ecological pattern of the financial industry, and it is imperative to cultivate FinTech talents that meet the needs of economic development. This paper analyzes the necessity of scientific and technological innovation to drive the iteration of fintech talent training mode, and puts forward the practical teaching system of “Dual Integration, Four-Dimensional Cultivation, and Six-in-One Coordination.” for fintech specialty. Specifically, it includes innovating the content system of practical teaching, upgrading the support of practical teaching platform, reshaping the teaching staff system of practical teaching, innovating the means of practical teaching, and optimizing the assessment system of practical teaching.
Financial Technology; Practical Teaching; Practical Teaching Platform.
How Financial Flexibility Shapes ESG Integration Along the Supply Chain: A Theoretical Perspective
Environmental, social, and governance considerations have increasingly evolved from firm-level concerns into supply chain-wide challenges that require sustained coordination across organizational boundaries. Although prior research has examined governance mechanisms and institutional pressures driving ESG integration along supply chains, the financial conditions that enable firms to sustain such commitments remain under-theorized. Limited attention has been paid to how firms manage the intertemporal and interorganizational costs associated with ESG implementation under uncertainty. Drawing on insights from corporate finance, strategic management, and supply chain sustainability research, this study develops a theoretical framework that conceptualizes financial flexibility as a strategic enabler of ESG integration along the supply chain. The framework identifies three interrelated mechanisms through which financial flexibility shapes ESG integration: intertemporal investment smoothing, enhanced interfirm coordination through co-investment and risk sharing, and resilience under conditions of disruption. It further highlights governance alignment as a boundary condition influencing these effects. By integrating financial flexibility into ESG-oriented supply chain research, the study advances a process-based understanding of sustainability governance and offers a foundation for future empirical inquiry.
Financial Flexibility; ESG Integration; Sustainability Governance; Strategic Finance.
The Institutional Change Logic and Dynamic Evolution of China's Energy Storage Policies: A Long-Term Evaluation based on Social Network Analysis (2011-2024)
As fundamental infrastructure for modern power systems, energy storage represents a pivotal enabler of worldwide sustainable energy strategies. Comprehending the trajectory of policy system evolution is essential to resolving key challenges in energy governance. Despite China leading in global energy storage deployment, current studies exhibit substantial limitations in deciphering the policy system's evolutionary dynamics, stage-specific features, and developmental trajectories. We construct a textual database of 121 central government policy documents, applying social network analysis through Python's Jieba tokenization and Gephi network visualization to decode keyword co-occurrence patterns, which illuminates the policy hotspot evolution and institutional transition mechanisms during 2011-2024. The research reveals a three-phase policy evolution: from "technology demonstration guidance" to "market ecosystem cultivation" and ultimately "system-level integration promotion", evolving from unitary fiscal support to an integrated framework incorporating market-based incentives, regulatory standards, and multi-stakeholder governance, resulting in synergistic advancement across three dimensions: institutional adaptability strengthening, market mechanism diversification, and technological paradigm shifts. The policy architecture exhibits comprehensive restructuring involving coordinated governance among generation facilities, grid operators, and end-users, along with perfected market mechanisms combining capacity payments, electricity spot trading, and ancillary service provisions, plus innovative policy models integrating mandatory standardization, commercial viability drivers, and core technology breakthroughs. These findings offer valuable institutional innovation references for international energy storage policy formulation.
China's Energy Storage Policy; Dynamic Evolution; Social Network Analysis; Co-occurrence Analysis; Policy Metrics.