Frontiers in Economics and Management
type: channel
description: 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.
publisher: Boya Century Publishing
language: en
publication name: Frontiers in Economics and Management
issn: 2692-7608
items: Scene-Driven Spatial Production: Constructing a Theoretical Framework for Scene Innovation of Intangible Cultural Heritage Homestays
items: The Impact of Government Policies and Related Factors on Stock Prices
items: Substitution or Complementarity?
items: Research on Demand Diffusion of Airline Tickets based on Social Media
items: Research on the Strategy for Breaking through the Circle of Beverage Products under Social Media Marketing
items: Future Banking: An Innovative Credit Product Linking Green Consumption to Carbon Emission Reduction
items: Study of the Impact of Short-selling Mechanisms on Auditor Behaviour
items: How Digital-Real Integration Drives the Development of New-Quality Industries
items: Agenda Setting and Symbolic Resonance: A Study on the Cultural Hotspot Generation Mechanism of the "KAWS×UNIQLO" Joint Event
items: Study on the Teaching Path of Integrating Integrity Education Elements into the Course “Foundations of Financial Big Data”
items: Innovation and Development of Marxist Productive Forces Theory through New Quality Productive Forces
items: Research on Obstacles to Integrated Financial Management and Pathways for Smart Finance Construction in Multi-Campus Public Hospitals
items: Research on Market Reaction to New Product Launches by Japanese Game Companies
items: Research on the Current Status and Trends of Reverse Service Outsourcing in China
items: Research on the Nonlinear Influence of Data Assets on Enterprise New Quality Productivity
items: Tax Competition and Digital Industry Agglomeration
items: The Impact of Credit Ratings on Bond Credit Spreads
items: A Predictive Model for Early Intervention Efficacy of Fake News based on Epistemic Vigilance
items: Study on the Triple Logic of the United Nations External Audit Panel in Promoting the Optimization of the Global Governance Structure
items: Research on the China’s Industrial Development of Specialized Towns for Ice and Snow Outdoor Sports
items: The Impact of Digital Economic Development on Regional Carbon Emission Intensity: A Dual Perspective on Technological Spillovers and Structural Transformation
items: Research on Pathways to Improve Innovative Drug Accessibility from the Perspective of Policy Synergy: A Review and Prospect
items: Research on the Construction of a Full Life Cycle Insurance Service System for Technology Enterprises
items: Research on the Reform of the New Business Talent Cultivation Model in Vocational Undergraduate Colleges in Hainan Province in the Era of Digital Economy
items: Study on Labubu's Path to Success in Export Markets: An Analysis Perspective based on IP Value
items: Logical Reconstruction and Practical Landscape of Interdisciplinary Talent Cultivation in "Sports + Finance" Driven by Digital Intelligence Technology
items: Research on the Impact of Digital Finance on the Personal Financial Management Behaviors of Generation Z: From the Dual Perspectives of "Financial Assistant" and "Consumer Promoter"
items: Study on the Full Life-Cycle Environmental Impact and Systematic Optimization of Large Models
items: The Relationship between Cultural Values and Consumer Needs: Taking the Online Reviews of Ritz-Carlton as an Example
items: Analysis and Countermeasure Research on the Debt Paying Ability of A Company

Scene-Driven Spatial Production: Constructing a Theoretical Framework for Scene Innovation of Intangible Cultural Heritage Homestays
type: item
description: 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.
subject: Articles
  topic: section
subject: Intangible Cultural Heritage Homestay; Scene Theory; Spatial Production; Scene Driving; Theoretical Framework.
  topic: keywords
creator: Wanlian Li
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-05-14
publication date: 2026-05-14
starting page: 112
ending page: 119
doi: 10.6981/FEM.202605_7(5).0013

The Impact of Government Policies and Related Factors on Stock Prices
type: item
description: 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.
subject: Articles
  topic: section
subject: Government Policies; Stock Price Fluctuations; Fiscal Policies; Monetary Policies; Policy Coordination.
  topic: keywords
creator: Linkun Yu
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-05-14
publication date: 2026-05-14
starting page: 105
ending page: 111
doi: 10.6981/FEM.202605_7(5).0012

Substitution or Complementarity?
type: item
description: 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.
subject: Articles
  topic: section
subject: College Students; Majoring in Media; Employment Quality; Internship; Academic Study.
  topic: keywords
creator: Qi Ye
creator: Jialing Lai
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-05-14
publication date: 2026-05-14
starting page: 93
ending page: 104
doi: 10.6981/FEM.202605_7(5).0011

Research on Demand Diffusion of Airline Tickets based on Social Media
type: item
description: 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.
subject: Articles
  topic: section
subject: Airline Ticket; Demand Diffusion; Social Media; SEIR Model; Parameter Estimation.
  topic: keywords
creator: Guihong Zhao
creator: Xuanzhu Meng
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-05-14
publication date: 2026-05-14
starting page: 79
ending page: 92
doi: 10.6981/FEM.202605_7(5).0010

Research on the Strategy for Breaking through the Circle of Beverage Products under Social Media Marketing
type: item
description: 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.
subject: Articles
  topic: section
subject: Soy Sauce Latte; Coconut Cloud Latte; Cross-Circle Strategy; Social Media.
  topic: keywords
creator: Xinyi Gao
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-05-14
publication date: 2026-05-14
starting page: 70
ending page: 78
doi: 10.6981/FEM.202605_7(5).0009

Future Banking: An Innovative Credit Product Linking Green Consumption to Carbon Emission Reduction
type: item
description: 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.”
subject: Articles
  topic: section
subject:
  topic: keywords
  value: 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.
creator: Anqi Zheng
creator: Yifang Zhang
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-05-14
publication date: 2026-05-14
starting page: 58
ending page: 69
doi: 10.6981/FEM.202605_7(5).0008

Study of the Impact of Short-selling Mechanisms on Auditor Behaviour
type: item
description: 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.
subject: Articles
  topic: section
subject: Short-selling Intensity; Auditor Behaviour; Professional Competence; Risk Appetite.
  topic: keywords
creator: Yang Bai
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-05-14
publication date: 2026-05-14
starting page: 40
ending page: 57
doi: 10.6981/FEM.202605_7(5).0007

How Digital-Real Integration Drives the Development of New-Quality Industries
type: item
description: 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.
subject: Articles
  topic: section
subject: Digital-real Integration; New-quality Industries; Digital Patents; Mediating Effect.
  topic: keywords
creator: Ruolin Wang
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-05-14
publication date: 2026-05-14
starting page: 33
ending page: 39
doi: 10.6981/FEM.202605_7(5).0006

Agenda Setting and Symbolic Resonance: A Study on the Cultural Hotspot Generation Mechanism of the "KAWS×UNIQLO" Joint Event
type: item
description: 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.
subject: Articles
  topic: section
subject: Cultural Hotspots; Brand Collaborations; Symbolic Consumption; Participatory Culture; Framing Theory.
  topic: keywords
creator: Zihan Wang
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-05-14
publication date: 2026-05-14
starting page: 25
ending page: 32
doi: 10.6981/FEM.202605_7(5).0005

Study on the Teaching Path of Integrating Integrity Education Elements into the Course “Foundations of Financial Big Data”
type: item
description: 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.
subject: Articles
  topic: section
subject: Foundations of Financial Big Data; Integrity Education; Curriculum Ideology and Politics.
  topic: keywords
creator: Congyao Hu
creator: Sicong Wang
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-05-14
publication date: 2026-05-14
starting page: 19
ending page: 24
doi: 10.6981/FEM.202605_7(5).0004

Innovation and Development of Marxist Productive Forces Theory through New Quality Productive Forces
type: item
description: 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.
subject: Articles
  topic: section
subject: Marxist Theory of Productive Forces; New-quality Productive Forces; Innovative Development.
  topic: keywords
creator: Shuwen Zhang
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-05-14
publication date: 2026-05-14
starting page: 13
ending page: 18
doi: 10.6981/FEM.202605_7(5).0003

Research on Obstacles to Integrated Financial Management and Pathways for Smart Finance Construction in Multi-Campus Public Hospitals
type: item
description: 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.
subject: Articles
  topic: section
subject: Multi-campus Public Hospitals; Financial Integration; Smart Finance.
  topic: keywords
creator: Tian Xia
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-05-14
publication date: 2026-05-14
starting page: 7
ending page: 12
doi: 10.6981/FEM.202605_7(5).0002

Research on Market Reaction to New Product Launches by Japanese Game Companies
type: item
description: 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.
subject: Articles
  topic: section
subject: Japanese Game Industry; Event Study; Market Reaction; Efficient Market Hypothesis; Cumulative Abnormal Return.
  topic: keywords
creator: Tiancheng Yang
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-05-14
publication date: 2026-05-14
starting page: 1
ending page: 6
doi: 10.6981/FEM.202605_7(5).0001

Research on the Current Status and Trends of Reverse Service Outsourcing in China
type: item
description: 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.
subject: Articles
  topic: section
subject: Reverse Service Outsourcing; R&D Innovation; Huawei R&D Centers.
  topic: keywords
creator: Jiajing Li
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-04-16
publication date: 2026-04-16
starting page: 87
ending page: 100
doi: 10.6981/FEM.202604_7(4).0011

Research on the Nonlinear Influence of Data Assets on Enterprise New Quality Productivity
type: item
description: 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.
subject: Articles
  topic: section
subject: Data Assets; New Quality Productivity; Nonlinear Relationship.
  topic: keywords
creator: Ran Zhang
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-04-16
publication date: 2026-04-16
starting page: 76
ending page: 86
doi: 10.6981/FEM.202604_7(4).0010

Tax Competition and Digital Industry Agglomeration
type: item
description: 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."
subject: Articles
  topic: section
subject: Tax Competition; Digital Industry Agglomeration; Fiscal Investment Intensity; Coordinated Development of Regional Economies.
  topic: keywords
creator: Bingbing Chen
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-04-16
publication date: 2026-04-16
starting page: 66
ending page: 75
doi: 10.6981/FEM.202604_7(4).0009

The Impact of Credit Ratings on Bond Credit Spreads
type: item
description: 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.
subject: Articles
  topic: section
subject: Credit Rating; Credit Risk Premium; Bond Pricing; Information Asymmetry.
  topic: keywords
creator: Pinwen Diao
creator: Yuxin Hua
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-04-16
publication date: 2026-04-16
starting page: 59
ending page: 65
doi: 10.6981/FEM.202604_7(4).0008

A Predictive Model for Early Intervention Efficacy of Fake News based on Epistemic Vigilance
type: item
description: 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.
subject: Articles
  topic: section
subject: Fake News; Epistemic Vigilance; Truth-Default Theory; Early Intervention; Natural Language Processing; Design Science.
  topic: keywords
creator: Yihan Zhao
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-04-16
publication date: 2026-04-16
starting page: 51
ending page: 58
doi: 10.6981/FEM.202604_7(4).0007

Study on the Triple Logic of the United Nations External Audit Panel in Promoting the Optimization of the Global Governance Structure
type: item
description: 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.
subject: Articles
  topic: section
subject: Performance Evaluation; Governance Rule Reconstruction; Principal–Agent Theory.
  topic: keywords
creator: Xinwen Zhang
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-04-16
publication date: 2026-04-16
starting page: 45
ending page: 50
doi: 10.6981/FEM.202604_7(4).0006

Research on the China’s Industrial Development of Specialized Towns for Ice and Snow Outdoor Sports
type: item
description: 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.
subject: Articles
  topic: section
subject: Ice and Snow Outdoor Sports; Specialized Towns; Industrial Development.
  topic: keywords
creator: Yinglin Luo
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-04-16
publication date: 2026-04-16
starting page: 35
ending page: 44
doi: 10.6981/FEM.202604_7(4).0005

The Impact of Digital Economic Development on Regional Carbon Emission Intensity: A Dual Perspective on Technological Spillovers and Structural Transformation
type: item
description: Against the dual background of the carbon peaking and carbon neutrality goals and the in-depth development of the digital economy, exploring the impact mechanism and heterogeneous characteristics of the digital economy on regional carbon emission intensity carries important theoretical value and practical significance for achieving the coordinated progress of high-quality economic development and carbon emission reduction. This research systematically explores the influence of the digital economy on regional carbon emission intensity by leveraging a multi-faceted analytical approach. Specifically, it employs a two-way fixed effect model, a mediating effect model, and a heterogeneous analysis framework to examine this relationship from the dual lenses of technology spillover and structural transformation. Utilizing panel data spanning from 2012 to 2023 across 30 Chinese provinces, the study reveals that the expansion of the digital economy significantly curbs regional carbon emission intensity. Moreover, it finds that a one-unit increase in the digital economy level leads to a notable decline in regional carbon emission intensity. The digital economy can exert an indirect influence in reducing carbon emission intensity. It achieves this by fostering green technological innovation and driving industries to transition towards high value-added, low-pollution operational models. Consequently, technology spillover effects and structural transformation emerge as significant mediating factors that bridge the relationship between the digital economy and regional carbon emission intensity. Heterogeneity analysis reveals that the digital economy's role in mitigating carbon emissions is more pronounced in regions located southeast of the Hu Huanyong Line and in economically underdeveloped areas. In contrast, no statistically significant impact is observed in regions northwest of the line and in those with higher levels of economic development. The research conclusions of this p…
subject: Articles
  topic: section
subject: Digital Economy; Carbon Intensity; Technology Spillovers; Structural Transformation.
  topic: keywords
creator: Mengyuan Li
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-04-16
publication date: 2026-04-16
starting page: 19
ending page: 34
doi: 10.6981/FEM.202604_7(4).0004

Research on Pathways to Improve Innovative Drug Accessibility from the Perspective of Policy Synergy: A Review and Prospect
type: item
description: High-cost innovative medicines is a global priority, prompting China's policy framework to shift from singular price controls toward integrated coordination and value-based approaches. This review examines theoretical mechanisms and empirical evidence regarding policy synergy's impact on drug accessibility. While existing research provides robust theoretical foundations, challenges remain regarding fragmented evaluation systems, limited empirical scope, and inadequate micro-level equity analysis. Future research should advance policy synergy theory, quantitative assessment methodologies, patient-centered equity studies, and dynamic adjustment mechanisms to support evidence-based policy optimization during the 14th Five-Year Plan period.
subject: Articles
  topic: section
subject: Innovative Drug Accessibility; Policy Coordination; Evaluation Mechanism.
  topic: keywords
creator: Yiyang Ren
creator: Wenxi Tang
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-04-16
publication date: 2026-04-16
starting page: 14
ending page: 18
doi: 10.6981/FEM.202604_7(4).0003

Research on the Construction of a Full Life Cycle Insurance Service System for Technology Enterprises
type: item
description: Technology enterprises face high-risk, diverse, and uncertain challenges at different stages of their life cycle. Based on the enterprise life cycle theory, this paper analyzes the main risk characteristics and changes in insurance demand of technology enterprises in their startup, growth, and maturity stages. It points out that the current technology insurance service system suffers from problems such as a single insurance supply structure, an incomplete service system, and a mismatch between products and enterprise needs. In response to the characteristics of different development stages, this paper proposes policy recommendations for improving the technology insurance system, including establishing a risk compensation mechanism, encouraging insurance product innovation, promoting the development of new types of insurance, and improving cross-border insurance service support. At the same time, it emphasizes that technology enterprises should enhance their awareness of insurance use and risk management capabilities, proactively adapt to and utilize technology insurance services, and form a virtuous cycle of supply and demand coordination. The study concludes that constructing an insurance service system covering the entire life cycle of technology enterprises is an important guarantee for enhancing the resilience of my country's technological innovation and the high-quality development of its industries.
subject: Articles
  topic: section
subject: Technology Insurance; Enterprise Life Cycle; Risk Management; Insurance Product Innovation; Policy Support.
  topic: keywords
creator: Chuanjia Zhang
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-04-16
publication date: 2026-04-16
starting page: 7
ending page: 13
doi: 10.6981/FEM.202604_7(4).0002

Research on the Reform of the New Business Talent Cultivation Model in Vocational Undergraduate Colleges in Hainan Province in the Era of Digital Economy
type: item
description: The vigorous development of the digital economy has profoundly reshaped business forms and organizational models, placing new demands on the competency structure of business talents. Against the backdrop of the Hainan Free Trade Port construction, vocational undergraduate colleges, as crucial bases for cultivating high-quality technical and skilled talents, face transformative pressure regarding their new business talent cultivation models. Based on the actual context of Hainan Province, this paper analyzes the new characteristics of the demand for business talents in the digital economy era, examines the current practical dilemmas faced by vocational undergraduate colleges in Hainan regarding cultivation objectives, curriculum systems, practical teaching, and faculty development, and proposes reform pathways aligned with regional development needs. The aim is to provide a steady supply of high-level, compound technical and skilled talents who integrate digital intelligence, business expertise, and industry knowledge for the construction of the Hainan FTP.
subject: Articles
  topic: section
subject: Digital Economy; Hainan Free Trade Port; Vocational Undergraduate; New Business Disciplines; Talent Cultivation Model.
  topic: keywords
creator: Xiaonan Li
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-04-16
publication date: 2026-04-16
starting page: 1
ending page: 6
doi: 10.6981/FEM.202604_7(4).0001

Study on Labubu's Path to Success in Export Markets: An Analysis Perspective based on IP Value
type: item
description: This paper analyzes the formation mechanism behind Labubu's rapid global popularity using it as a case study, and explores its implications for the overseas expansion of Chinese cultural IPs. The research unfolds across three dimensions: supply, demand, and dissemination. On the supply side, Labubu established a distinctive visual identity through its “ugly-cute” aesthetic and innovative product details. On the demand side, the randomness, scarcity, and “unfinished” state inherent in the blind box mechanism amplified emotional engagement and repeat purchase motivation. On the dissemination front, celebrity endorsements, user-generated content, and short-video platform algorithms collectively propelled cross-demographic diffusion, catapulting the IP to global prominence within a short timeframe. Analysis further reveals that Labubu's viral success was accompanied by pronounced capital amplification effects and market volatility. Its business model, heavily reliant on high-visibility dissemination, faces sustainability challenges amid intensifying regulatory scrutiny and market competition. Based on these findings, this paper argues that the internationalization of Chinese cultural IPs requires a shift from short-term traffic logic to long-term value building. By deepening cultural narratives, enhancing localization capabilities, and strengthening brand governance, it can support the construction of stable, scalable global competitiveness.
subject: Articles
  topic: section
subject: Labubu; IP Value; Blind Box Mechanism; Emotional Consumption; Social Media Dissemination; Cultural Globalization.
  topic: keywords
creator: Lu Yang
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-03-11
publication date: 2026-03-11
starting page: 207
ending page: 215
doi: 10.6981/FEM.202603_7(3).0018

Logical Reconstruction and Practical Landscape of Interdisciplinary Talent Cultivation in "Sports + Finance" Driven by Digital Intelligence Technology
type: item
description: Currently, driven by the dual national strategies of "Sports Power" and "Financial Power," the capitalization of the sports industry and the cross-border layout of the financial industry have become new engines for high-quality economic development. However, facing the urgent demand from the industry for "Sports + Finance" composite talents who possess both sports industry operational thinking and the ability to apply modern financial tools, the existing higher education system is still deeply constrained by traditional single-discipline logic. Deep structural contradictions exist, such as rigid disciplinary barriers, fragmented curriculum systems, a lack of practical fields, and lagging evaluation mechanisms. The new round of technological revolution, especially the explosive growth of digital intelligence technologies such as artificial intelligence, big data, knowledge graphs, and digital twins, provides a new technological landscape and logical starting point for breaking this talent cultivation dilemma. Based on the Outcome-Based Education (OBE) concept, this paper abandons the traditional quantitative empirical paradigm and uses systems theory and educational ecology perspectives to deeply analyze the internal mechanism of "Sports + Finance" interdisciplinary talent cultivation. The paper demonstrates the empowering role of digital intelligence technology in restructuring teaching spatiotemporal fields, optimizing heterogeneous knowledge supply, and innovating whole-process evaluation mechanisms. It proposes innovative paths such as constructing a fusion curriculum system based on knowledge graphs, building an immersive practical platform based on digital twins, and establishing a full-cycle evaluation mechanism based on data profiling. The aim is to reshape the practical landscape of "Sports + Finance" talent cultivation and provide prospective theoretical references and action guides for educational and teaching reforms in application-oriented universities u…
subject: Articles
  topic: section
subject: Digital Intelligence Technology; Sports Finance; Interdisciplinary Talent Cultivation; OBE Concept; Logical Reconstruction; New Finance and Economics.
  topic: keywords
creator: Jiajun Zhou
creator: Anfu Cui
creator: Xinyu He
creator: Dongjin He
creator: Jiana Guo
creator: Zedong Chen
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-03-11
publication date: 2026-03-11
starting page: 194
ending page: 206
doi: 10.6981/FEM.202603_7(3).0017

Research on the Impact of Digital Finance on the Personal Financial Management Behaviors of Generation Z: From the Dual Perspectives of "Financial Assistant" and "Consumer Promoter"
type: item
description: As native residents of the digital age, Generation Z's financial management behavior is undergoing a paradigm shift under the profound influence of digital financial tools. This study, based on the theories of behavioral finance and consumer psychology, combines a hybrid approach of quantitative questionnaires and qualitative interviews to explore the dual impact of digital finance on the personal financial management behaviors of Generation Z. The research sample included 285 valid questionnaires and 8 in-depth interviews. The results showed that digital finance significantly enhanced the participation and initiative in financial management through technological convenience and an entertaining interface, but at the same time weakened individuals' risk awareness and ability to delay gratification. The Structural Equation Model (SEM) verified a significant positive correlation between the intensity of digital finance usage and consumption behavior, and revealed the moderating effect of financial literacy between irrational consumption and venture capital. Research shows that while digital finance is empowering Generation Z, it may also become a driving force for inducing advanced consumption, presenting a typical "double-edged sword" feature. The conclusion of this study provides practical inspiration for financial education, regulatory policies and platform design.
subject: Articles
  topic: section
subject: Digital Finance; Generation Z; Personal Financial Management; Financial Literacy; Behavioral Finance.
  topic: keywords
creator: Zihan Zhao
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-03-11
publication date: 2026-03-11
starting page: 189
ending page: 193
doi: 10.6981/FEM.202603_7(3).0016

Study on the Full Life-Cycle Environmental Impact and Systematic Optimization of Large Models
type: item
description: While large-scale artificial intelligence models drive technological innovation, their entire lifecycle is accompanied by significant energy consumption and carbon emissions, posing a real risk of sliding from the vision of “Green AI” toward the reality of a “high-carbon technology”. This paper constructs a three-tier analytical framework encompassing the training, inference, and hardware infrastructure stages to systematically assess the environmental impact of large models. Furthermore, it analyzes the underlying causes of the high-carbon dilemma from three dimensions: technological dependency, economic incentives, and governance gaps. The research indicates that a single technological optimization is insufficient for achieving sustainable transformation. It is necessary to collaboratively advance algorithm lightweighting, system scheduling optimization, industry standard establishment, and an ethical paradigm shift to construct a multi-level, systematic development pathway for Green AI. Only through the co-evolution of technology, policy, and culture can artificial intelligence be genuinely guided to become an enabler for addressing environmental challenges.
subject: Articles
  topic: section
subject: Green AI; Carbon Footprint; Environmental Impact Assessment; Optimization Pathways; AI Ethics.
  topic: keywords
creator: Yajie Zhu
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-03-11
publication date: 2026-03-11
starting page: 176
ending page: 188
doi: 10.6981/FEM.202603_7(3).0015

The Relationship between Cultural Values and Consumer Needs: Taking the Online Reviews of Ritz-Carlton as an Example
type: item
description: With the accelerated global expansion of international luxury hotels, culturally adaptive services have become a key factor in enhancing brand competitiveness. Taking Ritz-Carlton hotels as an example, this study analyzes online reviews of Ritz-Carlton hotels in Shanghai and Tokyo on Ctrip and Rakuten Travel platforms to explore the differences in cultural values between Chinese and Japanese consumers in luxury hotel service scenarios and their impact on service demands and evaluations. The study found that China consumers focus more on service efficiency, material value, and process certainty in their evaluations, while Japanese consumers place greater emphasis on service etiquette, personal space, and detailed experiences. Additionally, China consumers show significantly higher attention to the stability of service processes than theoretical expectations, whereas Japanese consumers' high default expectations for hardware facilities and process management lead to lower attention to certain cultural dimensions. These findings not only deepen the understanding of differences in consumption behaviors between China and Japan but also provide important references for international hotel brands to optimize service strategies in different cultural markets, helping them design more precise services and enhance customer satisfaction and brand competitiveness.
subject: Articles
  topic: section
subject: Cultural Values; Consumer Needs; Online Reviews; Hofstede's Cultural Dimensions Theory.
  topic: keywords
creator: Hailan Ye
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-03-11
publication date: 2026-03-11
starting page: 165
ending page: 175
doi: 10.6981/FEM.202603_7(3).0014

Analysis and Countermeasure Research on the Debt Paying Ability of A Company
type: item
description: With the continuous development of China's economy, the domestic automobile market competition has become increasingly fierce during this period. Japanese, German, and American automakers are all vying for dominance, while Chinese automobile companies have fallen into difficulties during this time. Additionally, due to the increase in the number of vehicles, fuel consumption, and the worsening greenhouse effect caused by global warming, environmental issues have become more severe. Under the current severe international and domestic circumstances, developing new energy vehicles is a key measure to ensure national energy security and ecological environment. This paper starts from indicators such as the short-term debt and long-term debt repayment ability of Company A to reveal its current financial status and proposes corresponding countermeasures accordingly.
subject: Articles
  topic: section
subject: Short-Term Solvency; Long-Term Solvency; Company A.
  topic: keywords
creator: Hao Tan
creator: Liang Mao
rights: Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
date: 2026-03-11
publication date: 2026-03-11
starting page: 153
ending page: 164
doi: 10.6981/FEM.202603_7(3).0013