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 Current Status and Trends of Reverse Service Outsourcing in China
Driven by both globalization and information technology innovation, reverse service outsourcing has emerged as a new business format, becoming an important path for enterprises in developing countries to upgrade their value chains. This paper adopts case study, literature research and data analysis methods, focusing on the high-end service sector. Combining the measurement of China's reverse service outsourcing index and industry difference analysis, and taking Huawei's overseas R&D centers as a typical case, it explores the operational logic and implementation effects of reverse service outsourcing. The study finds that global reverse service outsourcing presents a pattern of "contracting by emerging countries and undertaking by developed countries". China's reverse service outsourcing index shows a fluctuating upward trend, and reverse service outsourcing in the R&D and innovation industry is characterized by high-end and specialization. Through the layout of global R&D centers, Huawei has integrated top-tier technology and talent resources, achieving an all-round improvement in financial performance, technical strength and global market competitiveness. The research provides certain theoretical support and practical references for Chinese enterprises to carry out reverse service outsourcing.
Reverse Service Outsourcing; R&D Innovation; Huawei R&D Centers.
Copyright (c) 2026 Frontiers in Economics and Management https://creativecommons.org/licenses/by-nc/4.0
Research on the Nonlinear Influence of Data Assets on Enterprise New Quality Productivity
Based on data of Chinese A-share listed firms from 2009 to 2024, this paper investigates the impact of data assets on corporate new quality productivity(NQP). The empirical results show that there exists a nonlinear dynamic relationship between data assets and NQP. Specifically, data assets exert an inhibiting effect at low levels but a promoting effect at high levels. Heterogeneity tests further reveal that the positive impact of data assets on NQP is more pronounced in non-state-owned enterprises, high-tech industries, and firms located in regions with advanced digital infrastructure. Accordingly, enterprises should fully evaluate their development conditions and internal characteristics. Meanwhile, governments should optimize the management and regulatory systems of data assets, strengthen the construction of digital infrastructure, cultivate digital talents actively, provide a sound external environment for the development of NQP, and steadily promote high-quality development.
Data Assets; New Quality Productivity; Nonlinear Relationship.
Tax Competition and Digital Industry Agglomeration
The digital economy has become a crucial engine driving high-quality development in China. Based on panel data of 296 prefecture-level cities in China from 2009 to 2022, this paper empirically examines the impact, mechanisms, and heterogeneity of inter-regional tax competition on the level of digital industry agglomeration. The findings are as follows: First, tax competition exerts a significant inhibitory effect on digital industry agglomeration, and this conclusion remains robust after a series of robustness tests. Second, mechanism analysis indicates that tax competition does not function directly but indirectly inhibits industrial agglomeration through the mediating pathway of "weakening fiscal investment intensity," revealing the underlying logic that it erodes the fiscal capacity of local governments and undermines the long-term development foundation of industries. Furthermore, heterogeneity analysis shows that the inhibitory effect is more pronounced in coastal regions, areas with a higher level of digital infrastructure, and regions with more preferential tax policies, highlighting the imbalance of policy effects. This paper provides new empirical evidence for understanding government behavior and the coordinated development of regional economies, and offers important theoretical basis and policy implications for optimizing regional policy coordination and transforming industrial policies from "race-to-the-bottom in taxation" to "environment creation."
Tax Competition; Digital Industry Agglomeration; Fiscal Investment Intensity; Coordinated Development of Regional Economies.
The Impact of Credit Ratings on Bond Credit Spreads
The bond market is a key force serving the real economy, but its credit rating system still faces challenges such as low rating quality, insufficient differentiation and questionable credibility. In this context, this paper discusses the influence mechanism of credit rating on bond credit risk premium. The study shows that credit ratings significantly affect bond credit risk premiums by mitigating information asymmetry, providing risk pricing benchmarks, and affecting bond liquidity. The empirical analysis shows that the credit rating is significantly negatively correlated with the credit risk premium of bonds, and the higher the rating, the lower the premium. Heterogeneity analysis shows that this effect is more pronounced in small-scale enterprises and enterprises with low levels of corporate governance. Finally, this paper puts forward relevant policy suggestions from the perspectives of improving the credit rating system, strengthening regulatory policies, and improving the capabilities of market participants.
Credit Rating; Credit Risk Premium; Bond Pricing; Information Asymmetry.
A Predictive Model for Early Intervention Efficacy of Fake News based on Epistemic Vigilance
Early automated intervention against fake news is critical for social media platform governance. This paper proposes a predictive method for intervention efficacy grounded in Epistemic Vigilance. First, using Truth-Default Theory (TDT) as a theoretical lens, empirical analysis on the RumourEval 2019 dataset confirms that "Deny" first-comments effectively break audiences' default inertia, significantly suppressing the subsequent support ratio to 0.525. Second, we translate this mechanism into a probability prediction task, utilizing the ELECTRA architecture and Focal Loss to address extreme sample imbalance. Cross-validation results demonstrate that our method substantially improves the recall rate of high-potential refutational texts to 0.898. By reversely applying stance evolution logic to active intervention evaluation, this study provides a scientific reference for platforms to deploy high-recall early-blocking strategies.
Fake News; Epistemic Vigilance; Truth-Default Theory; Early Intervention; Natural Language Processing; Design Science.
Study on the Triple Logic of the United Nations External Audit Panel in Promoting the Optimization of the Global Governance Structure
The United Nations Panel of External Auditors (UNPEA,), serving as an independent external audit body for the UN and its specialized agencies, is committed to enhancing global governance efficiency and optimizing UN governance structures through the audit and oversight of financial conditions and operational efficiency. It acts as a key driver in the transition of global governance from a "power-based" to a "rule-based" paradigm. Based on a triple logic analytical framework, this paper demonstrates the role of the UNPEA in optimizing global governance structures: historical logic traces its evolutionary trajectory, theoretical logic explains its conceptual role framework, and realistic logic illustrates its consequential impacts. The study finds that the UNPEA, after conducting independent audits of the UN's finances, management, and compliance, submits audit findings and improvement recommendations to the UN General Assembly. Following this, the UN adopts corresponding strategies and actions to optimize its governance structure. This "Oversight-Feedback-Reform" cycle ensures the UN’s adherence to financial regulations and international standards, identifies and corrects non-compliance and inefficiencies, and promotes improvements in administrative and project management, thereby elevating the overall level of UN governance.
Performance Evaluation; Governance Rule Reconstruction; Principal–Agent Theory.
Research on the China’s Industrial Development of Specialized Towns for Ice and Snow Outdoor Sports
Against the background of consumption upgrading and the dividends of the Beijing Winter Olympics, ice and snow outdoor sports specialized towns have become important carriers of China’s ice and snow industry development. This study uses literature review and logical analysis to define the concept and theoretical basis of such towns, analyzes their current industrial development status, and summarizes four development types and four restrictive factors, including indistinct industrial characteristics, insufficient industrial integration, imperfect coordination mechanisms, and inadequate public services. It proposes targeted development strategies: building a professional and comprehensive project system, creating multi-industry integrated all-season business forms, establishing a dual-drive model of brand events and festivals, and improving the diversified coordination mechanism. The research aims to provide a theoretical reference for the high-quality and sustainable development of ice and snow outdoor sports specialized towns.
Ice and Snow Outdoor Sports; Specialized Towns; Industrial Development.
The Impact of Digital Economic Development on Regional Carbon Emission Intensity: A Dual Perspective on Technological Spillovers and Structural Transformation
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 paper remain robust after a series of tests, including the replacement of core explanatory and dependent variables, the instrumental variable method, and the dynamic panel model. This study provides empirical support for clarifying the carbon emission reduction effect of the digital economy and its internal logic and offers a reference basis for regions to formulate coordinated policies for digital economy development and carbon emission reduction in accordance with local conditions.
Digital Economy; Carbon Intensity; Technology Spillovers; Structural Transformation.
Research on Pathways to Improve Innovative Drug Accessibility from the Perspective of Policy Synergy: A Review and Prospect
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.
Innovative Drug Accessibility; Policy Coordination; Evaluation Mechanism.
Research on the Construction of a Full Life Cycle Insurance Service System for Technology Enterprises
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.
Technology Insurance; Enterprise Life Cycle; Risk Management; Insurance Product Innovation; Policy Support.
Research on the Reform of the New Business Talent Cultivation Model in Vocational Undergraduate Colleges in Hainan Province in the Era of Digital Economy
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.
Digital Economy; Hainan Free Trade Port; Vocational Undergraduate; New Business Disciplines; Talent Cultivation Model.
Study on Labubu's Path to Success in Export Markets: An Analysis Perspective based on IP Value
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.
Labubu; IP Value; Blind Box Mechanism; Emotional Consumption; Social Media Dissemination; Cultural Globalization.
Logical Reconstruction and Practical Landscape of Interdisciplinary Talent Cultivation in "Sports + Finance" Driven by Digital Intelligence Technology
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 under the background of "New Finance and Economics."
Digital Intelligence Technology; Sports Finance; Interdisciplinary Talent Cultivation; OBE Concept; Logical Reconstruction; New Finance and Economics.
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"
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.
Digital Finance; Generation Z; Personal Financial Management; Financial Literacy; Behavioral Finance.
Study on the Full Life-Cycle Environmental Impact and Systematic Optimization of Large Models
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.
Green AI; Carbon Footprint; Environmental Impact Assessment; Optimization Pathways; AI Ethics.
The Relationship between Cultural Values and Consumer Needs: Taking the Online Reviews of Ritz-Carlton as an Example
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.
Cultural Values; Consumer Needs; Online Reviews; Hofstede's Cultural Dimensions Theory.
Analysis and Countermeasure Research on the Debt Paying Ability of A Company
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.
Short-Term Solvency; Long-Term Solvency; Company A.
The Impact of China's Short Selling System Regarding The Regulation of Connected Party Dealings of Companies
The fairness of connected party dealings is a core issue for the sound functioning of the capital market. Short selling system still needs to be further verified for its constraining effect on related party transactions. This paper selects Chinese A-share listed firms spanning 2010 to 2023 as the research sample, expands margin trading and securities lending system as a quasi natural experiment, and uses a difference in differences (DID) framework to assess the governance effectiveness of the short selling system on listed firms. The research results demonstrate that the short selling mechanism can significantly suppress the scale of unfair related party transactions of listed companies, and this governance effect is more prominent in enterprises with low information transparency and weak corporate governance level; Mechanism testing further confirms that the short selling system mainly achieves effective constraints on unfair related party transactions through two paths: increasing external supervision pressure and reducing agency costs. This article not only augments the the research findings regarding the economic impacts of the short selling mechanism and the regulation of connected party transactions, but also provides experience reference and policy inspiration for regulatory authorities to optimize short selling mechanism design, and regulate trading behavior of listed firms.
Short Selling System; Related Party Transactions; Double Difference; Intermediary Effect; Corporate Governance.
Study on the Construction of ESG Information Disclosure System for Listed Companies
With the deepening reform of China's capital market and the advancement of the "dual carbon" goals, the construction of an ESG (Environmental, Social, and Governance) information disclosure system for listed companies has become a core issue in the legal construction of the capital market. The Guidelines for the Sustainable Development Reports of Listed Companies issued by the Shanghai, Shenzhen, and Beijing stock exchanges in 2024 provide preliminary specifications for ESG information disclosure. However, problems such as inconsistent disclosure standards, lack of quantitative indicators, imperfect third-party assurance mechanisms, and an ambiguous legal liability system still exist. Using methods such as normative analysis and comparative research, this paper reviews the current status and dilemmas of China's ESG information disclosure legal system. It comparatively analyzes the experience and practical controversies of the EU's CSRD and the US's ESG information disclosure system. Combined with the actual situation of China's capital market, this paper proposes a legal system for ESG information disclosure that is aligned with accounting standards. This includes unifying industry-specific disclosure standards, improving the application rules for carbon accounting, establishing a statutory third-party assurance system, and strengthening a multi-level legal liability system. The aim is to provide institutional support for the implementation of mandatory ESG disclosure in China by 2026, promoting the high-quality development of the capital market and the green, low-carbon transformation of the economy and society.
Listed Companies; ESG Information Disclosure; Legal System; Carbon Accounting; Third-Party Assurance.
Analysis of the Operational Efficiency of Listed Logistics Companies based on DEA and the Malmquist Index
Using panel data from 50 listed logistics companies in China spanning the period 2014–2023, this study analyzes the operational efficiency of China’s listed logistics enterprises from both static and dynamic perspectives by applying the DEA-BCC model and the Malmquist productivity index.Through cross-sectional and longitudinal comparisons of the 50 listed logistics companies, the results indicate that the development of logistics enterprises across different regions in China is highly uneven.Specifically, logistics enterprises in the western region exhibit relatively high overall efficiency and pure technical efficiency,while those in the eastern region demonstrate higher scale efficiency.Moreover, the total factor productivity of China’s logistics enterprises reached its peak in 2019.Overall, pure technical efficiency is identified as the primary factor influencing the high operational efficiency of listed logistics companies in China.Based on these findings, China’s logistics industry should focus on improving technological capabilities and the application of new technologies, enhancing talent development and management systems, and strengthening governmental support.
Listed Logistics Companies; DEA Model; Malmquist Index; Operational Efficiency.
Research on Tax Planning of R&D Expenses in Pharmaceutical Manufacturing Industry
Tax planning serves as a critical component for enterprises to enhance core competitiveness. Strategic planning can effectively reduce tax costs and support the achievement of corporate strategic objectives. As a key industry vital to national economy and people's livelihood, the pharmaceutical manufacturing sector accounts for a significant proportion of operational costs in terms of tax burdens. The government has introduced multiple preferential policies, including the R&D expense super deduction and a 15% reduced tax rate, which can significantly lower corporate tax liabilities when properly utilized. This study focuses on A Pharmaceutical Co., Ltd., examining its tax planning strategies aligned with its strategic goals while ensuring legal compliance, aiming to achieve both tax reduction and post-tax profit maximization. The paper first outlines the research background, significance, and current domestic and international studies, defining key concepts such as pharmaceutical manufacturing, tax planning, R&D expense super deduction, and outsourced R&D, while systematically reviewing relevant tax incentives. It then analyzes the necessity and feasibility of tax planning in the pharmaceutical industry based on its characteristics, development status, and tax-related challenges. Finally, by evaluating the company's operational and tax burden data, the study identifies potential planning opportunities, designs corresponding strategies, compares tax burden and net profit changes before and after planning, selects the optimal solution, summarizes research conclusions, and provides recommendations for tax planning in the pharmaceutical manufacturing sector.
Pharmaceutical Manufacturing; Tax Planning; R&D Expense Super Deduction; Outsourcing R&D; High-tech Enterprise.
Research on the Development Dilemmas and Optimization Paths of Autonomous Vehicle Insurance in China
Since the launch of unmanned taxis represented by "Apollo Go", a series of driving safety accidents have drawn people's attention to the protection aspects of unmanned vehicle insurance. The technical complexity and special risks of Autonomous Vehicle pose challenges to the traditional automobile insurance system. This paper analyzes the special risks faced by Autonomous Vehicle, discusses the current protection status of relevant insurance in China, and expounds the implementation dilemmas of unmanned vehicle insurance in the country. In response to these dilemmas, drawing on the experience of typical foreign models, it puts forward optimized development suggestions from the aspects of insurance product innovation, improvement of legal supervision, insurance enterprises' strengthening of scientific and technological construction, and multi-stakeholder collaborative governance, so as to boost the development and progress of the unmanned vehicle-related industries in China.
Autonomous Vehicle; Automobile Insurance; Development Dilemmas; Risks.
Research on Impact of Monetary Policy Adjustments on Stock Return Volatility of A-share Securities Companies
As the connection between China's monetary policy and the capital market has become increasingly close, the People's Bank of China created the "Securities, Funds, and Insurance Companies Swap Facility (SFISF)" and other structural monetary policy tools directly targeting the capital market in 2024. This policy innovation provides a rare "quasi-natural experiment" scenario for studying the transmission mechanism of how monetary policy affects stock market volatility through investor sentiment. This paper aims to construct a comprehensive analytical framework of "structural monetary policy shock - stock return volatility", taking the first 17 listed securities companies participating in the "Securities, Funds, and Insurance Companies Swap Facility" operation as samples, and uses the event study method to systematically evaluate the market effect of the policy shock. The research finds that the policy announcement generated a significant short-term positive shock. The sample securities companies obtained significant positive abnormal returns within the event window, and large securities companies had a faster short-term response and higher returns, while small and medium-sized securities companies had greater long-term volatility and were more sensitive to risk exposure, showing obvious scale heterogeneity.
Structural Monetary Policy; Event Study Method; Stock Volatility; Size Heterogeneity.
Study on the Impact of Boundary-Spanning Search on Breakthrough Innovation in Enterprises
Breakthrough innovation is crucial for enterprises to overcome developmental constraints, establish sustained competitive advantages, and achieve long-term growth. This study investigates the relationship between boundary-spanning search and breakthrough innovation, incorporating knowledge coupling as a mediator and digital-intelligent empowerment as a moderator. Using survey data from 355 firms in China's strategic emerging industries, empirical analysis yields three main findings: (1) Boundary-spanning search positively influences breakthrough innovation. (2) Boundary-spanning search enhances knowledge coupling, which partially mediates the link between boundary-spanning search and breakthrough innovation. (3) Digital intelligent empowerment positively moderates the impact of boundary-spanning search on knowledge coupling and amplifies the mediating role of knowledge coupling in the boundary-spanning search–breakthrough innovation relationship. By examining these dynamics in the context of rapid digital and intelligent technological advancement, this study extends theoretical perspectives on breakthrough innovation and provides practical guidance for enterprises to effectively utilize boundary-spanning search, optimize knowledge coupling mechanisms, and leverage digital-intelligent technologies.
Breakthrough Innovation; Boundary-spanning Search; Knowledge Coupling; Digital Intelligent Empowerment.
Practical Dilemmas and Countermeasures of Including Assisted Reproductive Technology in Basic Medical Insurance
With social development, the problem of infertility has become increasingly prominent, and assisted reproductive technology has become a hope for many families. However, the high treatment costs have deterred numerous families. Including assisted reproductive technology in Basic Medical Insurance (BMI) is an important measure to alleviate the economic burden on families and boost fertility. By sorting out the practical experience of various regions in including assisted reproductive technology in BMI, this paper studies the policy background, implementation status, policy effects and problems encountered in the promotion of this technology's inclusion in BMI, and puts forward corresponding suggestions. It aims to provide reference for improving the medical insurance policy for assisted reproduction, as well as the rational application and popularization of assisted reproductive technology.
Assisted Reproductive Technology; Basic Medical Insurance; Practical Analysis; Promotion Strategy.
The Impact of Sino-us Trade Frictions on Corporate Debt Default Risk
In recent years, the process of globalization has not only promoted the cross-border flow of production factors and the optimal allocation of resources, but also significantly improved the sensitivity and transmission efficiency of countries' economies to external shocks. Sino-us trade frictions, which have been comprehensively escalated since 2018, have become a hot issue in the field of international economy and trade as a strategic game between the world's two largest economies. The tariff sanctions and technology blockade of the United States have directly damaged the global supply chain layout formed by Chinese enterprises for a long time, squeezed the profit margin of enterprises through both price and demand, and led to a significant tightening of financing constraints of enterprises. However, the existing research mainly focuses on the analysis of the overall impact of trade frictions on China's economy and the impact on capital market and financial risks, and lacks systematic discussion on the risk of corporate debt default. Therefore, based on the reality of the continuous escalation of Sino-US trade frictions, this paper takes the A-share listed companies in Shanghai and Shenzhen from 2006 to 2024 as the research samples, and through multi-stage industry matching, the goods in the US tax list are corresponding to the Chinese industries, so as to define the companies under sanctions in the experimental group, so as to reveal how it affects the debt default risk of enterprises. This paper provides theoretical support for the risk prevention and control of Chinese enterprises affected by trade frictions.
Sino-us Trade Friction; Debt Default Risk; Cash Holding Level; Financing Constraints.
Research on Data Asset Valuation of Liquor Enterprises under the Background of Digital Transformation: A Case Study of Luzhou Laojiao
Given the intangible and uncertain nature of data assets, their valuation remains in an exploratory stage, and a unified, objective regulatory framework has yet to be established. Based on the traditional Multi-period Excess Earnings Method (MEEM), this study fully considers the unique attributes of data assets and incorporates the logic of the Residual Method to deconstruct and analyze value components, thereby constructing a data asset valuation model suitable for enterprises undergoing digital transformation. Taking Luzhou Laojiao, a representative enterprise in the digital transformation of the liquor industry, as the case study, this research forecasts its excess earnings from 2024 to 2028 and discounts them to the valuation base date. The final calculated value of the company's data assets is approximately 5.72 billion RMB. The results indicate that by clearly distinguishing the discount rates of data assets from other intangible assets, this model can more accurately calculate the excess earnings contributed specifically by data assets. This provides a methodological reference for the valuation of data assets in liquor enterprises and holds positive significance for promoting the transaction, circulation, and optimized management of data assets.
Data Assets; Multi-period Excess Earnings Method (MEEM); Residual Method; Valuation; Luzhou Laojiao; Digital Transformation.
Building Bridges, Not Walls: Financial and Social Synergies for Advancing Corporate Sustainability
Achieving China’s dual carbon goals requires both financial innovation and social trust to advance corporate sustainability. This study examines how green bond issuance promotes corporate green transformation and how social trust moderates its effectiveness. Drawing on panel data from A-share listed companies from 2014 to 2021, we measure Green Total Factor Productivity (GTFP) via a Super-SBM model incorporating carbon emissions as undesirable outputs, along with the Global Malmquist-Luenberger index. A progressive difference-in-differences approach supports the empirical analysis. The results show that green bonds significantly enhance GTFP. They also stimulate green ambidextrous innovation-balancing exploratory and exploitative activities-which mediates this effect. Social trust further amplifies this mechanism. These effects are more pronounced in regions with developed financial infrastructure, lower pollution intensity, and stronger emergence of new quality productive forces. The findings highlight the synergy between green finance and social capital in promoting the low-carbon transition of Chinese enterprises.
Green Bonds; Green Total Factor Productivity (GTFP); Green Ambidextrous Innovation Balance; Social Trust; Difference-in-Differences.
Research on the Impact of Digital Finance on the Green Total Factor Productivity of the Yangtze River Economic Belt
Green development in China's Yangtze River Economic Belt is increasingly driven by the digital economy. Based on a panel dataset of 108 cities in the region from 2011 to 2023, a significant positive impact of digital finance on green total factor productivity is identified in this study.This positive effect operates primarily through two channels: deepening the usage of financial services and advancing digital technologies, rather than merely expanding coverage. Digital finance promotes GTFP by supporting green technology innovation. The effect is particularly strong in non-resource-based cities. These findings highlight the importance of developing digital finance and fostering technological innovation to support the region's green transition.
Digital Finance; Green Total Factor Productivity; Green Technology Innovation; Yangtze River Economic Belt.
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.