ISSN 2959-6130(Print) ISSN 2960-1312(Online) Editor-in-chief ： Rana Muhammad Ammar ZAHID （The Business School, RMIT University） Associate Editor： Hadi Hussain （Xi'an Jiaotong University） Editorial Board Member： Muhammad Waleed Younas（Xi'an Jiaotong University） Zi Mu（The University of Manchester） Finance & Economics that provides a platform for scholars, practitioners, and students to share their latest research and insights in the fields of finance and economics. One of the journal's strengths is its coverage of a wide range of topics, from traditional finance topics such as investment, banking, and financial markets, to emerging fields such as behavioral finance, fintech, and sustainable finance. This ensures that readers are exposed to the latest and most relevant research in finance and economics. Finance & Economics also emphasizes practical applications of research findings, promoting research that has real-world implications for policy and business decision-making. This focus on practical applications makes it an invaluable resource for finance and economics professionals All articles will be submitted to Google Scholar, Crossref, U.S. Librarian Database, ProQuest(part of Clarivate’s Web of Science), Ulrich's Periodicals Directory, SEMANTIC SCHOLAR, OpenAlex.
The Impact of E-commerce on the Financial Performance of Small Enterprises: Evidence from Official Trade Data
This research conducts a quantitative evaluation of how the adoption of e-commerce influences the financial performance of Small and Medium-sized Enterprises (SMEs), We utilize a comprehensive panel dataset sourced from U.S. official trade statistics spanning from 2018 to 2024, One crucial challenge we confront is selection bias, that is, more prosperous firms might be more likely to embrace e-commerce. To handle this issue, we integrate Propensity Score Matching (PSM) with a Differencein- Differences (DID) framework, This methodological approach aims to identify the causal impact of e-commerce adoption, The research findings are notable. Compared to a meticulously selected control group, the adoption of e-commerce is associated with approximately a 15.2% rise in revenue growth and simultaneously a 5.8% decrease in operational costs, This twofold effect leads to a substantial enhancement in overall profitability, Our results offer solid, data-based evidence for the transformative significance of digital platforms. They also highlight the importance of formulating policies that can expedite the digitalization process of SMEs.
Small and Medium-sized Enterprises (SMEs)
Family Strategy with Professional Execution: Improving Daily Reliability in Family-Owned Service Small and Mediumsized Enterprises
Decision-making power shared between owners and frontline employees influences daily reliability in family-owned service Small and Medium-sized Enterprises(SMEs). This paper proposes a model termed “Family Strategy with Professional Execution” and undertakes a comparative analysis against over-centralized family control. On-time task completion (finishing routine tasks within a target window) is used as a practical, observable indicator. Three hypotheses are articulated regarding delegation, service intensity, and role clarity. The approach integrates a literature review with a documented before–after case of Din Tai Fung to illustrate how standard operating procedures (SOPs) and bounded frontline authority can reduce waiting, stabilize customer journeys, and improve completion. Contexts of highest effectiveness are clarified—particularly service segments with relatively homogeneous demand and brand sensitivity to service quality. A measurement framework and actionable implications are outlined for future empirical tests.
The Challenges of Aligning Green Finance with SMEs under the Dual Carbon Goals and the Resolving Role of Supply Chain Finance
In the context of global initiatives to address climate change and advance the agenda of sustainable development, the “carbon neutrality” objective is exerting a profound impact on socio-economic transitions. Small and medium-sized enterprises (SMEs), as a vital component of the national economy, play a pivotal role in the realization of the “dual carbon” goals. This paper examines the integration of green finance and supply chain finance as a mechanism for enhancing SME ESG performance and drive sustainable development by alleviating financing constraints and optimizing resource allocation. It analyzes the current development status and inherent challenges within the green finance system, outlines the structural barriers that SMEs face in green transformation, and constructs a theoretical framework for how supply chain finance impacts SME ESG performance. The study concludes that by leveraging the credit strength of core enterprises, mitigating information asymmetry, and enhancing supply chain coordination efficiency, supply chain finance can effectively channel green capital to SMEs and systematically elevate their ESG standards across environmental, social, and governance dimensions.
The Influence of Merchant’s Marketing Strategies on Consumers’ Decision
In today’s consumer market, advertisements have become increasingly pervasive, serving as a crucial bridge between merchants and consumers. However, many of these advertisements are designed not merely to inform but to persuade—often in ways that may mislead individuals into making purchases they might otherwise avoid. Consumer purchasing decisions are highly susceptible to external influences, with advertising being one of the most powerful. Among the psychological mechanisms leveraged by marketers, the framing effect stands out due to its close connection with loss aversion—a cognitive bias in which potential losses exert a stronger emotional impact than equivalent gains. The findings reviewed in this study suggest that the framing effect can significantly distort consumer judgment, reinforcing the asymmetry between risk aversion and risk seeking. The conclusion emphasizes that while framing is an effective marketing strategy, consumers must adopt critical awareness and decision-making strategies—such as evaluating numerical information independently of its wording—to mitigate undue influence and make more rational purchasing decisions.
Overview and application of Endowment Effect, Anchoring and Hindsight Bias
This paper systematically examines three core cognitive biases in behavioral economics: the endowment effect, anchoring effect, and hindsight bias, delving into their respective applications and impacts across diverse economic scenarios. Research indicates that the endowment effect causes individuals to assign higher value to possessions they already own, exerting a significant influence on investors’ stock-holding behaviors and the formulation of environmental policies. The anchoring effect reveals the significant influence of initial information on judgments, manifesting prominently in areas such as real estate pricing, art auctions, and project management—even affecting the estimation behaviors of professional practitioners. Hindsight bias manifests as an overestimation of the predictability of outcomes after they become known, subsequently influencing entrepreneurs’ reflections on failure, judgments of audit responsibility, and investors’ ability to learn from market dynamics. This paper employs a literature review methodology to systematically synthesize existing empirical research. It not only provides a theoretical foundation for understanding irrational factors in economic decision-making but also offers robust empirical support for policymakers, facilitating the development of more effective market mechanisms and behavioral intervention strategies.
Research on the Application of Security- Weighted Aggregation in Federated Learning for Financial Risk Control
Federated learning is a privacy-preserving distributed machine learning approach that enables collaborative training by keeping data local and sharing only model parameters. This effectively addresses the challenges of “data silos” and privacy regulations in the field of financial risk control. This paper systematically elaborates on the concepts, development history, architecture, and core mechanisms of federated learning, with a focus on analyzing the principles and implementation of securityweighted aggregation technology, including its reliance on key technologies such as homomorphic encryption, differential privacy, and secure multi-party computation. Besides, this study examines how this technology applies to fintech, outlines common practices, and highlights challenges in technical performance, cross-platform collaboration, and compliance, with possible solutions. The results show that federated learning, using secure aggregation, enables the financial industry to share data and conduct joint risk modeling while staying compliant.
Family Business Governance Evolution during Intergenerational Succession
Intergenerational succession stands as one of the most complex and defining junctures in the life cycle of family enterprises. It is during this phase that the firm’s governance structure, management philosophy, and cultural underpinnings undergo rigorous testing and strategic transformation. As control shifts from the founder to the successor generation, family firms must evolve from relationship-oriented, centralized models of governance toward more institutionalized, professional systems capable of balancing family values with business efficiency. By drawing on socioemotional wealth (SEW) theory, institutional theory, and agency theory, this study develops a multi-dimensional analytical framework to examine the evolutionary trajectory of governance during intergenerational succession. It focuses on the interaction between emotional attachment and rational management, exploring how family cohesion, successor capability, and external pressures collectively delineate governance outcomes. Using China’s Midea Group as the primary case and Fotile Group as a comparative reference, this paper identifies three dominant governance pathways of family firms during intergenerational succession—progressive hybridization, transformative professionalization, and conservative family reinforcement. These findings underscore that sustainable intergenerational transition necessitates the harmonization of socioemotional wealth with institutional adaptation.
The Correlation Between Business Management Methods and Enterprise Economic Benefits
In the fierce market competition, enterprises take improving economic benefits as their core goal. There is a close correlation between business management methods and economic benefits, and scientifically appropriate management methods are crucial to the development of enterprises at different stages. This paper aims to study the practical application of business management methods in enterprises, explore the feasibility of these methods, and analyze the gaps in daily research. By integrating literature and theories related to business management methods and conducting comparative case analysis, this paper systematically sorts out the implementation paths of typical business management methods, proposes the research theme of the correlation between business management methods and enterprise economic benefits, and empirically analyzes the specific impact of business management methods on enterprises. The experimental results show that scientifically appropriate business management methods can increase enterprise economic benefits by an average of 15% to 20%. The research conclusions reveal the positive driving mechanism of business management methods on enterprise economic benefits, providing a theoretical basis and practical reference for enterprises to enhance their core competitiveness by optimizing management models.
The Long-Term Impact of Push Notification Timing and Frequency on Customer Loyalty: A Causal Analysis of ROI and User Behavior
This study investigates the causal effects of promotional push notifications on short-term ROI, long-term retention, and user heterogeneity. Results show that while promotions drive short-term revenue growth (H1), these effects are mediated by repeat purchases (H2) and fail to sustain longterm loyalty (H3). Theoretically, this work bridges the gap between short-term promotional gains and lasting customer outcomes, while practically emphasizing precision targeting to maximize ROI and preserve loyalty. Despite limitations in proxy user identification, dataset generalizability, and potential confounding, the study highlights future directions such as real user data, randomized testing, multichannel strategies, and adaptive algorithms to balance immediate profit with enduring engagement.
The Impact of ESG Performance on Corporate Debt Financing
Recently, the focus of global businesses has expanded from solely concentrating on financial results to incorporating sustainability assessments. Environmental, Social, and Governance (ESG) principles have now become crucial in evaluating long-term corporate value. Although an increasing number of firms are adopting ESG practices, the impact of ESG on debt financing—specifically in terms of costs, terms, and access to capital—remains unclear, particularly across different regions and industries. To address this gap, the present study examines nine key academic studies spanning from 2011 to 2022, as well as case studies of non-financial listed firms in both developed (EU, US) and emerging (China) markets, such as Nestle, Microsoft, and Toyota. Utilizing ESG ratings from MSCI, Sustainalytics, and Bloomberg, the study analyzes various debt indicators, including interest rates and bond yields. The study reveals that strong ESG performance significantly reduces financing costs by 10 to 25 basis points through lower credit risk and attracts more ESG - aligned capital, as seen in Toyota’s oversubscribed 2022 ESG bonds. Additionally, ESG’s impact varies by industry, with the energy sector benefiting from environmental improvements and the retail sector from strong social practices. Overall, ESG serves as both a “risk mitigator” and a “capital magnet” in debt financing. This study underscores the importance of integrating ESG into financial strategies and offers valuable guidance for lenders, investors, and regulators.
Nvidia in the AI Chip Market Competition: Based on SWOT Model and Financial Analysis
The semiconductor industry is the core of the digital information age and the technological linchpin of global connectivity. Its technological innovation and application expansion represent the cutting edge of contemporary scientific and technological advancement. In recent years, with the rise and proliferation of artificial intelligence technologies, particularly generative AI, the global semiconductor technology industry is undergoing unprecedented transformation, giving rise to numerous industry giants and emerging players. Among these industry leaders, NVIDIA has leveraged its years of technological accumulation and strategic positioning in the GPU field to gain significant competitive advantages. It has emerged as a core participant in the new wave of AI, surging to become the world’s most valuable company by market capitalization. Its development trajectory and market performance have drawn widespread societal attention. This article focuses on NVIDIA’s data center business, analyzing its development trajectory and the characteristics of the AI chip industry. It employs a SWOT model to examine NVIDIA’s internal strengths and external environment, concluding with a summary of NVIDIA’s performance and financial status, providing an objective overview of its market position and current development. Through this analysis, NVIDIA is expected to maintain its market position by sustaining R&D investment, deepening its software ecosystem, optimizing supply chain management, and proactively addressing geopolitical challenges. This strategic approach positions the company to sustain high-growth momentum in the increasingly competitive AI chip market.
The Value Reconstruction of Traditional Culture in the Modern Game Industry: A Case Study of Black Myth: Wukong
In the digital era, the deep integration of traditional culture and modern industries has become a crucial issue for cultural inheritance and development. Black Myth: Wukong, one of China’s most internationally successful games in 2024, embodies abundant traditional Chinese cultural elements and has attracted wide public attention. Adopting a literature review approach combined with case analysis, this study takes Black Myth: Wukong as an example to explore the mechanisms of value reconstruction of traditional culture in the modern game industry. The findings reveal that traditional cultural symbols, through modern reinterpretation, innovative dissemination models, and the integration of technology and culture, generate a threefold pathway of value creation, thereby achieving the transformation from cultural capital to economic capital. The game industry provides new expressive forms for traditional culture, constructing unique cultural identity through immersive experiences and cross-media representation. This study offers a renewed theoretical perspective on the modernization of cultural heritage, providing significant reference value for both the development of the gaming industry and the innovation of cultural industries.
Analysis of the Impacts and Counterstrategies of the U.S.-China Trade War Based on David Ricardo’s Model
Against the backdrop of deepening economic globalization, U.S.-China trade relations have emerged as a central issue in international trade. In recent years, research on the U.S.-China trade war has made significant progress, as scholars have analyzed its causes and impacts from multiple dimensions—including trade imbalances, industrial competition, and political factors—providing rich perspectives for understanding this complex economic phenomenon. However, existing research predominantly focuses on descriptive analysis and policy evaluation. A significant gap remains in systematic studies, rooted in David Ricardo’s theory of comparative advantage, that examine the losses suffered by both China and the United States due to tariff measures, as well as the impact of these measures on the global trade system. This study centers on the core theme of “The Economic Impact of Tariff Measures in the U.S.-China Trade War from the Perspective of the David Ricardo Model,” aiming to deeply analyze two critical questions: First, how tariff measures undermine core assumptions of the Ricardo model—such as free trade and fixed factors—thereby distorting the international division of labor based on comparative advantage. Second, what specific losses the escalating tariff barriers impose on China-U.S. trade volumes, industrial development, consumer welfare, and producer surplus, and whether they lead to a significant decline in global resource allocation efficiency. This study holds significant theoretical and practical implications. Theoretically, by revealing how tariff measures undermine classical trade theory assumptions, this study further validates the explanatory power of free trade theory in today’s complex trade environment and offers new perspectives for the development of international trade theory. Practically, the findings provide theoretical grounding for China, the United States, and other countries in addressing trade frictions, warn against the risks of trade protectionism, and advocate for a return to rational cooperation among countries to improve the global trade governance system.
A Business Analysis of Temu: The Rock-Bottom Pricing Strategy and Its Associated Risks
Leveraging China’s vast manufacturing base, customerto- manufacturer direct production (C2M), consignment inventory, and a factory-to-consumer operating model, Temu achieves exceptionally low prices. This paper analyzes the business model, growth drivers, and risks of Temu, a rapidly expanding cross-border e-commerce platform. The paper also highlights how a user growth flywheel, driven by targeted marketing, amplifies economies of scale. However, its aggressive price competition strategy has given rise to structural vulnerabilities, including supply chain instability, inconsistent product quality, and heavy after-sales burdens. Simultaneously, the platform faces intensifying regulatory scrutiny from the United States and the European Union and fierce market competition. Based on these findings, the paper offers strategic suggestions for Temu, aiming to transition it from a price-driven model to a value-driven growth model. Specific actions include strengthening supplier partnerships, enhancing quality control, improving compliance capabilities, and building long-term brand loyalty to ensure sustainability in global markets.
ESG Financing Policies and Practices from an International Comparative Perspective
In the contemporary era, environmental issues are intensifying at an alarming rate. Against this backdrop, Environmental, Social, and Governance (ESG) financing has emerged as a crucial catalyst for sustainable development in global capital markets. Various nations have implemented diverse policies and practices to foster ESG-oriented financing. This, in turn, has presented a spectrum of opportunities and challenges for investors and companies alike. This paper employs the method of literature review to compare ESG financing policies and practices across developed and emerging markets. It first examines policy frameworks in regions such as the European Union, the United States, and Asia, highlighting variations in regulatory approaches and disclosure requirements. It then analyzes firm-level practices, including the use of green bonds, sustainability-linked loans, and the role of ESG ratings in influencing financing costs and capital accessibility. The paper finds that while developed markets have established comprehensive regulatory frameworks, emerging markets are still in the process of institutionalizing ESG standards and face greater challenges in disclosure consistency and risk of greenwashing.
Policy Support and Green Transformation: Evidence from China
This article is based on the exploration of green transformation, observing that numerous countries have implemented substantial measures for green development and transition and have also established policies to in motivate and supervise them. Against this backdrop, my main focus is on researching how China can use policy support for green transformation, and testing whether policies are helpful for green industries. This paper evaluate the effectiveness of electric vehicle production and sales data, anecdotal information from government agencies, and incentive and punishment policies established by the government. It is found that these policies have significantly stimulated the development of green industries.. In summary, these policies have played a significant role, and China is fully committed to supporting and developing green industries on a large scale.
The Application of AI in Enterprise Financial Accounting and the Impact of Industry Change
The rise of artificial intelligence (AI) technology is the core driving force leading a new round of industrial transformation, and the deep application in the field of financial accounting is gradually reshaping the traditional application mode. Traditional accounting relies on manual processing, which is inefficient and error-prone, and makes it difficult to meet the needs of big data and real-time decision-making. The development and introduction of AI improves efficiency and accuracy, but at the same time, it also brings problems such as data security and compliance. This study mainly discusses the application through accounting automation, intelligent analysis, and proactive risk management, the impact, and the future development trend of artificial intelligence technology in the field of financial accounting. It provides a systematic framework for the transformative impact of financial accounting and promotes the deep integration of AI and corporate financial accounting.
Coordination and Conflict: Environmental Sustainability Goals vs. Capitalist Development Goals in Amazon’s 2021-2022 Reports
Against the backdrop of escalating global environmental challenges and the United Nations’ advancement of the Sustainable Development Goals (SDGs), capitalist development goals are often perceived as conflicting with environmental sustainability. This paper examines Amazon as a case study to explore the potential for reconciling environmental goals with capitalist development goals within corporate practices. Results indicate that while substantial capital expenditures and rising operational costs exert short-term pressure on profit margins, these impacts are partially offset long-term benefits. This demonstrates that environmental sustainability goals and capitalist growth objectives can coexist in harmony. The primary tension stems from the conflict between corporate upfront investments in environmental protection and shareholder return expectations. This study is limited to a single case and relies on publicly available company data.
Credit Card Default Prediction with Machine Learning: A Benchmarking Study on Imbalance Handling and Model Interpretability
Credit card default risk prediction is crucial for financial institutions to mitigate potential losses and ensure regulatory compliance. This paper addresses the challenge of imbalanced data and model interpretability in predicting default using the University of California, Irvine (UCI) Credit Card dataset. Experiments were conducted on a dataset of 30,000 clients, and feature engineering was applied to create a 33-dimensional space through logarithmic transformations and ratio feature construction. Logistic regression (LR), random forest (RF), and eXtreme Gradient Boosting (XGBoost) models were trained using stratified five-fold cross-validation and the Synthetic Minority Over-sampling Technique (SMOTE) to address class imbalance, and were evaluated with accuracy, recall, and area under the receiver operating characteristic curve (ROC-AUC). On a held-out 20 % test set, LR achieved an accuracy of 0.7896, a recall of 0.2266, and an ROC-AUC of 0.7255; RF achieved an accuracy of 0.7861, a recall of 0.5156, and an ROC-AUC of 0.7568; XGBoost achieved an accuracy of 0.8174, a recall of 0.5078, and an ROC-AUC of 0.7611. Shapley additive explanations (SHAP) analysis identified recent payment status, first-month bill amount, and payment-to-bill ratio as key predictors, thereby enhancing interpretability and supporting transparent model evaluation for financial risk management.
Towards a Dignified Sunset: The Resilient Shift from Lifespan to Healthspan in East Asia’s Longevity Era
East Asia is one of the most densely populated regions on earth. According to new UN Population Fund data, the average life expectancy is 73.16 years worldwide. Interestingly, the majority of East Asian countries greatly surpass this frequency. However, this puts up enduring sight soaring shipping costs and the world's best rapid demographic aging. A long lifespan, on the other hand, does not translate to an increased healthspan. Using a life-course perspective, this research examines the various aging issues that Japan, South Korea, and China experience across biological, social, economic, and policy regions. According to an empirical study of Healthy Life Expectancy data from 2000 to 2021, considerable native improvements have been made, perhaps at various levels. The report contends that using technology in elder care to prioritize healthspan over only longevity requires popular transformation, including embedding primary prevention of age-related diseases, generally redefining aging beyond standard xiao, and reallocating financial resources toward promotion of life-course health. It involves more activists, including institutional changes, in East Asia's cultural environment to reduce old-age bankruptcy and longevity risk. Due to shared issues, which are made worse by social resemblance and accelerated aging, cross-national cooperation is required.
Comparison and Analysis of the Sense of Social Belonging of Group and Individual Casual Laborers in China
Currently, a lower sense of social belonging has become a common problem faced by China's casual labor groups, which has impacted their mental health and social integration. This study aims to explore whether the collective strength of casual work is one of the factors affecting the sense of social belonging, analyze the possible reasons behind it, and propose feasible optimization suggestions based on the findings. This study conducts semi-structured interviews with two groups of casual workers separately: those engaged in collective labor and those working individually. By comparing the sense of social belonging exhibited by the two groups and analyze the causes, it was found that group casual laborers possessed a higher sense of social belonging compared to individual casual laborers, and that enhancing the collectivity of casual labors is one way to enhance the sense of social belonging of the casual laborers group. The study offers evidence as well as suggestions for enhancing the well-being of the casual laborers.
Mutual Benefits and Risk Governance between AI Applications and Online E-Commerce under Marketing Perspective
From the perspective of marketing, the integration of AI technology and online e-commerce has given rise to a mutually beneficial and win-win situation.AI helps e-commerce companies achieve accurate user profiling and personalized marketing by virtue of its data analysis capabilities, while optimizing supply chain management and user experience to improve operational efficiency; and e-commerce companies' rich application scenarios and massive consumption data provide important support for the training and iteration of AI algorithms, which promotes the continuous upgrading of the technology. The rich application scenarios and massive consumption data of e-commerce also provide important support for the training and iteration of AI algorithms, promoting the continuous upgrading of technology. However, the process of integration of the two has also exposed the risks of data leakage, privacy infringement, algorithmic bias, etc., which may affect the marketing effect and user trust. Therefore, it is necessary to build a risk governance system through sound regulations, strengthened technical protection and industry self-regulation to ensure the compliant application of AI in the field of e-commerce, and safeguard the healthy development of the industry while consolidating the win-win results.
As stakeholder demand for corporate social responsibility grows, environmental, social and corporate governance (ESG) has become an important non-economic dimension in measuring corporate value. This article explores in-depth the mechanism by which ESG factors influence the value of A-share companies based on Steckler's theory, resource dependency theory, stakeholder theory, and other related theories. By creating an empirical model and selecting data from A-share companies, using the Tobin Q-Value (TBQ) to measure the value of a company, and combining the ESG assessment system with regulatory variables such as asset size and debt repayment capacity, four research hypotheses were proposed and tested. Empirical results show that good ESG performance can have a positive impact on a company’s value. There is a U-shaped relationship between environmental performance and company value. When environmental performance reaches a turning point, improving environmental performance can significantly increase the value of the enterprise; Positive social responsibility behavior correlates positively with the value of the company; Optimizing corporate governance can effectively improve the value of businesses. The replacement of the enterprise's valuation indicator with the return on equity (ROE) and the replacement of the environmental performance explanatory variable with the Huazheng rating confirmed the reliability of the above conclusions. The conclusion of the study provides important references for companies to formulate ESG strategies, for policymakers to deploy regulations, and for investor decisions, highlighting the key role of ESG factors in adding value to a company in the A-share market.
Domestic Politics, National Interests, and Climate Commitments: A Comparative Study of China and the United States under the Paris Agreement
This paper conducts a comparative analysis of the climate governance models of China and the United States under the Paris Agreement, investigating how domestic politics and national interests shape their international commitments and compliance behaviors. As the world's two largest emitters, the U.S. and China have embarked on divergent paths. The U.S. demonstrates a model of "contingent participation," characterized by policy instability driven by partisan polarization, presidential transitions, and the influence of interest groups. This volatility reveals the fragility of its international commitments, which are often transactional and subordinate to domestic political struggles. In contrast, China exhibits a model of "coherent implementation," where climate action is a consistent, top-down state strategy integrated into its long-term national development goals, ensuring policy continuity. This study critically examines the explanatory power of liberal institutionalism, arguing that the Sino-U.S. divergence exposes the "illusion of liberalism." It finds that international norms and institutions like the Paris Agreement are insufficient to override the primacy of domestic political structures and interests. The paper concludes that a nation's internal political landscape is the fundamental determinant of its climate policy, and the effectiveness of global governance hinges on aligning international goals with the endogenous motivations and strategic interests of major powers.
Research on the Inner Logic, Dynamic Mechanism, and Evolutionary Path of Digital Economy Development
As a significant driving force of the world economy, the digital economy takes on an extremely important role in the economic development of all countries. This paper discusses the internal logic, motivation and evolution of digital economy. Based on the understanding of the concept of digital economy, this paper explains the differences between the digital economy and the traditional economy and the role played by digital technology. Analyzing the inherent development patterns of digital economy from the perspectives of technological factors, economic factors, social factors, etc., this paper examines influencing factors such as technological innovation, market demand, policy support, and industrial convergence on the digital economy. Furthermore, it categorizes the development stages of the digital economy, proposes corresponding evolutionary models, and predicts future development trends. Finally, it suggests that the government improve data governance and social supervision to provide a foundation for the sustainable development of the digital economy.
Exploring the Interplay of Corporate Governance, inter-generational Inheritance, and Innovation Strategy Driven by Socio-Emotional Wealth
As an important part of the global economy, family firms, with their unique dual logic (family logic and corporate logic), exhibit significant features in their organizational forms and development paths. This study takes family firms as the research object, focusing on the interaction of its dual logic and their impact on the relationships between corporate governance, inter-generational inheritance, and innovation strategy. Through literature analysis, case studies, combined with domestic and international classic literature such as socio-emotional wealth theory and incomplete contract theory, this study reveals the characteristics of family firms in terms of concentration of ownership, closure of inter-generational inheritance, and innovation decision-making. It is found that socio-emotional wealth (SEW) is a core driver of family firms' decision-making, but it may also inhibit innovation and external resource integration; balancing this tension is therefore critical The conclusion suggests that family firms need to optimize their shareholding structure, establish a compensation mechanism for SEW, and progressively open up their operating rights to achieve sustainable development.
The Impact of Urban Housing Purchase Restrictions on Real Estate Prices and Household Consumption: A Difference-in-Differences Approach
This study investigates the impact of urban home purchase restriction policies implemented in China’s real estate market in recent years on housing prices and household consumption, employing a difference-in-differences (DID) methodology. The study expands the interdisciplinary intersection of economics and sociology, enriching the empirical literature on this topic. Furthermore, the findings are translated into practical applications to enhance residents’ quality of life through threefold value creation. The comprehensive empirical analysis yields the following conclusions: First, standalone home purchase restrictions failed to significantly reduce housing prices or consumer price levels in the short term within the treated cities. Second, a significant bidirectional positive correlation exists between housing prices and consumer prices. Overall, the interplay between the real estate market and the consumption market reveals notable inertia and lag in policy transmission effects. Consequently, policymakers must adopt more comprehensive policy combinations when regulating the real estate market and fully anticipate the lagging characteristics of policy impacts to achieve long-term stable development goals.
Comparative Study of Urban Innovation Ecology and Regional Synergy in Three Regions
As global economic integration intensifies, the multilateral trading system undergoes restructuring, and regional trade agreements (RTAs) assume a more significant role, industrial policy at both national and regional levels confronts the critical challenge of adapting to the evolving institutional landscape. Considering these situations and based on the theory of regional economic integration, this study uses the Ruhr region, Silicon Valley, and the Yangtze River Delta as typical cases to systematically compare the institutional suitability of industrial policies in the context of global economic integration. This is done against the backdrop of the rapidly deepening global economic integration, the reconfiguration of the multilateral trading system, and the prominent role of regional trade agreements. Quantitative information and qualitative examples are combined to compare the industrial policies of the three regions. Underutilization of international rules and notable institutional cost disparities are identified as issues facing the Yangtze River Delta region. Thus, by dismantling administrative divisions, encouraging innovation and transformation, and generating cash, this study suggests enhancing the administrative effectiveness of domestic cities through institutional openness.
Synthesis of Research on Fiscal Transfers for Coordinated Regional Development
The fiscal transfer system, a crucial instrument for encouraging coordinated regional development is the fiscal transfer system, which is a significant component of the contemporary financial system and a key tool of national governance. As China's coordinated regional development policy has been implemented more thoroughly in recent years, the central government has boosted its transfer payments to local governments and proceeded to reform and enhance the fiscal transfer system. There is some practical value in investigating how finances transfers affect to regions coordinated growth. The role of regional coordinated development, the importance of implementing fiscal transfer payments, and its effects on regional coordinated development are the main topics of this paper. It also offers a cross-regional macro overview of regional coordinated development and makes pertinent recommendations from the standpoint of spreading regional coordinated development in the new era. This paper's theoretical investigation demonstrates that both special and general transfer payments support the local economy.
A Review of the Law of Land Value Change under Different Urban Renewal Models
With the continuous evolution of urban spatial structures, urban renewal has become a key path to improve land use efficiency and enhance urban quality. This paper systematically sorts out the mechanisms through which three typical urban renewal models influence land value. The government-led model drives significant increases in land value through large-scale spatial reconstruction; the market-led model, oriented toward efficiency and return on investment, facilitates rapid land appreciation; and the community participation model, which emphasizes cultural preservation and social integration, contributes to a gradual and sustained rise in land value. The results show that the impact of different renewal models on land value is significantly heterogeneous due to the difference in goal orientation and driving force, and it is difficult for a single model to take into account multiple development goals such as economy, society and culture. Therefore, it is necessary to further consider promoting the collaborative governance of multiple subjects and the integration of models to achieve the overall optimization of land value and the sustainable development of urban renewal.