World Journal of Economics and Business Research
World Journal of Economics and Business Research (WJEBR) is an international peer-reviewed, open access journal.
ECONOMIC VALUE CONVERSION OF INTANGIBLE CULTURAL HERITAGE BASED ON NFT DIGITAL COLLECTIBLES AND O2O OPERATION
This study explores how Xue Tao paper woodblock watermarking can convert cultural value into sustainable economic value through NFT digital collectibles and O2O operation. Based on project materials and survey evidence, the paper constructs a platform-oriented model that links blockchain-based ownership confirmation, digital collectible display, metaverse interaction, VR/AR craft experience, AI-assisted design, personalized recommendation, big-data operation, and offline workshops. The results indicate that public awareness of Xue Tao paper remains limited, but young users show clear interest in immersive experience, customized cultural products, and digital collectible consumption. The proposed pathway first transforms heritage works into traceable digital assets, then expands user participation through virtual creation and point-based interaction, and finally connects online traffic with offline courses, DIY production, cooperative restaurants, and campus activities. This model provides a practical route for intangible cultural heritage commercialization by integrating copyright protection, cultural communication, user payment, and continuous platform operation for sustainable cultural-industry development.
Copyright (c) 2026 JunXiang Hu https://creativecommons.org/licenses/by/4.0
THE IMPACT OF RMB EXCHANGE RATE ON THE CHINESE STOCK MARKET: AN EMPIRICAL EXAMINATION BASED ON THE VAR MODEL
Based on monthly data from August 2015 to December 2025, this study selects the RMB/USD central parity rate and the CSI 300 Index to construct a vector autoregression (VAR) model, empirically examining the direction and magnitude of the RMB exchange rate's impact on the Chinese stock market. The results indicate that: first, there is no long-run cointegration relationship between the RMB exchange rate and the CSI 300 Index, suggesting the absence of a stable equilibrium linkage between the two; second, RMB exchange rate movements exert a short-term negative effect on CSI 300 returns, meaning that RMB depreciation is associated with declining stock market returns, exhibiting a "seesaw" pattern, yet this effect is short-lived and decays rapidly; third, Granger causality tests reveal no significant causal direction between the two variables; fourth, variance decomposition demonstrates that over 86% of the variation in the CSI 300 Index is explained by its own factors, with exchange rate shocks contributing only approximately 14%. These findings collectively suggest that while the RMB exchange rate does affect the Chinese stock market in the short run, the effect is weak and transient, and stock market movements are primarily driven by internal factors, with the exchange rate not serving as a dominant force behind A-share trends. Accordingly, policy recommendations are proposed, including deepening exchange rate marketization reform, enhancing cross-border capital flow monitoring, and cultivating long-term institutional investors.
Copyright (c) 2026 BaoGui Wu; Shuang Wang; TianCheng Li https://creativecommons.org/licenses/by/4.0
AN EMPIRICAL STUDY ON THE IMPACT OF DIGITAL INCLUSIVE FINANCE ON THE URBAN–RURAL INCOME GAP ACROSS REGIONS
Drawing on regional panel data, this study empirically investigates how digital inclusive finance affects the urban–rural income disparity and explores the pathways through which this influence operates. The findings indicate that digital inclusive finance exerts a significant narrowing effect on the urban–rural income gap, suggesting that digital financial services contribute meaningfully to overcoming conventional financial exclusion, reducing barriers to financial access, and optimizing the distribution of financial resources in rural communities. The mechanism analysis demonstrates that digital inclusive finance fosters income convergence between urban and rural populations primarily through two channels: enhancing financial accessibility and stimulating entrepreneurial activity in rural areas. Furthermore, regional heterogeneity analysis reveals that the income-equalizing effect of digital inclusive finance varies across geographic regions, with the central region exhibiting a comparatively more pronounced effect. The evidence presented in this study offers empirical support for advancing digital inclusive finance development, facilitating balanced income growth between urban and rural areas, and achieving shared prosperity.
Copyright (c) 2026 XueHan Zhuo https://creativecommons.org/licenses/by/4.0
EXPORT PERFORMANCE AND TRADE COMPETITIVENESS EVALUATION OF NORTHEAST RICE
This paper evaluates the export performance of Northeast rice by reorganizing the selected section on national export performance. The analysis focuses on market structure, major partners, export categories, global production and trade patterns, regional production advantages, and the change in the trade competitiveness index. The source section shows that Northeast rice is a core category of China's rice exports, with export partners covering more than 80 countries and regions. Asian markets account for more than 75% of trade volume, and RCEP members remain the dominant export destinations. From 2015 to 2023, total import and export trade volume rose from 350,000 tons to 680,000 tons, while total trade value increased from USD 420 million to USD 820 million. In 2024, Japan, South Korea, Malaysia, Vietnam, Singapore, Russia, Hong Kong, the United Arab Emirates, Thailand, and Saudi Arabia ranked among the top destinations. Vacuum-packed fresh rice and prepackaged convenience rice maintained stable demand, while sushi rice and high-quality japonica categories showed strong export potential. The global comparison indicates that Northeast rice occupies a core position in the high-quality japonica rice market. Its trade competitiveness index increased from 0.82 in 2015 to 0.90 in 2023, reflecting an overall upward trend.
Copyright (c) 2026 HaoYu Tian https://creativecommons.org/licenses/by/4.0
HOW DOES TMT HETEROGENEITY SHAPE CORPORATE INNOVATION? THE CONDITIONAL EFFECT OF UNCERTAINTY RISK PERCEPTION
Drawing on upper echelons theory and behavioral decision theory, this study examines how top management team (TMT) characteristics shape corporate innovation through firms' perceived uncertainty risk. Using a panel of Chinese A-share listed firms from 2013 to 2023, we find that perceived uncertainty risk significantly suppresses both innovation input and innovation output, suggesting that firms become less willing to commit resources to innovation when they perceive a higher level of external uncertainty. We further document substantial heterogeneity across TMT characteristics. Executives with higher educational attainment and R&D-related experience are associated with greater R&D investment and higher patent output, whereas older executive teams and those with stronger finance backgrounds tend to exhibit lower levels of innovation activity. Mediation analyses further reveal a partial mediating effect of perceived uncertainty risk in the relationship between selected TMT attributes and corporate innovation. Specifically, executive gender composition, educational attainment, and R&D experience promote innovation partly by reducing firms' perceived exposure to external uncertainty, thereby strengthening innovation incentives and improving patent outcomes. By contrast, the effects of executive age, overseas experience, and financial background do not operate through this uncertainty-perception channel. This study further extends upper echelons theory by identifying perceived uncertainty risk as a cognitive mechanism through which TMT characteristics influence innovation decisions. The findings offer practical implications for optimizing executive team composition, strengthening innovation resilience, and improving firms' strategic responses to uncertain external environments.
Top management team (TMT) characteristics
Copyright (c) 2026 JianLan Deng; XiaoGe Sun https://creativecommons.org/licenses/by/4.0
LABOUR RIGHTS PROTECTION FOR PLATFORM WORKERS IN CHINA: CURRENT LANDSCAPE, INSTITUTIONAL GAPS, AND REFORM PATHWAYS
China’s trade union federation counts 84 million workers in ‘new forms of employment’, most of them organised through digital labour platforms. Their legal protection has become one of the largest open questions in Chinese industrial relations. This review essay takes stock of what English-language research and official sources show about that question. It proceeds in three steps. First, it synthesises the empirical record. Algorithmic management intensifies work; layered outsourcing detaches riders from the platforms they serve; most platform workers sit outside employment-based social insurance; collective voice runs through informal networks rather than institutions. Second, it examines the institutional response built since 2021: the eight-ministry Guiding Opinions, the new category of workers who do not fully meet the conditions of a labour relationship, the occupational injury insurance pilot, and algorithm regulation. Third, it compares this response with the presumption-of-employment route taken in the European Union, Spain, and the United Kingdom, with California’s reversal, and with Australian and ILO developments. The essay closes by identifying four institutional gaps and the reform pathways that follow from them.
Copyright (c) 2026 ShiYing Jing https://creativecommons.org/licenses/by/4.0
THE PEER EFFECTS OF ASEAN COUNTRIES' TRADE WITH CHINA
In order to address empirical difficulties in research examining peer effects in ASEAN countries, this study employs trade data between ASEAN members and China to scrutinize the influence of geographical, economic, political, and cultural peer effects on ASEAN-China trade. The key findings are as follows: (1) There are significant positive peer effects in the geographical features of ASEAN countries, while significant negative peer effects are observed in the dimensions of trade openness, governance quality, and citizen Voice. (2) When it comes to peer effects of ASEAN countries' export to China, they are less influenced by geographically adjacent countries but are significantly influenced by the governance quality of neighboring countries. The significance of peer effects among ASEAN countries has decreased after the signing of the upgraded agreement of the China-ASEAN Free Trade Area. (3) Dynamic spatial Durbin model regressions demonstrate significant peer effects in geographical, economic, political, and cultural characteristics of ASEAN countries' trade with China. From a spatiotemporal dimension, the influence of the previous period's trade with China in peer countries on the focal country's trade with China is less than the influence of the focal country's previous period's trade with China.
Copyright (c) 2026 ChangQing Li; Zhen Wei https://creativecommons.org/licenses/by/4.0
TECHNOLOGY-INSTITUTION SYNERGY DRIVEN PATHWAYS FOR FINTECH TO RESOLVE THE “FINANCING-EFFICIENCY PARADOX” OF CHENGDU-CHONGQING CULTURAL AND TOURISM INDUSTRY
The Chengdu-Chongqing Twin-City Economic Circle, as a core growth pole of China’s western cultural and tourism (cultural-tourism) industry, faces a prominent “financing-efficiency paradox” characterized by sufficient capital supply, inefficient resource allocation, low industrial capital turnover, and unbalanced industrial value realization. Traditional financial support models rely on single capital injection and lack multi-dimensional empowerment of industrial operation, resulting in persistent structural contradictions between financing scale and industrial development efficiency in the cultural-tourism industry. Based on the newly proposed Technology-Institution Synergy Evolution Theory, this study constructs a multi-dimensional analytical framework of “technological empowerment + institutional guarantee + industrial optimization” to systematically explain the internal formation mechanism of the cultural-tourism industry’s financing-efficiency paradox and the marginal improvement logic of fintech intervention. Adopting the latest panel data of 16 prefecture-level cities in the Chengdu-Chongqing region from 2020 to 2025, this study uses standardized statistical charts and comparative analysis methods to verify the practical effect of fintech on breaking the industrial paradox. The research finds that the single application of financial technology has a limited mitigation effect on the financing-efficiency paradox, while the coordinated matching of digital financial technology innovation and regional institutional innovation can significantly optimize the cultural-tourism industry’s capital allocation efficiency, shorten the industrial value chain realization cycle, and resolve the structural mismatch between financial supply and industrial demand. Further heterogeneity analysis shows that technology-institution synergy presents differentiated driving effects on traditional sightseeing tourism, cultural creative tourism, and integrated leisure tourism in the Chengdu-Chongqing region. This study innovatively expands the theoretical boundary of fintech industrial empowerment, fills the research gap of regional cultural-tourism industry paradox governance, and provides practical path references and policy enlightenment for the high-quality development of cultural-tourism industries in urban agglomerations under the integration of technology, finance and institution.
Chengdu-Chongqing cultural and tourism industry
Copyright (c) 2026 YongHui Li; HaiBo Zhang https://creativecommons.org/licenses/by/4.0
KEY INFLUENCING FACTORS AND TREND PREDICTION OF SHANDONG’S FOREIGN TRADE NEW PRODUCTIVITY DRIVEN BY DIGITAL TRADE
Taking the development of foreign trade new productivity driven by digital trade as the main line, this study constructs a multi-dimensional evaluation system based on the panel data of 16 prefecture-level cities in Shandong Province from 2018 to 2023. The entropy weight method is adopted to calculate the comprehensive index of foreign trade new productivity. A random forest model is introduced to identify key influencing factors and quantify their contribution rates. The results show that cross-border e-commerce penetration, digital talent density, and data element circulation efficiency are the core driving factors, with a cumulative contribution rate of 82.3%, highlighting the critical supporting role of digital elements and talents. Furthermore, a ridge regression model is constructed to eliminate multicollinearity. The fitting results are robust with a coefficient of determination of 0.909. The trend prediction indicates that under the current development trend, the comprehensive index of Shandong’s foreign trade new productivity will increase by 19.7% compared with the baseline period, and the regional gap will show a converging trend. The research findings provide quantitative evidence and decision-making reference for formulating differentiated foreign trade upgrading policies and optimizing the digital trade ecosystem.
Copyright (c) 2026 YuQing Wang https://creativecommons.org/licenses/by/4.0
THE MECHANISMS OF REGIONAL EMPOWERMENT AND GROWTH FORECASTS FOR THE LOW-ALTITUDE ECONOMY BASED ON SPATIAL ECONOMETRICS AND BACKWARD INFERENCE
This study examines the regional spillover effects of low-altitude economic development in the Pearl River Delta. By systematically processing panel data from 2010 to 2023, a multi-model integrated analytical framework was constructed. During the data preprocessing stage, linear interpolation was used to impute missing values, and Z-score standardization was applied to eliminate dimensional differences, ensuring the stability of the regression analysis. Theoretically, the study employed the entropy weighting method to calculate a comprehensive evaluation index, utilized grey correlation analysis to quantify the closeness between indicators of various dimensions of the low-altitude economy and regional gross domestic product (GDP), and validated the significant pull effect of industrial policies on the economic growth of core cities through a double-difference model. To reveal the spatial spillover mechanism, the study constructed a matrix of spatial adjacency and inverse geographic distance. By applying tools such as the spatial Durbin model, it captured significant spatial dependence, confirming that Shenzhen and Guangzhou, as high-value core areas, exert a powerful technological spillover and industrial chain radiation effect on surrounding cities. The results indicate that the development of the low-altitude economy is closely related to its spatial distribution characteristics, with cities possessing a strong economic foundation exhibiting greater spatial dependence. Furthermore, by integrating historical data on industry financing and logistics scale, the study provides quantitative forecasts of future growth trends, offering algorithmic support and empirical evidence for coordinated regional development.
Copyright (c) 2026 ShanLin Chen; YiFan Sui; KaiYi Dong https://creativecommons.org/licenses/by/4.0
THE IMPACT OF DIGITAL FINANCE ON LISTED ENTERPRISES' TOTAL FACTOR PRODUCTIVITY: BASED ON FINANCING CONSTRAINTS AND INVESTMENT EFFICIENCY
Driven by the deepening integration of the digital economy and the real economy, digital finance has become a critical enabler for the high-quality development of enterprises. Based on the panel data of China’s A-share listed companies spanning from 2014 to 2023, this paper conducts an empirical investigation into the impact of digital finance on enterprise total factor productivity (TFP), as well as the underlying internal transmission channels of this effect. The baseline regression analysis demonstrates that digital finance exerts a significant positive promotional effect on enterprise TFP. The mechanism verification results indicate that digital finance improves TFP primarily by easing corporate financing constraints and elevating the efficiency of corporate investment. The heterogeneity analysis further shows that this promotional effect is more prominent for non-state-owned enterprises and firms located in China’s central region, while it is relatively weaker for state-owned enterprises and statistically insignificant for firms in the western region. A series of robustness tests and endogeneity treatments further confirm the reliability of the research conclusions. This paper expands the existing research on the integration between digital finance and the real economy, providing solid empirical support and targeted policy implications for advancing the development of digital finance and fostering the sustainable growth of enterprises.
Copyright (c) 2026 YaShuo Liu; ZhaoHui Hao; ManSi Qian; JinChao Feng; YiBo Cui https://creativecommons.org/licenses/by/4.0
THE IMPACT OF THE IMPLEMENTATION OF THE NEW REVENUE STANDARD ON EARNINGS MANAGEMENT IN HIGH-TECH ENTERPRISES
This study investigates how the adoption of the revised revenue recognition standard affects earnings management practices among Chinese A-share listed high-tech firms. Empirical findings reveal a notable decline in accrual-based earnings management following the standard's enactment, indicating that its enhanced requirements—spanning contract identification, performance obligation disaggregation, control transfer assessment, and expanded disclosure—effectively curtail firms' discretion in revenue recognition. However, further examination uncovers a concurrent rise in real earnings management, suggesting that when accrual-based manipulation becomes constrained, firms tend to substitute it with real operating decisions to achieve desired earnings outcomes. Moreover, this regulatory effect is amplified among firms characterized by greater R&D intensity. The study enriches the accounting literature on the economic ramifications of standard-setting and earnings management within the high-tech sector, while offering practical insights for regulators, auditors, and investors seeking to better assess the financial reporting quality of technology-oriented enterprises.
Copyright (c) 2026 XinQi Gu; JiaNing Zhang https://creativecommons.org/licenses/by/4.0
VERBAL CODE, LOCALIZATION, AND BRAND RISK IN INTERCULTURAL ADVERTISING
This paper examines the widely circulated Pepsi slogan case in the Chinese market, in which the English slogan “Come alive with the Pepsi generation” has often been reported as being rendered into Chinese in a way that suggested Pepsi could bring ancestors back from the grave. Because the official status of this reported rendering remains contested, the case is treated not as a verified historical record but as a durable case narrative in intercultural advertising discourse. Using qualitative case analysis and secondary market data, this paper investigates how verbal code, cultural resonance, audience interpretation, and media repetition interact in global brand messaging. The findings reveal three main conclusions. First, direct translation can preserve surface wording but weaken persuasive equivalence, especially when idiomatic expressions are moved into a different cultural system. Second, cultural resonance determines whether a translated slogan is received as natural, persuasive, or inappropriate; therefore, localization should be understood as a strategic risk-management process rather than a technical language task. Third, media repetition can extend the reputational life of an intercultural advertising error, turning even a contested case into a long-term cautionary narrative for global brands. Based on these findings, the paper proposes a practical framework that includes transcreation, local cultural review, audience testing, and post-launch monitoring. The study contributes to applied intercultural advertising by showing that translation is not the final stage of campaign execution, but a central process through which global brands negotiate meaning, credibility, and cultural trust in local markets.
Copyright (c) 2026 YuTian Zhang https://creativecommons.org/licenses/by/4.0
THE PROBLEMS AND COUNTERMEASURES OF INCENTIVIZING FRONTLINE EMPLOYEES IN MANUFACTURING COMPANIES BASED ON ERG THEORY
This study addresses the practical challenges of high turnover and ineffective incentive mechanisms among new-generation employees in J Manufacturing Enterprise. Drawing on ERG theory, it focuses on this employee group and develops a satisfaction evaluation framework through literature analysis, questionnaires and interviews, followed by empirical investigation. The findings indicate that, in terms of existence needs, problems include distorted position-based pay, the absence of long-term incentives and perfunctory performance appraisal. With respect to relatedness needs, limited empowerment, insufficient sense of achievement and homogeneous management practices are prominent. In terms of growth needs, employees face restricted promotion opportunities, poorly targeted training and limited participation in decision-making. On this basis, and guided by the principles of fairness, performance alignment, transparency, diversity and sustainability, this study proposes targeted optimization strategies. These findings provide both practical pathways and theoretical reference for improving incentive systems for new-generation employees in manufacturing and building-materials enterprises.
Copyright (c) 2026 WanQing Gu https://creativecommons.org/licenses/by/4.0
THE GROWTH PATHWAYS OF NEW CONSUMER BRANDS IN THE DIGITAL ENVIRONMENT
Against the backdrop of the rapid development of the digital economy and mobile Internet, new consumer brands have risen quickly by leveraging e-commerce platforms, content platforms and social media. However, they also face challenges such as the weakening of traffic dividends, rising customer acquisition costs and intensifying homogeneous competition. From the perspective of the digital environment, this study examines the growth pathways of new consumer brands on the basis of clarifying the characteristics of digital technologies and new consumer brands. The findings suggest that the sustainable growth of new consumer brands mainly depends on four dimensions: first, product innovation and a clear value proposition grounded in insights into segmented consumer needs; second, brand building centred on content production and social communication; third, an omni-channel operation mechanism that integrates public-domain traffic acquisition with private-domain user retention; and fourth, underlying support provided by data-driven decision-making and agile organizational capabilities. This study helps deepen the understanding of the growth logic of new consumer brands under digital conditions and provides theoretical reference for enterprises in formulating medium- and long-term development strategies.
Copyright (c) 2026 YaNing Qiao https://creativecommons.org/licenses/by/4.0
THE IMPACT OF TECHNOLOGY FINANCE ON CORPORATE ESG: A QUASI-NATURAL EXPERIMENT BASED ON THE "PILOT POLICY FOR PROMOTING THE INTEGRATION OF TECHNOLOGY AND FINANCE
As one of the five major key fields of financial development, technology finance is of great significance to China's supply-side structural reform and the development of new quality productive forces. Based on the pilot policy for promoting the integration of science, technology and finance, this paper adopts the DID method to explore the impact of technology finance on improving corporate ESG performance. The research results show that technology finance policies can significantly promote the improvement of corporate ESG performance. Heterogeneity analysis indicates that such promotional effect is more pronounced in state-owned enterprises, about 20% higher than that in non-state-owned enterprises, and it is mainly reflected in the secondary and tertiary industries. The conclusion supports government departments to further expand the scale of technology finance and deepen financial reform, which has important practical implications for industrial transformation and the development of new quality productive forces.
Copyright (c) 2026 Lei Wang https://creativecommons.org/licenses/by/4.0
SPATIAL PATTERNS AND DRIVING FACTORS OF SPECIALIZED VILLAGES IN THE YANGTZE RIVER ECONOMIC BELT, CHINA
Taking specialized villages in the Yangtze River Economic Belt as the study object, this study uses specialized village data from 2008, 2011, 2014, and 2017, and integrates ArcGIS spatial analysis, the nearest neighbor index, kernel density estimation, spatial autocorrelation, buffer analysis, and GeoDetector to systematically examine the quantity distribution, type structure, spatiotemporal evolution, and influencing factors of specialized villages in the Yangtze River Economic Belt. The results show that: (1) the total number of specialized villages in the Yangtze River Economic Belt remained relatively stable, but significant differences existed across provinces and counties, forming a regional distribution pattern characterized by relatively high concentration in the upper and lower reaches and relatively weaker concentration in the middle reaches. (2) The spatial distribution of specialized villages showed significant spatial clustering, with relatively stable core agglomeration areas mainly located in parts of the Sichuan Basin and central Jiangsu. At the county scale, a spatial differentiation pattern gradually formed, with the Chengdu-Chongqing region and the Yangtze River Delta as the main hot spots, and parts of the central and southwestern mountainous areas as the main cold spots. (3) Specialized villages were mainly distributed in low-elevation and low-slope areas and showed clear river-proximity and road-proximity characteristics, indicating that terrain conditions, river systems, and transport accessibility had important effects on their spatial layout. (4) In terms of type structure, specialized villages in the Yangtze River Economic Belt were dominated by agricultural production-oriented villages, while agriculture-related service-oriented villages showed structural transformation and non-agricultural industry-oriented villages declined markedly. (5) The GeoDetector results indicate that institutional, cultural, technological, and market factors, such as farmers’ professional cooperatives, registered trademarks, pollution-free agricultural product certification, green food certification, leading agribusinesses, and agricultural wholesale markets, were important factors influencing the spatial differentiation of specialized villages. Moreover, different factors exhibited significant interaction enhancement effects. The findings provide empirical support for optimizing the spatial layout of specialized villages, promoting rural industrial revitalization, and supporting high-quality agricultural development in the Yangtze River Economic Belt.
Copyright (c) 2026 ChenGuang Liu; PeiZhen Yu https://creativecommons.org/licenses/by/4.0
With the acceleration of China's reform and opening-up, and the expansion of foreign trade, foreign direct investment (FDI) and foreign trade have become the main force driving China's regional economic growth. This paper studies the impact of FDI and foreign trade on economic development. By using the panel data model, the data of 30 provinces in China from 2001 to 2020 is analyzed, showing that FDI and foreign trade are positively correlated with economic growth for China. Compared with FDI, foreign trade can promote China's economic development. In addition, there are apparent differences in the impact of FDI and foreign trade on economic growth between eastern and middle and western provinces, and the economic development of China's provinces is uneven. In order to alleviate the unbalanced development, the Chinese government should: 1. Speed up infrastructure and transportation construction; 2. Differentiate regional trade policies; 3. Coordinate and strengthen cooperation among the eastern, middle and western regions.
Copyright (c) 2026 WeiYun Wang; ManRu Wang https://creativecommons.org/licenses/by/4.0
HOW DOES THE GOVERNMENT GUIDANCE FUND DRIVE THE UPGRADING OF CORPORATE HUMAN CAPITAL? — BASED ON THE PERSPECTIVE OF EMPLOYEE EDUCATION LEVEL
As a pivotal policy-based financial instrument, whether government guidance funds (GGF) can facilitate human capital upgrading is essential for assessing the efficiency of fiscal capital allocation. Utilizing a sample of A-share listed companies in Shanghai and Shenzhen from 2006 to 2023, this study employs a two-way fixed effects model to examine the impact of GGF investment on employees’ education level and its underlying mechanisms. The empirical results demonstrate that GGF investment has significantly increased the proportion of highly educated talent within enterprises, a finding that remains robust across various sensitivity tests. Mechanism analysis reveals that this promotional effect stems from a certification effect prior to investment, which bolsters corporate reputation through government endorsement to attract talent. Post-investment, the funds exert resource and governance effects, indirectly optimizing human capital structures by mobilizing policy resources and incentivizing long-term innovation. Heterogeneity analysis further indicates that this effect is more pronounced among high-tech enterprises, firms with executives possessing overseas backgrounds, and those located in regions with lower market potential. This research moves beyond traditional financial performance metrics, providing micro-level evidence for optimizing the performance evaluation of GGF and advancing human capital-driven development strategies.
Copyright (c) 2026 HaoRan Weng https://creativecommons.org/licenses/by/4.0
A COMBINED EWM AND MULTIVARIATE STATISTICAL APPROACH FOR EVALUATING GREEN FINANCE AND ECONOMIC SUSTAINABILITY
Unraveling the nexus between financial allocation and ecological performance demands a framework capable of dismantling complex spatial heterogeneities. This study constructs a multidimensional statistical pipeline analyzing cross-sectional data across thirty Chinese provinces. Following objective dimension reduction via the entropy weight method, spatial clustering strictly partitions the landscape into distinct developmental tiers. Canonical correlation analysis subsequently extracts orthogonal structural equations, yielding a systemic coupling coefficient of 0.976. The derived loadings explicitly quantify a dual-edged transition mechanism: ecological sustainability relies heavily on capital friction against high-energy sectors (loading: -0.869), running parallel to targeted capitalization that accelerates industrial emission reductions (loading: 0.784). Beyond immediate operational insights, this research provides a mathematically rigorous blueprint for macroeconomic restructuring. By mapping these exact directional constraints, the framework equips policymakers to abandon homogeneous interventions, facilitating precision green resource allocation across highly polarized regional economies.
Copyright (c) 2026 HongYue Deng https://creativecommons.org/licenses/by/4.0
SPATIOTEMPORAL EFFECTS OF DIGITAL FINANCIAL INCLUSION AND FISCAL DECENTRALIZATION ON THE URBAN–RURAL INCOME GAP
This study investigates the joint impact of digital financial inclusion and fiscal decentralization on the urban–rural income gap in China within a unified spatiotemporal analytical framework. Using provincial panel data and employing both two-way fixed effects and spatial econometric models, the analysis reveals that digital financial inclusion significantly narrows the urban–rural income gap by improving financial accessibility, reducing transaction costs, and promoting rural entrepreneurship, while fiscal decentralization tends to widen the gap due to local governments’ bias toward urban-oriented resource allocation. Importantly, the interaction between the two shows that fiscal decentralization strengthens the inequality-reducing effect of digital financial inclusion, suggesting a moderating role through enhanced incentives for local investment in digital infrastructure. Furthermore, spatial results indicate significant positive spatial dependence and spillover effects, whereby digital financial inclusion generates beneficial cross-regional impacts, whereas fiscal decentralization may intensify regional disparities through competitive dynamics. These findings are robust across alternative model specifications and variable measurements, offering important insights into the mechanisms of income distribution in the digital economy and providing policy implications for optimizing fiscal systems and promoting inclusive financial development.
Copyright (c) 2026 Yan Zhai https://creativecommons.org/licenses/by/4.0
INVESTIGATION AND COUNTERMEASURES ON THE PROBLEM OF INCREASED LITCHI YIELD BUT NOT INCREASED INCOME: TAKING CHINA MAOMING LITCHI AS AN EXAMPLE
The 2025 litchi harvest in Maoming, Guangdong achieved record yields, however, increased production didn’t translate into proportional profit growth. This study investigates the phenomenon of “increased production without corresponding income growth” from both supply-side and demand-side perspectives. From the supply side, the findings indicate that factors such as concentrated market entry, oversupply, labor shortages, rising production costs, limited regional brand premium capacity, and insufficient product quality and technological innovation have constrained income growth. From the demand side, Consumer survey results reveal a general preference for low-priced litchis. However, a considerable proportion of consumers are willing to pay premium prices for higher quality, strong brand, and specific consumption scenarios. Most consumers accept a regional brand premiums of up to 10% for Maoming litchis, while demonstrating strong repurchase intention. Notably, 44.3% of respondents reported never having purchased Maoming litchis, highlighting the coexistence of high repurchase potential and significant untapped market segments. A comprehensive supply–demand analysis identifies several core contradictions: rigid supply structures versus weak demand upgrading; high channel dependency versus diversified consumption patterns; misalignment between weak brand awareness and rising quality expectations; and technological limitations combined with evolving consumption experiences that create “last-mile” barriers.Based on these findings, this study proposes targeted policy recommendations to address these structural issues and promote sustainable development in the litchi industry.
Increased production without income growth
Copyright (c) 2026 XiaoPing Tan; ZhongYi Zhu; WeiCheng Chen; RuiQi He; GaoXue Wei https://creativecommons.org/licenses/by/4.0
ALGORITHMIC GOVERNANCE AND THE RECONFIGURATION OF GLOBAL VALUE CHAINS: A CASE STUDY OF SHEIN’S ON-DEMAND MANUFACTURING MODEL
This paper examines how algorithmic governance reshapes global value chains (GVCs) in the context of platform-based fast fashion. While prior research has explored platform governance and GVC organization separately, less attention has been paid to how algorithmic systems intervene in production processes at an operational level. Drawing on a qualitative case study of SHEIN, this study uses multiple sources of secondary data, including company disclosures, industry reports, and third-party analyses. A process-tracing approach is adopted to reconstruct the development of SHEIN’s on-demand manufacturing model. The findings suggest that algorithmic governance operates through three interrelated mechanisms: real-time demand sensing, small-batch production, and dynamic supply chain coordination. Together, these mechanisms enable a shift from a forecast-driven “push” model to a data-driven “pull” model, reducing inventory risk while improving responsiveness. By linking platform governance with GVC analysis, this paper provides a mechanism-based explanation of how data capabilities reshape production organization. It also highlights digital embedding as an alternative pathway for firms to participate in global value creation.
Copyright (c) 2026 YiWen Gao https://creativecommons.org/licenses/by/4.0
BIG DATA IN INCLUSIVE FINANCE AND FINANCIAL ECOSYSTEMS CHALLENGES AND FUTURE DIRECTIONS
With the explosive growth of data volume in the financial sector, big data technologies are transforming the accessibility and inclusiveness of financial services, particularly for populations traditionally excluded from formal financial systems. This paper analyzes how big data facilitates financial inclusion through alternative credit assessment, identity verification innovation, and customized products, while exploring from a financial ecosystem perspective the challenges faced by multi-stakeholder collaboration (banks, fintech companies, regulatory authorities) in technical infrastructure, data governance, regulatory compliance, and ethics. Through systematic analysis of current research, this paper proposes future pathways including the integration of big data technologies with emerging technologies such as artificial intelligence and blockchain, expansion of real-time analytical capabilities, and evolution of platform-based business models, providing reference for researchers, policymakers, and financial practitioners.
Copyright (c) 2026 BiJie Li; ChangEr Liu https://creativecommons.org/licenses/by/4.0
FROM "BROWSING" TO "PURCHASING": BARRIERS AND ENHANCEMENT STRATEGIES FOR CONSUMERS' PURCHASE INTENTION IN INTANGIBLE CULTURAL HERITAGE E-COMMERCE
The deep integration of intangible cultural heritage (ICH) and e-commerce provides a new path for the transmission of traditional culture. However, this development process faces numerous challenges, and the formation mechanism of consumers' purchase intention in this context requires further in-depth investigation. Based on 358 consumer questionnaires, this study diagnoses issues in ICH e-commerce across five dimensions: Product Information and Presentation, Cultural Perception and Trust, Price and Value Perception, Logistics and After-Sales Service Experience, and Service and Interaction. It employs cluster analysis, multiple regression, and group heterogeneity analysis to reveal the obstacles and promotion paths for purchase intention. The study finds that logistics and after-sales service experience, along with product information and presentation, are the most significant positive factors influencing purchase intention, while price perception has no direct significant effect. Consumers can be segmented into four groups: Mature and Steady, Generation Z Novelty-Seeking, Potential Wait-and-See, and Sophisticated Quality-Conscious, each with significantly different pain points and drivers.
Copyright (c) 2026 XiYu Cai; Peng Liu; XuanJie Lu https://creativecommons.org/licenses/by/4.0
THE OPTIMISATION OF SYNERGISTIC MECHANISMS FOR THE LOW-ALTITUDE ECONOMY TO EMPOWER NEW-QUALITY PRODUCTIVE FORCES IN SHENZHEN
As a prime example and key vehicle of new-quality productive forces, the low-altitude economy is emerging as a new engine driving high-quality economic and social development. As a pioneering demonstration zone for the development of China’s low-altitude economy, Shenzhen saw the added value of its low-altitude economy and aerospace industry clusters exceed 35 billion yuan in 2025, representing a year-on-year increase of 31% and demonstrating robust growth momentum. This study examines how Shenzhen’s low-altitude economy empowers new-quality productive forces, systematically analysing its current development status, underlying logic and coordination mechanisms. The research finds that Shenzhen’s low-altitude economy empowers new-quality productive forces through multi-dimensional pathways, including technological cluster innovation, deep industrial integration, spatial resource development and green, low-carbon transformation; however, it still faces systemic challenges in areas such as airspace management, infrastructure, market cultivation and safety regulation. Based on this, the paper constructs a five-pronged collaborative mechanism optimisation framework comprising ‘policy, industry, technology, application scenarios and ecosystem’. It proposes collaborative optimisation pathways such as prioritising institutional innovation, upgrading industrial clusters, driving development through application scenarios, weaving a network of infrastructure, and fostering an innovation ecosystem. This provides theoretical support and practical guidance for Shenzhen’s ambition to become the world’s leading city in the low-altitude economy and to establish itself as a benchmark for high-quality development in this sector.
Copyright (c) 2026 Ji Li https://creativecommons.org/licenses/by/4.0
THE IMPACT OF ESG PERFORMANCE ON ENTERPRISE PERFORMANCE: BASED ON THE MEDIATING EFFECT OF GREEN INNOVATION
This paper conducts an empirical study on Chinese A-share listed companies from 2009 to 2024 using Huazheng ESG rating data, focusing on how ESG performance affects corporate performance and its underlying mechanism. The empirical results show that the improvement of ESG performance has a significant positive effect on corporate performance, and this impact has a three-period lag effect. In the relationship between ESG performance and corporate performance, green innovation shows a significant partial mediating effect, indicating that the optimization of ESG performance can be transformed into the growth of corporate operating performance through stimulating green innovation. Heterogeneity analysis indicates that the promoting effect of ESG performance on corporate performance is more significant in enterprises in the eastern region and in the manufacturing industry. The research conclusions provide empirical evidence for enterprises to optimize ESG practices and carry out green innovation, as well as for the government to improve ESG supervision and green finance policies.
Copyright (c) 2026 ManNi Zhuang; Pei Wan; YaXin Li https://creativecommons.org/licenses/by/4.0
YOUNG AND MIDDLE-AGED ADULTS' AWARENESS OF DOMESTIC BRANDS AND THEIR CONSUMPTION INTENTIONS
As cultural confidence and appeal within China's consumer market grow, the Z-generation consumer group has rapidly emerged. New consumption models centered on digital consumption and confidence-driven spending continue to expand, observing and attracting consumers to purchase domestic brands. Domestic brands are developing rapidly, and the consumer market is continuously expanding. This study aims to explore the understanding and consumption intentions of domestic brands among young and middle-aged adults in Shandong Province. Through a questionnaire survey targeting young and middle-aged individuals in Shandong Province across different age groups, genders, occupations, and income levels, data was collected regarding their awareness, usage patterns, and future outlook toward domestic brands. This information provides insights into the current domestic brand market. The study addresses six key research questions and offers recommendations for the future development of domestic brands. After validating the questionnaire's reliability and validity and completing both online and offline surveys, the collected data was analyzed using cross-tabulation, one-way ANOVA, clustering analysis, and linear regression models. The primary objectives are to assess the consumption willingness and satisfaction levels of Shandong's young and middle-aged population toward domestic brands, propose substantive recommendations for the future development of domestic brands, enhance consumer confidence in domestic brands, and contribute to the vigorous growth of the domestic market and industry, thereby sustaining the momentum of the domestic brand trend.
Copyright (c) 2026 XinRui Liu; YiXin Liang; WenXi Zhang; HuiZhong Geng https://creativecommons.org/licenses/by/4.0
THE BCPE FRAMEWORK AND THE CONSTRUCTION OF AN AUTONAMOUS KNOWLEDGE SYSTEM FOR CHINA’S ECONOMIC DEVELOPMENT
This article proposes a dynamic “Basic–Constraint–Purpose–Effect” (BCPE) framework to explain China’s paradox of “stability through transformation” over seven decades. Moving beyond theories that treat the state as a passive market corrector, BCPE operationalizes CCP’s leadership as institutionalized political integrative capacity—manifested in strategic planning, organizational penetration, nationwide coordination, and self-correction. This capacity sustains a dual-loop learning system: an experience-elevation loop that scales local innovations into national policy, and a risk-correction loop that recalibrates goals and institutions in response to systemic failures. Development purposes are not exogenously given but endogenously shaped through the CCP’s evolving diagnosis of the principal societal contradiction, blending normative values (e.g., equity, sustainability) with instrumental concerns. Four middle-range propositions follow: (1) political integrative capacity enhances collective action in large societies; (2) constraints, when cognitively reframed, drive innovation; (3) a strategic state dynamically optimizes multiple, often competing goals; and (4) effective markets and promising government co-evolve through complementary institution-building. Rooted in China’s governance practice yet articulated with generalizable mechanisms, BCPE draws on indigenous epistemic traditions—particularly practical rationality and holistic thinking—while offering testable, boundary-specified claims. It thus advances a path toward an autonomous, globally engaged political economy, providing analytically rigorous tools for understanding adaptive governance in complex developing contexts.
Copyright (c) 2026 Wei Xin https://creativecommons.org/licenses/by/4.0
CONSTRUCTION OF JUNEAU’S TOURISM SOCIAL COST-ECONOMIC BENEFIT MODEL AND KEY FACTOR ANALYSIS BASED ON AHP AND MULTIVARIABLE ADJUSTMENT
In 2023, Juneau, Alaska, received a record 1.6 million cruise visitors, bringing significant revenue but severe overcrowding. To address this, this study develops a sustainable tourism model prioritizing economic benefit maximization. It uses linear fitting/trigonometric functions for visitor numbers, logarithmic/linear functions for tourism revenue, differential equations for environmental pressure, and the Analytic Hierarchy Process (AHP) for a constrained social cost model. Analysis shows Juneau’s total economic benefit peaks at ~1,026,453 visitors, with an income-expenditure plan and feedback mechanism proposed. A multivariable adjustment approach further quantifies impacts of variables (e.g., visitor spending, tax rates) and identifies key factors (e.g., visitor numbers, glacier melting rate) to support tourism decision-making.
Copyright (c) 2026 Min Zeng; LvJie Fan; XinYu Zheng https://creativecommons.org/licenses/by/4.0