The Linked Exchange Rate System and FinTech Development: Synergistic Evolution of Hong Kong's International Financial Centre Status

Ziyi Xu

pp.1-7 DOI: 10.62051/yeettq19

Abstract: As a leading global international financial centre, Hong Kong's financial system is anchored by the Linked Exchange Rate System (LERS) established in 1983. Characterized by 100% US dollar reserve backing and the Convertibility Zone of 7.75 to 7.85 Hong Kong dollars per US dollar, this system has provided monetary and financial stability for Hong Kong for over four decades. Concurrently, in response to the global digital economy wave, Hong Kong has accelerated its FinTech development in recent … Read More

"Do digital reputation systems correct for market failures in information asymmetry, or do they create new inefficiencies through algorithmic discrimination?"

Jiayi Li

pp.8-12 DOI: 10.62051/rnq4qk36

Abstract: Digital reputation systems, such as seller feedback scores and user ratings, have become ubiquitous mechanisms for building trust in online markets. While scholarly discourse often frames these systems as remedies for the “lemons problem”, a classic market failure rooted in information asymmetry. This dissertation investigates whether digital reputation systems (e.g., seller feedback scores) correct market failures in information asymmetry or create new inefficiencies through algorithmic … Read More

Hong Kong as an ESG Financial Hub: Mechanisms through Which International ESG Capital Supports China’s Green Transition

Meixi Guo

pp.13-19 DOI: 10.62051/1pyf9s93

Abstract: This paper examines the role of Hong Kong in the allocation of ESG capital. The article constructs mechanism framework of "institutional compatibility, market infrastructure, asset pricing and information identification", and analyzes how financial centers can reduce institutional and market frictions in cross-border green investment. Taking the example of Goldwind Technology issuing green bond in Hong Kong in 2015 as a case study, the research finds that Hong Kong promotes the entry of … Read More

Does Disclosure of Environmental Investment Amounts Affect Debt Financing Costs? Evidence from China's Electric and Heat Power Production and Supply Industry

Tongwei Cui

pp.20-27 DOI: 10.62051/1fkpba90

Abstract: This study examines whether environmental investment disclosure affects corporate debt financing costs. Using manually collected data from 79 A-share listed firms, we find no significant association in OLS regression with robust standard errors. Firm size, leverage, and profitability dominate financing costs. Drawing on information asymmetry and signaling theories, we interpret these findings within China's policy-driven disclosure regime, where disclosure may be viewed as regulatory compliance … Read More

Comparative Effectiveness of Carbon Pricing, Industrial Subsidies, and Innovation Support in Green New Deal Strategies: A Systematic Literature Review

Beichen Chen

pp.28-36 DOI: 10.62051/pze25y19

Abstract: The accelerating climate emergency has prompted governments worldwide to adopt comprehensive Green New Deal strategies that combine multiple policy instruments to deliver deep decarbonization while sustaining economic growth. This study conducts a systematic literature review, structured around the PRISMA 2020 protocol, of three core policy instruments central to Green New Deal frameworks: carbon pricing, industrial subsidies including feed in tariffs, and public innovation support. Drawing on … Read More

Evolution of Global Soybean Trade Flows and Share Reconfiguration Amid Tariff Policy Fluctuations

Huasen Wu, Jie Hu, Xiangrui Ma, Songrong Ye, Ting Jiang

pp.37-42 DOI: 10.62051/yvh9y737

Abstract: In response to the United States' proposed “reciprocal tariff” policy scheduled for implementation in 2025, this study aims to quantitatively assess its far-reaching impact on the global soybean trade landscape. Based on monthly high-frequency data from 2000 to 2025, an integrated assessment framework combining an extended gravity model with demand price elasticity is constructed to estimate long-term structural parameters and short-term market responses. Simulation results reveal that tariff … Read More

The Impact of Global Central Bank Digital Currency Policies on Cross-Border Capital Flows

XueHan Zhuo

pp.43-60 DOI: 10.62051/d6eyj735

Abstract: As central bank digital currencies (CBDCs) move from conceptual exploration toward institutionalized pilots and cross-border applications, their implications for the international financial system extend well beyond payment innovation itself and increasingly reshape the institutional conditions of cross-border capital flows. From the perspective of policy design, this paper systematically examines the mechanisms through which global CBDC policies affect cross-border capital flows and the … Read More

The Dynamic Impact of Macroeconomic Uncertainty on Corporate Accounting Policy Choices

Xueyue Zhang, Xiaoyun Jiang

pp.61-68 DOI: 10.62051/35wy4c41

Abstract: Against the backdrop of an increasingly complex macroeconomic environment, macroeconomic uncertainty has become an important external factor shaping corporate decision-making. Using a sample of Chinese A-share listed firms, this paper examines the impact of macroeconomic uncertainty on corporate accounting policy choices and their dynamic features. The results show that macroeconomic uncertainty significantly affects corporate accounting policy choices and, on average, strengthens firms’ … Read More

Green Credit Policies Enhance Firms’ Innovation Performance

Zhixiu Li

pp.69-82 DOI: 10.62051/asxzsn94

Abstract: Green credit regulation embeds environmental criteria into bank lending decisions and may therefore influence firms’ financing conditions and innovation behavior. Based on Chinese A-share listed firms from 2008 to 2023, this study treats the 2012 Green Credit Guidelines as an external policy shock and evaluates their effect on corporate innovation performance. By integrating environmental risks into credit decisions, it improves resource allocation and incentivizes technological innovation. The … Read More

Arbitrage Opportunity Identification Model Based on Stochastic Modelling of Implied Volatility Surfaces

Jialu Yuan

pp.83-91 DOI: 10.62051/nph1ax22

Abstract: The paper considers insufficient fit accuracies, fragmented modelling and identification, and high misjudgement rate with fixed thresholds in implied volatility surface modelling and arbitrage opportunity identification. It proposes an in-depth algorithm based on stochastic coefficient Vol Transformer-adaptive arbitrage threshold (SC-VT-AT), which integrates the stochastically coefficient mechanism of Vol Transformer. The algorithm employs stoically coefficients to describe the technically … Read More

Platform Ecosystem Embeddedness and Enterprise Total Factor Productivity: An Empirical Analysis of A-Share Listed Companies from 2007 to 2020

Qiqi Song, Yilun Chen

pp.92-106 DOI: 10.62051/rceka527

Abstract: In the digital economy era, the platform ecosystem, as a new paradigm of innovation in business ecosystems, has driven the transformation of industrial organization forms from traditional linear division of labor to networked collaboration, creating conditions for the improvement of enterprises' total factor productivity (TFP). Based on the data of A-share listed companies from 2007 to 2020, this paper studies the impact and mechanism of platform ecosystem embeddedness on enterprises' TFP. The … Read More

Research on Copyright Issues of Artificial Intelligence-Generated Works

Shudan Xue

pp.107-120 DOI: 10.62051/nh40n446

Abstract: With the advancement of artificial intelligence technology, artificial intelligence-generated works have been widely integrated into all aspects of social life. How to protect their copyright is an inevitable issue in contemporary legal practice. On the premise of meeting the requirements of originality, intellectual achievement attribute and tangible reproduction, artificial intelligence-generated works can constitute works in the sense of copyright law and have the rationality of being … Read More

Enterprise online sales and extreme changes in stock prices

Yihan Deng

pp.121-138 DOI: 10.62051/hx3zdp03

Abstract: With the continuous development of the Internet, online sales are increasingly becoming an important sales channel for enterprises, and its impact on the capital market is also increasing. This article uses the online sales data of A-share listed firms between 2015 and 2024 to study the effect of online sales of enterprises on the soar and crash of stock prices. The study found that online sales, on the one hand, suppresses the soar and crash of stock prices by improving the transparency of … Read More

The Revision of Antitrust Law and Corporate Innovation

Liangxiang Ruan

pp.139-156 DOI: 10.62051/mcz4da41

Abstract: As China's economy transitions to a stage of high-quality development, strengthening antitrust measures has become a core task for improving competition policy. However, its impact mechanism and effect on micro-level corporate innovation remain unclear. Using a sample of A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2018 to 2024, and employing the implementation of the newly revised Antitrust Law in 2022 as a quasi-natural experiment, this study systematically … Read More

National Agricultural Green Development Pioneer Zone and Enterprise Total Factor Productivity: Empirical Evidence from Chinese Agricultural Enterprises

Xinjie Li

pp.157-175 DOI: 10.62051/2w37ds27

Abstract: The construction of the National Agricultural Green Development Pioneer Zone represents a crucial strategic direction for promoting green transformation in agriculture and advancing high-quality agricultural development. This paper treats the green agricultural development pilot zone initiative as a quasi-natural experiment, selecting A-share agricultural listed enterprises from 2005 to 2024 as the research sample, and employs the staggered difference-in-differences (DID) method to empirically … Read More

The Impact and Mechanism of Green Bonds on Corporate Carbon Emissions—An Empirical Study of Multi-Period DID under the TOE Framework and Taking into Account TWFE Weighted

Ziyi Hong, Yuxuan Zhang, Anzhi Yang

pp.176-197 DOI: 10.62051/6zasrg19

Abstract: Green finance is widely regarded as an important policy tool for promoting the low-carbon transformation of enterprises, but its micro-governance effects and intrinsic mechanisms still need systematic testing. Based on data from A-share listed companies in Shanghai and Shenzhen from 2010 to 2023, this paper uses green bond policy as a quasi-natural experiment and employs a difference-in-differences model to identify the impact of green bonds on corporate carbon emissions. The study finds that … Read More

Government Procurement Contract Financing Policy and Total Factor Productivity

Shuhan Xing

pp.198-214 DOI: 10.62051/4zvdmk43

Abstract: Government Procurement Contract Financing Policy (referred to as the "government procurement loan" policy) represents a crucial institutional innovation in fiscal and financial synergy aimed at supporting the development of firms. Exploiting the phased implementation of the "government procurement loan" policy across regions as a quasi-natural experiment, this paper uses A-share listed firms from 2015 to 2024 as the research sample and employs a difference-in-differences (DID) approach to … Read More

Patient Capital and Corporate Human Capital Upgrading: Evidence from Chinese Listed Firms

Liangyu Sun

pp.215-226 DOI: 10.62051/r9yrtg21

Abstract: As economies transition from demographic dividends to human capital-driven growth, patient capital—investment allocations focused on long-term value creation—emerges as a critical driver of corporate competitiveness. Using a panel dataset of Chinese A-share listed firms from 2007 to 2023, this paper investigates the impact of patient capital on firm-level human capital and explores its underlying mechanisms. We find a robust positive effect of patient capital on corporate human capital … Read More

Climate Shocks and Systemic Risks in the Real Economy

Weikai Tang

pp.227-249 DOI: 10.62051/aet56118

Abstract: As global warming becomes increasingly severe,frequent extreme weather events and the accelerated transition to a low-carbon economy have made climate shocks a significant factor affecting the operation of the real economy and the stability of financial markets.This paper uses data from Chinese A-share listed companies from 2007 to 2024 as the initial research sample to empirically examine the impact of climate shocks on the systemic risk of real enterprises.The study finds that climate shocks … Read More

Government Regulation of Scenic Spot Ticket Prices: Evidence from Nanjing

Huilin Hou

pp.250-256 DOI: 10.62051/8ad2fz72

Abstract: With the rapid development of China’s economy, the number of domestic tourists has been increasing year by year. As a popular tourist destination, Nanjing has experienced sustained growth in visitor arrivals. Tourists’ rising demand for high-quality travel experiences places greater pressure on the service standards of scenic areas. However, issues such as unreasonable ticket prices, inadequate management, and disordered site conditions have become key factors undermining the tourist experience. … Read More

The Research on the Influence of Chairman’s Hometown Identity on Labor Cost Stickiness of State-owned Enterprises

Ming Gu

pp.257-288 DOI: 10.62051/cvxt5y57

Abstract: This paper investigates the impact of the chairman’s hometown identity on labor cost stickiness within Chinese state-owned enterprises (SOEs). Using a sample of Shanghai and Shenzhen A-share listed SOEs from 2007 to 2023, the empirical results show that SOEs with local chairmen exhibit weaker labor cost stickiness. This finding remains robust after a series of robustness checks, including instrumental variable analysis, PSM tests, HDFE models, and alternative measures for the key explanatory … Read More

Research on Cost Control Optimization of Yango Group Real Estate Company

Yihan Bao

pp.289-296 DOI: 10.62051/pfnsn363

Abstract: Against the background of increasingly fierce competition and stricter government regulation in the real estate industry, cost control has become critical to the survival and development of real estate enterprises. Taking Yango Real Estate Company as the research object, this paper analyzes its current cost control status, organizational structure, institutional system and cost composition data, and identifies prominent problems such as outdated management concepts, insufficient awareness of … Read More

Research on Optimization of Fresh Cold Chain Based on PCM Passive Temperature Control and Intelligent Algorithms

Yiqing Miao

pp.297-305 DOI: 10.62051/7v9c2623

Abstract: Against the background of rapid development in the fresh food industry and increasing demand for green and low-carbon logistics, traditional cold chain systems face prominent pain points such as unstable temperature control, high energy consumption, and inefficient scheduling. Taking Muyangsu Cold Chain Co., Ltd. as the research object, this paper proposes a comprehensive optimization scheme integrating PCM passive temperature control, intelligent algorithms, and 5G Internet of Things. By … Read More

Research on the Facilitating Role of the Digital Economy in Industrial Structure Upgrading -- An Empirical Analysis Based on Panel Data from Anhui Province

Siqi Ren

pp.306-315 DOI: 10.62051/mq9gns69

Abstract: The digital economy is playing an increasingly prominent role as a key driver for promoting high-quality economic development and upgrading industrial structure. This study utilizes panel data from 16 prefecture-level cities in Anhui Province from 2011 to 2022 to conduct an empirical analysis. The results demonstrate that rapid progress in the development of the digital economy positively contributes to industrial structure upgrading, facilitating both the advancement and rationalization of the … Read More

A Comparative Study on Welfare Losses of Specific Duties and Ad Valorem Duties in Monopolistic Markets

Jieyou Tan

pp.316-322 DOI: 10.62051/022m2c97

Abstract: Based on the establishment of a monopoly market model, this paper conducts a comparative analysis of the welfare effects of specific tax and AD valorem tax policies. The findings show that in a monopoly market, specific taxes and AD valorem taxes have different effects on market equilibrium, consumer surplus, producer surplus, and total social welfare. By studying monopolistic markets described by linear demand functions and cost functions, we explore the pricing, output and welfare loss of … Read More

Quantitative Measurement of Investor Sentiment Indicators and Theoretical Research on Stock Market Return Prediction

Zihan Xiao

pp.323-330 DOI: 10.62051/ptb2pq82

Abstract: This paper, from the perspective of behavioral finance, explores the quantitative measurement methods of investor sentiment indicators and their impact on stock market returns. First, define investor sentiment and summarize its mechanism of action, and explore how sentiment factors affect the pricing efficiency of the capital market. In terms of measurement methods, this paper constructs a comprehensive investor sentiment index from the perspectives of direct questionnaires, indirect market … Read More