Abstract: A large-scale default on personal housing loans will have a significant negative impact on the stability of the financial system and the smooth operation of the macro-economy. After the pandemic, preventing personal housing loan risks has become particularly important. Based on personal housing loans from commercial banks in China, a personal housing loan default risk model was constructed using the MCLP model, and the prediction results of the MCLP model were compared with those of the traditional logistic model to identify indicators that may affect default risk of personal housing loans. It was found that the MCLP had higher accuracy than the traditional logistic model. Empirical findings indicated that the education level, employment status, monthly household income, and census register of housing loan borrowers were primary factors influencing customer defaults. Read More

Abstract: The sharing economy, marked by collaborative consumption, has seen considerable growth globally. While prevalent in China, its popularity lags in other nations. This paper focuses on power bank sharing services in Singapore, a country embracing innovative sharing solutions. With rising mobile device usage, power bank sharing addresses the need for convenient, on-the-go charging. This paper employs a SWOT analysis, and evaluates a specific power bank sharing company in Singapore. Strengths lie in the app's convenience and growing electronic device reliance, while weaknesses encompass privacy and safety concerns. Opportunities arise from the city-state's tech-savvy and Chinese-dominated population and compact urban landscape, which makes them easily accept this new service. However, threats include regulatory uncertainties and single profit mode do need to be considered. In conclusion, Singapore's demographic and sharing-friendly environment positions power bank sharing as a potent manifestation of the sharing economy's innovation, catering to contemporary demands for accessible and sustainable energy solutions. Read More

Abstract: This study delves into the application of game theory in business competition strategies, constructing game models to analyze the competition and cooperation among enterprises, encompassing market entry and exit, price competition, and advertising promotion strategies. Game theory aids enterprises in gaining a deeper understanding of their competitors’ strategies and formulating rational strategies. In the context of e-commerce price wars, an analysis of the “618” competition between Tmall and JD.com through a duopoly game model reveals that while price wars stimulate demand in the short term, they ultimately undermine profits in the long run. Consequently, enterprises must explore win-win mechanisms, incorporating differentiated competition, technological innovation, and cost control to maintain their leading market position. Read More

Abstract: Cultural performing arts is an important manifestation of regional tourism development, and in the era of big data, analyzing the network attention of non-heritage cultural tourism performing arts products helps the dissemination of non-heritage culture and the healthy development of non-heritage tourism. Based on the Jitterbug Index platform, the user search index of Seeing Pingyao Again from January 2014 to December 2023 was retrieved, and the characteristics and trends of the overall search index, the PC search index and the mobile search index were analyzed, which in turn led to the proposal of relevant suggestions for the development of cultural tourism performing arts products. Read More

Abstract: This paper takes cultural and creative products as the research object and employs customer perceived value as the theoretical foundation. Using a questionnaire survey method, it constructs a purchase intention model to investigate the impact of perceived cultural value, perceived aesthetic value, perceived functional value, perceived emotional value, perceived social value, perceived innovative value, and perceived cost on purchase intention. Furthermore, it proposes optimization strategies for developing and marketing cultural and creative products. Read More

Abstract: As the tempo of modern life accelerates, an increasing number of individuals are aspiring to a leisurely and natural way of living, leading to the burgeoning popularity of tea culture and ecotourism. This form of tourism allows travelers to immerse themselves in the tranquility of nature while savoring the profound heritage of tea culture. This novel fusion of traditional culture and ecotourism has invigorated the tourism market with fresh vitality. On a global scale, growing concerns for environmental conservation and cultural preservation have placed ecotourism under the spotlight. Tea, hailed as the "nectar of the nation," carries a rich tapestry of culture and history, luring travelers in search of deeper exploration. Against this backdrop, effective marketing strategies are paramount in enhancing the allure of tea culture ecotourism and promoting its sustainable development. Through meticulously planned promotional campaigns, enterprises involved in tea culture ecotourism can better attract their target audience, elevate brand recognition, and achieve a harmonious convergence of cultural and economic benefits. Read More

Abstract: The new-generation information technology revolution is profoundly changing the economy and society, and promoting industrial innovation and leapfrogging. China actively promotes the synergistic development of industrial digitization and digital industrialization, which has significantly increased the scale of the digital economy. In this context, the digital transformation of enterprises has become a key issue, and the strategic choice of financial asset allocation, as an important factor affecting the operational performance, investment and financing decisions, and innovation activities of enterprises, has attracted much attention. This study constructs the framework of "financial asset allocation behavior-digital transformation", based on the data of A-share listed companies in Shanghai and Shenzhen from 2012 to 2019, and empirically analyzes it by using the fixed effect and threshold model, and finds that the relationship between the allocation of financial assets and the digital transformation is in an inverted U-shape: moderate allocation and digital transformation have an inverted U-shape relationship. It is found that the relationship between financial asset allocation and digital transformation is "inverted U-shaped": moderate allocation promotes transformation, while excessive inhibits it. Short-term financial assets play the role of "reservoir" and support the transformation, while long-term financial assets may produce crowding-out effect. Financing constraints and financial return thresholds also have differentiated impacts on the relationship. This study provides new perspectives and theoretical support for enterprises to optimize resource allocation and achieve sustainable development. Read More

Abstract: Convertible bonds, which possess both stock and option characteristics, currently lack a sufficiently effective pricing method for the complex and specific clauses found in Chinese convertible bonds. This study employs structured model pricing and numerical experiment methods for the pricing of Chinese convertible bonds. The structured model selected is the Black-Scholes model, while the numerical experiment methods include the binomial tree pricing model and the Least Squares Monte Carlo (LSMC) model. A proposal is made to introduce an implied volatility model in the LSMC model pricing method, incorporating the Heston model to consider the impact of the implied volatility of the underlying stock in the real market, and further adjusting the LSMC model by estimating the volatility of the underlying stock using the implied volatility model. Empirical results indicate that numerical methods have higher pricing accuracy than structured models, with the LSMC model demonstrating the highest accuracy. It is also found that there is a certain premium phenomenon in the Chinese market for convertible bonds. Furthermore, the accuracy of the model improves after the volatility adjustment, indicating that implied volatility has explanatory power for the specific clauses contained in convertible bonds, and this influence is reflected in pricing. Read More

Abstract: Previous studies on the relationship between corporate social responsibility (CSR)and corporate financial performance (CFP)have not been conclusive. This paper reviews the literature on the relationship between corporate social responsibility (CSR) and corporate financial performance (CFP). Furthermore, it examines the factors that moderate the relationship between the two, including corporate reputation, customer satisfaction, ethical leadership, ownership concentration, institutional environment and market competition, based on legitimacy theory and stakeholder theory. The results show that the relationship between CSR and corporate performance is affected by corporate reputation, customer satisfaction, ethical leadership, ownership concentration, institutional environment and market competition. This paper may have implications for corporate management and policy makers. Read More

Abstract: The failure of deterrence policies in minimizing ongoing threats often occurs when traditional frameworks, which predominantly rely on cost-benefit calculations, prove inadequate. Most existing studies are anchored in these static models, focusing primarily on the immediate calculations of cost and benefit. However, such an approach overlooks the importance of a more dynamic understanding of decision-making processes, which are inherently fluid and responsive to shifts in environmental perceptions. This research seeks to address this gap by providing a dynamic analysis of Japan's decision to attack Pearl Harbor. By utilizing secondary sources from archival materials, this study aims to offer a more comprehensive explanation of how changing perceptions influenced Japan's strategic choices, contributing to the broader discourse on the limitations of deterrence policies. Read More

Abstract: The sustainable development of real estate is related to the interests of all parties, and it is of great significance to strengthen the macro-control and supervision of the real estate market to promote the sustainable development of the property market. This paper, taking Hangzhou as an example, points out that changes have occurred in Hangzhou's current macro-control policy system and the latest regulatory policies through literature review and case analysis. These changes are based on land supply, developer credit management, presale fund supervision, and financing credit support for enterprises, etc. These policies have played a positive role in the current sustainable development and transaction of Hangzhou's real estate. However, in the long run, there are still shortcomings in the top-level design of regulatory policies, policy implementation, and regulatory systems. This paper believes that in order to promote the sustainable and healthy development of Hangzhou's real estate market, improvements need to be made in policy optimization, regulatory models, and regulatory systems, so as to better play the unique role and value of policy regulation and better serve the overall economic situation. The research of this paper will also play a positive reference role for the real estate regulatory policies of other cities. Read More

Abstract: In a globalized economy, many companies are increasingly adopting non-IFRS to enhance their financial disclosure and provide shareholders with a clearer view of business performance. The phenomenon has sparked a deep debate in academic circles about transparency and accuracy in financial reporting. In this way, this paper can further explore the application of non-IFRS in accounting records and its impact on the precision and clarity of financial disclosure. Through cross-industry empirical case studies and a careful review of the existing literature, we explore the motivations for adopting such unconventional accounting parameters, and identify potential comparative difficulties and normalization differences that may lead to loss of equivalence. The findings reveal that while non-IFRS can contribute to enhancing information content and enhancing insights into corporate management effectiveness, they can also mislead investors. In view of this, our research advocates promoting the harmonization of non-IFRS to enhance the quality of accounting reporting, and calls on regulators to strengthen the policy framework to further safeguard the interests of multiple stakeholders, including investors. Read More

Abstract: As global gender equality awareness grows, women are increasingly influential across fields, especially in leadership. Yet, female managers still face many dilemmas rooted in ingrained gender roles, intertwined with power structures, work-family balance, and gender biases. This paper analyzes academic literature and successful female leaders to uncover workplace troubles and explore social-cultural motivations. The research shows that factors like superior communication, strong self-identity, extensive networks, and institutional support are both advantages and disadvantages for female leaders. The study advocates for a holistic social response to create a fairer work environment, empowering women leaders to unleash their potential and contribute to progress. It provides insights for current and aspiring female leaders and opens new perspectives for theoretical and practical exploration, ultimately aiming to promote gender equality in the workplace and beyond. Read More

Abstract: At the beginning of 2020, COVID-19 broke out around the world, and its impact on the global economy exceeded expectations. Countries declared states of emergency one after another. The outbreak not only triggered a crisis of supply, demand, investment, and supply chain disruptions but also transmitted to the financial sector. Global risk aversion is rising rapidly, and global stock markets continue to plummet, threatening to trigger further financial crises. To investigate the impact of COVID-19 on the financial sector and to prevent and mitigate financial risks, this paper examines the impact of COVID-19 on global stock markets from a global perspective. Firstly, selected data of seven global stock indices using WRDS and S&P Capital IQ databases. After processing these data, ARMA-GARCH modeling was carried out using the data before the outbreak and the data for the whole sample period respectively. Then, the residuals of the model were subjected to L-B and ARCH-LM tests to determine the fit of the model for different stock indices and different periods. Next, determine if the return and volatility of the equity index have changed during COVID-19 based on the goodness of fit. The results of the study show that: (1) The outbreak of COVID-19 has had a serious impact on the yields and volatility of major global equity indices. As can be seen from the descriptive statistics of the data, particularly around March 2020, each of the sample equity indices experienced high volatility. (2) By fitting the post-outbreak data using the pre-outbreak fitted model, it was found that the fit was poor. This suggests that the outbreak of the new crown epidemic had a significant impact on the process of generating stock data. (3) The results of this paper show that the data for the China SSE Composite Index after the outbreak still fit the pre-outbreak fitted model well. This also indicates that the Chinese mainland stock market has shown greater stability than other markets when all … Read More

Abstract: With the continuous advancement of global economic integration, automobile exhibitions play an increasingly important role in promoting the integration of the automobile industry and regional economic growth due to their strong industrial driving effect. However, in the actual operation process, how to accurately quantify the specific impact of exhibition activities on local economy has become an urgent problem to be solved. Analytic Hierarchy Process (AHP) is a multi criteria decision-making method that combines qualitative and quantitative analysis. It can help decision-makers effectively handle multiple interrelated factors in complex decision-making environments. This article constructs a model framework for evaluating the economic effects of automobile exhibitions based on the Analytic Hierarchy Process, aiming to objectively and comprehensively reflect the economic benefits brought by exhibition activities. By applying the model to relevant data in Beijing from 2013 to 2022, the research results show that the model can not only accurately quantify the specific contribution of automobile exhibitions to the economy of Beijing, but also has more accurate and explanatory power compared to traditional evaluation methods. It can not only help government departments formulate exhibition related policies more scientifically, but also provide more targeted development strategy guidance for enterprises. Read More

Abstract: The globalization process of Chinese commercial banks stands at a significant historical juncture. With the increasing integration of global financial markets, China's economic power is progressively infiltrating the international arena. As vital agents of economic development, commercial banks must adapt to this trend and accelerate their internationalization efforts. However, amid the wave of globalization, Chinese commercial banks face unprecedented challenges and opportunities. On one hand, the intensifying competition in global markets and the growing complexity and uncertainty of the international financial system necessitate higher-level strategic planning. On the other hand, the rapid advancement of technology and the rise of the digital economy offer new avenues for development. Identifying an appropriate strategic position globally and achieving sustainable business growth has become a pressing issue for Chinese commercial banks. This study focuses on exploring how Chinese commercial banks can navigate the globalization process through innovative strategies, regional differentiation approaches, and multinational collaboration to find new paths that adapt to the global market, thereby securing a competitive edge in the international arena. Read More

Abstract: This study focuses on small and medium-sized textile machinery enterprises in China, exploring how they can optimize sales performance through innovation and corporate social responsibility (CSR) practices, combined with organic online traffic and word-of-mouth recommendation strategies. Amidst the backdrop of fierce global competition in the textile industry, shifting consumer preferences, and heightened environmental requirements, the COVID-19 pandemic and Sino-American trade conflict have further exacerbated challenges faced by the industry. As a crucial link in the textile supply chain, textile machinery enterprises have also been impacted. Despite these difficulties, small and medium-sized textile machinery enterprises play a significant role in industry development and competitiveness. By integrating modern marketing strategies with CSR practices, this study aims to reveal how enterprises can effectively communicate their CSR commitments to expand market influence, boost sales growth, and strengthen brand reputation. The findings indicate that innovation and CSR play a pivotal role in enhancing corporate competitiveness, differentiating from competitors, and fostering brand loyalty. Based on interviews with a family-owned enterprise, this study observes that while the enterprise has achieved notable success in CSR practices, there is room for improvement in its marketing and communication strategies. Therefore, this paper proposes improvements such as optimizing the official website to highlight CSR, increasing investment in social media marketing, and combining CSR with offline word-of-mouth recommendations, with the aim of helping enterprises more effectively convey their CSR philosophies, attract potential customers, and drive sustained business growth. Read More

Abstract: Climate change is not a solved issue in the world today: countries are not willing to mitigate for the benefit of everyone. It thus becomes necessary to investigate the reason for the lack of cooperation for a potential solution. This essay plans on modeling the payoffs of players in the international mitigation game, reaching the results that without an incentive provided by the coalition, players are unlikely to mitigate. Moreover, unequal relationships between countries can result in certain countries mitigating themselves while not encouraging their subordinate countries to mitigate. Read More

Abstract: With rapid economic growth in recent years, China has become the world's second largest economy. In the context of economic globalization, the process of RMB internationalization is gradually accelerating, and remarkable achievements have been made in cross-border settlement and offshore market. This paper first reviews the relevant theories of currency internationalization and analyzes the historical conditions of the development of RMB internationalization. It reveals the internal and external driving forces of RMB internationalization and sorts out its development context. Taking the offshore bond market as the research object, the currency structure in the international bond market is selected as an index reflecting the degree of currency internationalization, and the determining model of international bond proportion is established. Using the data of 28 countries from 2005 to 2019, the regression analysis shows that a country's economic size and domestic macroeconomic stability are positively correlated with the level of currency internationalization, while foreign exchange reserves are negatively correlated. According to the model, the difference between the theoretical demand and the actual issuance of RMB international bonds is nearly 10 times. Therefore, it can be inferred that the offshore RMB bond market has great development potential. Read More

Abstract: This paper mainly analyzes the key factors affecting the turnover of catering industry enterprises, and conducts empirical research by establishing a regression model. In this paper, taking the turnover of catering enterprises in Guangzhou from 2018 to 2023 as the dependent variable, the regression model was established, and the total number of stores of chain catering enterprises, the number of employees of catering enterprises, the consumption level of residents and the number of urban populations was selected as the independent variables. By building a linear model and collecting data, linear regression analysis using SPSS software, yielded high goodness of fit, but the model with four independent variables had an insignificant effect on the dependent variable. Further stepwise regression analysis showed that only the consumption level of residents and the number of employees in the catering enterprises had a significant impact on the turnover. The final regression model indicated that these two factors had a positive influence on the turnover. Read More

Abstract: In the face of deteriorating ecological problems such as pollution from agricultural production, pollution from farmers' lives, and pollution from township industries in the Yangtze River Delta region, as well as the plight of an imperfect rural environmental governance system and insufficient governance capacity, there is an urgent need to set up a comprehensive assessment system for the efficiency of rural environmental governance, improve the rural environmental governance system, and modernize the capacity of environmental governance. This project will firstly sort out the research results of rural environmental governance at home and abroad, and systematically analyze the theory of rural environmental governance; secondly, analyze the spatial changes of environmental pollution in rural areas during different periods, and analyze the efficiency of environmental governance in the rural areas of the Yangtze River Delta in different dimensions; finally, analyze the influencing factors of the efficiency of rural environmental governance under the constraints of the target of “double carbon”, and analyze the factors of economic development, economic development, and the impacts on the efficiency of rural environmental governance. Finally, we analyze the influencing factors of rural environmental governance efficiency under the constraint of the “double carbon” goal, and analyze the impacts of economic development, policy formulation, villagers' motivation and other factors on rural environmental governance efficiency. The results of this study provide an important reference for further promoting the realization of the dual-carbon goal and scientific environmental governance in the Yangtze River Delta region, and also provide a strong case study and reference for environmental governance strategies in other regions. Read More

Abstract: The twentieth CPC National Congress proposed accelerating the transition to green development of society; green water and green mountains are golden silver mountains, and the realization of regional green development is an important connotation of high-quality economic development. The Huaihe River Ecological and Economic Belt is an important ecological barrier and economic zone in China, and it is of great significance for China's green and low-carbon development to promote the realization of the “dual-carbon” goal in the region. In recent years, the Huaihe River Ecological Economic Zone has achieved certain results in promoting regional green and low-carbon development, but the measurement of green and low-carbon development data in different regions reveals that the resource endowment and development level of different regions have large differences. This paper adopts the research method of establishing an indicator system to measure and assess the development level of green low-carbon construction in various regions of the Huaihe River Ecological Economic Belt, and combines with case studies to propose optimization paths from the perspectives of constructing green and economical infrastructures, attaching importance to a humane public environment, and implementing green innovations, so as to help the development of green low-carbon construction in the region. Read More

Abstract: This study investigates the impact of various predictive accounting methods on firm performance. Predictive accounting, as an advancement from traditional accounting, enables managers to make more informed decisions by forecasting future financial metrics, thus enhancing resource allocation, risk management, and competitive positioning. Through a literature review of international studies, this paper examines predictive methods such as cash flow forecasting, historical trends, regression analysis, Monte Carlo simulations, and big data analytics. The study highlights how different predictive accounting approaches contribute to overall firm performance and presents practical insights for managers in choosing appropriate predictive methods aligned with firm-specific goals and market dynamics. Read More

Abstract: As capital markets evolve, corporate financial misconduct garners more scrutiny. This study, using data from China's A-share companies (2006-2023), develops a model to predict financial irregularities with the random forest algorithm and SHAP value analysis. It analyzes the influence of corporate governance and executive party traits on non-compliance and their predictive roles. Findings indicate that financial characteristics and governance significantly impact predictions, while executive party traits have a lower influence. The model's AUC improves with the inclusion of executive party characteristics. SHAP analysis highlights feature importance and influence direction. The results offer practical insights for regulators, companies, and investors, aiding regulatory efficiency, governance optimization, and investment decisions, and guide strategies for market health. Read More