Abstract: This work examines the heterogeneity in ESG ratings, a critical tool for assessing corporate performance across environmental, social, and governance dimensions, which significantly influences capital market resource allocation. Despite widespread adoption, substantial discrepancies exist among major rating agencies, leading to investor confusion, strategic uncertainty for firms, and potential rating arbitrage, thereby undermining pricing efficiency and hampering the effective implementation of Sustainable Development Goals. In this work, we employ a structured framework of theoretical deconstruction, conflict analysis, and path exploration, combining systematic literature review and comparative analysis to clarify the core concept of ESG rating heterogeneity. We investigate the evolution of major ESG rating systems, quantitatively measure discrepancies, and analyze methodological differences in indicator selection, weight allocation, data processing, and rating procedures. Furthermore, a three-stage cross-institutional integration model—indicator standardization, weight aggregation, and result verification—is proposed, with tailored strategies for energy-intensive and financial sectors considering regional policy adjustments. Empirical evaluations demonstrate that the integration framework enhances cross-agency rating consistency, reduces rating deviations, and improves capital market efficiency. This work contributes both theoretically and practically by offering insights into harmonizing ESG ratings, supporting informed investment decisions, and guiding the evolution of ESG systems from diversified competition toward orderly synergy, providing valuable policy implications for regulators, enterprises, and investors. Read More

Abstract: Against the background of global climate change and China's "dual carbon" goals, the development of green finance in the Guangdong-Hong Kong-Macau Greater Bay Area has strategic demonstration significance for the whole country. However, there is a significant imbalance within the region. This study focuses on 9 inland cities in the Greater Bay Area from 2016 to 2022. It builds an evaluation system covering 7 dimensions including green credit and green investment, uses the entropy method to calculate the green finance index, and combines the GTWR model to explore the spatio-temporal heterogeneity of 5 core influencing factors. The findings indicate that green finance in the Greater Bay Area exhibits notable spatial and temporal differences. In terms of time, the index rises with fluctuations, and the growth rate increases after 2019. Guangzhou and Shenzhen have become a "dual-core" driving force. In terms of space, the pattern has changed from "isolated dual-core" to "dual-core and dual-belt". The eastern bank of the Pearl River Estuary is more strongly driven by the coordination of Guangzhou and Shenzhen. Green patents have a continuous positive driving effect. Industrial structure and economic development mainly have negative impacts. The impacts of government intervention and energy consumption intensity are different between the eastern and western banks of the Pearl River Estuary. In addition to providing empirical support for developing distinct green finance policies and advancing regional coordinated development, this study also closes the theoretical gap in the spatio-temporal differentiation of regional green finance. Read More

Abstract: This study examines the implications of China’s Foreign Direct Investment (FDI) on the performance of the Philippine stock market from 2014 to 2024. Utilizing a descriptive quantitative research design, it analyzes trends in Chinese FDI inflows alongside market participation, investor profiles, and account growth—focusing on both local and foreign investors. Secondary data were obtained from the China Statistical Yearbook and the Philippine Stock Exchange, Inc. annual reports. The study applies statistical tools, including mean, frequency, percentage, and regression analysis, using SPSS to ensure analytical accuracy. The results show that Chinese FDI followed an upward but cyclical trend that aligned with shifts in global and domestic conditions, while the Philippine stock market saw rising local participation and rapid digital account growth. A significant positive correlation was found between Chinese FDI and total market accounts, and a moderate positive link emerged with market performance, indicating that foreign capital supports liquidity and investor confidence. Although FDI had only modest effects on investor profiles, it contributed to a more active investment environment. These findings support recommendations to strengthen FDI governance, diversify Chinese investments into high-impact sectors, enhance digital market infrastructure, and promote partnership-driven, long-term investment strategies. Read More

Abstract: With the deepening of globalization and informatization, economic activities are increasingly breaking through traditional geographical and administrative boundaries. The relational patterns between cities and regions are undergoing a profound transformation from a "hierarchical system" to a "network structure." Economic network analysis, as a cutting-edge perspective integrating geography, economics, and sociology, provides a new analytical framework for understanding the dynamic mechanisms of regional economic growth. This paper aims to systematically review the theoretical foundations, empirical methods, and key research findings in the field of economic network analysis. The literature indicates a general trend in urban networks evolving from monocentric to polycentric, from administration-dominated to market-driven, and from loose to tight. Furthermore, network connectivity has a significant positive effect on economic growth, with spatial heterogeneity in its impact. Finally, this paper points out the current research challenges in theoretical integration, methodological innovation, data acquisition, and scale linkage. It also provides an outlook on future research directions, aiming to offer more solid theoretical support for China's regional coordinated development strategy. Read More

Abstract: With the increasing maturity of blockchain technology, its characteristics such as decentralization, data immutability, and consensus mechanisms can effectively address issues in supply chain finance, including high risk control costs, difficulties in credit endorsement for small and medium-sized enterprises, and cumbersome operational processes. By synthesizing research on the integration of blockchain technology into supply chain financial services and analyzing a case study of JD.com’s application of blockchain technology in supply chain finance ABS business, this paper proposes future development prospects for “blockchain technology + financial services”. The aim is to provide decision-making references for the modern financial services industry to expand operations, improve service performance, and reduce financial risks. Read More

Abstract: This study investigates the tourism value and underlying logic of Zhaoqing Fucheng's cultural heritage. Using a questionnaire survey, 308 valid responses were collected. Statistical analysis revealed that while the cultural heritage tourism value of Zhaoqing Fucheng is generally high, artistic aesthetics receive the most recognition, yet there are significant divergences in perceptions of development potential. Urban development prioritizes ecological improvement over cultural preservation, and although tourist satisfaction is high, service and security facilities require enhancement. Notably, artistic aesthetic value demonstrates the most prominent driving effect on both urban development and tourist satisfaction. Read More