International Journal of Finance and Investment
International Journal of Finance and Investment (IJFI) is a peer-reviewed journal published by Darcy & Roy Press. The mission of the journal is to provide an academic forum for discussing the issues of finance, business and investment across the world. All articles published are rigorously and fast reviewed meeting the Journal Quality standards.
The Impact of Data Assetization on Stock Price Crash Risk
Data assetization significantly impacts stock price crash risk by optimizing corporate information disclosure systems and enhancing information supply quality. Based on data from A-share listed companies covering 2007-2023, this study finds that data assetization significantly suppresses stock price crash risk, with this inhibitory effect being more pronounced in asset-light firms, companies with lower audit quality, and those with greater regulatory distance. Mechanism analysis reveals that data assetization reduces crash risk by improving stock price informativeness, while institutional ownership weakens this effect. This research enriches the literature on data assetization and stock price crash risk, providing theoretical guidance for regulatory authorities, enterprises, and investors in advancing data assetization practices.
Copyright (c) 2026 International Journal of Finance and Investment https://creativecommons.org/licenses/by-nc/4.0
How Does Public Environmental Concern Affect Corporate Green Innovation?
This study investigates the impact of the rising public environmental concern on cooperate green innovation in China using a firm-level fixed effects model. It includes 41,881 Chinese A-share listed firms from 2010 to 2024. Data are obtained from the Baidu search index and the CNRDS green patent database. The results show that public environmental attention can promote corporate green innovation. Heterogeneity analyses show that this positive impact is substantially stronger for financially constrained firms. This indicates that environmental attention serves as a critical external pressure that motivates green innovation under financing constraints. Also, state-owned enterprises respond more strongly to environmental attention than non-state-owned firms.
Research on the Advantages of Hybrid Forecasting Method and Its Performance Under Different Forecasting Spans
Prediction technology is the key support for decision-making in the fields of economy, energy, environment and so on, but there are obvious limitations in a single prediction method: ARIMA and other statistical models are difficult to fit nonlinear data, and LSTM and other machine learning models rely on large samples and are easy to over fit. Through literature analysis and method comparison, combined with typical scenarios such as power load, GDP growth, population planning, this paper focuses on the core advantages of the hybrid forecasting method, and explores its performance in the short-term (1-3 months), medium-term (3-12 months), and long-term (more than 1 year) forecasting span. The results show that the hybrid method breaks through the accuracy bottleneck and enhances robustness by "basic model complementarity+fusion strategy optimization": it is good at capturing real-time fluctuations in short-term forecasting, and can balance stability and dynamic adaptability in medium and long-term forecasting. The research provides practical reference for the selection of prediction methods in different scenarios, and effectively avoids the scene adaptation defects of a single method.
Research on Identification and Prevention Measures of Financial Risks in Enterprises under the New Situation
The current economic environment presents "new situation" characteristics such as deepening digital transformation, global supply chain restructuring, and stricter policy supervision. The transmission speed of corporate financial risks is accelerating, and their manifestations are becoming more complex. This article focuses on the four major risk dimensions of enterprise financing, investment, operation, and liquidity through literature analysis and logical sorting. It identifies the specific manifestations and causes of financial risks under the new situation, points out the problems of incomplete system, weak data integration, and lagging early warning in risk identification of enterprises, and proposes targeted preventive measures such as improving the identification system, strengthening internal control, and optimizing financing structure. The research aims to provide practical reference for enterprises to cope with financial challenges in the new situation, help enterprises improve their financial risk control capabilities, and ensure business stability. The full text is based on economic policies, public operational reports of enterprises, and academic research results from core journals published by official institutions such as the National Bureau of Statistics and the Ministry of Industry and Information Technology, with no false data or cases.
Analysis of the Formation Path of Investors' Risk Perception Bias and Its Impact on Decision-Making Efficiency
In the capital market, the efficiency of investor decision-making is directly related to the efficiency of resource allocation and the smooth operation of the market. Risk perception bias, as a common systemic phenomenon in investor decision-making, is not an accidental product, but the result of the interaction between individual cognitive traits and external environmental factors. This article is based on the theoretical frameworks of behavioral finance and cognitive psychology, systematically deconstructing the formation logic and evolutionary path of this bias, analyzing the core driving mechanism from the dual dimensions of individual cognition and external environment, and exploring its multidimensional impact on decision-making timeliness, accuracy, and rationality. Research has shown that individual cognitive limitations, information asymmetry, and social interaction effects are the core driving factors for bias formation, and this bias significantly weakens investor decision-making efficiency by distorting the risk assessment system, interfering with the internal logic of decision-making, and exacerbating market irrational behavior. The research conclusion of this article provides theoretical reference and practical inspiration for investors to optimize decision quality and regulatory authorities to improve market mechanisms.
From Instrumental Rationality to Value Symbiosis: Logical Rationale and Practical Mechanism of Generative AI Empowering Content Production of Internet Ideological and Political Education in Universities
Currently, Generative Artificial Intelligence (AIGC) technologies, represented by ChatGPT and Sora, have triggered a profound transformation in the paradigm of information production, bringing a historic opportunity for the digital transformation of Internet ideological and political education in universities. However, existing practices are largely confined to the one-dimensional perspective of "instrumental rationality," regarding AI merely as a technical means to improve efficiency. This has led to dilemmas in content production, such as homogenized supply, emotional deficit, and the alienation of subjectivity. Based on Marxist philosophy of technology and the principles of ideological and political education, this paper proposes a theoretical proposition of transitioning from "instrumental rationality" to "value symbiosis." The study argues that the empowerment of Internet ideological and political education by generative AI should not stop at technical application but should move towards the ecological reshaping of human-machine collaboration. By constructing a closed-loop mechanism of "intelligent perception—collaborative creation—value alignment—dynamic feedback," a deep coupling of technological logic and value logic can be achieved. Based on this, the paper systematically elucidates the practical paths for generative AI to empower content production in university Internet ideological and political education from three dimensions: constructing vertical domain knowledge graphs, optimizing interaction paradigms through prompt engineering, and governing ethical risks across the entire chain. The aim is to provide theoretical support and action references for resolving "structural contradictions on the supply side" and enhancing the effectiveness of online ideological and political education.
Internet Ideological and Political Education
Copyright (c) 2025 International Journal of Finance and Investment https://creativecommons.org/licenses/by-nc/4.0
Construction and Optimization Strategy of Regional Sports Industry Financial Ecosystem from the Perspective of New Quality Productive Forces
In the new journey of comprehensively building a modern socialist country, new quality productive forces, as a concrete manifestation of advanced productive forces, are becoming the core engine promoting industrial structure transformation and high-quality economic development. The sports industry, possessing attributes of greenness, health, and consumption upgrading, is undergoing a transition from traditional factor-driven to innovation-driven development, which urgently requires a matching financial support system. However, traditional single financial instruments or loose investment and financing models can no longer adapt to the characteristics of "high technology, light assets, long cycle, and high risk" of new quality productive forces in sports. There is a serious "ecological niche mismatch" between financial resources and industrial needs. Constructing a regional sports industry financial ecosystem characterized by multi-subject symbiosis, all-factor coordination, and environmental friendliness has become the key to solving this problem. Based on financial ecology and industrial organization theory, this paper constructs an analytical framework for the sports financial ecosystem driven by new quality productive forces, analyzing its reshaping mechanism on financial species evolution, ecological environment reconstruction, and energy flow mechanisms. Taking Guangzhou as an example, this paper deeply analyzes the realistic pain points existing in its sports industry financial ecosystem in terms of species diversity, community structure, ecological environment, and energy flow, such as the dilemma of "credit standing alone," the scarcity of patient capital, the "island effect" of credit data, and the rigid mechanism of industry-finance integration. Based on this, this paper proposes constructing a composite ecosystem architecture of "government guidance + market leadership + technology empowerment" and puts forward optimization strategies from five dimensions: enriching financial species communities, optimizing ecological environment matrix, dredging capital energy circulation, strengthening technological nervous systems, and improving risk immune mechanisms. The aim is to provide a continuous stream of financial living water and institutional guarantees for Guangzhou to build a world-famous sports city and cultivate new quality productive forces in the sports industry through the benign succession of the financial ecosystem.
A Study on Intelligent Decision-Making and Risk Management for Cross-Market Bidding via Integrated Federated Learning and R Language Modeling
Cross-market bidding across energy, finance, and supply chain sectors faces significant challenges due to data privacy constraints and commercial confidentiality, which hinder effective collaborative decision-making and risk management. This work proposes an integrated FL-R framework that synergistically combines Federated Learning for privacy-preserving collaborative modeling with the R language for statistical analysis and reproducible research. Through simulated case studies in electricity markets and supply chain finance, this work demonstrates that the proposed approach achieves an average reduction in prediction error of approximately 18% and an improvement in risk-adjusted returns of about 12%. The framework provides decision-makers with an effective tool for enhancing forecasting accuracy and strengthening risk control capabilities in complex multi-market environments.
Reconstruction Logic and Practical Path of "Sports+" Composite Talent Training Model Oriented to Industrial Demand: An Examination Based on OBE Education Philosophy
With the high-quality development of the sports industry and the in-depth advancement of the "New Liberal Arts" construction, traditional sports talent training under a single-discipline paradigm can no longer meet the urgent demand for composite and innovative talents in new business formats. The long-standing separation between sports disciplines and economics/management disciplines has led to a structural misalignment between the supply side of talent training and the demand side of the industry. Based on the Outcome-Based Education (OBE) philosophy, this paper examines the realistic dilemmas in current "Sports+" talent training, such as disciplinary barriers, lagging teaching paradigms, and single evaluation systems. Following the logic of "reverse design and forward implementation," this study reconstructs a composite talent training objective covering knowledge, ability, and literacy. It builds a three-layer progressive interdisciplinary curriculum system of "Theory-Integration-Practice." On this basis, it proposes an innovative path of "Case + Project" dual-driven teaching mode and constructs a deep school-enterprise collaborative mechanism and a whole-process value-added evaluation system. This study aims to provide theoretical compliance and practical paradigms for solving the pain points of "Sports + Economics/Management" composite talent training and to promote the connotative development of higher sports education.
Field Reconstruction and Collaborative Governance: Modern Transformation of the Activation and Utilization of Urban Red Cultural Heritage in the Era of Digital Intelligence
Against the dual backdrop of the in-depth implementation of the national cultural digitization strategy and the modernization of the governance system, red cultural heritage, as a key carrier of urban collective memory and an important space for political socialization, faces the epochal proposition of transforming from "static protection" to "dynamic inheritance." The rapid development of digital intelligence technology has provided technological empowerment for this transformation, but it has also triggered profound structural changes in the existential state and communication field of heritage. As the source of the modern Chinese democratic revolution and a pioneer of reform and opening up, Guangzhou possesses extremely unique and rich red cultural resources. However, under the traditional administrative-led governance model, it still faces deep-seated contradictions such as "data islands" caused by low digitization levels, "meaning fracture" triggered by obsolete narrative methods, and "subject absence" resulting from insufficient social participation. Based on Pierre Bourdieu's sociological "Field" theory and the "Collaborative Governance" theory of modern public management, this paper constructs an analytical framework of "Technology-Field-Governance." The study deeply analyzes how digital intelligence technology acts as a "meta-medium" to promote the transformation of red culture from a closed physical field to a virtual-real symbiotic composite field through the virtual extension of physical space, the embodied reorganization of social relations, and the semantic reconstruction of historical meaning. The paper further points out that simple technological embedding is insufficient to solve the inheritance crisis; it is necessary to transcend technological determinism and build a multi-subject collaborative governance pattern featuring "government meta-governance, university knowledge supply, enterprise technological innovation, and public presence participation." Finally, the paper proposes specific paths such as establishing a blockchain-based trusted data space, an integrated innovation ecosystem of industry-academia-research-application, and a localized emotional identification network, aiming to provide theoretical support and institutional solutions for Guangzhou to polish the brand of "Source of Revolution" and realize the modern transformation of red cultural heritage activation and utilization.
Embodiment, Empathy, Identification: Mechanisms of Red Finance Digital Narrative Empowering the Cultivation of Family-Country Sentiment
Against the dual backdrop of the digital transformation of education and the construction of "Comprehensive Ideological and Political Education," Red Finance resources, as historical witnesses to the economic struggles led by the Communist Party of China (CPC), possess unique educational value. However, the static display of historical materials under traditional educational models has led to a separation of body and mind and the concealment of emotions among students. Grounded in Embodied Cognition Theory and Narrative Ethics, this paper proposes that Red Finance digital narrative is a practice of physical return and spiritual reshaping mediated by technology. The article deeply analyzes the triple mechanisms by which digital narrative empowers the cultivation of Family-Country Sentiment: First is the "Embodiment" mechanism, which reconstructs a historical "sense of presence" through multimodal perception, breaking spatio-temporal barriers and transforming disembodied symbols into embodied experiences. Second is the "Empathy" mechanism, which leverages narrative transportation and mirror neuron mechanisms to drive students from "spectators" to "participants" through role empathy, achieving a resonance between individual emotions and historical destiny. Finally, the "Identification" mechanism sublimates transient emotional experiences into stable Family-Country Sentiment and political beliefs through meaning negotiation and value reflection. Based on this, the paper constructs a complete educational logic ranging from sensory immersion to spiritual internalization, providing profound theoretical support and practical direction for the digital innovation of ideological and political education in universities in the new era.
Technological Embodiment and Value Return: The Logical Path of Generative AI Empowering Scenario-based Teaching in University Ideological and Political Courses
In the deep water zone of digital transformation in education, Generative Artificial Intelligence (Generative AI), with its powerful content generation capabilities, multimodal interaction characteristics, and human-like logical reasoning abilities, provides a new technological embodiment field for the reform of scenario-based teaching in university ideological and political theory courses (Civics Courses). Traditional teaching in these courses often faces a rupture between abstract theory and concrete experience. Generative AI, by constructing immersive, interactive, and generative teaching scenarios, realizes a cognitive shift from "disembodied" knowledge to "embodied" knowledge. However, the deep embedding of technology also triggers ethical risks such as algorithmic bias, information cocoons, and the alienation of subjectivity, posing severe challenges to the value-leading function of ideological and political education. Based on the perspectives of technological phenomenology and Marxist humanism, this paper deeply analyzes the internal mechanism of Generative AI empowering scenario-based teaching in Civics Courses, dialectically examines the dilemma of "technological overreach" it may encounter, and explores practical paths for unifying technological empowerment with the essence of education from three dimensions: the reshaping of subjects through human-machine synergy, the ethical regulation of algorithmic governance, and the return of value rationality. This aims to provide theoretical support and action reference for the high-quality development of university ideological and political courses in the new era.
University Ideological and Political Courses
Technological Disenchantment and Value Anchoring: Ethical Scrutiny and Teacher Role Reshaping in AI-Embedded University Physical Education
As Artificial Intelligence (AI) technology embeds itself into the field of university physical education (PE) with an irreversible trend, PE is undergoing a profound transformation from "corporeal presence" to "data twinning." While this transformation significantly improves teaching precision and efficiency, it also triggers a crisis of technological rationality overstepping humanistic values. Based on the dual perspectives of philosophy of technology and educational ethics, this paper conducts a deep "disenchantment" scrutiny of the process of AI embedding into university PE. The research points out that the excessive application of AI technology in PE faces ethical dilemmas such as bodily alienation, privacy surrender, algorithmic bias, and the dissolution of subjectivity, exposing PE to the risk of "dehumanization." In the face of the assertion of technological rationality, the article proposes that PE must return to its value origin of "becoming human," reaffirming the unique educational functions of sports in moral discipline, will tempering, and emotional interaction. On this basis, this paper reconstructs the role map of university PE teachers in the intelligent era: teachers should transform from simple "skill transmitters" to "interpreters of data wisdom," "gatekeepers of technological ethics," and "builders of a human-machine symbiotic ecosystem," finding a new educational balance in the tension between technology and value, and realizing the dialectical unity of technological empowerment and value anchoring.
The Logical Mechanism and Practical Landscape of Digital Economy Driving the Upgrade of Sports Consumption Structure
Against the backdrop of the deep convergence of the "Digital China" strategy and the construction of a "Leading Sports Nation," the digital economy, as a novel economic form, is becoming a key engine for promoting the high-quality development of the sports industry due to its high innovation, strong permeability, and broad coverage. The upgrading of the sports consumption structure is the core driving force for the development of the sports industry and an inevitable requirement to meet the people's growing needs for a better life. Abandoning the traditional quantitative empirical paradigm, this paper establishes a multi-dimensional analytical framework based on the production-consumption theory of Marxist political economy, the transaction cost theory of New Institutional Economics, and the two-sided market theory of platform economics. It systematically elucidates the intrinsic logical mechanism by which the digital economy drives the upgrading of sports consumption structure. The study finds that the digital economy operates through four logical mechanisms: technological empowerment breaking spatiotemporal constraints, transaction cost reduction optimizing resource allocation, long-tail demand excavation stimulating consumption potential, and data factor driving industrial value chain ascension. By exerting force on both the supply and demand sides, it promotes the transformation of sports consumption forms from physical to service-oriented, the transition of consumption levels from survival-based to development-and-enjoyment-based, and the upgrade of consumption patterns from single-mode to composite experience-oriented. Furthermore, the paper depicts the practical landscape of scene reconstruction, business format integration, and model innovation in sports consumption empowered by the digital economy through a panoramic scan. However, a review of reality reveals deep-seated dilemmas such as the digital divide restricting inclusiveness, data ethical risks eroding the foundation of trust, the "disconnection" between virtual and real integration, and a shortage of composite talents. Based on this, the paper proposes building a long-term mechanism for the digital economy to empower the upgrading of sports consumption structure by strengthening new digital infrastructure, constructing an agile governance system, deepening the virtual-real integration of the industry, and improving the talent cultivation mechanism, thereby providing theoretical support and practical direction for the modernization of the sports industry.
Digital Authenticity and Cultural Subjectivity: Ethical Scrutiny and Practical Paths of Generative AI in the Living Inheritance of Qiaoxiang Intangible Cultural Heritage
In the era of transition from digitalization to intelligence, Generative Artificial Intelligence (AIGC) acts as a technological force with ontological significance, deeply intervening in the field of living inheritance of Qiaoxiang (hometowns of overseas Chinese) Intangible Cultural Heritage (ICH). While this intervention empowers cultural production and communication, it also triggers profound ethical anxiety: Does the "simulacra" generated by algorithms disintegrate the "authenticity" of ICH? Does the expansion of technological rationality lead to the sinking of the "cultural subjectivity" of inheritors? Based on the cultural ecology of Jiangmen Qiaoxiang, this paper integrates theoretical perspectives from philosophy of technology, media ecology, and cultural sociology to examine the ethical dilemmas of AIGC intervention in ICH inheritance. The study points out that Generative AI has induced a cognitive shift from "historical authenticity" to "digital authenticity," as well as a transfer of power from "endogenous subjects" to "algorithmic agents." Facing ethical risks such as "hallucinatory narratives," "algorithmic bias," and "bodily absence," we must transcend mere techno-optimism and construct an ethical regulation and practical path based on "human-machine collaboration." By establishing the status of inheritors as value legislators, constructing a dual-drive mechanism of "Knowledge Graph + Large Model" in vertical fields, and reshaping the inheritance field of the dialectical unity of "embodiment and disembodiment," we can achieve reconciliation between technological logic and cultural logic, ensuring the living continuation and subjective reshaping of Qiaoxiang ICH in the digital age.
Synergistic Logic and Value Co-creation Mechanism of Digital Generation of Rural Sports Event IP in Qiaoxiang Areas
In the context of the deep convergence of the "Digital China" strategy and rural revitalization, rural sports events have transcended the mere scope of athletics to become new engines for reshaping rural cultural subjectivity and activating county-level economies. As a unique socio-cultural field characterized by transnational networks, "Qiaoxiang" (overseas Chinese hometowns) presents a distinct "dual-space" feature in the IP (Intellectual Property) development process of its rural sports events. Based on Service-Dominant Logic (S-D Logic) and the theory of the production of space, this paper abandons the traditional quantitative measurement paradigm. Instead, through in-depth qualitative analysis, it explores the internal mechanisms by which digital technology intervenes in the generation of sports event IP in Qiaoxiang areas. The study posits that the digital generation of Qiaoxiang sports event IP is not merely a technological superposition but a process of deep entanglement and reconstruction between physical and digital spaces, as well as between local rural societies and overseas diasporic communities. In this process, digital technology acts as a critical mediating variable, reshaping the temporal continuity and spatial extension of events, and constructing emotional connections based on "strong ties" and commercial connections based on "weak ties." Furthermore, the paper analyzes the synergistic logic among the government, the market, village collectives, and overseas Chinese in IP generation, revealing the co-creation mechanism that transforms "attention resources" into "cultural identity" and ultimately into "industrial value." The study finds that current Qiaoxiang sports IPs face challenges such as the "digital alienation" of cultural symbols, synergistic dilemmas in interest distribution, and communication ruptures in cross-cultural contexts. Accordingly, this paper proposes pathways such as constructing a "virtual-real symbiotic" scene ecology, establishing a "multi-party co-governance" interest contract, and creating a "glocal" communication matrix. These aims provide theoretical insights and practical solutions for the revitalization of rural sports culture with distinctive geopolitical characteristics in the process of Chinese-style modernization.
Service the High-quality Development of Local Cultural Tourism Economy
To address the critical challenge of insufficient capacity in cultivating cultural tourism faculty for county-level economic development under Guangdong Province's "Double Hundred Initiative" and "Hundred-Thousand-Ten Thousand Project", this study proposes an industry-practice-oriented training model for cultural tourism educators. By bridging the gap between traditional training models and local needs, the model establishes a "industry-education integration foundation" framework. Through establishing a matrix of practice bases featuring "industry empowerment + county services + rural outreach", it creates a "triple synergy and two-way empowerment" long-term mechanism. The "three entities and four-stage" competency development pathway precisely enhances teachers' core capabilities in serving county-level cultural tourism. This approach increases the proportion of "dual-qualified" faculty and improves student training quality, with the model being widely promoted both on and off campus and awarded a provincial teaching achievement award. The model effectively breaks down barriers in collaborative education among universities, local governments, and enterprises, providing a replicable practical paradigm for cultivating cultural tourism faculty and supporting high-quality regional cultural tourism economic development in applied undergraduate institutions.
Research on the Impact Mechanism and Optimization Path of Capital Structure on Enterprise Value
Capital structure, as the core issue of corporate financial decision-making, has a crucial impact on the enhancement of corporate value through its rationality in three key dimensions: financing costs, governance efficiency, and risk management. In the current process of China's economic transformation and upgrading, as well as the improvement of the capital market, some enterprises have problems with imbalanced capital structures, such as excessive reliance on debt financing to increase financial risks, concentration of equity leading to inefficient governance, and restricting the release of enterprise value. This article is based on the MM theory and the trade-off theory, using the normative research method to analyze the impact mechanism of capital structure on enterprise value through three paths: financing costs, corporate governance, and financial risks. Combined with the practical characteristics and constraints of China's enterprise capital structure, an optimization path is proposed. Research has shown that there is a non-linear correlation between capital structure and corporate value, and a reasonable structure requires achieving dynamic balance between debt and equity financing; Enterprises should combine their lifecycle, industry characteristics, and market environment to improve capital allocation efficiency by optimizing financing structure, improving governance, and expanding channels. The research provides practical reference for corporate capital structure decision-making and theoretical support for the improvement of capital market systems.
Practice and Application of ESG Investment Concept in China Market
ESG investment philosophy focuses on environment (E), society (S) and corporate governance (G), emphasizing the unity of economic benefits and sustainable development. In recent years, the ESG concept has been gradually promoted in China's capital market, and policies, institutions and investors have collaborated to promote the construction of the ESG system. On the basis of sorting out ESG theoretical basis and international development experience, this paper systematically analyzes the practical status and market performance of ESG investment in China, and puts forward some suggestions on perfecting ESG investment system in China, so as to provide reference for the high-quality development of capital market.
A Discussion on the Practice and Application of Quantitative Investment Concepts in Private Equity Fund Management
With the deep integration of FinTech and capital markets, quantitative investment, with its advantages of data-driven and disciplined decision-making, has become a key path for private equity fund management to break through the limitations of traditional investment. Based on public data from the Asset Management Association of China and industry practice cases, this article systematically analyzes the adaptation logic of quantitative investment and private equity fund management, summarizes the current development status and application scenarios of quantitative private equity, analyzes core challenges such as data quality, model effectiveness, and regulatory compliance, and proposes targeted optimization paths. Research shows that quantitative investment has covered the entire process of private equity fund asset allocation, risk management, and trade execution. By 2024, the scale of quantitative private equity in China will account for 30% of the total private equity scale. However, it is necessary to address industry pain points through measures such as upgraded data governance, dynamic model iteration, and improved compliance systems. The conclusions of this article can provide practical reference for private equity fund managers to optimize quantitative strategies and achieve stable returns, and also provide theoretical support for the standardized development of the quantitative private equity industry.
Research on the Integration of Cultural Heritage Scenes and Urban "Night Economy" Development
As the best preserved cultural site in Lingnan, Zhaoqing Fucheng boasts rich cultural heritage, with significant potential for integrating ancient cultural heritage with night-time economy. Based on scene theory, this study employed structured questionnaires for data collection and SPSS for analysis to explore tourists' perceptual experiences and night-time imagery during nighttime visits, along with their evolutionary mechanisms. Results indicate that tourist experiences positively influence night-time imagery and behavioral intentions; night-time imagery positively affects behavioral intentions while partially mediating this relationship; and nostalgic emotions positively moderate the connection between experiences and behavioral intentions. These findings provide empirical support for scene construction and emotionalized operation in cultural heritage night-time economy.
Empowering Chinese SMEs through Artificial Intelligence: Improving Efficiency through Strategic Adoption
This paper explores how artificial intelligence (AI) can support the digital transformation of Chinese small and medium-sized enterprises (SMEs) in economic management. Although SMEs play a critical role in China’s economy, many face barriers such as limited data infrastructure, talent shortages, high costs, and regulatory challenges under the Personal Information Protection Law (PIPL). Drawing on international practices and four Chinese case studies—Inceptio Technology, Club Factory, JUSDA, and Ping An Smart Healthcare—this study proposes five practical strategies: incremental digitization, ecosystem collaboration, MVP piloting, human centered transformation, and privacy first design. The findings suggest that with phased deployment and external partnerships, SMEs can effectively adopt AI without relying on full in-house capabilities.
Research on the Construction of a Financial Analysis System for Core Competitiveness of Enterprises
In view of the defect of the traditional financial analysis system that only focuses on the surface data analysis of financial statements and ignores the evaluation of the core capabilities of enterprises, this paper attempts to construct financial analysis indicators for core competitiveness to improve the deficiencies of the traditional financial analysis system. Based on a systematic review and summary of the research literature and development environment of core competitiveness at home and abroad, this paper reconstructs the financial analysis indicator system of core competitiveness from four dimensions: return on human capital investment, R&D innovation ability, cash balance ability, and capital investment return rate. At the same time, the empirical results based on the data of listed companies in Shaanxi Province show that there is a positive correlation between the core competitiveness of enterprises and the four financial analysis indicators, indicating that the constructed indicators have certain rationality and practical value.
Research on Marketing Transformation Driven by Big Data and Fintech: Case Analysis and Risk
This paper focuses on the transformation of marketing by big data and fintech. Through typical cases of beauty, sports brands and financial services, it dissects the practical paths of data-driven marketing, including user profiling construction, predictive marketing implementation and omni-channel integration strategies. At the same time, in combination with typical case events, reveal the information security risks, technical loopholes and third-party compliance risks in digital marketing, and construct a three-dimensional risk governance framework of "technology - system - compliance". The study found that enterprises need to strike a balance between precision marketing and risk control, and achieve sustainable development through technology reinforcement, compliance management and government-enterprise collaboration.
Relationship between Institutional Ownership and Market Volatility: Empirical Evidence from China A-share Market
This study empirically investigates the link between institutional ownership and market volatility using Chinese A-share listed firms from 2008 to 2023 as the sample. The findings indicate a negative association between the proportion of shares held by institutional investors and stock price fluctuations, supporting the market stabilizer hypothesis for institutional investors. After a series of robustness tests, this conclusion is still valid. Heterogeneity analysis further indicates that the stabilization effect is more obvious during bear market and when the shares are held by public funds and insurance funds. This study provides new empirical evidence for affirming the positive role of institutional investors in stabilizing China's capital market, and has policy implications for guiding the healthy development of institutional investors.
Local Creatogenesis: The Construction Logic and Realization Path of the "Rural Maker Ecosystem" Driven by New Farmers
The key to activating the endogenous dynamics of rural revitalization lies in the synergy between "nurturing people" and "cultivating the environment." As "Rural Makers" who possess both "locality" and "innovation," New Farmers are the core active agents promoting rural industrial upgrading and value reconstruction. However, individualized "Makers" face an "ecological niche" dilemma characterized by high risks, high costs, and high isolation. Based on "Local Creatogenesis" theory and innovation ecosystem theory, this paper proposes an analytical framework for the "Rural Maker Ecosystem" to solve the current problem of "seeing the people but not the environment" in rural talent cultivation. Using a methodology that combines theoretical analysis and qualitative case studies, this research takes the highly urban-rural integrated city of Foshan as a practical sample to deeply analyze the value core and construction logic of the "Rural Maker Ecosystem." The study argues that the construction logic of this ecosystem is embodied in the multi-dimensional co-construction and coupling of three dimensions driven by New Farmers: space, industry, and culture. In terms of spatial logic, it achieves the activation from "idle resources" to an "innovative field." In terms of industrial logic, it achieves the reconstruction from "singular production" to "cross-boundary integration." In terms of cultural logic, it achieves the sublimation from "traditional replication" to "value recreation." On this basis, the study further refines three major realization paths for creating this ecosystem in Foshan's practice: a policy path centered on "systemic empowerment," a digital path characterized by "platform-based co-construction," and a social path based on "community-building." This study aims to demonstrate that constructing a "Maker Ecosystem" that supports "local creatogenesis" is a long-term mechanism for achieving synchronized resonance between the individual growth of New Farmers and the systemic revitalization of the countryside.
Research on the Poverty Reduction Effect of Digital Inclusive Finance in Wenzhou: Toward Common Prosperity
This paper focuses on the poverty reduction effect of digital inclusive finance in Wenzhou's progress toward common prosperity, based on the 20th National Congress's strategic deployment for common prosperity and the Central Financial and Economic Commission's policies on inclusive finance. It systematically analyzes how digital inclusive finance alleviates the urban-rural income gap and regional imbalance: by reducing transaction costs via digital tools, expanding service coverage to remote areas via virtual platforms, and improving risk control with big data. Taking Wenzhou as a sample, it constructs the "Digital Inclusive Finance Engagement Index (DIFEI)" and "Household Well-being Index (HWI)" to explore heterogeneous impacts on low-income groups. Using 2024 stratified random sampling data from 5 counties and 3 districts in Wenzhou, the study identifies the marginal effect of digital inclusive finance engagement on the Household Well-being Index through a combination of improved Elastic Net Regression and Doubly Robust Estimation. Finally, by sorting out policies, conducting in-depth interviews, and analyzing cases, this study identifies pain points and bottlenecks in Wenzhou's digital inclusive finance development, summarizes advanced experiences at home and abroad, and proposes optimization paths and policy recommendations, providing a scientific basis and practical reference for building a Wenzhou-characteristic inclusive finance demonstration zone.
An Exploration of the Dual Impacts of Artificial Intelligence Credit Scoring on Banking System Risk
The digital transformation of finance continues to deepen under the dual policy and practical drive of the implementation of the "Interim Measures for the Administration of Generative Artificial Intelligence Services" and the deepening promotion of inclusive finance. Artificial intelligence credit scoring has become the core technical support tool for commercial banks' risk management, and its impact on banking system risks presents a distinct dual nature. This article combines the practice of government-bank data collaboration with real-world commercial bank operations to systematically sort out the technical operating logic and risk action mechanism of artificial intelligence credit scoring: on the one hand, it analyzes its positive enabling value in mitigating traditional credit risks and expanding the coverage of inclusive financial services; on the other hand, it deeply analyzes new risk hazards induced by data collection bias, model "black box" characteristics, and cross-institutional systemic transmission of risks. The study found that after a joint-stock bank optimized its credit assessment model through multi-source heterogeneous data fusion, the non-performing loan loss rate dropped by 30 percentage points compared with before optimization; However, due to a lack of training data for rural customers and small and micro businesses, some banks experienced a misjudgment rate of up to 28% for normal transactions in rural areas. This article ultimately constructs a collaborative governance framework of "data governance—algorithm transparency—regulatory adaptation." This framework uses data governance to ensure source quality assessments, algorithm transparency to address model interpretation challenges, and regulatory adaptation to address technological iterations. This framework provides a practical path for balancing financial technology innovation and risk prevention and control, while also offering a reference for technology application by small and medium-sized banks and supporting the robust operation of the banking system.
Analysis of Macroeconomic Operational Mechanisms Based on Global Value Chains
Global value chains (GVCs), relying on transnational specialized division of labor and resource integration, have become a core force reshaping the logic of macroeconomic operation. Drawing on the structural logic of GVCs, this paper systematically analyzes their transmission pathways, equilibrium effects, policy linkages, and restructuring impacts on the macroeconomy. The study finds that: the resource allocation mechanism of value chains optimizes the allocation of global production factors through trade in intermediate goods, and digital technology is enhancing their transmission efficiency to macroeconomic variables such as inflation and trade fluctuations. While value chain division of labor improves overall global economic efficiency, it also amplifies macroeconomic co-fluctuations and structural imbalances. Policies and regional agreements such as the EU carbon tariff (CBAM) and the RCEP have a significant impact on the layout of value chains, thereby reshaping the trajectory of macroeconomic operation. Currently, the regionalization, shortening of supply chains, and greening of GVCs are reshaping the driving forces of macroeconomic growth and the transmission pathways of risks. This study reveals the inherent linkages between GVCs and macroeconomic operation, providing theoretical support for responding to global economic fluctuations and improving policy regulation.
A Study on the Application of Regression Analysis in Real-World Data: A Case of Stock Return Rates in China
This study examines how regression methods can be used to predict stock return rates in China’s financial markets, which are characterized by rapid growth, regulatory complexities, and high retail investor participation. Traditional models like the Capital Asset Pricing Model (CAPM), which focus solely on market risk, often fail to capture the full picture of return drivers in this environment. In contrast, multi-factor models that incorporate firm-specific characteristics such as size, value, volatility, and trading volume provide a more comprehensive understanding of stock performance. Furthermore, adaptive regression approaches that update predictor variables dynamically over time demonstrate enhanced predictive accuracy by reflecting shifts in market conditions. Visual analyses underscore the limited scope of CAPM and the greater effectiveness of multi-factor models tailored to China’s market structure. The findings suggest that regression models incorporating behavioral and market-specific variables, alongside flexible adaptive techniques, offer more reliable insights into stock returns. These results hold significant implications for investors, portfolio managers, regulators, and researchers focused on emerging market dynamics.