Advances in Economics, Management and Political Sciences

- The Open Access Proceedings Series for Conferences

Volume Info.

  • Title

    Proceedings of the 2023 International Conference on Management Research and Economic Development

    Conference Date






    978-1-915371-81-2 (Print)

    978-1-915371-82-9 (Online)

    Published Date



    Javier Cifuentes-Faura, University of Murcia

    Canh Thien Dang, King's College London


  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230107

    New Energy Vehicles under the Volatility of International Energy Prices: Evidence from Regional Conflict

    Russia and Ukraine engaged in a military battle on February 24, 2022. Russia's military actions are viewed as an act of aggression toward Ukraine by the United States, the United Kingdom, the European Union, and other nations. The global energy crisis brought on by the onset of conflict and international sanctions is unavoidably having an influence on the new energy vehicle industry because Russia is the most significant producer and exporter of oil in the world. This article will use the counterfactual framework built by ARIMA model to study and analyze the impact of the Russian-Ukrainian conflict on the new energy vehicle industry. In conclusion, in short term, the cost effect dominates, and in long term, substitution effect dominates. This paper innovatively uses an index to examine the relationship between the Russian-Ukrainian conflict and the new energy vehicle industry. And it provides reference advice for government policy-making and investor portfolio selection. Government should vigorously develop the new energy industry, while investors should consider increasing the proportion of investment in new energy vehicles.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230108

    Analysis on KFC’s Business Model in China

    In China, in addition to KFC and McDonald's, there are numerous new Chinese fast food restaurants, such as Mr. Rice, Xiangcun Ji, Real Kung Fu, etc. In China, however, KFC has done a much better job of "adapting to the local cuisine and implementing numerous adjustments" than McDonald's. Therefore, Chinese fast food has much to learn from them. This study will employ three methods of research:  comparative analysis, survey method, and case study. The study explains why KFC performs significantly better than McDonald's in China, both in terms of revenue and number of locations. The paper analyzed several business strategies that can be taught from KFC's business model in order to make China's new fast food as global as KFC. The paper demonstrates to the viewers how to use KFC's superior marketing techniques to Chinese fast food and turn it into a global chain. The paper will provide some suggestions  for these fast food restaurants in becoming more international and expanding their number of stores, as well as teaching them how to apply marketing strategies to increase their revenue.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230109

    Game Publication and Influence on Stock Price

    The game industry has become the important industry in Internet industry and had a rapid growth in past five years. Thanks to this industry in the financial market has also been more and more investors and capital attention, they want to choose the game that has the maximum potential profit. We use the event study and collect the record of game release in five years to analyze the connection between official release and stock price.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230111

    Research on the HEYTEA's Marketing Strategy

    HEYTEA, the leader of tea in China, used social currency to make successful marketing decisions again and again and broaden its market, which created one new product after another and ushered in the peak of sales. In order to clarify how they used social currency to achieve such success, this article did a lot of research on the brand's growth and found some data on their official social media account. This article tries to understand how HEYTEA has become so successful by using social currencies. All the information studied in this article comes from HEYTEA's official website and its official account. This article concludes that HEYTEA uses emphasis on creativity, launching new products, and brand linkage to spread their products like viruses.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230112

    Analysis on the Co-branding Strategy of Gucci

    Co-branding has become a vital strategy in the fashion marketing industry. The strategy involves collaborating with other brands to jointly innovate new products. This paper looks at the positive and negative aspects of co-branding. Taking the co-branding initiatives by Gucci as a case study, this paper makes the following findings. Co-branding helps brands to grow as long as both the two collaborating brands have unique strengths that make them better together. Such strengths may include market reach, brand awareness and reputation, and technical know-how. However, co-branding may produce unintended negative consequences when one brand suffers a negative brand image, which ends up getting transferred to the co-branding partner. Furthermore, either of the collaborating brands may lose its original brand image due to the influence of the partner brand. In the case of Gucci, it is found that the co-branding initiatives have resulted in mutual benefits for Gucci and its partners, but the strategy should not be extended for a long duration, as this is a risk factor for brand dilution.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230113

    The Significance of Regional Tax Incentives in Creating Economic Profit Zones: A Case Study of Khorgos, Xinjiang, China

    The government may use tax incentives to attract companies to register in an economically unbalanced region to boost the local economy and create an economic profit zone. Regional tax incentives can reduce costs and increase profitability, thus creating an economic profit zone. This paper examines the significance of regional tax incentives in creating economic profit zones by using Khorgos of Xinjiang, China as an example. The study concludes that the significance of regional tax incentives in creating economic profit zones lies in balancing and regulating the regional imbalance of development from within the country itself.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230115

    The Arbitrage Outcome in the Triangular and Quadrangular Arbitrage Paths

    For a long time, both nationally and internationally, RMB hedging has been a contentious issue. The study and analysis of triangle and quadrilateral hedging in 30 countries are the focus of this article. In addition, they are classified into three groups: industrialized nations, developing countries, and backward countries, with the 30 countries that were chosen falling into each category. On the other hand, triangular arbitrage is an arbitrage that benefits from cross-exchange rate price movements. In contrast, quadrilateral arbitrage follows in the footsteps of those above but involves going via two more countries. Moreover, the data analysis for triangular and quadrangle arbitrage uses the total average, average, maximum, and minimum of favorable spreads, per the study below. From all of this, it could be seen that square hedging frequently has a broader spread or more losses, while triangular hedging frequently has a narrower spread.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230116

    Trend of Chip Industry under the Negative Interest Rate Policy: Based on Time Series Model

    On 7 October 2022, the US government issued a revised policy regarding semiconductor technology export toward China. The 139 pages of rules stated the regulation on export of chips, more specifically, the advanced computer chips that could support AI algorithms. In fact, this is not the first time for US government banning export of high-end computer chips to China, but this one could be the most expensive export restriction within a decade. Chinese chip companies have long suffered from the banning from US government, the development of the whole industry is filled with twists and turns as well, but the thriving of Chinese chip market is still deeply related to the US economy's performance. This paper discovers the correlation between the performance of Chinese chip industry, which is revealed by the index level of chip industry within China's mainland stock market, and the US to RMB exchange rate, starting from 2016 to present. The paper applied ARMA-GARCH model to predict and analyze the data, studying how will US exchange rate affect the development of chip industry in China. It also predicts the development of Chinese chip industry and then makes suggestions for future development of the Chinese chip companies.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230117

    The Economic Impact of Aging on China’s Public Health: A Short-term Perspective

    In today's world, the aging of the population is an absolute trend. The aging of the population is the result of the improvement of the medical level, the decline of the birth rate and the extension of the life expectancy. China is experiencing the largest and fastest population aging process in the world. Population aging has brought huge challenges to the stable operation of China's medical insurance system and put pressure on the Chinese government's fiscal expenditure. This paper constructs a VAR model on population aging, medical insurance expenditure and GDP growth, find that past data have shown that GDP growth and medical insurance expenditure have adverse reactions to the intensification of population aging. In the prediction of the future, the further deepening of population aging will bring challenges to China's economic growth and government finance. Chinese government should adjust the policy on medical insurance expenditure to solve the problem caused by deeper aging, to promote the sustainable development of China's medical insurance.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230118

    Changes in Cisco Stock Prices under the Uncertain Interest Rate Policy: Based on ARIMA Model

    As The Federal Reserve System (Fed) raised the interest rate for 6 times from March 15th until December. The consecutively raise of interest rate by 75 basis points each time throughout the year for 4 times has reached the maximum extent comparing to the past 40 years. Fed interest rate hike not only has impacts on the United States economics, but also bringing different effects globally. As a result, stock price of companies can change accordingly to the interest rate hike. Cisco, as a multinational cooperation technology company first founded in America, is chosen to be analyzed. The data of Cisco stock (CSCO) price from 2021 March to 2022 March is extracted and ARIMA model is used for forecasting stock price in the time series. The study account for the difference between values forecasted by ARIMA and the actual values, and thus observe the impact of Fed interest rate hike on Cisco stock price, further explanations related to the difference. The Fed interest rate hike result in decrease in Cisco stock price.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230119

    The Impact Caused by COVID-19 Pandemic on Pfizer Inc. Stock Price: Based on a Counterfactual Framework

    As the coronavirus pandemic spreads worldwide, many nations have implemented social distance regulations and quarantine measures to stop the spread of the COVID-19 epidemic. During this period, people's consumption levels dropped all over the world, resulting in a decrease in the capacity of the entire society to produce goods and services. As a result, thousands of workers lost their jobs and numerous manufacturing plants, entertainment companies struggled financially until going out of business. However, the value of some biopharmaceutical firms' shares has climbed rather than fallen due to some of these businesses made great contribution on preventing the spread of the pandemic by developing vaccines and useful medications. In this article, an American multinational pharmaceutical and biotechnology corporation, Pfizer Inc. was selected and daily stock data from February 2009 to December 2022 was extracted. The ARIMA model was applied to forecast the stock price of Pfizer Inc. without the Covid-19 pandemic. This study focuses on comparing the forecasted stock price with actual stock price and explores the possible reasons for this difference.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230120

    Analysis of the Xiao Guan Tea’s Marketing Strategy from the Perspective of Consumers

    It is believed that the Chinese tea culture dates back at least 4,000 years to the Shennong Period. Tea drinking inspired the creation of several poetry by ancient literati and poets, with over 400 poems recorded during the entire Tang Dynasty. Prior to the introduction of Xiao Guan Tea, China's extensive history and enormous tea market had not produced a dominant brand. Xiao Guan Tea was the first brand on the tea market due to its effective marketing, and it earned an astounding 2 billion sales in 2018. Therefore, the analysis of Xiao Guan Tea's marketing approach is of tremendous academic importance. This paper utilizes a literature analysis and questionnaire survey to assess the marketing success of Xiao Guan Tea from the consumer's perspective. For readers interested in the consumer psychology of purchasing tea and the marketing techniques of Xiao Guan Tea, this paper includes voluminous information and a few practical analysis methods of marketing strategies. In addition, it gives a framework for analyzing the marketing strategies of enterprises in the same position as Xiao Guan Tea.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230121

    The Initial Explosion of Metaverse Technology’s Impact on Accounting

    Contemporary Metaverse programs all over the world demonstrate an upward trend, opening up a glorious prospect of the development of the digital economy. The meta-universe is achieved through and by using communication and arithmetic power, VR/AR devices, and artificial intelligence technology to virtualize and digitize the real-world process, which also provides a new imagination for the digital transformation of financial accounting. This paper aims to analyze how to transform and upgrade finance because of the principle of blockchain technology through reference and diagram analysis. The results of the research indicate that digital transformation like digitalization and intelligence of finance will be the trend, and the difference between financial accounting departments and sales departments might disappear. On this basis, it can be concluded that the accounting work would not be replaced or overturned, instead, workflow enhancement and a changing of work means occurred under the metaverse.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230122

    Hidden Tax ——Analysis of Premium Level for Sanitary Napkins and Adult Diapers

    As the social attention on women’s dilemma, some unfair regulations have raised a heated discussion, and the ‘pink tax’ which is a hidden tax levied on homogeneous products consumed by women, and most of those products have the same quality and raw material, but higher prices when it is marketed as female-targeted goods. In this paper, unlike the previous researches focusing on pink tax in united industry, it shows the price disparities also exist on conventional women commodity, and mainly investigate the similarity and difference of sanitary napkins and adult diapers. By analyzing the costs of raw material, comprehensive applications and market prices of both kinds of products, calculating and comparing the net profit margins of the two industries, the results confirm the existence of price disparity on these two goods under similar costs, but because of the lack of database and specific cases, further researches are necessary for verification. This work may widen people’s horizon on pink tax, which is not limited on the comparison of opposite genders’ products, but the price bias on feminine goods, and it can promote Economics gender equality.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230123

    A Review of the Influence of Ownership Structure on Capital Structure

    The main content of this paper is the analysis of the influence of ownership structure on capital structure and the summary of some scholars in the past on this aspect of research. This article added some private perspectives and came to the conclusion. Bebchuk, Du and Dai, Nor and Ariffin, Boubaker, Driffield, Friedman, Bany, Boubakri and Montreal have provided significant academic support for this paper, using a variety of regression models and structures to conduct data sampling in different regions and come to quite authoritative conclusions. This article also presents basic information about the subject, such as the purpose of changing the ownership structure and how it works, and an explanation of some of the professional names mentioned in this article.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230124

    Research on Digital Transformation in the Insurance Industry

    In recent years, the global digital economy has flourished, and the industry disruption and opportunities brought by digital technology innovation have made digital transformation a common strategic choice for all countries. If the application of new technologies in the insurance industry in the past mainly focused on the cloudization of the underlying IT infrastructure and the Internetization of the upper layer of insurance sales, the digital transformation of the insurance industry today focuses more on the application of new technologies such as big data, artificial intelligence, and the Internet of Things to promote the innovation of insurance products and the optimization of business processes. Through the analysis of the traditional insurance industry and the different demands brought by different times, this paper intends to explore the way forward for the insurance industry in the era of digital economy, where digital transformation has become an inevitable trend in the development of China's insurance industry.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230125

    Relationship Between Corporate Capital Structure and Company Value — Based on the CAPM and APT model and the WACC analysis

    The core of financial management and investment activities is to maximize the wealth of the company and shareholders. Company value maximization is inseparable from shareholder value maximization. Due to the fact that the structure of company's capital would influence the level of profit return and the circumstance of cash flow, the management for financial framework is a significant connection between the economic situation of the corporation, by which it can benefit the value. The author briefly analyzed the CAPM since it is not an accurate model, which has unrealistic assumptions and the disadvantages of unrest, by using the APT model to replace the CAPM model to study the arbitrage pricing model and its relationship with the capital asset pricing model (CAPM). From the analysis of these models and the introduction of four capital structure theories, the connection between corporation capital structure and corporate value is further studied.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230126

    The Influence of 2022 Beijing Winter Olympics on Sustainable Development of Domestic Sports Economy-Taking Zhangjiakou City as an Example

    With the curtain falling on the Beijing 2022 Winter Olympics, the Winter Olympics cycle has entered the next preparation time. China has completely entered the post-Olympic era, which can be developed according to the corresponding tourism to enhance regional, national economic development. With the strategic development policy to enhance, pay attention to the basic economic development and construction of the subordinate cities, Zhangjiakou City, according to the existing buildings to develop ice and snow tourism, improve the visibility of the city, transformation into a domestic winter tourism city. Through a large number of literature review, as well as image analysis, this paper focuses on how winter Olympic cities develop tourism to enhance their own economic development, and finds out that Zhangjiakou city is suitable for vigorously developing ice and snow tourism, it uses the existing building, makes the profit maximization, plays out the reputation of the winter Olympic city. Similarly, along with the construction of tourism facilities, the development of the tourism industry heralds the transformation of Zhangjiakou into the head of the tourism city. Together with the strong support from the national government, the city of Winter Olympics will be overly transformed into an ice and snow resort, with the total number of visitors breaking records year by year in the coming years.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230127

    The Impact of COVID-19 on Financial Technology Enterprises and Countermeasures -- Taking Ping an Insurance of China as an Example

    Financial technology enterprises are essential and important in promoting economic progress and social development. Financial technology companies have seen their performance decline amid the pandemic, but the epidemic has also accelerated their push to go online. It is of great significance to analyze the impact of COVID-19 on financial technology. This study analyzed the impact of the epidemic on fintech enterprises by the existing literature and practical problems. The study also took Ping An Insurance of China (Ping An), an outstanding financial technology enterprise, as an example to examine the impact of the epidemic on it and its coping strategies. In the study, some suggestions are provided for financial technology companies. After the epidemic, financial technology enterprises need to increase financial need, accelerate the speed of online business and build a sense of social responsibility.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230128

    Research on Apple’s Financing Method and Its Enlightenment to Multinational Corporations

    In the 21st century, the phenomenon of economic globalization is very common, many companies have begun to enter the global market, transnational business models have become popular, so that complex financing methods have become a topic that every enterprise that wants to enter the international market must study. Many experts and scholars in the world have studied this in depth, but for individual excellent enterprises, it is worthwhile to start from its perspective. This article uses Apple as an example to analyze the company's financing methods and inspiration for the development of other multinational companies in the world. This paper uses the method of case analysis to analyze the unique financing structure of Apple at various stages of development, and draws the following conclusions, first of all, it is necessary to establish a diversified financing model to avoid the shortage of funds caused by single financing. Second, it is necessary to flexibly adjust the financing structure according to the development stage of the enterprise. Finally, it should pay attention to the issue of equity dilution in the external financing process, which may involve the loss of control of the company.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230129

    How Does the Cultural Background Affect the International Business: A Readable Case Study of Costco in China Mainland

    When an international corporate enters a foreign business, it has to classify cultural differences to adapt to the new condition. For instance, customers with different cultural backgrounds would have different reactions to a new business. Cultural background may affect customer behavior and even further, international business. In 2019, one of the largest chains of the membership-only wholesale club, Costco, opened its first store in China in Shanghai. As an American multinational corporation, it is a typical case for researching the difference between consumers with different backgrounds, hence, this paper chooses Costco as the sample and makes a readable case study. The research of this study is mainly based on a questionnaire survey of 211 Costco customers and analysis of several events in China related to Costco. The result of the case study reflected the cultural attributes of foreign brands in the view of Chinese consumers and suggested how the international enterprises could attract Chinese consumers by their cultural attributes. The goal of this paper is to provide a reference for multinational enterprises, especially the enterprises of retail trade, consumer nondurables, and consumer durables, to plan their operations, branding, and marketing in China.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230130

    Global Energy Demand and Forecasting: A Managerial Economics Perspective

    A military war between Russia and Ukraine resulted from unusual military action by Russia against Ukraine. Comprehensive sanctions were imposed against Russia in the areas of energy, finance, the economy, and other areas by European and American nations. The Russian-Ukrainian wars, which have been the most significant security event in recent international politics, will surely induce changes and adjustments to European geopolitics, political order, the international rule system, as well as economic ties. This paper focuses on the study of Global energy demand and forecasting from the perspective of global management economics. This paper will show the analysis of energy demand in the form of charts and use the Reference method and Time series analysis respectively to forecast the future energy. However, human demand for energy will double in the future as population growth and other factors change.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230131

    Valuation and Analysis of Equity Value of Tesla

    Tesla has conquered the electric vehicle market in its two-decade history. Key market indicators like stock price, sales units, and customer alignments signify a company on an upward trajectory. Its stocks soared in 2021, and Tesla became a trillion-dollar entity. The research topic will analyze Tesla's financial the electric vehicle market to forge a basis for future projections. By many measures, Tesla is in an excellent financial position. EVs demand is at historical highs, and future predictions are superb; its EV technologies, like batteries and charging stations, are optimal. It has diversified its production hubs to include Asia and Europe. The paper analysis Tesla's SEC filing to comprehend valuation, profitability, and prospects.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230132

    The Impact of Big Data on Finance and Its Application in Finance

    The rise of finance has been rapid in recent years. Because finance is an important part of macroeconomic regulation in modern economy. Therefore, progress in the financial sector has far-reaching implications for national progress. But as science and technology advance, so does the Internet industry. Through the Internet, we can send massive amounts of data to many locations. The banking sector is also greatly impacted by big data. Big data is applied to the financial sector. Through the library, the Internet, electronic resource database and other ways to read a lot of literature, the status quo and development of big data and finance are understood. This paper provides an explanation of what "big data" is and how it relates to the banking sector. This study elaborates on how financial institutions might make use of big data. The application of big data in the financial industry is very important because the collection and collation of data can help organizations quickly understand consumer preferences. The datacan be used as to make decisions quickly as well.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230133

    Overflow Effect of COVID-19 Pandemic: Evidence from China and US Based on Time Series Model

    It is widely acknowledged that COVID-19 which outbroke at the end of 2019 has brought great change to people’s daily lives and has had a huge impact on the global market. In order to study the intercorrelation of the pandemic in China and the United States and each other’s economic markets, this paper uses the VAR model and the ARMA-GARCH model. This paper mainly utilizes the data from February 03, 2020, to December 15, 2022, to study the effect of the pandemic in China on the U.S. market and the effect of the pandemic in the United States on the Chinese market. This study discovers that the increase in the pandemic in the U.S. is insignificant in relation to the Chinese market while the pandemic in China will affect the U.S. stock market. This paper reminds people of considering the consequence of the pandemic in a wider context and provides new aspects for future researchers. The results of this study suggest investors consider things more rationally before making a decision and suggest governments make wiser plans to limit the irrational behavior of investors and prevent the market from fluctuating when similar cases happened in the future.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230134

    China’s Labor Market Dynamics under Covid-19 Pandemic: Youth, Adult, and Overall

    At the end of 2019, COVID-19 suddenly emerged in various countries around the world. Its rampant global spread has resulted in immeasurable loss and effect for most nationalities and citizens. Unfortunately, the indeterminacy elements of economic development and environment increased dramatically especially in China caused by the pandemic situation, the depression of economy further highlighted contradiction of the employment structure. Citizens of different ages faced divergent challenges like staff reduction, great competitive pressure of obtaining occupation, and so on. As a consequence, diverse elevation of unemployment rate occurred in all citizens, youths, and adults respectively. In this article, three divergent unemployment rates for overall citizens, youths, and adults respectively are selected and the data from January 2018 to October 2022 are extracted. This research applies ARIMA Model to structure and analyze data in order to study the scope of addition and subtraction of three separate unemployment rates on account of serious pandemic. Meanwhile, based on the prediction of future trend of China’s unemployment rates from January 2022 to October 2022 and contrasting it with the actual data, it can be seen obviously that over unemployment rate increases dramatically as a result of pandemic, and the most heavily affected part is one in young citizens. Finally, this paper furnishes referential recommendations for pandemic policy in economic progress and employment aspects.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230135

    Risk Analysis and Research for Construction Projects

    As the population grows and the demand for public infrastructure increases, more and more construction projects are being carried out. In order to avoid the failure of construction projects due to their high level of complexity, risk anticipation and risk response can be made through the study of project risks, which can greatly improve the success of construction projects. The investment and time spent on a construction project are huge and if the project fails or is delayed, there will be serious consequences. This is why construction project risk management is so important for construction projects. Therefore, this paper analyses the risks of construction projects. It finds that construction project risks can be classified as internal and external risks and suggests improvements to the existing three-step project risk management process Identify-Assess-Respond, adding a project risk review. This paper enriches the study of risk classification and management processes for construction projects and proposes risk management process measures that have implications for future construction projects to deal with risks more efficiently.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230136

    The Research on the Influencing Factors of Live-streaming Marketing on Consumer Purchase Intention —— Take TikTok as An Example

    Self-media platforms are developing rapidly, and TikTok live-streaming with goods has become a hot topic of concern. Some researchers have found that the gender of the anchor, the atmosphere of the live broadcast, and the quality of the product have an impact on consumers' purchase intention. However, there still needs to be more exploration of other factors, so this study conducted semi-structured interviews with ten consumers to study the factors that affect consumers' purchase intention in the live broadcast. After conducting semi-structured interviews with ten consumers, it was concluded that, in their opinion, the identity of the anchor has little influence on the purchase intention, and they prefer the live broadcast that advertises more product promotions during the live broadcast and watching the live broadcast at night is more likely to cause the desire to purchase.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230138

    M-score and F-score from the Financial Statement for Company Fraud Prediction

    This paper investigates the circumstances where M-score and F-score are predicted to find out company fraud from financial statement. The first part goes over the background information for company fraud by answering three questions. The second part introduces the important parameters cited in the research and calculation. The third part shows the result by providing charts and analysis. The last part summarizes this paper. The importance of these two scores is hypothesized to increase the public ability to be conscious of company fraud from hidden data and false statements. However, under specific circumstances, M-score and F-score are not reliable reflections of other parameters like net income and accruals. The results of the data analysis are consistent with our prediction. This work shows the importance of individual thinking as a result does not agree with the accuracy of the model. One of the most significant creative thoughts in this work is about how to break through the traditional blind faith in established model when the result does not follow the standards.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230139

    The Macro Prudential Assessment Framework of China

    This paper first introduces the basic concepts of macro-prudential assessment (MPA), and briefly introduces the background of MPA policy implementation, the key indicators of process and MPA assessment, the reward and punishment mechanism, as well as the purpose of China's macro-prudential assessment system. On this basis, this paper selected 15 listed banks as samples to analyze the achievement of the key indicators of MPA. In addition, it analyzes the influence of MPA evaluation system on bank management, introduces the broad credit standard to restrain the asset allocation mode; capital becomes the core constraint; the development mode needs to be adjusted. In addition, the countermeasures of strengthening the capital control, cultivating the awareness of enterprise capital saving, strengthening the strategic management, innovating the asset allocation system, improving the price management system, promoting reasonable pricing, innovating the development model, doing risk prevention and other improvement measures under the MPA mechanism are discussed.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230140

    The Impact of International Oil Price Fluctuations on China’s Stock Performance of Clean Energy Industry: Under the Russia-Ukraine Conflict

    Crude oil is an important component of the global energy market, and its price fluctuations have a huge impact on the economy and the environment. As a large oil consumer, China has a great demand for non-renewable resources such as crude oil. With the sustainable and stable development of China's economy, its dependence on imported crude oil is deepening, and the impact of international crude oil price fluctuations on China's energy industry is also gradually deepening. In addition, with the impact of epidemic, geopolitical, environmental crisis and financial crisis in recent years, the international crude oil price has produced drastic fluctuations, so the study of the relationship between the international crude oil futures price fluctuations and the stock prices of clean energy companies is of great significance for the development of new energy industry and domestic energy security. This paper applies the VAR model to examine the links between Brent crude oil index, WTI crude oil index and China’s Clean Energy Theme Index (CET), and the ARMA-GARCHX model to investigate the impact of international oil price on China’s clean energy market after the Russia-Ukraine conflict. The empirical results show that international crude oil price fluctuation has a short-term alternating impact on China’s clean energy theme index yield and provides useful insights to investors.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230141

    Financial Analysis on United Airlines, Inc.

    This paper first introduces the general background because the epidemic has affected many industries and the aviation industry has been greatly affected. The second is to introduce the development history and main business of United Airlines, as well as the recent events of United Airlines. Through the financial reports of United Airlines in the three years before and after the epidemic, the income and expenditure of United Airlines' economic situation were analyzed. The calculated financial ratios are also used to evaluate and forecast the performance of United Airlines (three competitors have been compared). Finally, all the data are analyzed and summarized, and strategies (changing the layoff strategy and strengthening the ESG strategy) and suggestions (strengthening the awareness of corporate culture) are put forward to United Airlines to gain greater advantages in the future competition, so as to seize a new market and respond to the post-epidemic era.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230142

    Financial Innovation and Financial Risk

    The market economy has made new progress and development, and the development of the financial industry has gradually become internationalized. To occupy an important position in the fierce competition of the financial market and win more voice, Reform, and innovation are the development direction of financial enterprises in the future Financial innovation is a continuous reform of the financial system and its connotation, with innovations in financial technology and institutional innovation. Innovation represents a break from the norm, a change in the previous mode of financial supervision, the scope of financial activities, and the structure of financial products, but this inevitably. Although Financial innovation can eliminate some of the hidden financial risks, financial risks have not completely disappeared, so financial innovation is not omnipotent and still has great limitations. This article analyses the relationship between financial innovation and financial risk, as well as the characteristics of financial innovation, and provides feasible suggestions from various perspectives.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230143

    Research on China's Consumer Behavior and Government Consumption Policy During the COVID-19 Pandemic

    The existence of the novel coronavirus epidemic has severely restricted the offline consumption level of residents and stimulated enthusiasm for online consumption. Consumption preferences have changed, and the government has introduced policies to encourage consumption and support enterprise production. Through searching for data and policy information, this paper explores the changes in residents' consumption behavior after the epidemic and the government's policy to promote consumption. Thus, it can be concluded that residents' consumption behavior changes, namely, offline consumption decreases, online consumption increases substantially, consumption preferences changes, and total expenditure decreases significantly. In order to promote consumption, the government issued consumption coupons and other policies to promote consumer consumption and protect enterprise production.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230145

    Will Goodwill Affect the Credit Rating of Corporate Bonds? - Evidence from the Chinese Bond Market

    This paper mainly studies the impact of goodwill indicators on corporate bond ratings. The author selects the data of 7931 corporate bonds issued from 2015 to 2021 as the research sample and uses regression analysis to conduct research. The empirical results show that the proportion of goodwill is negatively correlated with the rating of bonds. Specifically, the moderating effect of the company's nature and the industry is significant. Compared with state-owned enterprises, the proportion of goodwill is considered more by the bond grade issued by non-state-owned enterprises. Compared with the industrial sector, the rating of non-industrial sector bonds takes goodwill more into account.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230146

    Long-term Business Sustainability Through Corporate Governance

    Effective corporate governance and sustainability practices can help a company build trust with stakeholders, reduce risks, and improve financial performance. They can also help a company demonstrate its commitment to responsible business practices and increase its credibility and transparency. However, companies that fail to address these issues may face reputational damage, financial losses, and regulatory penalties. Thus the role of corporate governance in long-term business sustainability is significant. The primary objective of this study is to investigate the concept of long-term business sustainability, with particular emphasis placed on the value that organizations bring to their stakeholders and shareholders, mainly through a discussion of the connection between corporate governance.  The study analyses the numerous environmentally responsible business practices that are now in place by developing the findings by conducting a comprehensive literature review. Conclusions were drawn about the relationship between corporate governance and long-term business viability based on the literature review after discussing the result.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230147

    Income Inequality and Political Polarization in the USA

    This paper focuses on the relationship and interaction of income inequality and two dimensions of political polarization in the USA after 2000. It turns out that: first, political polarization of USA presidents has a negative relationship with income inequality; second, states with higher income inequality prefer to vote for the Democratic Party; third, income inequality of conditions dramatically varies based on regional differences. This work can contribute to the research on income inequality and partisanship in the USA and provide the latest situation in the 2020 Election.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230148

    Supply Chain Analysis of Jingdong in the Post-Epidemic Period

    During Covid-19 and the saturation of China's e-commerce market, stands out with its successful supply chain operations and supply chain infrastructure. Through the SWOT analysis of, background information, and the comparison between and other Internet companies in the same category, it can be concluded that the supply chain of lacks or is good at. In view of these aspects, it is more reasonable to put forward effective countermeasures and suggestions for the company to improve and perfect the supply chain. Therefore, the main content of the research is the achievements and shortcomings of in logistics and supply chain, and the opportunity of its famous smart supply chain and the help it brings to the company are also part of the research. In addition, how to develop the supply chain infrastructure to the greatest extent under the condition of limited cost to ensure the stable operation of the supply chain is also a question worth considering. The research focus of this paper is its supply chain status and improvement methods. Research JD's supply chain from the social point of view, use SWOT theory to analyze and put forward suggestions for supply chain problems, and solve the current problems in JD supply chain.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230149

    The Long-Term Relationship between Nasdaq Index and Gold Yield: Analysis Based on ARMAX Model

    This article explores the relationship between the gold yield and the Nasdaq index through a detailed understanding of the gold yield and the changes in the Nasdaq index in the past ten years. Will the gold yield be affected by the Nasdaq index, whether there is a correlation between the two, and whether the gold price can be predicted based on the Nasdaq index. In this paper, the ARMA model is used to rank the gold return rate, and four models are used, namely the gold return rate, the gold return rate plus the Nasdaq index, the gold return rate plus the Nasdaq index lagging 1 period and lagging 2 Period to analyze and finally explore the relationship between the two. This paper mainly finds that the return rate of gold is positively correlated with the Nasdaq index, but the prediction efficiency of the model is low. Gold is an effective return to crisis industries. When the stock market is not friendly, gold can play a very good hedging role. This article uses the influential and extensive data of the Nasdaq index to let everyone know how to analyze the yield of gold through existing data. In short, it is when to buy and sell gold. This paper suggests that although the model shows that the prediction effect of the Nasdaq index on the gold return rate is not significant, the two show a positive correlation, and it has a significant effect in the lag period 1 and 2. It is recommended to use the Nasdaq index Investors who watch gold yields give priority to watching lag 1.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230150

    Review of Consumer Behavior Research Based on Influencing Factors

    With the rapid development of global social economy, people's consumption behavior has become more common, consumer behavior research is to study the various consumer psychology and consumption behavior of different consumers. It is the basis for companies to make marketing decisions and strategies; Consumer behavior research provides a basis for the formulation of macro policies and the protection of consumer rights and interests; Consumer behavior research helps consumers make more informed purchasing decisions. By analyzing the existing literature to summarize the factors influencing consumer decision-making behavior, the study found that the most intuitive and time-consuming methods for studying consumer behavior using survey method and observation method are also the most widely used at present. In recent years, neuroscience has gradually entered people's vision, and researchers have applied neuroscience to consumer behavior research and prediction of consumer behavior, and achieved certain results. However, the existing research is not perfect. The study of consumer behavior lacks targeted guidance theories and methods, and lacks consideration of the limitations of samples and sampling time. There is still a lot of room for improvement, and this paper makes suggestions and prospects accordingly.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230151

    Examining the Effect of Crude Oil Shock on the U.S. PPI Through Time Series Analysis

    Nowadays, people are becoming more curious about how changes in oil prices affect inflation, particularly how they impact macroeconomic indicators like the PPI (Producer Price Index) and CPI (Consumer Price Index), due to the ongoing pandemic and war's impact on oil prices. The present study examines the relationship between oil price changes and the PPI in selected industries. Using data from the trucking, chemical manufacturing, semiconductor, and electronic device industries PPI from 2020, with WTI (West Texas Intermediate) as the reference of U.S. oil price. The Pearson correlation coefficient and linear regression model were employed to analyze the correlations and evaluate the impact of oil price changes. The results demonstrate that the PPI for the trucking industry had the strongest correlation with oil prices over the same period, while the PPI for the chemical manufacturing industry demonstrated the strongest relationship with oil prices a month earlier. The PPI for the semiconductor industry displayed a strong correlation with oil prices six months ago. Overall, the transportation industry appears to be highly sensitive to changes in contemporaneous oil prices, and oil prices one month ago have a significant concussion on the current PPI of the chemical lines, and the effect of oil prices on the electronic device industry is weaker and more delayed.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230152

    Impact of COVID-19 on the UK Labor Market

    Under the influence of the epidemic on many aspects, the unemployment rate has become a hot topic of concern to the whole United Kingdom society in the present era. Based on the data of the present three years, the unemployment situation in the United Kingdom is analyzed from redundancy and wage. By comparing the average value, dig out the period of abnormal value, and consult the value when to increase and decrease, and then discover the impact of the events in that period on the unemployment rate and analyze the trigger of the events, to better understand the situation of unemployment. According to research findings, the unemployment rate fluctuated significantly during the epidemic period, which was influenced by multiple policy and social factors. Moreover, the analysis of the redundancy rate and wage changes can also reveal the unemployment situation and reflected social problems in the UK, and provide case reference analysis for future solutions.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230153

    Status and Regulation of the Fintech Industry

    Fintech is the cross product of the financial industry and the technology industry. With the development of society, financial digitization and technology finance have become the development trend. Electronic payment, p2p lending, Robo-Advisor and block chain technology four industries have formed a scale. The current fintech industry has become an important supplement to the economic system. However, due to the short development time, there are still challenges such as high risk points and difficult supervision. Based on the existing industrial scale and business capacity, the continuous integration of fintech industry and society has become a future trend. In the long run, fintech enterprises should give full play to their advantages in technology reserve, optimize and improve products, maintain industry self-discipline and reduce risks. The society and the government also need to keep objective and inclusive, increase talent reserve and industry support, maintain active supervision, promote the establishment of relevant laws and regulations, and maintain a good industry ecology.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230154

    Crisis and Structural Changes in Banking

    Financial issues have always been an important issue of concern to the whole world. This year's Nobel Prize in Economic Sciences was also awarded to three scientists who studied the financial crisis in the 19th century. This article will take the 2008 financial crisis as the research object, and analyze the causes, Consequences and Changes of the financial crisis. In terms of causes, it focuses on the impact of financial credit products such as subprime mortgage loans and CDS brought about by the loose loan policy of the United States on the stability of the US financial market. Secondly, in terms of consequences, it will focus on the bankruptcy of Lehman Brothers, the fourth largest investment bank in the United States at that time, the bankruptcy of many other companies, and the high unemployment rate brought about by the company's bankruptcy. Finally, in terms of changes, the government introduced the bills led by the Dodd-Frank Act and Basel III to deal with the financial crisis and prevent future financial market problems.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230155

    Global Financial Crisis: Causes and Reactions

    This paper examines the reasons behind the financial crisis of 2008, its effects, and the subsequent developments. At that time, the federal government's monetary policy promoted subprime loans, and credit default swaps were derived based on subprime loans. This series of reasons led to a huge bubble in the real estate market and directly caused the subprime mortgage crisis. Companies are closing one after another, unemployment and inflation are rising, and people's lives are getting more complex. To survive this crisis, the government passed pertinent legislation to support economic growth, and banking regulators corrected these laws to stop a repeat of the subprime mortgage crisis. Nowadays, the outbreak of the COVID-19 epidemic and the conflict in Ukraine have brought the world economy into trouble again. As a result, the 2008 financial crisis study is crucial to understanding modern society because it can be used to prevent future financial crises and effectively address economic problems.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230156

    The Impact of the Federal Funds Rate Hike on Chinese and U.S. Financial Markets

    On March 16th, 2022, federal funds benchmark rate was increased by 25 basis points, to the range of 0.25% to 0.50%, by the U.S. Federal Reserve (Fed) , after seeing Russia’s war on Ukraine as a potential risk producing higher inflation and decreasing both national and international economic activities. The first increase in federal funds rates since 2018 was followed by the immense increase in rate. Until November 2022, the Fed has raised the federal funds rate seven times, leading impacts on many fields, including the financial markets in both U.S. and China. This paper selects two well-known financial indexes, representing the market performance of both China’s stock market and U.S. stock market. Since the exchange rate is highly sensitive to interest rates. After the raise in the benchmark of federal funds rate, U.S. dollar has appreciated, and Chinese Yuan has depreciated. This paper introduced the exchange rate as the media to reflect the impact on the Chinese stock market by federal funds rate hikes. After intercepting the stock data from 2 years after the Great Depression till one month before the first federal funds rate hike, this paper constructs ARIMA model to analyze the impact on each stock market by federal funds rate hike, and forecast their further performances, providing suggestions to investigators in the U.S. and China.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230157

    Executive Internal Compensation, Executive Confidence and Corporate Risk Taking

    Researchers in the field of corporate governance has been committed to exploring the causes and effects of internal compensation dispersion. From the perspective of psychology, this paper discusses the effect of the executive internal compensation gap on risk-taking within the enterprise, from the perspective of CEO overconfidence. According to figures from non-financial corporations listed on Shanghai and Shenzhen A-shares from 2010 to 2021, the results of the research are as follows: (1) The internal executive pay gap has a positive impact on the company's level of risk-taking; (2) The large pay gap between CEO and non-CEO executives will cause CEO overconfidence; (3) CEO overconfidence is a path of action that the internal pay gap of senior executives affects enterprise risk-taking; (4) The internal pay gap of senior executives has a positive impact on the level of enterprise risk-taking both in state-owned enterprises and non-state-owned enterprises. The conclusion of this study has certain theoretical and practical significance. From the theoretical level, the introduction of CEO's psychological factors into the mechanism of the effect of the internal executive pay gap on enterprise risk-taking will help to understand the impact of compensation dispersion and enrich the research in this field. From the practical level, the results of this study have bright implications for policymakers and business practitioners.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230158

    After the Crowds: Redemption Frameworks for Overbuilt Olympic Sports Venues

    Many studies have documented the common problem of venue underutilization after mega events such as the Olympic Games and the FIFA World Cup, which imposes a heavy financial burden on the host cities. This paper aims to provide practical and empirical suggestions for improving venue underutilization through research and analysis of dismantled and existing sports facilities. Under the sharing and circular economy frameworks, we comparatively analyze the venue sustainability of different mega sports venues through site selection, construction, and after-event operation phases. In the site selection phase, we suggest choosing a location near the city, cooperating with universities, and building on existing infrastructure. In the construction phase, we recommend refurbishing or reusing existing sports stadiums to optimize space utilization rates, enhancing the versatility of venues, and using reusable materials and renewable energy sources. Suggestions for after-event operations include sharing sports stadiums for multiple purposes and improving resource reallocation. Our paper improves the venue utilization of mega sporting events from circular and sharing perspectives.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230159

    Pattern Recognition of Stock Returns in the Very Short Run Leveraging High-Frequency Financial Data

    This paper uses high frequency stock trading data from 2007 to 2014 to study patterns of stock returns in the very short run. The paper verifies stylized facts of stock prices at low frequency with the exploration of high-frequency data and uses the concept of relative realized volatility (RRV) to measure volatility to understand the market uncertainty intraday. By providing a large number of empirical data facts, this paper advocates the use of ultra-high frequency data to study instantaneous real volatility, and demonstrates that long-term market volatility and the relationship between short and long term volatility can be implied by a simple RRV mean regression model.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230161

    Market Efficiency in the UK Emerging Financial Markets

    The UK financial market system is huge, more clearly divided and more functional. Under the impact of the world financial innovation trend and the increasing competition in the international financial market, the UK financial market has made quite bold financial innovations. The internationalization trend of the UK's emerging financial market, capital market and London foreign exchange market are all strengthening. The efficiency of financial markets has a significant impact on the effective functioning of financial markets and thus on the efficiency of real economic operations. Market efficiency is influenced by a variety of factors. This paper examines market efficiency in detail from the perspectives of resource allocation theory, incomplete information theory, institutional economics theory and behavioral economics theory, and concludes that market efficiency is the result of a combination of factors such as resource allocation, and information, economic behavior. According to the efficient market hypothesis, investment decisions are largely determined by market efficiency. However, even the most developed financial markets in the world today are hardly guaranteed to conform to the perfect competition hypothesis. In summary, the study of market efficiency issues has far-reaching practical implications for the UK emerging financial markets in the transition period.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/19/20230162

    The Impact of the Microsoft and Activision-Blizzard Merger on the Gaming Industry: A Theoretical and Analytical Examination

    Both Activision and Blizzard are regarded as two of the most successful and influential game development companies in the world. Due to the vast number of businesses that are contending for a share of the market, the commercial sector is characterized by a high degree of competitiveness. This is the case because of the presence of so many businesses. Mergers and acquisitions are common practices among gaming industry companies as they strive to fulfill their aims. The purpose of this study is to investigate the impact of the recent merger between Microsoft and Activision-Blizzard on the gaming industry from a theoretical and analytical perspective. Specifically, the study will examine how the gaming industry has been affected by the merger of these three companies. The main questions of this study are about three aspects of the impact of the merger between Microsoft and Activision-Blizzard on the competitive landscape of the gaming industry, the potential impact of this merger on innovation in the gaming industry, and what makes it different from previous mergers in the gaming industry. This study will examine the impact of the Microsoft-Activision-Blizzard merger on the gaming industry through the use of industry data, economic analysis, and case studies. The author will also consider previous research on mergers and acquisitions in the gaming industry to provide context for our analysis. The aim of this paper is to provide a detailed examination of the potential impact of the merger on competition and innovation in the gaming industry.

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