Advances in Economics, Management and Political Sciences

- The Open Access Proceedings Series for Conferences

Volume Info.

  • Title

    Proceedings of the 6th International Conference on Economic Management and Green Development (ICEMGD 2022), Part Ⅱ

    Conference Date




    The aim of ICEMGD is to provide a platform for educators, scholars, managers, and graduate students from different cultural backgrounds to present and discuss research, developments, and innovations in their academic fields. It provides opportunities for the attendees to exchange new ideas and application experiences, establish business or research relations, and look for global partners for future collaborations. 


    978-1-915371-17-1 (Print)

    978-1-915371-18-8 (Online)

    Published Date



    Canh Thien Dang, King's College London

    Javier Cifuentes-Faura, University of Murcia


  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221001

    Research on Mutual Trust Between Customers and Sellers Based on Digital Social Media Platform

    Social media is one of the most advancing and popular media that people have to expose them for everyday life. According to Facebook, there are nearly 10 billion people are using the product from Facebook to send message to them each week. However, with the recent development of the social media, there is an increasing number of problems have arisen, and one of them have to do with the trust and credibility problem. Thus, as the problem has been raised, there is a need to investigate what is the best way to increase the trust of user to the social media platform. This paper is a sorting and summarizing based on the recent research result of the digital marketing platform. The paper mainly focuses on different research method to conduct analysis. The result shows that the most effective way of digital marketers in the social media platform is to apologize directly. The limitation is presented and the future suggestion is given.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221008

    Research on the Impact of New Energy Vehicles on China’s Industrial Policy Innovation

    The subject of China’s new energy vehicle policy implementation analysis was chosen due to the growing importance of switching to renewable energy due to resource depletion, price volatility, and the need to address pressing environmental issues. New energy vehicles are critical for controlling greenhouse gases and atmospheric pollutants, reducing the auto industry’s dependence on oil which makes this subject matter crucial nowadays. Such methods as secondary literature analysis and case study are essential to analyze the processes behind China’s new energy vehicle success. As a result, the current backdrop of environmental and political instability has stimulated the Chinese government to create a range of policymaking initiatives that rely on provincial and central collaboration, cutting switching costs, and socially normalizing new energy vehicle use. The value of this paper is in how it can be utilized as a fundament for other business branches and governments to construct effective initiatives to grow the renewable energy vehicle market.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221010

    The Empirical Study of Digital Inclusive Finance on Rural Green Economy Development

    This article discusses the role that inclusive digital finance plays in rural green development against the backdrop of rural revitalization strategies. The results demonstrated that the growth of the rural green economy has been significantly aided by the digital inclusive finance, and that this impact has significant regional heterogeneity, with the impact on the eastern and western regions being noticeably stronger than that on the central and northeastern regions. This study contributes to the current of empirical research on the connection between rural green construction and inclusive digital finance. Finally, relevant suggestions are put forward to help promote the green growth of agriculture and rural areas and realize the strategy of rural revitalization.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221011

    Research of Customer Satisfaction in Aviation

    There has been a drastic increase in the number of people using air as a transport model across the world. Globalization has triggered rapid increase in the international travel which is offered by various airlines which has resulted to competition. This implies that customer satisfaction is key. The research aimed at establishing customer satisfaction in the aviation industry. Data from cross-sectional data from different airlines. The data is obtained from a Brazilian public dataset. The data has been analyzed using SPSS Software regression analysis, descriptive analysis, extraction method, and using ANOVA. According to the analysis, Age, departure delay, departure and arrival time convenience, ease of online booking, check-in service, online boarding, seat comfort, cleanliness, food and drinks, Inflight WIFI Service, Inflight entertainment, and baggage handling have a positive R which is an indication that they have a positive relationship with the rating.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221016

    Analysis of E-commerce Characteristics of SMEs: Evidence from Scotland

    The development of internet and digital tools has inspired the dramatically increased usage of e-commerce in the past decades. Both small and medium sized enterprises and the economy could benefit from e-commerce adoption. Based on Scottish government survey data in 2021, this study analysed the main features of e-commerce in SMEs and explored factors influencing the level of e-commerce usage. Research variables include size of businesses, business market, sector, business location, use of technologies, and investment in digital. The findings of the study show that: (1) micro-sized enterprises are more favoured in using e-commerce to selling goods or services; (2) though businesses adopting less technologies rely less on e-commerce, they have shown greater inclination in digital investment; (3) business sector and location could affect the choice of SMEs in adopting e-commerce. The findings signal that further research could explore the effects of other variables and COVID-19 on e-commerce usage in SMEs.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221017

    Customer Churn Prediction in the Telecommunication Industry

    Customer churn is essential for telecom fields because it reduces income when a customer switches from one service provider to another. It is important for managers to help them find the factors influencing customer churn so that they can make decisions and optimize services. In this essay, SPSS will be used to analyze the factors that influence customer churn. We use contrastive analysis to find out the factors of the customer churn and use logistic regression to analyze the degree of influence of different factors. The result indicates phone charge, quality and diversity of services have impacts on customer churn.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221018

    The Solution Strategies of Financing Constraint Predicament of Digitalized Empowerment of Micro-, Small and Medium-sized Enterprises

    Micro-, small and medium-sized enterprises (MSMEs) have been an important part of our country's economy for many years. However, their survival and development are always affected by the phenomenon of financing constraints, which has resulted in non-negligible consequences for the development of the national economy. This paper utilizes with a large amount of data and information, and uses the method of induction and deduction to summarize the reasons for the financing constraint phenomenon from three levels, and puts forward corresponding solutions for different levels. The causes of financing constraints are divided into three levels. First, at the micro level, MSMEs cannot meet the expectations of investors and the requirements of mortgage loans. Secondly, at the industry level, due to the relative backwardness of the capital market. Finally, at the national level, local governments have not fundamentally solved the problems of financing difficulty and slow financing for MSMEs. In order to solve the above problems, this paper puts forward three different solutions. At the enterprise level, the enterprise should actively use digital technology to improve its own operating capability and operational compliance; Small and medium-sized banks should use new media and other technologies to strengthen ties with customers and improve service quality and data processing capabilities. At the industry level, big banks should help the small and medium-sized banks to accelerate the digital transformation. At the national level, local governments should provide policies including but not limited to financial support for the digital transformation of MSMEs.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221022

    Research on Compensation Incentive Mechanism of State-Owned Enterprises - A Case Study of Chinese Enterprises

    The sudden change in the global economic situation has brought about changes in internal and external market conditions. In this context, China's state-owned enterprises continue to use the traditional salary management model in the salary system, which has many shortcomings in the degree of market openness, distribution mechanism and supervision, which is not conducive to our economic development. It is very important to establish and improve the salary incentive mechanism of state-owned enterprises. A scientific and perfect incentive mechanism can effectively stimulate the enthusiasm and creativity of employees and play a vital role in the healthy and sustainable development of public enterprises. However, with the progress and development of the times, the traditional wage incentive mechanism has exposed some problems that cannot fully function. To this end, this paper analyzes the problems in the current salary management model of state-owned enterprises and finds that performance-based salary incentives actually reflect the wealth created by employees for their work. The consistency of goals among employees, managers and shareholders. Finally, from the existing problems, measures are proposed to improve the current wage management model of SOEs in order to enhance their economic development.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221024

    Application Research of Portfolio Related Theory--Based on Hong Kong Stock Data

    With the development of the stock market, people have carried out in-depth and comprehensive research on the portfolio theory. This paper aims to verify and analyze the practical application of the relevant theories. By collecting the stock price information of Hong Kong stocks as the target, this paper verifies and discusses basic theories such as tangent portfolio theory, portfolio diversification effect, Markowitz portfolio theory and Sharpe ratio. In the minimum variance portfolio and the tangent portfolio, this paper obtained the weight of each asset under the conditions of assets and without risk-free assets. Finally, the differences in the weights of investment targets in the portfolio are analyzed and discussed. The results show that, first, in the minimum variance portfolio, when considering risk-free assets, only investing in risk-free assets is considered, and when risk-free assets are not considered, assets with lower variance are given higher weights. Second, in a tangent portfolio, regardless of whether risk-free assets are considered, assets with higher Sharpe ratios in the portfolio are given higher weights. This can give some guidance and suggestions for future investment behavior.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221029

    Digital Economy Development and Residents' Income

    The digital economy has become a new engine for high-quality economic development, with a profound impact on economic, social, and residents' welfare. The data from the China Family Panel Studies (CFPS) are used to analyze the function and effects of the digital economy on residents' income growth and income disparity using the "Broadband China" strategic program as a natural experiment. The results of the empirical analysis confirm the role of digital economy development in promoting residents' income; the heterogeneity analysis shows that the positive impact of digital economy development on residents' income is greater for households in developed eastern regions, and non-agricultural households, and households with high years of education. The mechanism analysis shows that enhancing human capital investment and widening social networks through increased spending on education and human gifts, respectively, and increasing income from working outside the home significantly increase residents' income. The results of this study have significant ramifications for the development of the digital economy, steady income growth among inhabitants, and consequently, the closing of the income gap.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221031

    Research on Embedded Technology Import and the Growth of TFP in China's Manufacturing Industry —— Based on the Panel Data from 1992 to 2020

    In the past few decades, the import of embodied technologies, mainly the import of capital goods and intermediate goods, has met the needs of industrial structure upgrading and export expansion. This paper uses the DEA-Malmquist method to measure the total factor productivity and its decomposition value of 26 manufacturing industries in China from 1992 to 2020, and uses a fixed effect model to empirically analyze the impact of embedded technology imports on China's manufacturing total factor productivity. The results show that the import of embedded technology has a positive effect on the total factor productivity of the manufacturing industry and technological advancement, while the impact on technical efficiency is not significant. After classifying the manufacturing industry according to the technical level, it is found that the import of embedded technology significantly improves the total factor productivity of low-tech and medium-tech manufacturing, while the impact on resource-based manufactured goods and high-tech manufactured goods is not significant. Finally, this paper gives policy recommendations based on the empirical results.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221035

    Analysis of factors affecting fertility rate in China

    Fertility is an important factor that determines the trend of population development in China. In recent decades, China’s fertility rate is declining. Nevertheless, the formation mechanism and influence behind it are still lack of unified explanation. Hence, this article researches and analyzes the reasons of the decrease of China’s fertility rate through factor analysis and cluster analysis based on the data collected in the past two decades since 2002. On the basis of this article, the per capita disposable income of residents, the crude divorce rate, the number of divorce registrations, the urban population ratio, and the high school enrollment rate have a prominent relevance with the fertility rate. In addition, the fertility rate alters in the past 20 years in this paper can be divided into three categories: the fertility rate was relatively stable from 2002 to 2011, the fertility rate increased significantly and fluctuated slightly from 2012 to 2015, and the fertility rate decreased rapidly from 2016 to 2021. If the government hopes to maintain a high birth rate, it can achieve this by easing the birth policy and improving the divorce calm down period system.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221038

    The Impact of Digital Economy Development on Residents' Consumption

    In recent years, the digital economy’s development has affected all aspects of society, of which residential consumption is a very important part. Currently, domestic research of the digital economy on consumption is on the rise, but most of the current research is theoretical analysis, lacking empirical results and related impact mechanisms. Based on the data of China Family Panel Studies (CFPS) in 2010 and 2014, this paper uses the "Broadband China" strategy released in 2013 as a natural experiment of the digital economy, and applies the difference-in-difference (DID) method to estimate the digital economy’s impact on the consumption of residents. The study finds that the development of the digital economy has a significant positive effect on residents' consumption, mainly through three paths: social capital, human capital and income effect. The examination of heterogeneity reveals that the central region, urban residents, the middle and high education level, and the middle income group are the main beneficiaries of the digital economy's promotion of consumption, and the further study finds that the digital economy’s impact on residents' consumption is concentrated on subsistence consumption.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221040

    Research on the impact of corporate social responsibility information disclosure and corporate innovation in China

    China started to implement a new system in 2008, asking fractional companies to make public their corporate social responsibility information disclosure. The financial and corporate governance data of Chinese A-share listed businesses from 2007 to 2016 was gathered in order to determine any potential relationships between the mandated corporate social responsibility disclosure system and company patents. According to the two opposite hypotheses of the information hypothesis and reputation hypothesis, the results show that the number of patents of companies surveyed has increased significantly after the implement of the policy of mandatory CSR disclosure. Additionally, after company’s patents are separated into invention type patents and utility models, industrial design (non-invention type) patents, invention type patents significantly increase in comparison. This means that the information hypothesis has been supported more. CSR disclosure can effectively alleviate the information asymmetry existed in the internal of the enterprise, increase shareholders’ confidence, and reduce the problems of corporate financial restrictions. Several robustness tests have proved that the model and conclusions are both steady. This may provide a reference for the government to improve the mandatory disclosure policy further and help improve the capital market development in China.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221046

    Research on Digital Transformation Strategies of Small and Medium-sized Enterprises

    With the global pandemic of COVID-19, cross-border trade has become extremely difficult. A large number of private trading companies in China are facing the crisis of no customers and no orders. The emergence of electronic marketing can effectively relieve this crisis and bring new development areas to trading companies. This article takes the example of QW Company to study how to help troubled small and medium-sized enterprises through electronic marketing. Through research, this article proposed several ways to help trading companies out of problems through electronic trading. Electronic trade will be the development direction of trading companies in the future. The Internet effectively breaks the barriers between countries. Through the Internet, companies can greatly improve the exposure and popularity of brands. In the era of digital economy, the digital transformation of small and medium-sized enterprises is an inevitable trend in the development of the times, which requires enterprises to attach great importance.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221048

    Modern Portfolio Theory: analysis and implication

    The Modern Portfolio Theory (MPT) from quantitative theory explains the correct of the logic of investment which isn’t put all your eggs in one basket. Although this theory is published in 1952, investors are still using this theory nowadays. Therefore, this paper is researching why this theory is enduring, whether it can provide some insights into the behavior of investors, and what shortcomings can be solved by using other derivative theories based on this theory. The most significant observation of this study can be divided into two parts. Firstly, many limitations of MPT can be improved by Goal-based investing and Post-modern portfolio theory. Secondly, this theory can help the investor to choose the optimal portfolio theory depending on their attitude and goal when they chose the portfolio. There is a strong need for a novel approach, especially for concluding extra costs when investors calculate the risk-adjusted returns. After that, this theory is using historical data to calculate the expected data. Those limitations will influence the choice of optimal portfolio theory.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221049

    An Evaluation of the Dividend Discount Model and its Extensions

    The valuation of the stock is one of the most fundamental financial concepts, whereas the Dividend Discount Model is the basis of the stock valuation. The model state that the value of the stock is the sum of the present value of the infinite future dividend. It is, however, impossible for Humans to forecast future dividend accurately. Therefore, the assumption of the future dividend and the extension of the dividend discount model are required. In this paper, the assumption, advantages, and limitations of the general Dividend discount model and its extension, including the Fix dividend discount model, Gordon growth model, Two-stage model, Three-phase model, H-model, Geometric and additive model, and the modified Geometric and additive model, are introduced in this paper, which can be used as a reference for the investors for them to make their financial decision or for the scholars for their researches.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221051

    The Impact of Information Overload on Investment Decisions under the Information Disclosure System of STAR Market

    Due to the rise of the STAR Market, the information disclosure system has become a crucial component of registration, while a growing information overload issue has also emerged. This paper uses an experimental economics approach to investigate how information overload will affect investors in the STAR Market. And besides, this paper introduces investor experience as a moderating variable to analyse whether investor experience has an impact on the mechanism of action between information overload and investor decision making. The results show that in a stock market formed by real data, as the rate of effective information disclosure decreases, investors' returns decline and investors tend to make more rational decisions, with investor experience having less impacts on the moderating effect between the two. In response to this conclusion, this essay provides investors and policymakers with some options for fostering the growth of the STAR Market.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221052

    Research on carbon emissions of production-consumption sectors under the background of "Double Carbon" ——Take Beijing as an example

    With the development of the Green and Low-carbon, Beijing has set a model for other provinces and cities in carbon emissions reduction, and it will help achieve the goal of carbon peaking rapidly. This paper studies various influencing factors of carbon emissions from both production and consumption by improving the Kaya identity. Through analyzing productive and consumptive CO2 emissions of Beijing with LMDI technology, this paper finds that: (1) For the production sectors in Beijing, the total carbon emissions exhibited a downward trend, and the energy intensity factor was the foremost factor to restrain the increase of carbon emissions, while the restraining effects of energy structure factors and industrial structure factors were limited, and the total production promoted emissions to increase significantly. (2) For the living sectors in Beijing, the total carbon emissions first increased and then decreased, and the urban and rural structural factor played a weak inhibitory role in the increase of CO2. The population and energy intensity were significantly promoted the increase of it. Therefore, this paper proposes to continue to adjust the structure of industry and urban, develop clear energy and make full use of energy, so as to realize the "dual-carbon" goal earlier.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221053

    How Influencer Attributes Influence Healthy Behavior Intention

    Since fitness influencer has begun to impose their impact on audience through various media, it raises a question about what attributes may get these influencers more appealing to their audience. To delve into such question, this paper constructed a theory model invovling three-dimension attributes, perceived value and the behavior intention based on S-O-R theory. After conducting analyses such as structural equation model analysis on the collected data from the survey, we are positive that there is a positive relationship between these three concepts. In other words, influencer’s certain attributes does arouse audience intention to follow such a healthy lifestyle through their perceived value.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221057

    The Necessary Additions for Making Good Game Products

    Through the analysis of the two studios in the game industry, Bioware and Bungie, this paper discusses the ways in which game companies can steadily scale up in commercial marketing, increase and maintain the sustainable development of the studios. Based on analysis of the commercial failure of Anthem, a large-scale 3A multiplayer co-op game produced by Bioware, released by EA, elicit the failure of Bioware and Bungie in contrast. At the same time, this paper adopts the method of combining quantitative analysis and qualitative analysis to demonstrate the theme of the article. As a result, the studio as a team needs clear and directional leadership to guide the philosophy and direction of game production. In the game creation, there should not be too much interference from the publisher or outside the studio. Furthermore, when the game fails initially but is not dead yet, resources should be mobilized to remedy it, changing the route and strategy of the game, rather than giving up prematurely. Moreover, during the period from project initiation to completion of production, the working methods of the production staff should fully reflect the efficiency, which is also closely related to the supervision of the game project manager.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221058

    Event Study on Nucleic Acid Testing Industry--Whether the Number Of COVID-19 Cases Will Affect the Stock Price of Nucleic Acid Testing Industry

    Since the outbreak of COVID-19 in 2020, the epidemic has caused different changes in a variety of industries, and nucleic acid testing has become commonplace. This paper will analyze the impact of the COVID-19 cases which are confirmed on nucleic acid testing industry through the Efficient Markets Hypothesis and linear regression. Our study found that the mentioned COVID-19 cases had a significant impact on the stock price of the nucleic acid testing industry, and a linear regression was established between the COVID-19 cases and the stock price on the nucleic acid testing industry. However, this study has some limitations, for example, in the Novel Coronavirus testing market, the stock price cannot fully reflect the market share and ignores the influence brought by the government.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221059

    Influence of Objective Factors on House Prices

    With the development of economy and the improvement of people's living standards, many people will try to buy houses. But when it comes to buying a house, people will also pay attention to some objective factors such as the size of the house and supporting facilities. This paper uses the statistical analysis software SPSS linear regression analysis, factor analysis, comparative analysis and other methods to analyze the impact of objective factors on house prices, through data analysis, the fitting degree also reached about 0.88. In the experimental results, it is found that taxi distance, market distance, hospital distance, carpet area, built up area, parking type, city type, rainfall have a significant impact on house prices. Because in real life, These objective factors will be considered when people choose to buy a house.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221062

    Research on the Development and Influence of CDM Projects in China

    Environmental problem is becoming more severer day by day. China, as one of the largest carbon emission entities, has implemented CDM projects to help it reduce carbon emissions, and achieve sustainable growth. The CDM benefits both developing and developed countries by helping developed countries to reach emission reduction targets and providing subsidies for developing countries to build sustainable projects. The research paper shows that CDM is preferred by China to other projects due to its advantages, such as the CERs trading mechanism, the investment and subsidy from foreign countries, and the technology transfer. Meanwhile, after CDM adoption, the country has built some institutions and enacted appropriate regulations to construct CDM projects more efficiently. In the last part of the research, the influences of CDM on the domestic economy has been analysed, where both data and past paper from the official website and published articles show positive effects of building CDM, including job creation and decreasing worrying over the electric shortage. In conclusion, CDM projects and Chinese circumstances are compatible in several aspects which are presented in the paper. The compatibility contributes to Chinese sustainable development and provides other developing countries with a sample to learn from.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221063

    SWOT Analysis of Vacheron Constantin

    Vacheron Constantin is one of the brands of luxury watches. The brand has developed rapidly in recent years. This study will use SWOT analysis to analyze Vacheron Constantin, and then find out what problems Vacheron Constantin has in international marketing and provide corresponding recommendations. SWOT analysis is one of the most popular methods of analyzing companies. Our main message is from filing trips to offline stores. After research, we found that Vacheron Constantin has solid products, but they lack interior decoration and strategies to attract customers.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221065

    The Developmental Impact of Chinese Healthcare Applications on Medical Economics During COVID-19

    The health industry is developing rapidly under the dual influence of the Internet and the epidemic era. Especially in China, Internet + healthcare has become a development trend, forming new concepts such as smart healthcare. This new trend includes the rise of medical and health apps and the establishment of health departments and businesses by commercial companies in various fields. The healthcare industry has affected China’s economic development since before the outbreak. Until the outbreak, the proportion of health economic GDP in China’s GDP has maintained an upward trend. This article analyzes the development process of China’s healthcare industry in the era of the epidemic through some economic data, especially the impact on the economy. This paper also visualizes the impact of actual healthcare media apps on economics through two different apps. It analyzes the advantages and disadvantages of these effects to think about how to make healthcare apps develop in China’s economy play a better role in promoting. Although the overall healthcare industry in China is still in the initial stage of development, the momentum of development is very rapid, making the healthcare industry one of the hot areas in the future.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221066

    Influence of International Investment Arbitration Under the International Law

    Not only do MNEs bring construction and opportunities to the host states, but at the same time, unrestricted MNEs often bring shock and damage to the local economy and domestic market of the host states. In order to regulate international investment, there are many international treaties, conventions and laws in the world, which are collectively referred to as International Investment Law. The IIL incorporates international investment activities between the participating countries and their MNEs into a legal and regular framework. In the work of dealing with the relationship between them, a very important thing is to reasonably settle the investment disputes between the two parties. The methods to settle the disputes include litigation and arbitration, but the arbitration has actually become the most important and popular method. International investment arbitration is bringing lots of benefits to both the MNEs and the host states. The method of comparative research is used to illustrate the characteristics and differences between litigation and the arbitration in international investment disputes settlement. The advantages of arbitration are reflected and the reason why arbitration has become the most popular way to settle these disputes is explained. In the explanation in the article, the method of cases analysis is used, and especially in the fifth part, it focuses on the arbitration case of Cairn Energy PLC and Cairn UK Holdings Limited v. India. PCA Case. It supports the conclusion that arbitration has become the most popular method of international investment disputes settlement.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221067

    Tax Avoidance of Multinational Enterprises and Its Countermeasures

    With the deepening of the process of globalization, the types and scales of international tax avoidance activities are increasing, and the connections between countries and countries involved are also increasing. The international tax avoidance behavior represented by multinational corporations has become increasingly diversified and common, which Therefore, in order to bring the economy into line with the world and join the ranks of international competition, it is necessary to severely crack down on some unreasonable and illegal tax avoidance behaviors of multinational corporations. The trend of economic globalization in today's world is irreversible. The main carrier of economic globalization is transnational corporations, and transnational corporations are also the most frequent part of economic activities. Therefore, the main tax avoidance activities and tax avoidance methods of transnational corporations naturally become our focus. object. This paper uses case studies, comparative studies and other methods to analyze the tax avoidance of multinational companies, sorts out and summarizes Apple's tax avoidance cases and its main tax avoidance methods , and deduces the common tax avoidance methods of all multinational companies, and concludes that multinational companies are unreasonable. The dangers of tax avoidance. And the impact it will have on the international community, and finally put forward relevant feasible suggestions for the anti-tax avoidance work of various countries.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221073

    Economic Consequences in Europe of the Russian-Ukraine 2022 War

    This paper discusses the economic consequences of the Russian- Ukraine war and mainly focuses on the economic impact it brings to Europe. On 24 February, Vladimir Putin launched an unproved invasion of Ukraine. The West responded by unleashing a series of sanctions to weaken the power of Putin’s war machine, but Russia responded with retaliatory measures. The war has caused supply chain disruption and hiked energy and food prices. Oil and gas prices both hiked to a record high. The Euro Area experienced an 8.1% inflation rate. The European Central Bank considered hiking interest rates for the first time in more than 11 years as a result of the strong inflation. The war increases volatility in the conventional stock market. Stock prices plunged significantly on the day of the invasion, but the market recovered shortly as the sanctions against Russia were imposed. As the war created enormous economic uncertainty and increased inflation across Europe, governments should devise effective policies to reduce the inflationary pressure and seek alternative energy sources to reduce the dependence on Russian energy exports.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221074

    Influences of Customers’ Nostalgic Proneness on Their Brand Cognition Based on the ABC Model of Attitude

    As the economic environment and social culture change dramatically, nowadays there are numerous opportunities for the nostalgic brand in China to regain competitive advantages. Grounded on the affective, behavior, and cognition (ABC) model of attitude, this paper aims to clarify the relationship between customers’ nostalgic proneness, purchase intention, and brand cognition to explain the mechanism of nostalgic consumption. Taking the big white rabbit brand as an example, a structural equation model was used after the constructs were empirically confirmed by reliability and validity tests. Customers’ nostalgic proneness is found to be positively correlated with their brand cognition and the nostalgic brand is advised to fully exert its potential.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221076

    Research on Crocs's Marketing Strategy

    In an effort to meet the rising demand, Crocs began experiencing inventory issues and retail oversaturation in 2008. At the same time, it broadened its product line by incorporating golf and trendier models.This paper analyzes the effectiveness of Crocs' marketing strategy through secondary research, which will research the information online. Most of the data will come from articles and annual reports from Crocs. This study collected all relevant data, discussed the findings, dealt with strategies and cases, and concluded that Crocs used different strategies to entice customers to purchase products. According to the research, it can be concluded that raise of customer loyalty and market segment is the effective marketing strategy of Crocs, and from the references it has increased the sales.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221077

    Can Carbon Emission Trading Policy Improve the Emission Performance? Evidence From China

    The carbon emission trading system (ETS) has become one of the most crucial environmental regulations for emission mitigation and energy conservation in China. This thesis uses the difference-in-difference (DID) model to analyze the causal influence of China's ETS on carbon emission performance. The results show that the implementation of the ETS is an effective way to mitigate carbon intensity and total carbon dioxide emissions (12%), thus promoting carbon emission reductions. In contrast, economic development, energy intensity and population size hindered the carbon reduction process, while industrial structure had no significant impact on carbon reduction. Further PSM-DID models confirmed the reliability of the above conclusions. Based on these conclusions, this study provides inspiration and suggestions for the implementation of the nationwide ETS in the new stage of environmental governance.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221078

    The Analysis of Asset-Backed Security Backed by Online Consumer Loan

    The "pause button" on Ant Group's dual listing in September 2020 attracted great attention from the fintech companies regarding their use of asset-backed securities (ABS) to lend huge amounts of money to consumers. Chinese regulators responded to this financial practice and introduced a series of regulations to minimize the potential risks of these lending activities and the adverse impacts on consumers. In this paper, the author explains how fintech companies use ABS to conduct their loaning activities, analyzes the risks presented in the industry, and introduces the corresponding policies and regulations.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221079

    Cattle’s Optimal Diet

    Linear programming is an important mathematical technique, which is widely used in military operations, economic analysis, management, and engineering technology to find the optimal choice. Moreover, it is useful when trying to find the best outcome that involves several resource constraints, like animal diet. In this paper, we will become cattle ranchers, trying to figure out the best combination of feeds for the three groups of cattle. We also considered the cattle’s environmental impact, methane emission, into the linear program. The goal is to minimize the cost while balancing the cattle’s nutritional needs and lowering methane emissions. The Simplex Loop used to solve linear programs is also explained, however, we used MATLAB to arrive at the solution.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221082

    Why Do So Many People Value the Stock Market

    In 2020, the impact of the COVID-19 pandemic plunged the world into its worst economic crisis since 2008, and international trade was frustrated by the double whammy of escalating protectionism and the pandemic in recent years. Affected by the epidemic in 2020, many Chinese companies cannot sustain themselves, and the remaining enterprises are only barely maintaining the status quo and waiting for the epidemic to pass. During this period, the overall trend of the stock market fell sharply due to the epidemic, but due to the government's policies, it was still pulled up.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221085

    Marketing Strategy Research in the Furniture: Case Study from IKEA

    IKEA furniture is assembled like a giant Lego block, and foods such as hot dogs and ice cream cones are both delicious and inexpensive. On the market, there is no comparable store. It is noteworthy that IKEA is the first place that most people think of when they need furniture, but there are no other options available. This raises the research question of why IKEA’s marketing strategy is successful. IKEA’s success can be measured in three ways: the 4ps strategy, experiential marketing, and scene marketing. IKEA’s structure comprises the 4p’s: product, price, promotion, and placement. The success of IKEA’s marketing strategy doesn’t only depend on the 4P theory. In addition, the scene marketing strategy enables individuals to immerse themselves in the scenarios that IKEA creates for its customers, heightening their senses, touching, seeing, and so on. Then, using the experiential marketing strategy, IKEA lets people try out the benefits of its products. As a consequence, IKEA’s sales increased, and it became prosperous. Ikea’s success depends on this marketing. These strategies would not have made IKEA as successful if used alone. These marketing strategies work together to make IKEA profitable.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221086

    Marketing Strategy of Livestreaming Business: Case Study of Taobao’s Livestreaming Business

    Livestream has been a major and profitable marketing model for Taobao, one of the biggest e-commerce platforms in China, since 2016. An increasing number of business owners, celebrities, or influencers jump into this business looking for business opportunities. There are a lot of benefits of live streaming, for instance, real-time engagement with the consumers to build a long-term relationship with them, creating an immersive shopping experience for consumers, and effectively utilizing consumers’ herd mentality to drive sales during shopping festivals. However, some problems have emerged. The platform lacks comprehensive and binding regulations to supervise business owners’ behaviors. Besides, the income gap between macro-anchors and micro-anchors is wide. Also, the live content of different anchors is not heterogeneous enough to retain consumers’ attention. Improving strategies like increasing regulations, developing reward mechanisms to support micro-anchors’ business, and encouraging anchors to create and keep personalities can mitigate the problems.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221089

    Stranger Online Social Media Operation and Strategy: Case Study of Tantan App

    With the advancement of the Internet and technology, the types of social media software are constantly expanding. Recently, a new kind of social software has gradually emerged in the market. This is stranger dating software. Unlike Facebook, Instagram and WeChat, which are more used to communicate with familiar people, dating social software mainly aims to make friends with strangers. Its emergence is a change in the market. This article will analyze Tantan, the most popular dating software for strangers in the Chinese market, explore its development background, understand its business model, and analyze how it grasps user needs for marketing.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221091

    An Analysis of the Involution of Finance College Students

    More and more finance undergraduates cannot find a job, and even some graduate students are facing difficulties in finding a job. “Involution” which is used to describe any walk of life or everyone who tries desperately to improve himself or herself to increase his or her advantage over others. The industry of finance has a very low threshold for domestic universities, and every university and even the junior college has finance as a major. Therefore, the threshold of financial learning is very low, but the threshold of financial industry is very high, which requires people's professional ability, communication ability and emotional intelligence. As a result, many undergraduates do not meet the requirements of various financial jobs, which leads to the phenomenon of unemployment after graduation. This paper finds out that because of the low threshold of finance and people's limited understanding of finance, they do not know whether they are suitable for this major, so they can make their resume look gorgeous through various ways in the later stage.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221095

    Identifying Financial Report Fraud of U.S. Listed Chinese Companies

    A key feature of publicly listed companies all over the world is that the people who own the company, its investors, do not typically participate in the day-to-day management of the company. This separation of ownership and control can become a problem when investors and management have different objectives. Disclosure is a primary means through which investors can understand what managers are doing and ensure that managers serve the objectives of the company’s owners. However, since management is responsible for preparing the company’s financial statements, they could misreport the numbers to mislead investors. Previous research showed managers had discretion in manipulating the numbers in the financial report. In this paper, we collected samples of Chinese companies listed in the United States, such as Luckin Coffee, and assessed whether there were any signs that might help investors identify fraud earlier than they were discovered, and what mechanisms prevented managers from doing so.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/20221097

    A Study on the Economic Drivers of the Data Element

    As the development of information technology has entered a new stage, data has become a novel factor of production in the digital economy. With its unique and fundamental economic characteristics, data participate in the production process and brings an innovative driving force to the economy. Thus, how data factors act on production and contribute to economic growth need further study. This article analyses the economic characteristics unique to the data element from the perspective of its causes. In the following parts, we propose three ways in which the data element can be combined with traditional factors of production to drive productive development: value multiplication, input substitution, and resource optimization. Furthermore, the article extends the Cobb Douglas function to investigate the possible paths of the data element economic growth model, and initially constructs a production function model including the data factor to deepen the understanding of the function of the data factor.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022901

    Analysis of the Causes and Effects of Inflation in the Late Northern Song Dynasty in Ancient China

    The Northern Song dynasty was one of the dynasties with a highly developed economy in Chinese history. In the middle and late periods of the Northern Song Dynasty, the country had a serious inflation problem. This article mainly refers to and summarizes the literature, and analyzes the emergence of inflation in the Northern Song Dynasty and its impact on society from the perspective of economics through the demand-pull, cost-push and monetary factors from the historical facts. High spending on officials, the military, and the royal family has left the country in financial trouble. To get rid of the financial crisis, the continuous exploitation and oppression of the ruling class and the influence of the war severely destroyed the productive forces. To alleviate economic pressure and curb inflation, the wrong monetary policy adopted during The Period of Huizong aggravated inflation, and the economy was hit hard when money could not be tightened. Finally, the Northern Song dynasty collapsed under the impetus of many problems.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022903

    Validity of Capital Asset Pricing Model(CAPM):Empirical Research on the Panel Industry in China

    In recent years, the stock of the panel industry has developed well and the country has invested heavily in this industry, so investors are enthusiastic about the panel industry. Based on the investment potential of the panel industry, this paper selects the latest data of 12 stocks in Shenzhen Stock Exchange from January 1, 2007 to December 31, 2021, and uses the capital asset pricing model (CAPM) to conduct an empirical study on China's panel industry. The results show that the applicability of the ß coefficient panel industry is not strong, and the applicability of the CAPM model in the panel industry is not good. At the same time, combined with the stock market environment of China's panel industry, this paper makes a further analysis of the CAPM model, and puts forward some investment suggestions for investors the following investment suggestions for reference: evaluating the risk of assets by using a number of indicators before investment; seizing the investment opportunities of upstream new materials and so on.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022907

    Application of NPV and IRR for One Project in Tianchang City

    NPV and IRR assessment methods currently play a key role in the financial investment field. This paper selects the cash flow data of the first year of the project ‘The seventh round market operation project of Urban Environmental Health Service (East District) of Tianchang City’, that is, the cash flow statement for 12 months in 2021. With a planning period of four years, the project has been in operation for more than a year, but it lacks project evaluation. Therefore, we chose the NPV and IRR methods to evaluate the project to provide a reference for the subsequent project development of the company. The results suggest that this project is not performing well and deserve further investigations.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022908

    The Theory of Asset Pricing

    This assignment explores the theory of asset pricing and mainly focuses on the capital asset pricing model (CAPM). Also, the assignment addresses the CAPM as a model that explains how the projected return on an asset is equivalent to the risk-free rate of return plus a risk premium that is proportionate to the asset's beta. The assignment further evaluates the advantages of the model and explains comprehensively some of the drawbacks that make the model criticized by most researchers. Therefore, criticizing the model led to the rise of other efficient asset pricing models. Hence one of the popular alternative models of the CAPM is the Fama-French model, which accounts for value and size risks to the market risk factor. Lastly, the assignment has analyzed the traditional and non-traditional factors that affect the CAPM.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022910

    Is Bitcoin the 'Digit Gold'——A Potential Safe-haven Asset?

    In this paper, we examine whether bitcoin has the potential to become safe-haven asset that can rival gold in the future. We observed, compared and analyzed and the performance of bitcoin and gold in face of a falling market and inflation pressure. We can see if investors can rely on bitcoin to reduce risk exposure significantly through empirical tests. At the end of our research, we found that bitcoin did not perform as well as gold did when faced with market crash and inflation. Therefore, we conclude that bitcoin does not yet show the potential to possess risk-proof merits as gold, the traditional high-quality hedge asset. Gold would probably remain the preferred hedge asset against cryptocurrency for now.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022912

    Research on the Marketing Strategy of Tesla Vehicle in China

    Faced with decreasing energy supplies, the automobile industry in many nations has shifted its attention to new energy cars, and the promotion of new energy vehicles has become a mainstream trend of our day. China's emphasis on the development of new energy vehicles, as well as the implementation of new energy vehicle subsidies, have all contributed to the industry's rapid growth. This research examined Tesla's strengths and weaknesses, opportunities and threats using the SWOT method. It has a brand, product benefits, and a quality service system. National policy industry innovation, as well as consumer awareness of environmental protection, are all positive marketing trends. However, it offers fewer product options, charging options are limited, and safety concerns must be addressed. With something to ponder on, the rivalry becomes even more fierce. The Tesla marketing plan is then determined utilizing the 4PS marketing analysis process. It creates high-end and low-end items to fulfill varied demands, and employs online and offline direct sales to cut costs, flexible pricing, and new media exposure to gain market share. Therefore, Tesla's development is more positive.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022913

    The Impact of Changes in Crude Oil price on the Yield and Volatility of Manufacturing: Evidence from the US and China

    This study is based on the data of WTI international futures crude oil price, China manufacturing Index and the United States Dow Jones Manufacturing Index from November 23, 2021 to June 16, 2022. This paper uses VAR and ARMA-GARCH models to analyze the changes in yield and volatility of manufacturing in the US and China. The results show that the change of crude oil price under the situation of Russia-Ukraine conflict has a negative effect on the return rate of manufacturing industry in China and the United States, but the impact on the return rate of manufacturing industry in China is greater than that of Dow Jones, and the impact on the return rate of manufacturing industry in the United States will gradually disappear as time goes by. In order to reduce the adverse impact of oil price fluctuations on manufacturing industry, this study puts forward some suggestions, such as adopting diversified ways of oil import and export trade and actively developing and utilizing other energy sources.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022914

    The Portfolio Analysis in Hong Kong Stocks

    Maximizing returns is always people’s investment goal. Stocks have some hedging capabilities, and their prices also fluctuate widely, making them popular in-vestments for investors. As a result, Stock prices have fluctuated wildly, leading to uncertain investments and uncertain returns. To compute and analyze the maximum returns of stocks in Hong Kong stocks, this paper takes The Hang Seng index, an important indicator of Hong Kong stock market prices as the scene. We calculate the variance of these stocks using the Fama experiment. And We examined the normal distribution and i.i.d. of the data. To test whether the hypothesis of independence and the same distribution in the data is reasonable, and then con-duct an ACF test on the five selected stocks to observe their time-series stability. Then, this paper uses Markowitz's effective frontier decision-making process to simulate stock trading and use the Sharp ratio risk analysis to select mid-risk and high-yield portfolios. The results show that: The weight of the five stocks shows an approximate trend with their average return rate. The larger the average value is, the larger the investment proportion will be. stock investment with low-risk accounts for a relatively high proportion, while stock investment with high-risk accounts for a relatively small proportion. Among the selected several representative stocks, Techtronic Industries and Long for Group have more investment value, while the investment value of bank stocks is on the low side.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022916

    Application of Three Commonly Used Portfolios in the Hong Kong Stock Market

    This paper will use stocks in Hang Seng Index to figure out the construction of portfolios. In addition, Fama experiment would be used to eliminate the idiosyncratic risk and R language would be regarded as the tool to do onerous computation. And 9 stocks randomly selected plus one risk-free asset would be entailed to construct portfolios, and finally all the stocks without missing values would be entailed. This paper may shed light on investing combination of stocks of Hang Seng index or some others about how to assign the weight proportion to reach different purposes.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022926

    Analysis of Tesla’s Advertising and Marketing Strategy

    Recently, Tesla has become the most popular product, which is a new type of electric car. And the ultimate reason for winning people's attention is his propaganda method - advertising. Tesla's high-quality advertising also answers why Tesla's product was able to succeed. Therefore, this paper explores Tesla's marketing strategy, through Tesla's advertising. It can be concluded that setting multiple target audiences and implementing policies one by one are the main strategies of Tesla.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022929

    Research of the development of Green Central Bank Digital Currency, CBDC

    The idea of a green central bank digital currency (CBDC) has been mentioned by some institutions such as the Congress of the United States and private companies, but it has not been explained. It is intuitive that this concept refers to a way of issuing or using CBDCs by taking the environment into consideration. In this research, it is explored a way that this could work by limiting the CBDC issuance to the total renewable energy production. The paper shows a list of the 40 countries that produce the most renewable energy and compares it with a well-established economic standard, the Total Reserves of Central Banks. For 2018, it was found a correlation among the percentage of the total energy that is produced with green sources and the percentage that could be backed by international reserves if it were the same thing. This correlation is presented as a patron that can be use by Central Banks in order to take environment in to consideration and to calculate how much of a CBDC can be issued by central banks as a standard.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022930

    Research on Structure Features of Supply Chain from the Perspective of Complex Network

    With the rapid development of global manufacturing industry, many manufacturers begin to cooperate with each other. In China, a large number of foreign-funded enterprises in the automobile industry have settled in the Chinese mainland to set up factories and cooperate with local manufacturers. It is a significant task to find a way to optimize the structure of the complex supply network in the manufacturing industry. The paper selects the data on the share ratio relationship between enterprises in the automotive supply chain network published in the China Automotive Industry Yearbook, and selects appropriate software to analyze the topology structure characteristics of the supply chain network. Through numerical analysis, we can conclude that the structure features of supply chain networks can help us identify the hidden dangers of important nodes and point out the problems existing in the supply.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022935

    Research on the Impact of Financial Technology on the Performance of Chinese Commercial Banks ——Taking the Retail Transformation of China Merchants Bank as an Example

    In the era of big data, the integration of financial services and science and technology has become a trend, and financial technology has become critical to the financial service industry. This paper takes China Merchants Bank as a representative case study, summarizes the transformation process of China Merchants Bank business, and sorts out the aspects and transformation measures of China Merchants Bank's use of financial technology. By analyzing the case of China Merchants Bank introducing financial technology to realize the transformation, this paper uses the method of financial index analysis to study the impact of financial technology on the transformation of China Merchants Bank, obtains the impact of financial technology on commercial banks, and puts forward appropriate suggestions.The innovation of this paper is mainly reflected in the research methods and directions. According to the comprehensive literature, there are few cases of domestic and foreign scholars studying the combination of commercial banks and fintech. Therefore, this paper adopts the method of combining theory with practical cases, starting with the promotion of financial technology transformation by China Merchants Bank, discusses the impact of financial technology on the performance of China Merchants Bank, and then gives strategic suggestions for other commercial banks to use financial technology.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022937

    The Predictive Power of Implied Volatility and GARCH Forecasted Volatility During the COVID-19 Pandemic: Evidence from China’s Stock Market

    In this study, we explore how the performance of several popular historical and forward-looking forecasting measures for equity index volatility is affected by the COVID-19 related uncertainty. Our findings present convincing evidence for the advantages of implied volatility in predicting future volatility in the context of the COVID-19 pandemic. Our results also reveal that GARCH forecasted volatility contains unique information about market risk, but the information efficiency is sensitive to economic uncertainty. Therefore, the empirical evidence from China’s stock market is supportive of a popular theoretical view that GARCH and implied volatility capture different aspects of market uncertainty and an appropriate combination of both measures may perform best in terms of information efficiency. This article contributes to the stream of post‐COVID‐19 literature on its impact on financial markets and provides useful implications for financial practitioners.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022942

    The Effects of Central Environmental Supervision and Inspection on the Green Innovation of Industrial Firms in China

    Environmental problems such as poor air quality has recently drawn great attention in China. China’s government has proposed plenty of regulations to alleviate these problems. Central environmental supervision and inspection (CESI), a kind of campaign-style command-and-control regulation, started in 2016 and is still underway. By dispatching central inspectors in groups to provinces in batches, CESI is much stronger and more direct than other command-and-control regulations in the past. There are many papers about CESI, but few examine the relation between it and green innovation from the micro-firm perspective. Since firms’ green innovation (FGI) is a vital driver of the green transformation, the author examines whether and how the first round of CESI influenced the industrial FGI in this paper, based on Time-Varying Difference-in-differences (TDID) model and Mediation Effect model. The 2011-2019 panel data of industrial firms that are listed in A-share market is used, and it is selected from China Stock Market and Accounting Research (CSMAR) database. Besides, FGI is measured by the quantity of green patents, including green utility and invention patents. Unfortunately, the results of both descriptive and empirical analysis show that CESI neg-actively affected FGI partly because the financial condition of firms worsened due to CESI. Moreover, according to heterogeneity analysis, the policy effect is still weak on firms in underdeveloped cities. The author offers some suggestions for improving relevant policies based on these findings.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022943

    Research on the Impact of Establishment of China’s FTA on Regional Economic Development

    With the gradual improvement of the epidemic, the development of FTAs is very promising, so relying on FTAs to achieve local and regional economic growth is a very interesting way of economic growth. At the same time, because most of the literature studying the development of FTAs focus on institutional innovation and the country’s overall economic growth, the country’s economic development process can also be characterized by a widening gap between rich and poor and serious and serious polarization. However, in the development process of a coun-try, if only the overall economic development is considered and the regional eco-nomic growth is neglected, then the national economy might face the problems such as the growing gap between rich and poor and the increasing polarization. Therefore, this paper wants to study the relationship between the development of FTAs and regional economic development. Using survey method and case study, this paper firstly presents the problems of the current situation of FTAs and the limitations of institutional innovation for the article. Then this paper solves the re-lated doubts by studying enterprises’ innovative products and innovative trade strategies in five FTAs, concluding that enterprise innovation is the focus of FTA development.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022946

    Five-Force Analysis, SWOT Analysis, Value Chain Analysis of Apple in Technology Industry

    Apple is the most valuable company by Forbes, Apple strategies play a key role in Apple’s success. Based on Five-Force Analysis, SWOT Analysis, Value chain Analysis methods great brand awareness and strong bargaining power with suppliers and customers are two factors of its success. Great brand awareness leads high volume of customers and brand loyalty. Strong bargaining power guaranteed Apple has great margin when products have been sold.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022947

    Time Series Analyze for Chinese Total Output

    Adopting times series model to directly forecast the Chinese total output. The framework I present circumvents the simple linear models and allow me to forecast the next month trade surplus directly. Instead of doing simple linear regression, I use ARIMA model selection to construct the optimal predict function. The dataset we used is after differenced once, since the original data is not stationary enough. There are no simple regression models to compare since other scholars had shown the performance of linear regression is not well. After doing ACF, PACF, EACF and BIC to draw two alternative ARIMA model, I use maximum likelihood and least square methods to estimate the parameters. Then, I obtain the predicted value of Chinese total output surplus of April 2022, and make comparisons with the true value. The model I selected gives the wrong trend, but the true value is in the significant level. For further studies, times series analysis can add more samples into dataset and take machine learning into consideration to draw a more precious prediction.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022950

    The Digital Inclusive Finance and Investment Efficiency of Enterprises: Evidence from Perspective of Financialization

    Digital inclusive finance, a byproduct of traditional banking and digital technology, has a substantial effect on the financial standing of businesses. Using information from Chinese A-share listed firms between 2011 and 2018, this paper empirically investigates the connection between the emergence of digital financial inclusion and investment efficiency and financialization of real enterprises, as well as their underlying mechanisms. The results show that digital financial inclusion rises a suppressive effect on the investment efficiency of enterprises. Further, this effect is influenced by other control factors. The mechanism test shows that digital financial inclusion enhances the process of financialization of corporations. Findings of this paper help clarify the mechanism of the role of digital inclusive finance. Based on the empirical findings, this paper recommends controlling the unrestricted promotion of digital inclusive finance but encouraging balanced expand.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022951

    The Time-varying Impact of the Covid-19 Pandemic on Biopharmaceutical Industry and Manufacturing

    The pandemic has affected the world economy, specifically the manufacturing and biomedical sectors. This study examines the effects of COVID-19 on the yield and its volatility of manufacturing and biopharmaceutical indexes over a range of periods. It concludes that while the pandemic has had a short-term negative impact on the manufacturing index, the long-term effects on the biopharmaceutical industry outweigh any short-term fluctuations. But over time, the manufacturing index continues to represent its fundamentals. This paper aims to analyze the different short-term and long-term impacts of the pandemic on the biopharmaceutical index and the manufacturing index through data analysis.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022953

    Portfolio Optimization for Five Influencing Companies of Technology Industry in the Hong Kong Stock Market

    Nowadays, as a such big number of countries pay more attention to the scientific research strength, The importance of high and new technology is more and more recognized, the proportion in the securities market is increasing, technology stocks in the eyes of investors. This paper selects 5 Chinese technology growth stocks in Hang Seng Index as the research object and establish the dataset which contains the monthly time series of price in Hang Seng index. Fama experiment is used to well diversify the idiosyncratic risk and make sure that the portfolio is affected by the system risk. Through the mean-standard deviation plot, it can check the independence of the data we collect and check the normality. The portfolio can be divided into two situations: one includes risk-free assets and non risk-free assets. Finally, the performances of the portfolios are accessed including return volatility and weight of assets. The results show that, first, based on the Fama experiment, at least 5 stocks must be chosen to deal with idiosyncratic risk. Second, according to the mean-standard deviation plot,all the assets’ data are i.i.d. Third, the result show that both maximum return portfolios have the high return, and the portfolio contains risk-free assets is higher than portfolios without risk-free assets in the maximum return portfolio, but lower in the maximum Sharpe ratio portfolio. The findings may be useful to stimulate investors pay attention to invest in the technology stocks and create efficient portfolio. Meanwhile, this paper can suggest people how to rationally allocate stocks from multiple dimensions, build an effective combination, and try to obtain higher returns as far as possible in the condition of low risk.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022954

    Current Situation, Problem and Solution of the Bond Market of China

    In 2010, the economy scale of China has become the second largest in the worldwide after exceeding Japan which just next to the economy scale of United States which has kept playing an important role in the global economy. In this case, more and more attention has been focused on it and especially for its financial market which is young but huge in scale. However, as the Chinese financial market was firstly established in 1993, the history of its development is very short and the research related to it is very limited, particularly for the bond market of China which has a very different institution and structure compared with the bond market of the main developed countries in the world where the main changes are followed by the instruction and plan of the government. As the bond is the financial instrument which decides the interest rate, its market has a great influence on the financial liquidity of the whole economy. In addition, the high interest rate in the bond market of China compared with the other bond market has also attracted the foreign investors in the whole world to increase their investment to the market. Therefore, studying the bond market of China is very helpful in understanding the current situation of the bond market of China so as to find out its problems and solutions which are very important for the economy to grow in a healthy way. In this paper, the solutions of how to solve the problems about the risk, market efficiency and the sustainable development of the bond market of China will be analyzed based on its current situation including the structure and scale.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022955

    Portfolio Construction and Analysis Based on the Hang Seng Index from 2009 to 2021

    Maximizing returns at a low risk is a popular goal for investors. The Hang Seng Index (HSI) is a significant indicator of Hong Kong stocks, which is made up of 66 stocks traded on the Hong Kong stock market. This study aims to analyze and the find optimum portfolio based on the Hang Seng index. For this purpose, Fama experiment are applied firstly to evaluate the systematic risk and the idiosyncratic risk. But for convenience, three stocks from three different companies, Tencent, BYD and the CITIC are chosen to construct the portfolio. Then R is used in this study to analyze the portfolio. The minimum variance portfolio, Sharpe ratio and the tangency portfolio are all calculated by R then. The results show that the weights of the tangency portfolio are -200% for Tencent, 42% for BYD and 258% for CITIC, which may be helpful to make the investment decision.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022959

    Portfolio Optimization for Industries in China’s A-shares Market

    Portfolio optimization has always been a hot topic in financial research. Rational investors seek to balance risk and return in asset allocation. This article conducts a portfolio analysis of the military, liquor, new energy vehicles, medical service, and real estate industries in Chinese market. We select a representative asset from each industry and construct a large number of portfolios using the mean-variance model. Among the efficient frontier, we mainly focus on two portfolios. One is the minimum variance portfolio, and the other is the tangency portfolio. Finally, we compare these two portfolios to the SCI 300 Index. The results show that the real estate industry has the largest proportion in the minimum variance portfolio and the military industry contributes most to the maximum Sharpe portfolio. These two portfolios perform better than the SCI 300 Index.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022965

    How does Financial Informatization Influence the Financial Industry?

    In this modern world, talented people create thousands of new technologies like John von Neumann who invented computers and Martin Lawrence Cooper invented phones, all of these E-Techs are recording every information from a person, an organization, or a nation and transmitting the information to the public website. Newspapers, TV shows, and websites always show people information from everywhere in totally different fields, nations are using those technologies to gather information from every corner of the world to have a Big Data Analysis. But, how do those investors or businessmen make a big profit from information? In this essay, I will use qualitative research like a questionnaire to show the influence of financial informatization on the financial industry. The based result was financial informatization is pushing financial industry creation and development and improving the core competitiveness. In conclusion, financial informatization is showing a positive influence on the financial industry.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022966

    Study on Earnings Management Methods And Influencing Factors of Listed Companies in China

    With the further development of China's capital market, the importance of earnings management has gradually become one of the key research topics in the accounting field. Starting from the basic concept of earnings management, this paper mainly studies the motivation, means and influencing factors of earnings management of Chinese listed companies. Through the review and sorting of the relevant literature, the conclusions and suggestions are given at last. This paper argues that supervision for earnings management of Listed companies still needs to be strengthened in China. Based on the study of earnings management of Chinese listed companies, this paper hopes to put forward some suggestions to better improve the securities market environment, improve the capital market system and standardize the financial information disclosure of listed companies in China.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022971

    Hedge Strategy Analysis and Financial Analysis of Volkswagen

    Good hedging strategies need to thoroughly analyze the financial situation, risks, and market changes faced by the company, and then make reasonable choices based on the actual situation. After this article analyzing various financial indicators of Volkswagen, it can be found that the stock price of Volkswagen fell to the bottom in 2020, then quickly recovered in 2021 and reached a peak in the observation period. This includes market factors such as Covid-19 and price fluctuations of raw materials, the recovery of Volkswagen’s profits in 2021, and the hedging strategies like using interest rate derivatives made by Volkswagen Group in 2020. Although this article concludes with some shortcomings of its hedging strategies, overall, this company's hedging strategies are still very instructive, and in the future, it is promising to propose effective, value-conscious hedging strategies to transform the company's risks into opportunities to increase shareholder’s value so that the company can be more flexible to face some risks.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022972

    Improving Consumer’s Purchase Intention through Establishing Brand Story- The Moderating Role of Consumer Perceived Functional Value

    How to expand market share and improve consumers’ willingness to buy products through effective marketing methods is perplexing the companies in luxury industry since most of them are confronted with tremendous competitive pressure. As a new marketing method in recent years, brand stories are incorporated into marketing strategies by a large number of companies. On this basis, this paper adopts the Stimuli-Organism-Response theoretical model, consumer behavior theory and attribute theory, and investigates whether brand story can promote consumers' purchase intention. Furthermore, it also explores the mediating role of consumers' brand identity and the moderating role of consumers' perceived value. Through empirical analysis, the results show that:(1) brand stories can improve consumers' purchase intention; (2) Brand stories promote consumers' purchase intention by improving their sense of personal brand identity; (3) Customers' perceived functional value play can moderate the influence of brand stories on improving consumers' purchase intention. Based on the empirical analysis results, this paper proposes that the luxury industry should focus on the role of brand stories in marketing, and pay attention to the value that products can bring to consumers. In addition, theoretical and practical significance are also further discussed in this paper.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022975

    Analysis of Branding and Online Marketing Strategies for Cultural Heritage

    Cultural heritage, as an important part of a country's culture, is receiving more and more attention and branding has become an important tool in the process of preserving it. The paper uses literature research and quantitative analysis to analyze the branding of cultural heritage and the online marketing of cultural heritage. The analysis results show that there are different brand paths for different types, forms and characteristics of cultural heritage. However, it is necessary to combine the characteristics of the cultural heritage itself, and deepen the impression in the minds of consumers through brand design. At the same time, use the interactivity, aggregation and precision of the Internet to improve marketing efficiency. This paper carefully sorts out the existing research from two dimensions, and strives to summarize the common methods and network marketing strategies of Chinese cultural heritage brand promotion. The research results can stimulate relevant enterprises to produce more and more effective network marketing tools and obtain economic benefits from them. At the same time, it provides a feasible path for the protection of Chinese cultural heritage.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022980

    The Impact of China’s Independent Director System on Corporate Financial Fraud: The Case of Kangmei Pharmaceutical Fraud

    The case of financial fraud of Kangmei Pharmaceutical is known as one of the most serious fraud cases ever in A-share. This paper analyzes the cause, course, and result of the financial fraud of Kangmei Pharmaceutical. Data analysis of the share price of Kangmei Pharmaceutical is conducted to investigate the impact of this incident on the market. The case study method, information asymmetry theory, and principal-agent theory are used to illustrate the impact of independent directors in the financial fraud case and the insights from the fraud case of Kangmei Pharmaceutical.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022982

    The Impact of Outward FDI on the Employment Skills Structure of Chinese Firms

    Based on the panel data of China's manufacturing public listed firms from 2011 to 2015, this paper examines the impact of Chinese manufacturing enterprises' foreign direct investment on the employment skills structure using the fixed-effect model. We found that firms with OFDI, compared to those domestic firms, tend to reduce their employment of producer and finance employees, increase the employment of sales, technical and unskilled labor; increase the share of technical workers and reduce the proportion of producer, finance, sales, and unskilled workers. Compare to intermittent OFDI, firms with continuous OFDI have more employment of sales and technical personnel. With respect to OFDI host countries, OFDI toward OECD countries has negative effect on non-skill jobs, while toward non-OECD countries has positive effect on skill jobs, such as finance, sale and tech’s job. Using the PSM method to conduct an endogenous test, we find that the key results of OFDI impacts remain robust.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022984

    The Effect of Internet Information Dependence and Land Transfer on Agricultural Production Technical Efficiency of Households

    In this essay, the author studies the relationship between internet information dependence, land transfer, and agricultural production technical efficiency based on the CFPS database, including observations from households from 25 provinces in China. The stochastic frontier approach is adopted to predict the technical efficiency of each household, and then OLS, group regression, and regression under interaction terms are applied, respectively. As a result, leasing land from others and internet information dependence are proven to have a positive impact on technical efficiency, while only in the case that the house owner does not depend on the internet to acquire information, the effect of leasing land from others is significant. Though the interaction term between internet dependence and land transfer is not significantly negative, internet dependence does have a substitution effect on land transfer in terms of improving technical efficiency. The result sheds light on developing countries striving to increase agricultural production efficiency and thus presents possible suggestions for peasants to gain better economic status.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022985

    Food supply chain risk of community group buying in the post-epidemic era

    Due to the outbreak of COVID-19 at the beginning of 2020, community group buying is booming again, but at the same time, it will bring new risks. Combining with the characteristics of food quality and community group purchase management, from food procurement, supply, distribution, sales link of food supply chain risk is analyzed, by using analytic hierarchy process (AHP) and fuzzy comprehensive evaluation method in the food supply chain risk factors, the result shows that in the community group to the importance of the food supply chain risk for commodity procurement risk > External environmental risk > Logistics distribution risk > Information Technology Risk >Mission risk, By analyzing these five risks, preventive measures are provided for food supply chain risk management in community group buying.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022986

    Business Model Analysis and Transformation Strategy of OTA’s Hotel Reservation under COVID-19 Situation-- Case of Ctrip

    Online travel agents are booming with the development of the internet in China and the Chinese people's increasing demand for travel. However, the OTA has been greatly affected by COVID-19. In order to study the existing situation and development of OTA’s hotel reservations, Ctrip was taken into the study object to analyze its development history, competitiveness, and business model, which used SWOT, business model lean canvas, and RBV. The research results indicate that Ctrip is still a leader in OTA in the whole of China although under the influence of the epidemic. However, it also found that Ctrip’s hotel reservation has been hit greatly by the epidemic, and because of the implementation of national policies, Ctrip's previous idea to monopolize the OTA was killed. Based on the present situation, this article made some suggestions: Improve the competitive advantage in the sink market, upgrade the platform, update the marketing tools, and optimize the international market.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022987

    Study on the Growth Potential of Beijing's Service Trade Export

    In 2020, the comprehensive pilot project of expanding the opening-up of Beijing's service industry has entered a new stage of comprehensive upgrading. It is of great practical significance to study the growth potential source of Beijing's service trade export. Based on the data of 2012-2018 Beijing service export volume and the national service export volume of 2012-2018, this paper uses the Dynamic shift - share model to analyze the dynamic evolution of the export structure and competitiveness of Beijing service trade. The study shows that the overall growth rate of Beijing's service export lags behind the national standard level. All the traditional service export departments have competitive disadvantages and their competitiveness is declining year by year. Among the modern service export departments, financial and insurance service exports have gradually shown competitive advantages since Beijing became the comprehensive pilot to expand the opening up of the service industry in 2015, but other modern service export departments still face the problem of insufficient competitiveness. According to the study, Beijing should promote the digital transformation and upgrading of the traditional service export sector, steadily promote the development of financial service trade, and enhance its professional export capacity.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022989

    The Relationship of Gender Differences to Economic Development Worldwide

    This paper examined the changing participation rates of women in the Olympics across several decades. We investigated the relationship between equity in participation rates with economic development. A regression analysis predicting GDP based on female participation rates showed that an increase of 1% in female participation rates was associated with an $11.93 billion increase in GDP. We also examined the career persistence of male and female athletes. In 75% of countries, women have longer Olympic careers than men. We also compared the persistence of men and the persistence of women after males or females win a gold medal.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022994

    What Factors Influence the Price of Carbon Emission Trading in China? A Case of Beijing Carbon Market

    As an efficient measure to deal with the intensification of the greenhouse effect, markets for carbon emission trading have been considered to establish by governments in developed countries. However, A stable price system has not yet developed for China's carbon trading market, which is still in its early stages. Therefore, to stabilize the price of carbon trading, enhance the carbon trading price system, and support the wholesome growth of the carbon trading market in China, it is essential to conduct research on the factors that affect carbon trading price. Based on the trading mechanism and the monthly data of the Beijing carbon trading market from 2014 to 2020, this paper investigates the influence patterns of energy price, industrial development, macroeconomic growth, and air quality on carbon price changes, and unit root test, Johansen cointegration test, and error correction model are used to analyze the patterns. The empirical results show that industrial development, economic growth, energy prices, and air quality have a long-run equilibrium relationship with carbon prices. While industrial development indicators are negatively correlated with the price of carbon, the price of energy, economic growth, and air quality are positively correlated with the price of carbon emission trading. Finally, some relevant development suggestions are proposed according to the empirical results.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022995

    The Causes of Agricultural Trade Growth between China and Central Asia under the Background of "the Belt and Road" -- An Empirical Analysis Based on CMS Model

    Central Asia is rich in land, solar and thermal resources, as well as its agricultural labor force. It has superior conditions for agricultural production, which has strong complementarity with China in the agricultural field. Under the current complex international economic and political situation, strengthening cooperation between the two sides in the agricultural field can achieve win-win cooperation, which is also conducive to reversing the situation that developed countries restrict China's agricultural trade. The constant market share model (CMS) is used in this paper to empirical analyze the causes of agricultural trade growth between China and Central Asia from 1995 to 2021 based on UN COMTRADE data. The results show that the interaction between the promotion of the import scale of agricultural products and the improvement of its competitiveness is the main reason for the growth of agricultural exports of both sides; For classified agricultural products, the factors affecting the growth of export volume are different. The main factors restricting export volume growth of China and Central Asia are insufficient competitiveness and unreasonable export commodity structure respectively. In the new era, both sides should strengthen communication and cooperation, adjust the export structure of agricultural products and stabilize the competitiveness of it to further improve trade volume growth.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022996

    The Effect of Covid-19 on Retail Industry in the US

    This paper introduces a major infectious disease, Covid-19, that broke out in 2022. It spread out in a very fast speed and cause a deep influence on the people’s society, especially the retail industry. The main purpose of the article is to define the specific influences or problems that retailers faced because of Covid-19, and solutions came from it. To deal with a fast infected disease like Covid-19, the government usually publish new policies. The article focused on the United State. However, a comparison between the actions of the U.S. government and the Chinese government is listed to prove a better reaction and policies. Compare to China, the U.S. government reacted less and most patient did not get a proper treatment. It caused some problems such as most stores closed, disruption of supply chain and food chain, and increasing of unemployment rate, which caused a lot of pressure on retailers who heavily relied on those factors. In order to help retailers, the U.S. government, especially the Federal Reserve, gave a lot of support on stock market, and the usage of delivery services and online shopping was also helped. Although the Covid-19 caused many problems on retail industry and lead to a severe economic recession, with the support of the government and other solutions, it was getting better.

  • Open Access | Article 2023-03-21 Doi: 10.54254/2754-1169/4/2022999

    E-commerce Development Under the Epidemic

    Due to COVID-19's effects, China's market economy is currently dealing with a number of crises and difficulties. People were compelled to separate at home, the network shopping trend has emerged in place of offline consumption, e-commerce platforms in this time period have a unique allure, many businesses take advantage of opportunities to grow their electrical businesses, and in light of the results of the economic market analysis, it is concluded that the majority of people's consumption demand is based on the demand for items on electric business platforms, which has expanded and enriched the electrification of society. In order to prevent potential issues with the transaction, ensure the safety of express transit, strengthen the pertinent rules and regulations, and identify appropriate solutions for the current issues.

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