Transactions on Economics, Business and Management Research
type: channel
description: Transactions on Economics, Business and Management Research (TEBMR) aims to publish peer-reviewed proceedings from conferences on the theories and methods in all fields of economics, business and management.
publisher: Warwick Evans Publishing
language: en
publication name: Transactions on Economics, Business and Management Research
issn: 2960-1789
items: The Spillover Effects of WTI Crude Oil and The Stock Markets of China and The United States
items: The Impact of Uncertainty Indices on The Spillover Effects in The Global Commodity Market
items: Research on The Impact of Local Government Debt on Corporate Green Innovation
items: Influence of The Carbon Border Adjustment Mechanism on The Imports of Passenger Vehicles to Germany
items: Audit Failures In Small and Medium Sized Accounting Firms Under China’s Revised Securities Law
items: Research on Green M&A Performance of China National Nuclear Power From The Perspective of Resource Orchestration
items: Navigating ESG Disagreement: Effects on Corporate Green Innovation in China
items: Predictability of Stock Market Returns Based on Trading Turnover: Evidence From The Chinese Market
items: The Impact of Economic Policy Uncertainty on Corporate Capital Structure
items: Research on The Impact of The Development Level of Digital Trade on China's New Quality Productivity
items: The Impact of Departure Audits of Natural Resource Assets By Leading Cadres on The Financing of Heavily Polluting Enterprises
items: Forecasting Realized Volatility of Crude Oil: Can MLP-Based Models, CNN-Based Models and Transformer-Based Models Help?
items: Impact of AI and Automation on China's Labor Market
items: Research on the Balance Point between Government Intervention and the Free Market
items: Theoretical Framework and Risk Analysis Research on the Application of Artificial Intelligence in Financial Risk Management
items: Research on Pechoin’s Digital-Intelligent Brand Management Model: A Case Study of a Chinese Time-Honored Cosmetics Brand
items: Analysis of the Role Path of Green Credit Policies in Influencing Enterprises' Green Transformation through Bank Credit Allocation
items: Research on the Construction Path of Organizational Resilience for Small and Medium-sized Enterprises under the Background of Digital Transformation
items: Economic Impact of High-Speed Rail: A Case Study of The Beijing-Shanghai Line
items: Practice and Insights of Marvel's Promotion and Marketing Strategies from the Perspective of IP Life Cycle
items: A DID Empirical Analysis of The Impact of Urban Purchase Restrictions on Residents' Consumption Structure
items: The Gordon Growth Model’s Validity in the Modern Era: An Empirical Analysis of its Performance in Valuing Dividend Aristocrats vs. High-Growth Tech Stocks
items: The Dividend Discount Model: A Critical Examination of Theory and Practice
items: Portfolio Theory Application and the Contrast with Reality
items: Beyond NPV and IRR: An Integrated Capital Budgeting Rule for Real-World Investment Decisions
items: Internal Control, Corporate Performance and Social Responsibility: A Study Based on Manufacturing Enterprise Data
items: Analysis of The Mechanisms of Netizens' Emotional Communication Before and After Public Opinion Reversal: A Case Study of The Rosy Zhao’s Fake Assistance to Farmers
items: Research Overview on How Enterprises Can Breakthrough Amidst The Background of Consumption Downgrading: A Case Study of Mixue Ice Cream
items: A Study on The Workplace Values and Work Attitudes of Post-00s
items: Innovation of Management Systems in Multinational Enterprises in A Multilingual and Cultural Environment

The Spillover Effects of WTI Crude Oil and The Stock Markets of China and The United States
type: item
description: Fluctuations in crude oil prices can affect China's national economy through the transmission of market information. Based on this background, this paper selects the relevant index data of WTI crude oil and the stock markets of China and the United States from January 5, 1993 to April 30, 2024 as the research objects, and constructs the VAR-BEKK-GARCH model, the DY spill-over index, and the VAR for Var model to study the volatility spillover and extreme risk spillover between crude oil and the stock markets. The results show that the volatility spillover between WTI crude oil and the stock markets of China and the United States indicates that there is no volatility spillover effect between WTI and the Chinese stock market; when the Chinese stock market rises or falls sharply, it has tail risk spillover effects on the crude oil market, and the risk spillover effect between the crude oil market and the US stock market is asymmetric, with risk spillover typically occurring in the upper quantile rather than the lower quantile. Then, the full sample is divided into two sub-samples based on the 2008 financial crisis as the boundary for research. It is found that the risk spillover effect between WTI crude oil and the stock markets of China and the United States after the crisis is stronger than that before the crisis, which is helpful for investors and relevant practitioners to understand the relationship between the two markets, avoid risks, and promote the healthy and stable development of China's financial market.
subject: Articles
  topic: section
subject: WTI crude oil; Volatility spillover effect; Tail risk spillover effect.
  topic: keywords
creator: Meiru Feng
rights: Copyright (c) 2026 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 370
ending page: 379
doi: 10.62051/h9kyqq38

The Impact of Uncertainty Indices on The Spillover Effects in The Global Commodity Market
type: item
description: To explore the spillover relationships among commodity markets and the impacts of uncertainty index variables thereon, this paper employs the DY spillover approach to investigate the mean spillover effects across 10 sub-sectors of the commodity market. Additionally, 8 uncertainty index variables are selected for regression analysis based on the AR model, aiming to examine how these uncertainty indices affect the mean spillovers among commodity markets. The empirical findings are as follows: first, the oil and meals sector acts as the primary risk transmitter in the commodity market, with the largest net spillover index value, thus making the most significant contribution to market interconnectedness; second, only the VIX exerts a statistically significant positive impact on the commodity market. This phenomenon may be attributed to the fact that a rise in the panic index could trigger speculative sentiment, prompting investors to engage in short-term trading or speculative activities. Consequently, such behaviors would lead to an increase in trading volume and severe price fluctuations in the commodity market.
subject: Articles
  topic: section
subject: commodity markets; uncertainty factors.
  topic: keywords
creator: Liqian Kong
rights: Copyright (c) 2026 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 360
ending page: 369
doi: 10.62051/qf0jcx79

Research on The Impact of Local Government Debt on Corporate Green Innovation
type: item
description: The 1994 tax-sharing reform and the 2008 financial crisis triggered an expansion of local government debt in China. This not only disrupts financial market order and increases systemic financial risks but may also exert significant impacts on micro-level enterprises. Such effects include squeezing corporate credit resources, distorting resource allocation within enterprises, and ultimately affecting corporate green investments and innovation. Green innovation serves as both a key driver for economic transformation and upgrading, and a vital lever for achieving the dual carbon goals. Deepening our understanding of its influencing factors can help precisely elevate the level of green innovation development. Based on this rationale, this paper employs firm-city matching data from 2013 to 2023 to empirically examine the impact of local government debt on corporate green innovation and its underlying mechanisms.
subject: Articles
  topic: section
subject: Local government debt; Green Innovation; Crowding-out effect.
  topic: keywords
creator: Lulu Cheng
rights: Copyright (c) 2026 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 351
ending page: 359
doi: 10.62051/76kj0761

Influence of The Carbon Border Adjustment Mechanism on The Imports of Passenger Vehicles to Germany
type: item
description: Climate policy is increasingly influencing trade patterns through carbon-cost differentials. This paper investigates how the EU Carbon Border Adjustment Mechanism (CBAM) may reconfigure Germany's passenger-vehicle imports once carbon pricing at the border becomes binding. Using a simulation-based gravity framework with a balanced panel of 47 exporters (2008–2024), the author constructed two CBAM exposure measures: (i) a Structure Effect capturing ETS-aligned carbon-price asymmetries scaled by technological capability, and (ii) an Effective Cost interaction that amplifies penalties for carbon-intensive producers. Results show a two-channel mechanism: the Structure Effect is positively correlated with German imports, consistent with sourcing shifts toward technologically advanced, low-carbon suppliers, while the Effective Cost significantly curtails imports from high-emission exporters—particularly non-EU countries fully exposed to border carbon pricing. Overall, CBAM is predicted to generate a moderate change in import levels but a meaningful reallocation in Germany's supplier composition, with implications for supply-chain resilience and the distribution of adjustment pressure across exporting countries.
subject: Articles
  topic: section
subject: Carbon Border Adjustment Mechanism, Automotive Industry, Imports, Gravity Model.
  topic: keywords
creator: Jasmin Remmel
creator: Dayan Lin
rights: Copyright (c) 2026 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 344
ending page: 350
doi: 10.62051/fgwgez02

Audit Failures In Small and Medium Sized Accounting Firms Under China’s Revised Securities Law
type: item
description: After China’s new Securities Law shifted securities related audit entry from an approval to a filing regime, small and medium sized accounting firms gained easier market access, but audit quality risks increased. Drawing on information asymmetry and audit collusion theories, this study uses a case analysis of Zhongtian Huamao’s audit of ST Wangli to reconstruct the failure process and identify key deficiencies, including impaired independence, inadequate procedures and evidence for fixed assets, insufficient follow up on prior qualified opinion issues, and false statements in audit documents. The findings suggest that greater scope for collusion under the filing system, together with insufficient due diligence and professional competence, contributed to the failure. Policy implications include strengthening auditor ethics and firm independence, improving capability building, and moving toward more preventive and continuous regulatory oversight.
subject: Articles
  topic: section
subject: New Securities Law; Filing system; Audit failure; Audit collusion.
  topic: keywords
creator: LingHan Bu
rights: Copyright (c) 2026 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 336
ending page: 343
doi: 10.62051/3gj63219

Research on Green M&A Performance of China National Nuclear Power From The Perspective of Resource Orchestration
type: item
description: With the Chinese government attaching increasing importance to development concepts such as "carbon peaking and carbon neutrality" and "green sustainable development", clean energy has gradually become a key focus area for power enterprises in their transformation. The society's demand for clean energy is constantly rising, and the new energy industry is showing a trend of rapid development. At present, new energy technologies such as solar energy and wind energy have become relatively mature, and innovative technologies are continuously expanding the development scale and efficiency of the new energy industry. In terms of the policy environment, countries around the world have introduced a series of policy measures to promote the development of the new energy industry. China has provided strong policy support for new energy, and through the implementation of a series of large-scale policies, the government has given great attention and support to the development of the new energy industry. In addition, international organizations such as the International Energy Agency (IEA) and the United Nations Environment Programme (UNEP) have strengthened international cooperation and experience sharing by releasing a series of policy reports and recommendations. Against this background, China National Nuclear Power Co., Ltd. (CNNP) officially completed the acquisition of China Nuclear Energy Engineering Co., Ltd. (CNEEC) in 2020, which has exerted a significant impact on the development of CNNP in various aspects. Enterprises often obtain and occupy richer resources through mergers and acquisitions (M&A) and restructuring, but merely retaining resources within the enterprise cannot create competitive advantages. In contrast, the resource orchestration process focuses on the effective mobilization and utilization of resources to exert any potential advantages. Therefore, it is of great significance to explore how enterprises use M&A to enhance corporate value from the dynamic …
subject: Articles
  topic: section
subject: Green Mergers and Acquisitions; Resource Orchestration Theory; Green M&A Performance.
  topic: keywords
creator: Ying Wang
rights: Copyright (c) 2026 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 328
ending page: 335
doi: 10.62051/vh1tq378

Navigating ESG Disagreement: Effects on Corporate Green Innovation in China
type: item
description: ESG performance is a key non-financial metric for corporate sustainability, yet significant rating divergence exists across agencies due to methodological and contextual differences. Using 2010–2021 panel data of Chinese A-share listed firms, this study examines ESG rating divergence's impact on corporate green innovation (proxied by green patent grants) and the mediating role of financing constraints (measured via the SA Index). ESG rating divergence is calculated as the standard deviation of standardized scores from five agencies. Results confirm a significant negative relationship between ESG rating divergence and green innovation. Financing constraints partially mediate this link: divergence exacerbates information asymmetry, reduces capital allocation efficiency, and weakens policy support, tightening constraints and indirectly inhibiting green innovation. The inhibitory effect is more pronounced for high-pollution and high-tech firms This study enriches ESG and corporate innovation literature by uncovering the underlying micro-mechanism, offering policy implications for standardizing ESG rating frameworks, improving green finance systems, and enhancing corporate ESG management to reduce divergence and boost green innovation
subject: Articles
  topic: section
subject: ESG Rating Divergence; Green Innovation; Financing Constraints; Mediating Effect; Heterogeneity Analysis.
  topic: keywords
creator: Lin Shen
rights: Copyright (c) 2026 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 319
ending page: 327
doi: 10.62051/mkaq6r19

Predictability of Stock Market Returns Based on Trading Turnover: Evidence From The Chinese Market
type: item
description: Trading turnover serves as a critical indicator of market activity. This study conducts an empirical analysis using monthly returns of the Shanghai Stock Exchange Composite Index and market turnover data from January 2000 to December 2022. By decomposing market turnover into "good turnover" and "bad turnover," we investigate the relationship between different turnover components and equity returns. The findings indicate that both total market turnover and good turnover significantly predict stock market returns both in-sample and out-of-sample, with good turnover exhibiting superior predictive power. Furthermore, good turnover provides incremental information beyond that captured by total market turnover and bad turnover. Practical asset allocation tests demonstrate that strategies based on good turnover forecasts outperform those utilizing total or bad turnover.
subject: Articles
  topic: section
subject: Stock return predictability; Good turnover; Bad turnover; Asset allocation.
  topic: keywords
creator: Yiting Weng
rights: Copyright (c) 2026 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 308
ending page: 318
doi: 10.62051/87efa781

The Impact of Economic Policy Uncertainty on Corporate Capital Structure
type: item
description: Rising economic policy uncertainty has become a defining feature in China and globally in recent years. This paper reviews and synthesizes relevant literature on economic policy uncertainty and its impacts. Using the Baker Index as a measure of economic policy uncertainty and selecting Shanghai and Shenzhen A-share listed companies as the sample, it empirically examines the effects of economic policy uncertainty on corporate capital structure.Employing panel regression for benchmark analysis, the study further validates its conclusions through robustness tests and conducts in-depth mechanism analysis. Findings reveal that heightened economic policy uncertainty leads to reduced corporate leverage. Specifically, this uncertainty lowers leverage by increasing cash holdings, reducing operational risk, and strengthening financing constraints.
subject: Articles
  topic: section
subject: Economic policy uncertainty, Baker Index, Capital structure, Leverage ratio.
  topic: keywords
creator: Wanye Di
rights: Copyright (c) 2026 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 297
ending page: 307
doi: 10.62051/1gs5nd47

Research on The Impact of The Development Level of Digital Trade on China's New Quality Productivity
type: item
description: Against the dual backdrop of the digital economy becoming the core engine of global economic growth and the rise of new quality productivity construction as a national strategy, this article focuses on the empowering effect and mechanism of digital trade on new quality productivity. Firstly, based on the connotation and essence of new quality productivity, a four-dimensional evaluation index system covering new quality workers, new quality labor objects, new quality labor materials, and economic support system is constructed. The entropy method is used to measure the level of new quality productivity in 30 provinces in China from 2014 to 2022; Secondly, using the bidirectional fixed effects model and mediation effects model, systematically examine the relationship and internal logic between digital trade and new quality productivity. Research has found that digital trade has a significant positive promoting effect on the improvement of regional new quality productivity, while digital technology innovation plays a partial mediating role in the relationship between the two, that is, digital trade indirectly empowers the development of new quality productivity by promoting digital technology innovation; Heterogeneity analysis shows that digital trade has a more significant promoting effect on new quality productivity in the eastern and western regions, as well as in areas with higher urbanization levels, optimized industrial structures, and abundant talent resources.
subject: Articles
  topic: section
subject: Digital trade, new quality productivity.
  topic: keywords
creator: Wenhao Cui
rights: Copyright (c) 2026 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 282
ending page: 296
doi: 10.62051/73d79w64

The Impact of Departure Audits of Natural Resource Assets By Leading Cadres on The Financing of Heavily Polluting Enterprises
type: item
description: This paper takes the implementation of the natural resource asset departure audit of leading cadres as a quasi-natural experiment and uses the differin-differences model to explore the impact of the natural resource asset departure audit of leading cadres on the financing constraints of heavily polluting enterprises and its mechanism of action. The study found that the implementation of the natural resource asset departure audit for leading cadres significantly alleviated the financing constraints of heavily polluting enterprises; Mechanism analysis shows that the natural resource asset departure audit for leading cadres alleviates the financing constraints of heavily polluting enterprises by promoting corporate social responsibility fulfillment and improving the quality of information disclosure of heavily polluting enterprises.
subject: Articles
  topic: section
subject: Leading cadres, natural resources, assets, departure audit; Financing constraints; Social responsibility; Quality of information disclosure.
  topic: keywords
creator: Haipeng Zhang
rights: Copyright (c) 2026 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 271
ending page: 281
doi: 10.62051/2j3xmh69

Forecasting Realized Volatility of Crude Oil: Can MLP-Based Models, CNN-Based Models and Transformer-Based Models Help?
type: item
description: The Shanghai crude oil futures market exudes a distinct speculative attribute, which highlights the importance of Volatility Prediction. Therefore, this study uses the improved models based on MLP, CNN and Transformer for time series forecasting to predict the realized volatility of Shanghai crude oil futures. The results of this study show that MLP-based models, CNN-based models and Transformer-based models are better than the original model in three aspects of extending window, rolling window and long series prediction.
subject: Articles
  topic: section
subject: Volatility forecasting; Shanghai crude oil futures; Deep learning.
  topic: keywords
creator: Guoyu Gu
rights: Copyright (c) 2026 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 252
ending page: 270
doi: 10.62051/zqhcta04

Impact of AI and Automation on China's Labor Market
type: item
description: This essay analyzes how automation and artificial intelligence affect China’s labor market, focusing on the differences between different sectors, skill levels, and groups of the population. The study has shown that although AI improves the competitiveness of industries and productivity, income inequality and job polarization were worsened, based on legislative documents, secondary data, and an analysis of Foxconn's production automation case study. High-skilled jobs benefit due to an increase in wage levels and demand, while low-skilled and repetitive work in manufacturing is most replaceable. The result in the service sector is diversified, as AI improves certain jobs, the values of others are weakened. Other than that, China’s objectives of social justice and shared prosperity are also threatened due to unequal distribution of rewards, as capital owners and urban elites benefit more. To decrease negative effects and ensure a fair transformation to a tech-driven economy, this essay promotes positive labor and welfare policies, including retraining of skills, inclusive social insurance, and equal regional development strategies.
subject: Articles
  topic: section
subject: Artificial Intelligence; Automation; China; Labor Market; Inequality; Foxconn; Skill Polarization; Social Policy.
  topic: keywords
creator: Yiming Chen
rights: Copyright (c) 2026 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 246
ending page: 251
doi: 10.62051/d2r9mj41

Research on the Balance Point between Government Intervention and the Free Market
type: item
description: The changing global economic landscape has once again made the relationship between government intervention and the free market a hot topic in economic research. This paper systematically reviews the theories of the two to analyze the dialectical relationship between them, and studies the evolution process and effectiveness of the relationship between the government and the market under different economic systems by using a combination of literature analysis, case comparison, and quantitative analysis. The article first reviews the theoretical development process from classical liberalism to Keynesianism and then to neoliberalism, then dissects the dual predicaments of market failure and government failure, and also explores the reasonable boundaries of government intervention in areas such as infrastructure construction, externality governance, macroeconomic stability, and income redistribution. Finally, by comparing different models in China, the United States, and the Nordic countries, practical approaches to finding the balance point between government and market are presented. The research shows that the ideal balance point is not fixed but is a process of dynamic adjustment in accordance with the stage of economic development, technological progress, and social demand. To build a good interaction mechanism between an effective market and an active government, the intensity and means of intervention should be flexibly adjusted in accordance with specific national conditions to achieve the best combination of economic efficiency and social equity.
subject: Articles
  topic: section
subject: Government intervention; Free market; Market failure; Government failure; Economic governance.
  topic: keywords
creator: Dingyuan Liu
rights: Copyright (c) 2026 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 239
ending page: 245
doi: 10.62051/fs0kma45

Theoretical Framework and Risk Analysis Research on the Application of Artificial Intelligence in Financial Risk Management
type: item
description: The theoretical framework for the application of artificial intelligence in financial risk management and related risk analysis are what this paper aims to explore. Due to the increasing complexity of financial markets and the explosive growth of data volume, traditional risk management methods have become difficult to meet the demands of the modern financial system, while artificial intelligence technology has strong data processing, pattern recognition and prediction capabilities. It is gradually taking an important position in financial risk management. This study first constructs a theoretical framework for the application of artificial intelligence in financial risk management, covering four major areas: market risk, credit risk, operational risk, and liquidity risk. At the same time, it analyzes the specific application mechanisms of AI technologies such as machine learning, deep learning, and natural language processing in these four risk areas. Secondly, the article delves deeply into potential risks such as algorithmic black boxes, data privacy protection, poor model interpretability, and systemic risk amplification when AI technology is applied to financial risk management. After constructing a three-dimensional assessment model of "technology - application - risk", a complete set of risk prevention and control measures and regulatory recommendations are proposed. The research shows that AI technology has significant advantages in improving the accuracy of financial risk identification, the timeliness of early warning, and the efficiency of management. However, its application is based on a sound risk assessment and regulatory framework. This paper can provide theoretical references and practical guidance for financial institutions to effectively integrate AI technology for risk management and for regulatory authorities to formulate adaptive policies.
subject: Articles
  topic: section
subject: Artificial Intelligence; Financial risk management; Theoretical framework; Risk analysis; Regulatory Recommendations.
  topic: keywords
creator: Yipeng Liu
rights: Copyright (c) 2026 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 230
ending page: 238
doi: 10.62051/j2nkp479

Research on Pechoin’s Digital-Intelligent Brand Management Model: A Case Study of a Chinese Time-Honored Cosmetics Brand
type: item
description: With the rapid development of digital and intelligent technologies, time-honored brands are undergoing profound structural changes driven by both globalization and digitalization. These brands, while carrying national cultural memories and commercial reputation, also face real challenges such as brand aging, market shrinkage, and consumer loss. This paper takes the representative Chinese time-honored brand "Bai Que Ling" as its research object to explore the empowering mechanism and practical path of digital technology in brand management. Through literature review and case analysis, the study finds that digital technologies (such as big data, artificial intelligence, blockchain, and augmented reality) are deeply involved in core aspects such as consumer insights, product innovation, supply chain optimization, and brand communication, thereby significantly improving brand operational efficiency and market responsiveness. Simultaneously, Bai Que Ling has achieved a deep integration of traditional culture and modern technology by constructing a data-driven end-to-end management system, using immersive online and offline experiences and content marketing. This has transformed the brand value from a single product supply to a user-centric lifestyle solution, gradually forming a brand management model of "technology empowering cultural inheritance." The study concludes that the digital transformation of traditional brands not only requires technological investment but also emphasizes cultural continuity and the reinterpretation of brand stories. The dynamic balance between culture and technology is key to the sustainable development of time-honored brands.
subject: Articles
  topic: section
subject: Time-honored branding; Pechoin; Digital-intelligent transformation; Technology-enabled branding; Brand management model; Cultural heritage.
  topic: keywords
creator: Yueming Zhao
rights: Copyright (c) 2026 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 219
ending page: 229
doi: 10.62051/nee6jv81

Analysis of the Role Path of Green Credit Policies in Influencing Enterprises' Green Transformation through Bank Credit Allocation
type: item
description: Green credit policy is the subject of study in this paper, which explores how it exerts influence on the green transformation of enterprises through bank credit allocation. As China's ecological civilization construction continues to deepen, green credit plays an important role in financial support for green development, and the effects and transmission mechanisms of related policies have attracted increasing attention. This study first reviews the development process and theoretical basis of green credit policies at home and abroad and analyzes the evolution characteristics and institutional framework of China's green credit policies. Then it constructs a theoretical model of the impact of green credit policies on the green transformation of enterprises and systematically dissects the three main channels of policy transmission from the perspective of bank credit allocation: First, use differentiated credit pricing mechanisms to direct funds to environmentally friendly enterprises. Second, by taking advantage of the requirements of environmental risk management, banks can adjust their credit structure, thereby indirectly forcing high-pollution enterprises to transform. Third, provide financial guarantees for green technological innovation and clean production through the support of green project financing. Empirical analysis shows that green credit policies have significantly increased banks' credit support for green industries, reduced the financing convenience for highly polluting enterprises, and led enterprises to independently carry out green transformation through the differentiation of funding costs. However, the study also noticed regional differences and insufficient policy coordination during the policy implementation period. In response to these problems, this paper presents policy proposals such as improving the green credit standard system, strengthening the bank green credit incentive and restraint mechanism, and building a diversified green financial …
subject: Articles
  topic: section
subject: Green credit policy; Bank credit allocation; Corporate green transformation; Pathways of action; Environmental Risk management.
  topic: keywords
creator: Yuze Shao
rights: Copyright (c) 2026 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 210
ending page: 218
doi: 10.62051/n6p7j091

Research on the Construction Path of Organizational Resilience for Small and Medium-sized Enterprises under the Background of Digital Transformation
type: item
description: In the context of digital transformation, this study focuses on the path for small and medium-sized enterprises (smes) to build organizational resilience, because with the rapid development of digital technologies and the increasingly uncertain external environment, smes are facing unprecedented challenges and opportunities, and organizational resilience is a key capability for their sustainable development. Based on the theories of organizational resilience and digital transformation, this paper systematically explores the mechanisms by which digital transformation affects the formation of organizational resilience in small and medium-sized enterprises using methods such as literature analysis, case study, and questionnaire survey. The results show that digital transformation affects the construction of organizational resilience through three paths: technology empowerment, organizational restructuring, and business model innovation. Specifically, small and medium-sized enterprises can approach six aspects: improving digital infrastructure, establishing data-driven decision-making mechanisms, designing agile organizational structures, cultivating digital talents, building cross-boundary collaborative networks, and innovating business models to create a closed-loop system of "predictive - response - adaptation - learning" for organizational resilience. The study further proposes a strategic framework for building differentiated resilience based on the development stage and digital maturity of enterprises, and provides policy recommendations in light of the actual situation of Chinese smes. The findings enrich the application of organizational resilience theory in the digital economy and provide theoretical guidance and practical approaches for smes to enhance organizational resilience during digital transformation. It has significant theoretical and practical implications for promoting high-quality development of small and medium-sized enterprises.
subject: Articles
  topic: section
subject: Digital transformation; Organizational resilience; Small and medium-sized enterprises; Build paths; Digital capabil.
  topic: keywords
creator: Yihan Zhou
rights: Copyright (c) 2026 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 202
ending page: 209
doi: 10.62051/kjgcgv04

Economic Impact of High-Speed Rail: A Case Study of The Beijing-Shanghai Line
type: item
description: In this study, the impact of Beijing-Shanghai high-speed railway on urban economic growth has been explained in combination with case studies, literature reviews, and This paper uses mixed methods, a systematic literature review combined with a deep case study. Factor aggregation and mobility perspective; Industrial structure optimization perspective; Spatial spillovers effects perspective Combined with the case study, the paper also examines the literature on the Beijing-Shanghai High-Speed Railroad and economic development from these findings, we can tell that the opening of the high-speed railway has created complex and diverse employment effects in cities of different levels along the route, which also promotes the flow of capital and changes the industrial structure. The growth rate of GDP in the Secondary industry of Intermediate cities is much higher than the Growth rate of GDP in the First tier cities, the growth rate of GDP in the Tertiary industry of Intermediate cities is much lower than the Growth rate of GDP in the First tier cities. In terms of the regional economic structure, the Beijing-Shanghai High-Speed Railway mainly affects the regional economy through spatial spillover effect with capitals. The growth of capital in cities along the way has promoted the economic development of other regions. Therefore, the paper puts forward differentiated policy recommendations according to the above findings and gives advice for future long-term follow-up studies and international comparative studies. As for future research on the economic impact of the Beijing-Shanghai High-speed Railway, it could also continue. Long term investigations. Comparing the effects of high-speed railways on different countries and regions can also be used to expand on the impact of high-speed railways on high-quality economic development.
subject: Articles
  topic: section
subject: High-Speed Railway; Regional Economic Growth; Beijing-Shanghai High-Speed Railway; Agglomeration Effect; Spatial Spillover Effect.
  topic: keywords
creator: Ziyi Lu
creator: Qiaochu Zhang
creator: Qiongyuan Zhang
rights: Copyright (c) 2026 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 194
ending page: 201
doi: 10.62051/t91sje49

Practice and Insights of Marvel's Promotion and Marketing Strategies from the Perspective of IP Life Cycle
type: item
description: With the industrialization of the cultural industry, IP has transcended the form of single works such as novels and comics, and developed into a content ecosystem covering multiple media including comics, films and TV series, as well as multiple scenarios like cinemas, home TVs and theme parks. The IP Life Cycle Theory, derived from Vernon’s Product Life Cycle Theory and later extended to the IP field, divides IP development into four stages: Incubation, Growth, Maturity and Continuation. Due to significant variations in IP characteristics, market demands and audience needs across different stages, targeted promotion and marketing strategies are required to maximize IP value. This paper takes Marvel, a global benchmark in IP operation, as a case study to analyze its marketing practices in each stage. It finds that Marvel’s success lies in the precise alignment between its strategies and the IP life cycle stages, which also confirms that the IP life cycle can be artificially extended through dynamic marketing. The study further provides insights for other IP operations, including the adoption of stage specific strategies, adherence to content led marketing and active embrace of innovation.
subject: Articles
  topic: section
subject: IP Life Cycle; Marvel; Promotion and Marketing Strategies; Content Ecosystem; Cross-Media Communication.
  topic: keywords
creator: Zihang Yang
rights: Copyright (c) 2026 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 189
ending page: 193
doi: 10.62051/9wqbqy11

A DID Empirical Analysis of The Impact of Urban Purchase Restrictions on Residents' Consumption Structure
type: item
description: To assess the dynamic impact of the housing purchase restriction policy on the consumption structure of residents and its mechanism of action, this study constructs a theoretical analysis framework that includes the mediating effect of housing prices. Based on the urban panel data of Beijing from 2010 to 2023, we conducted an empirical test using the difference-in-differences method. The research results show that the impact of purchase restrictions on the consumption structure of residents has significant dynamic characteristics. Benchmark regression indicates that after controlling for a series of urban economic characteristics, the direct effect of the policy is not significant, but its indirect effect generated by suppressing housing prices is intricately intertwined with wealth effect, crowding-out effect and mortgage effect. Both the parallel trend test and a series of robustness tests support the reliability of the above findings. Further mechanism analysis confirmed that housing prices are the key intermediary channel through which purchase restrictions affect the consumption structure. This study reveals the intrinsic path by which macro housing regulation policies influence micro household consumption decisions, emphasizing that future policy-making should fully consider their heterogeneity and dynamic impact on residents' consumption, in order to achieve the dual goals of stable and healthy development of the real estate market and upgrading of the consumption structure in a coordinated manner.
subject: Articles
  topic: section
subject: Housing purchase restriction policy; residents' consumption structure; difference-in-differences method; mediating effect; dynamic effect.
  topic: keywords
creator: Yixuan Li
creator: Miaoying Wang
rights: Copyright (c) 2026 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 180
ending page: 188
doi: 10.62051/w7ph1k70

The Gordon Growth Model’s Validity in the Modern Era: An Empirical Analysis of its Performance in Valuing Dividend Aristocrats vs. High-Growth Tech Stocks
type: item
description: Asserted by the foundational principle of finance, the concept of an asset's value is the present value of its future cash flows. For equities, the Dividend Discount Model (DDM) operationalizes this principle, particularly the Gordon Growth Model (GGM). However, the modern market is increasingly dominated by technology firms that reinvest all profits into growth rather than paying dividends, presenting a fundamental challenge to this traditional framework. This paper investigates the applicability and accuracy of the GGM in the contemporary stock market through an empirical analysis from 2018 to 2023. A comparative analysis was conducted on two portfolios: one consisting of stable "Dividend Aristocrats" and another of high-growth, largely non-dividend-paying tech stocks. The findings reveal a stark divergence. The GGM demonstrated reasonable, though imperfect, accuracy for Dividend Aristocrats, with a low absolute percentage variance of from market prices. In contrast, the model produced fundamentally nonsensical results for high-growth tech stocks, with higher percentage variances, as it logically computed a value of zero for non-dividend payers. This study concludes that the GGM's validity is entirely contingent on a company's investment profile. It remains applicable for valuing mature and income-oriented firms. But for high-growth companies whose value is derived from growth options and future potential rather than current income, it is unequivocally obsolete. These findings necessitate investors adopting a more nuanced toolkit and implementing context-driven approach to teaching valuation in finance pedagogy.
subject: Articles
  topic: section
subject: Gordon Growth Model; Dividend Discount Model; Dividend Aristocrats; High-Growth Tech Stocks; Equity Valuation.
  topic: keywords
creator: Ila Zi Ye
rights: Copyright (c) 2026 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 174
ending page: 179
doi: 10.62051/s49e2v61

The Dividend Discount Model: A Critical Examination of Theory and Practice
type: item
description: The Dividend Discount Model (DDM) stands as a foundational theory in financial economics, proposing that a stock's intrinsic value is the present value of all its future dividends. This paper provides a critical examination of the DDM, evaluating its theoretical contributions alongside its practical limitations. While the model offers significant pedagogical value by establishing a clear, cash-flow-based framework and illuminating the core drivers of value—dividends, discount rate, and growth—its utility in modern financial analysis is constrained by several key factors. These include its extreme sensitivity to input assumptions, the unrealistic nature of its perpetual growth postulate, and its failure to account for prevalent corporate practices such as share repurchases and the existence of non-dividend-paying growth stocks. The analysis concludes that the DDM's primary relevance lies in its role as a theoretical benchmark and educational tool. For practical application, it must be supplemented with more nuanced approaches, such as multi-stage or total payout models, and integrated with other valuation methods to navigate the complexities of contemporary equity markets.
subject: Articles
  topic: section
subject: Dividend Discount Model (DDM); Stock Valuation; Financial Analysis; Limitations of DDM; Financial Economics.
  topic: keywords
creator: Donghang Li
rights: Copyright (c) 2026 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 170
ending page: 173
doi: 10.62051/3wc3ve50

Portfolio Theory Application and the Contrast with Reality
type: item
description: This study aims to address the issue of portfolio theory, which has been a topic of debate in financial. The main objective of this study is to investigate if the portfolio theory is useful in practical application. This study determines the feasibility of applying portfolio theory in real life through comparison and case studies. The findings of the study indicate that its assumptions about investor behavior often conflict with reality. The study provides insights into financial, which may contribute to future research and practice.
subject: Articles
  topic: section
subject: Portfolio theory in practice; efficient frontier; mental accounting; loss-averse.
  topic: keywords
creator: Xinyi Chen
rights: Copyright (c) 2026 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 166
ending page: 169
doi: 10.62051/05jtjn21

Beyond NPV and IRR: An Integrated Capital Budgeting Rule for Real-World Investment Decisions
type: item
description: In making investment decisions, rational investors use rules to determine whether projects or assets are worth undertaking, taking into account the time value of money and risk. Prevalent investment rules include NPV, IRR, payback/discounted payback, the profitability index (PI), and “equivalent annual” methods; among these, NPV & IRR are the benchmark most commonly recommended. In this article, the following questions will be discussed: What is the better investment rule for investing in the financial markets - NPV or IRR? And is there an integrated investment rule that can be applied to multiple scenarios? Several essential financial indicators are incorporated to form a holistic investment rule that can provide comprehensive metrics when making investment decisions.
subject: Articles
  topic: section
subject: Integrated Investment Rule; Real-World Decisions; Leverage & Tax Shields; Capital Rationing; Scenario Analysis; Unequal Life Project Comparison.
  topic: keywords
creator: Junchen Fan
rights: Copyright (c) 2026 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 161
ending page: 165
doi: 10.62051/a4ybws71

Internal Control, Corporate Performance and Social Responsibility: A Study Based on Manufacturing Enterprise Data
type: item
description: This paper examines the links between internal control, corporate performance, and corporate social responsibility (CSR) in Chinese manufacturing firms. Based on principal-agent theory and mediation analysis, it considers whether CSR acts as a channel through which internal control affects performance. Using financial data from listed manufacturing enterprises and applying Stata for empirical tests, the results show that stronger internal control improves financial performance and that CSR plays a mediating role in this process. The study suggests that well-designed internal control not only raises efficiency and resource use but also supports firms in meeting their social responsibilities. In practice, companies are encouraged to clarify the roles of principals and agents, strengthen safety and quality management, and pursue industrial upgrading to meet demand for green and sustainable products. At the policy level, governments are advised to refine regulations and provide guidance that motivates firms to combine economic outcomes with social contributions.
subject: Articles
  topic: section
subject: internal controls, enterprise performance, corporate social responsibility.
  topic: keywords
creator: Jiahao Zhao
rights: Copyright (c) 2025 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 150
ending page: 160
doi: 10.62051/hnqnbk41

Analysis of The Mechanisms of Netizens' Emotional Communication Before and After Public Opinion Reversal: A Case Study of The Rosy Zhao’s Fake Assistance to Farmers
type: item
description: This paper systematically examines the phenomenon of public opinion reversal through the case study of the "Rosy Zhao’s Fake Assistance to Farmers". This study specifically examines the diffusion mechanisms of online affect and the differentiated roles played by various actors, investigating the transformation of online emotions from intense negativity to rational reappraisal, in response to evolving information. The study identifies three key stages in the public opinion reversal process, including the initial rapid spread of unverified claims, the role of media in amplifying or correcting narratives, and the persistent impact of information cocoons on prolonging biased perceptions. The findings highlight the critical impact of authoritative fact checking and responsible journalism in reshaping public discourse. This study significantly contributes to understanding the complex dynamics of online public opinion in the post-truth era and provides valuable insights for effectively managing digital communication flows and promoting a more informed and healthier online environment.
subject: Articles
  topic: section
subject: Network Public Opinion; Collective Emotions of Netizens; Dissemination Mechanism; Rosy Zhao;
  topic: keywords
creator: Tszwing Guo
rights: Copyright (c) 2025 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 145
ending page: 149
doi: 10.62051/5y5dbx04

Research Overview on How Enterprises Can Breakthrough Amidst The Background of Consumption Downgrading: A Case Study of Mixue Ice Cream
type: item
description: On the macro trend of consumption downgrading, consumers pay increasing attention to overall cost-effectiveness, preferring cost-performance ratio-higher products. Tea beverage enterprises face both opportunities and challenges. Based on the analysis of the famous tea beverage brand, Mixue Ice Cream, this paper, through the SWOT model, explains its strategic adaptation to the consumption downgrading phenomenon, comparing it to Naìsnow. Findings are that Mixue Ice Cream, through the cost leadership advantage, strict supply chain control, and iron discipline regarding digital transformation, has realized scalable growth as well as extensive market penetration. Naìsnow, on the other hand, has realized improvement in core competitiveness based on differentiation strategy, product innovation, as well as improvement in brand experience. These strategies have their own strengths and are consistent with the current consumption downgrading trend. This paper also recommends that enterprises need to strategically shift their goal of development based on their specific resource endowment, taking full advantage of digitalized tools so that market demand changes are quickly captured and responded to. Findings of the research offer valuable theoretical guidance as well as very pragmatic reference to enterprises of the same industry as they make strategic facing the rising landscape of consumer demand.
subject: Articles
  topic: section
subject: Consumption Downgrading; Mixue Ice Cream; Cost Leadership Strategy; Differentiation Strategy; Digital Transformation.
  topic: keywords
creator: Sihan Huang
creator: Shudan Luo
rights: Copyright (c) 2025 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 138
ending page: 144
doi: 10.62051/wz761279

A Study on The Workplace Values and Work Attitudes of Post-00s
type: item
description: In recent years, as "post-00s are rectifying the workplace" has become a hot topic in society, the post-00s generation has gradually entered the workplace, and their professional values and work attitudes have attracted widespread attention from academia and enterprises. Compared with the post-70s generation, who focused on stability and responsibility, the post-80s generation, who emphasized promotion and material rewards, and the post-90s generation, who pursued balance and autonomy, the post-00s generation grew up in the context of the Internet and globalization, and has a more open, diverse and flexible value orientation. They place more emphasis on career significance, self-realization and personal growth, attach importance to work-life balance, and show a positive attitude towards flexible working methods and diverse workplace culture. This article explores the workplace values and work attitudes of post-2000s and offers insights into human resource management. The research finds that understanding and respecting the values of the post-2000s is crucial for optimizing organizational management, improving employee satisfaction, and promoting sustainable corporate development.
subject: Articles
  topic: section
subject: Post-2000s, workplace values, work attitude, career significance.
  topic: keywords
creator: Yawen Tan
rights: Copyright (c) 2025 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 133
ending page: 137
doi: 10.62051/6ha3aw02

Innovation of Management Systems in Multinational Enterprises in A Multilingual and Cultural Environment
type: item
description: Multinational enterprises continue to develop in the tide of globalization, but they still face many challenges. This is despite the fact that multiculturalism is seen as an important part of business. Promoting diversity, inclusion and equality among employees has become a core corporate value, but language differences are still a key challenge that hinders effective collaboration among cross-cultural teams. Language barriers can easily lead to information transmission errors, insufficient participation in meetings, and inability to publish innovative opinions. Moreover, the cultural value conflicts in different countries will still lead to communication barriers, decreased team cohesion and internal cliclization, which seriously affect cooperation efficiency. There are steps companies can take to address these issues: they can use language intermediaries, including outsourcing professional translation services (such as Lionbridge). Scientific allocation of human resources is very important. Optimizing organizational structure through "localization" strategy, such as the "333" regional talent structure model adopted by Goodway, can enhance the ability of team coordination and market response; Establishing an incentive mechanism and training system to improve employees’ ability to integrate language and culture can not only improve communication efficiency, but also stimulate innovation and enhance employees’ sense of belonging, and ultimately transform "communication barriers" into "synergy advantages." This research is to explore the current situation of multilingual cultures in multinational enterprises and put forward suggestions for solving the problems.
subject: Articles
  topic: section
subject: Multinational enterprises; multilingual environment; foreign employees; personnel management.
  topic: keywords
creator: Yixin Zhang
rights: Copyright (c) 2025 Transactions on Economics, Business and Management Research https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 127
ending page: 132
doi: 10.62051/exr8ch09