Proceedings of the 4th International Conference on Economic Management and Green Development

This research aimed to utilize Lasso method to dissect influence factors on corporate innovation based on data collected from Chinese listed companies. Four aspects of factors were considered which are board, firm, industry, and CEO characteristics. Test results showed that, compared with industry and board feature, firm and CEO characteristics were more likely to impact the innovation activities in companies.

Nowadays, enterprise risk management (ERM) has recently become an increasingly concerned topic in academic circles. This study intends to firstly review three ERM models: the resource-based view ERM, the “spring” model and the value-based ERM framework. These three models all incorporate dynamic capability view into enterprise risk management. Then the characteristics of these models are theoretically analyzed and compared, and the joint use of the “spring” model and the value-based ERM framework is proposed. Finally, this paper points out the potential future development of ERM.

Nowadays, digital products and related copyright disputes are growing at an accelerating speed, the field of digital copyright protection is facing the problems of numerous infringements, toughness in digital right confirmation and safeguarding. Fortunately, blockchain technology provides a potential technical solution to this dilemma because of its features of decentralization and distributed storage. On the basis of a brief introduction to blockchain technology and its features, this paper analyzes the applicability of blockchain to the problems facing the digital copyright field and discusses the possible challenges and corresponding countermeasures when blockchain is applied in this field.

Under the influence of the COVID-19, Meituan Takeaway, the leading Chinese takeaway O2O (Online to Offline) platform, has been greatly affected. At the same time that consumers’ demand and delivery staff are decreasing, the supply of merchants (refer to restaurants) has greatly increased due to all online operations, resulting in a mismatch between supply and demand. This article analyzed the impact of the COVID-19 on three perspectives of Meituan Takeaway, including consumers, platform operations, and merchants, in conjunction with two-sided market theory, and made strategic advice from the strategic level and operational level based on Meituan Takeaway’s existing coping strategies.

Prospect theory provides a theoretical basis for the study of decision behavior under uncertainty. In reality, it is difficult for travelers’ decisions and behaviors to be completely rational and based on utility maximization, and in recent years, some researchers have attempted to use prospect theory for travel behavior analysis and modeling and have made some research progress. This paper first elaborates the basic framework and main contents of prospect theory, then analyzes the applicability of prospect theory in travel behavior research by reviewing related research. For specific travel behavior research, the application of prospect theory not only needs to consider the nature of the decision problem, but also to see the personality characteristics of the traveler.

Markov Chain is a random process with Markov property in probability theory and mathematical statistics, which exists in discrete exponential set and state space. The essence of the Markov chain prediction model is “no after effect”. No after effect generally refers to the state of things in the future is only related to the state of this stage and has nothing to do with the state in any previous stage [3]. The Markov chain suitable for continuous exponential set is called Markov process. But it is sometimes regarded as a subset of Markov chain, namely Continuous-Time MC, CTMC, and Discrete-Time MC, DTMC correspondingly. So, Markov chain is a relatively broad concept. Based on the Markov chain, this paper makes a prediction on the closing price of Shanghai Stock Exchange Index. The stock market is risky. There are many ways to predict the stock market, which can be summarized into two categories: stock price fluctuation prediction models based on statistical theory [1] and artificial intelligence prediction models [2]. The paper introduces a brief introduction of Markov chain and uses the case of the closing price of the above stock index to measure the accuracy of Markov chain price prediction.

In order to overcome the limitations of traditional philanthropy activities between philanthropy organizations and participants, with the application of the theory of emotional contagion, this paper adopts a business analysis approach combining fashion and charitable activities, focusing on the hearts of the disadvantaged by commercializing their creations and linking charitable organizations and consumers in order to help the disadvantaged. As the form of philanthropy activities will be innovated from the new proposal, assistance to vulnerable groups will also be improved and public participation will be enhanced. The business research from the perspective of economic model, competitors, market research, and implementation, provides a new idea for rescuing the disadvantaged.

Firstly, Moran's I in the spatial autocorrelation analysis method is used, and Geoda software is applied to sequentially analyze the spatial distribution of GDP per capita of 21 cities in Guangdong Province in 2018, the global autocorrelation test, the local autocorrelation test, as well as explore its spatial correlation and spatial heterogeneity. It is concluded that there is a significant spatial autocorrelation of GDP per capita of 21 cities in Guangdong Province in 2018. Secondly, the trend surface analysis method of ArcGIS is applied to conduct a three-dimensional trend analysis of the GDP per capita of each city in Guangdong Province in 2018. Finally, a spatial regression model is used to calculate the influencing factors of the spatial differences of GDP per capita of 21 cities in Guangdong Province in 2018, and it is concluded that the three factors of total retail sales of consumer goods, foreign exchange income from international tourism, internal expenditure of R&D funds have a positive relationship with GDP per capita, however the number of employed persons at the end of the year has a negative relationship with GDP per capita in Guangdong province in 2018.

As one of the significant carbon emissions countries, China faces enormous pressure to protect the environment. This paper discusses the Environmental Kuznets Curve (EKC) movements influenced by China's national and regional macro policies. This comparative study analyzes the economic growth and corresponding environmental policy changes of individual economic regions in the east, middle, and west of China. Under China's macro policies and critical policy orientations, the analysis found that the EKC of three economic regions shows different movements trends. The eastern region will first reach its peak environmental degradation level and initiate environmental improvement. The central region will second meet its turning point with further regulations and policies. Due to its backward economy, the western region has a slow pace to get to the turning point at last. This paper also predicts the future development in the environmental policies of the three regions. Using the EKC methodology, policymakers can have a long-term perspective on ameliorating environmental degradation by formulating macro policies that are more in line with national conditions, and conducive to environmental improvement. China will expect to usher in a significant turning point in the EKC in the next decade.

The paper uses AR, MA, and ARMA models to analyze the return of the S&P 500 index, and forecasts the possible future return of the S&P 500 index. Based on the results of ACF and PACF, I find AR(9) or MA(12) is the best model. And when using the AIC, MA(2) is best. Furthermore, using the estimation results of AR(2), MA(12) and MA(2), I find the predictability of MA(12) are best, and the predictability of AR(9) is very close to MA(12), which could be used as a reference for investors’ investments. However, The values of more than 2 steps of MA(2) are constant because the MA(q) model can predict q periods at most.

As the most important component of the global stock market, the influential US stocks have always been the focus of research in the financial field . Faced with a large amount of data, it is not meaningful to study a single stock or several stocks. The goal of this article is to cluster all the NASDAQ stocks based on the stock prices in 2020, by converting a single-day stock price into a monthly daily return. We will do the clustering analysis with the K-Means algorithm. In the end, this article has successfully clustered 3264 stocks into 6 categories, laying a solid foundation for further analysis of the common nature of the stocks and predictions.

The cross-border flow of capital is inseparable from the global trade linked by the supply chain, in which shipping with high capacity and low-cost features takes about 75% of trade transportation tasks, including bulk cargo, liquid cargo, and break-bulk cargo. While massive transportation activities create a high level of profits, the energy consumption and environmental pollution issues related to them have also attracted attention. Besides the direct transportation process, seaports as the hubs that connect the upstream and downstream of maritime trade, its impact on the supply chain sustainability also cannot be ignored, whether the internal operation or external logistics services. This paper uses the keyword index method to collect information on the environmental reports of Chinese seaports, identifies mainstream measures and application areas, and finds out that there is a general lack of sustainable-oriented management of suppliers through comparative analysis. It might be beneficial to port companies have a clear future environment-oriented development direction.

Including using realized volatility to adjust portfolios, many portfolio management strategies can increase alpha values, Sharpe ratios and the utility gains of mean-variance investors. This paper uses the historical values of mean, standard deviation and variance of each factor to perform four different portfolio management strategies and tries to explore the most efficient one. It turns out that using mean and variance to adjust the original factor performs better in producing positively significant alphas. Among all asset pricing factors, the effect on the size factor H-L is the most remarkable, but our results vary within different periods.

WHO has taken a series of measures against the COVID-19, but they have been questioned by many parties, which is related to the marginalization of WHO as an international organization. This paper takes WHO’s authority and behaviors under public health emergencies as the research object, and uses the methods of literature research and case study to explore the reasons why WHO has faded from the world public health authority from three aspects: WHO’s international status, the effectiveness of relevant international agreements, and relevant cases in the past. At the same time, sort out emergency response behaviors and analyze the rationality of WHO’s behaviors during the epidemic. On this basis, the article puts forward the following suggestions, including: Member States should respect the role of WHO in health emergencies, WHO itself should also standardize the election mechanism of functional departments, implementation procedures of related agreements and other systems, and reform the funding structure model. In the future, WHO can cooperate with non-official organizations to expand data collection channels, and its international agreements can also be linked with the domestic laws of sovereign countries, and the two can coordinate public health incidents.

This paper will review past economic models and through the analysis of mature economic and psychological models, this paper explains the rational man hypothesis and its deficiency in practical application. This paper further reviews the criticism of the rational man hypothesis in the past, and introduces behavioral economics and the overconfidence theory. The characteristics of overconfidence of entrepreneurs will be focused in this paper. Whether there is overconfidence in entrepreneurs and whether overconfidence will affect their entrepreneurial decision-making will be elaborated in this paper. It is expected to deepen the understanding of the entrepreneurs’ own characteristics and provide a theoretical basis for the success of entrepreneurship.

Blockchain is a digital record of transactions made with cryptocurrencies. It is a newly occurred concept, whose appearance just started twelve years ago symbolized by the anonymous publication of the paper, Bitcoin: A Peer-to-Peer Electronic Cash System. There is limited research on this buoyant technology, thus this paper hopes to identify the factors that might have influence on the future development of blockchain to provide an explicit depicting of blockchain. To realize this goal, this paper identified three variables that may affect the future development of blockchain, including population acceptance, government policy, and technique support, and then constructed a model to describe development of blockchain.

Motivated by the COVID-19 drugs and vaccination competition, I want to discuss some core characteristics of drugs as a special good in the market. During this paper, we are hoping to discuss the uniqueness of drugs when it comes to the regulation policy: patented drugs and generic drugs. We will be able to understand how the companies and patentee get economic profits with high R&D costs. Because drugs are highly connected to people’s well-being, I will also go over the current status of compulsory licensing of drugs and history. We will see how developing countries use the TRIP Agreement to improve certain disease situations with real examples.

The core competitiveness of the company’s development depends on its employees, so motivating employees to make better contributions to the company, improve company performance and expand investor returns is the core concern of modern company management systems. Company welfare, as an important part of modern company management system and compensation system, plays an indispensable role in employee management. However, most of the current welfare research focuses on qualitative research, and the research on the financial value that welfare can bring is relatively few. In practice, some companies are skeptical about the role of welfare expenditure in their own development.

In emerging economies, overseas returnees from developed countries begin to take positions at all levels of firms. In this context, this paper investigates how overseas returnee executives affect firm outcomes. Using data on the real estate industry in China, I do multivariate analysis on the impact of the overseas experience of top management teams on firm performance and consider moderating effects of ownership properties and power distribution within TMTs. I find a positive association between the richness of overseas experience of TMTs and firm performance. Further analyses show the relationship holds for private and state-owned corporations and is unlikely to be driven by overseas returnee CEOs. A tentative explanation is TMTs with strong overseas experience may have advantages in raising funds internationally, which helps reduce capital costs and enhance firm performance.

Based on motivation theory, this study investigated the relationship between public service motivation and prosocial behavior among college students, while further examining the mediating role of social innovation in that context. We conducted a questionnaire survey to collect relevant data from college students in China, thereby obtaining 125 valid responses for use in testing our hypotheses. Results showed that public service motivation and social innovation were both positively related to prosocial behavior, while social innovation mediated the relationship between public service motivation and prosocial behavior. We discussed the implications of the results, limitations, and future directions.

Traditional Chinese painting is a kind of traditional painting form in China, and it is one of the important non-material cultural heritages in China. Unlike other painting products, traditional Chinese painting uses a “Chinese Calligraphy Brush Pen”, which is dipped in water or ink and then painted on silk or rice paper. In the past, the public did not know much about it, and the industry was not taken seriously. However, in recent years, under the background of the government's policy of vigorously promoting the development of cultural industry and the rapid development of e-commerce, Chinese painting has ushered in new opportunities. Based on SWOT analysis, this paper analyzes the current strengths, weaknesses, opportunities and threats of the traditional Chinese painting industry by using all kinds of Chinese data and puts forward policy suggestions to prompt the development of the Chinese painting industry according to the analysis results.

With the spread of COVID-19, interactions between different countries are limited such as imports and exports. As a result, those industries that used to relied heavily on imports have been hit hard in some countries. For instance, at the first lockdown in some European countries, the shortage of medical supplies caused more unnecessary deaths. And the panic of closure forced people to buy a lot of necessities which lead to demand exceeds supply. Hence, those governments, such as France, are starting to reconsider whether to autarky in some industries. This paper is going to talk about whether a country should specialize or not under the situation as COVID-19, according to the actions from other countries.

The objective of this study was to investigate the relationship between ability emotional intelligence (EI) and subjective economic well-being (SEW). It was hypothesized that ability EI positively correlates with SEW. EI was measured with the Russian-language Emotional Intelligence Test (EIT), which is conceptually based on MSCEIT. SEW was measured with the Subjective Economic Well-being Questionnaire. The sample consisted of 243 Russian working adults (61 men, 182 women, mean age = 36.1, aged between 18 and 67 years). The results indicated that higher levels of emotional intelligence statistically significantly correlated with higher levels of subjective economic well-being. In particular, the ability to use emotions for problem solving, the ability to manage emotions, and the experiential domain of EI were key emotional intelligence factors associated with SEW. This finding indicates the importance of the effect of EI on people’s subjective economic well-being for their overall well-being.

While major 21st century developments are data-intensive, the use and storage of such high volumes of data are processed through datacentres. Though Datacentres (DC) are typically high-power consumption applications, the percentage of energy consumption is even higher in developing economies such as India. This paper studies the net environmental impact of energy supply to such datacentres, at four candidate locations, by examining their net Green House Gas Emissions per kWh and land usage per kW. The study analyses various sources of energy such as thermal, wind, and solar plus battery systems to provide a comprehensive view of environmental impacts caused by the power supply.

In the company’s development process, finance factoring becomes one of the vital links to protect from the shortage of funds. The finance factoring companies need to build a model to estimate the customer’s repayment date based on history data. In recent literature, machine learning techniques have been widely applied in finance prediction field. 2466 samples about customer’s repayment were acquired Kaggle website. Then we constructed Random Forest model and Support Vector Machine (SVM) model and compared their results. It found that Random Forest model shows plenty of advantages and it can choose some essential features to help us make some appropriate plans. Using the results of the model, based on the existing data set, it is finally found that the feature ‘RepeatCust’ and ‘countlate’ are the main factors affecting the late payment of customers. Through this model, the capital of financial factoring companies can be better managed so that the enterprise can achieve capital balance and ultimately maximize the company's earnings.

With the development of e-commerce and instant messaging, community marketing is on the rise. Understanding consumer’s behavior in the community is particularly important for the development of enterprises. To understand how the consumers’ decision-making models work under community marketing strategy, this article takes Xiaomi’s marketing model as an example and explores how community marketing affects consumers’ brand loyalty by analyzing consumers’ decision-making models after entering the community. The article also analyzes the reason why Xiaomi faced a declining sale in the later stage of development, which we could use for reference that companies can not only rely on internet marketing, but also value the importance of offline promotion.

This article mainly studied the social epidemic control at the grassroots level. We analyzed the role of community work in epidemic management, and explored the relationship between community work and the local epidemic situation, the living conditions and psychological states of residents. Through the AHP and cluster analysis of the data, we found that the work intensity of communities is positively correlated with local epidemic prevention and control. At the same time, we found that there was also a positive correlation between people’s satisfaction with community work and the intensity of community work. This meant that the mainstream attitude of the masses towards epidemic prevention and control is to actively cooperate and strictly implement, which strongly proved that China’s grass-roots management policy put the personal safety of residents in the first place, and fully complied with People’s will and sentiment. Finally, taking China as an example, we analyzed and predicted the development trend of the epidemic situation in the United States with the help of KLR early warning model, which is common in the field of economics.

This paper examines the capital structure of two firms in new energy automobile industry to get a clear understanding of the propriety of the two firms’ capital structure and the feature of the industry. It turns out that as a nascent industry, new energy automobile industry is not one that enables firms to grow fast at the beginning. A typical feature of the industry is the low profit margin at start-up or even expanding stages, which makes the firms’ external financing vital. However, for especially start-up firms, it is relatively hard to finance by equity or long-term debt, therefore, they relied much on short-term debts or more on other external funding like government subsidies. As the firms grow larger, they are able to finance by equity and long-term debts, but the limited profit margin inhibits them to get high ratings, which restraints their debt financing. Consequently, equity becomes the best choice. Yet as the high volatility in stocks, the firms still should pay more attention to their debt ratio to make sure their capital structure is stable enough to sustain their operation.

The legal status and mission of the RCSC of China have been confirmed by law. In terms of the organizational structure, the RCSC of China is composed of national and local Red Cross Societies. Existing problems include but are not limited to defects in the governance structure and operation mechanism, unclear legal position, the relationship with the government that needs to be optimized, and the lack of transparency in operation. To reform and improve the RCSC of China, the following work is necessary. First is to improve the governance structure and operational mechanism of the RCSC. Second is to clarify the nature of the social organization. Third is to optimize the relationship between the RCSC and the government. And finally, the transparency and openness need to be improved.

Derivatives market is important to many aspects of the financial system and the economy, but only limited research has shed light on its relationship to economic growth, let alone any studies that consider the influence of risk measures. Based on 32 quarters (2012Q3 to 2020Q2) of data from six countries and taking risk factors into account, this paper uses a panel vector autoregression to investigate the dynamic causality between economic growth and the financial derivatives market. The results indicate that there is significant unidirectional relationship from the factors of financial markets to the economic growth. Meanwhile, the results show that trade openness and inflation also have significant positive effects on economic growth. However, to investigate how risk factors, for instance, volatility and value at risk, would affect the model, further methodology needs to be introduced.

In modern society with the rapid development of technology, the application of blockchain shows great potential. Currently, the supply chain logistics model has a series of problems in information transmission, which cannot meet the increasing demand of the industry. However, blockchain technology can effectively make up for these defects. Blockchain which based on de-centralization technology ensures the security and reliability of information, thus greatly improving the transparency and efficiency of the supply chain. In the future, the combination of blockchain technology and IoT can also further boost the development of the supply chain. However, in the current practical production, there are still some problems between the blockchain and the supply chain, making the degree of integration of the two in the application layer is not high. This paper aims to discuss the application potential and current challenges of blockchain technology in supply chain logistics in the future and to provide ideas for the application research of intelligent logistics system based on blockchain.

This conference paper examines the recent shift in today’s art market dedicated specifically to drawing. The main scope of this paper intends to answer the question of how the market of drawing fits into the global art market as a whole and what the effects art and drawing fairs have on the environment. Through the calculations of environmental issues, such as carbon footprint and the offset of carbon emissions, one is able to understand the impact that these fairs have on green development. Qualitative research has been conducted in the form of gathering information through books and articles along with a series of interviews. Those interviewed are closely involved in various institutions public and private, such as The Drawing Now Art Fair in Paris and Art on Paper, Brussels; these institutions all focus on the practice of drawing within the contemporary art world. The implications of this paper are to understand the impact that drawing fairs have on the environment in contrast to art fairs in general.

The thermal comfort of buildings affects people’s lives from a variety of aspects. Thermal Comfort is the degree of people’s satisfaction with the current thermal environment through their subjective thinking. This paper introduces PMV model, Berkeley model and the results of local thermal sensation experiment, to further understand the relationship between human physiological measurement and indoor and outdoor environment, it is concluded that in the experiment of Thermal Comfort, the experimental variables will be affected by many factors, and the future research should further consider various experimental factors.

As the market gradually plays a decisive role in social and economic development, seizing customer resources has become the top priority for enterprise development, and customer data is the information foundation for seizing customer resources, retaining customers, and improving customer satisfaction. We are now in the era of big data, and the role of data in the development of enterprises has become increasingly prominent. Mastering data has become a symbol of mastering wealth, and enterprises’ data quality construction has become an important way for sustainable development. This article analyses and summarizes several practical methods of editing customer data, hoping to provide some help to Chinese enterprises and governments in maintaining customer relationships.

The construction of digital platform refers to the realization of major transformation and optimization and innovation of management and operation by enterprises combining with new Internet technologies, bringing new value and transparency to customers and employees in digital business, forming an interconnected company, so as to enhance their core competitiveness. This paper firstly studies the module design of the company's digital platform construction, and then puts forward some measures to ensure the construction of the module project, hoping to provide theoretical help for some enterprises towards intelligent.

Air transportation, with the fastest speed, the highest reliability, and the best level of safety, is still one of the main methods of long-distance passenger transportation and time-constrained transportation. Due to the high costs in fuel and maintenance, and limited transportation capacities, it becomes the most expensive type of transportation. However, the operational support for air transportation inevitable brings a lot of energy consumption and greenhouse gas (GHG) emissions. Both the in sky emissions and on-ground emissions would together generate great air pollution issues for airlines. As the core parts of airline operations, both fleet management and energy management are important for airline groups to take continual sustainable optimizations. This paper would adopt some Key Performance Indicators (KPIs) to benchmark some Chinese and overseas airline groups’ environmental-related figures and to evaluate their environmental performance situation.

Few studies have reviewed the mechanisms of ethical leadership and abusive supervision. Based on the review of the leadership literature of top journals in the past two decades, this paper summarizes the influencing mechanism and research perspectives of these two kinds of leadership. Previous studies have shown that ethical leadership has positive effects on employees and teams, while abusive supervision has negative effects on employees and team performance. However, existing literature mainly uses employees' self-concept, motivation, emotion, and other mediations to explain the influence of leadership on subordinates. This paper summarizes the main research perspectives of ethical leadership and abusive supervision. It sorts out the development background of two kinds of leadership research, which has a guiding role for follow-up research.

Normally, economists believe that predictions are purely based on relevant information and collective understanding acquired from well-researched surroundings. Also, many works in classical economics suggest that emotions– both positively active and negatively calming – could widen gaps between rational human and real people. in this study, this author conducts an experiment seeking to understand the impact of emotion intervention on performance using 90 high school students to test how different emotions affect their predictions towards the traditional Chinese game named pitch-pot which requires players to throw sticks from a set distance into a large canister. The main finding of this work is that people's predictions do have a relationship with their emotions and this connection is especially strong when the emotions are in positive states.

Constructive deviation, as a new type of behavior, has attracted wide attention from scholars. Previous studies have explored the influence and mechanisms through which constructive deviation operates as a dependent, intermediate, and moderating variable. This article reviews the research on the concept of constructive deviation and its related theories. It also discusses the limitations of constructive deviation and future research directions.

This paper introduces the application research of sharing economy based on block chain technology, which is divided into four parts. At the beginning, the author starts with the problems and describes the definition of the sharing economy. Then, the problems existing in the sharing economy are discussed, namely, network effect and unsound credit system. In addition, the sharing economy also enhances the harm caused by monopoly. At the same time, once unqualified resources appear on the shared platform, users' sense of use will be greatly reduced, and platforms are easy to go bankrupt. Next, the paper discusses the possibility of using blockchain to solve problems existing in the sharing economy, and describes the principle of using blockchain to solve network effects, as well as the reasons why blockchain can be used to solve the problem of sharing platform: 1. Trust sharing to match supply and demand. 2. Data sharing, providing credit protection. 3. Smart contracts to provide solutions. 4. Permission sharing, revolutionary change. After that, the block chain technology is formally applied in the field of car sharing, here the author creates a fully functional, convenient and fast car networking economy ecosystem based on shared car functions, integrated taxiing capabilities, car networking systems, and so on, as a case in point, to illustrate the advantages of introducing blockchain into the sharing economy. Finally, the author summarizes the above. In fact, it can be seen from the previous content that it is feasible to introduce the block chain into the sharing economy, which can smoothly solve the problems existing in the sharing economy in the market. But at the same time, the application of blockchain technology in the sharing economy scenario also has some obstacles. Therefore, the application of blockchain technology in the sharing economy is desirable, but still needs to be improved.

With the Internet wave rushing to the public, since the advent of the self-media era, the rapid development of the Internet celebrity economy industry has gradually become a trend of the times, and it is an important opportunity for China to achieve high-quality development and economic modernization. Based on the analysis perspective of the industrial chain, this article will demonstrate the concepts and functions of the upstream, midstream and downstream of the Internet celebrity economic industry chain, and hope to provide relevant policy recommendations for the development of this emerging industries.

This article examines to what extent do stock splits affect stock returns of Chinese companies. Stock splits may affect investor’s judgement of stocks by transmitting some signals or information, and then influence stock return. Based on the event study method, we establish a research model and draw a conclusion by analyzing Abnormal Returns (AR) and Cumulative Abnormal Return (CAR). We analyses a dataset of Tencent and WeTrade Group around their announcement of split. According to the research results, we conclude that stock split has no obvious effect on stock returns. This conclusion is in contrast with some previous research results, which may be due to the influence of China’s market characteristics.

Recent studies show that the long-run trend of a mature economy grows with only labor-augmenting technological change. This study theoretically inspects the direction of technical change through the perspectives of labor productivity growth and profit maximization, and empirically investigates the direction of technical change in China. The theory study suggests that the direction of technical change to ensure stable growth of labor productivity is the proportion of labor-augmenting and capital-augmenting technical change converges to labor output elasticity and capital output elasticity. The empirical study result shows that labor-augmenting technical change is the mainstream of technical change in China as well. However, profit maximization is not the driven force that decides the direction of technical change, while policy-driven growth in fixed capital investment has promoted labor-augmenting technical change in the Chinese economy. Meanwhile, there are more capital-saving technical changes in Japan and other advanced countries in recent years. These findings raise important policy suggestions that both labor-augmenting and capital-augmenting technical change are essential, and the orderly directed technical change is critical to economic growth.

Since the 1980s, financial sectors began to expand rapidly and have a growing proportion in GDP which is referred as “financialization”. Thus a lot of scholars had studied the relationship between financial development and economic growth. The study first discusses the effect of financial development and financialization on economic growth. And then, the paper discusses the effect of talent inflow in financial industry on economic growth. Finance industry attracts a lot of talents when financial has developed to a certain degree. Meanwhile, financial sectors will occupy relatively excessive talent so that the lack of talent in production industry will hinder the economic growth. The third section first showed the relationship between the talent inflow and financialization. They positively correlated at the beginning and then level off gradually with the increasing of talent inflow. This section also provides an inverted “U” relationship between the increment of talent in financial sectors and economic growth. The last section provides a summary and the shortcoming of the inverted “U” relationship. Moreover, this paper suggests that the government should strengthen financial regulation and limit financial innovation to prevent financial industry from occupying excessive talent.

The economic development of the real estate industry in recent years has been a good economic performance. As the transmission signal of real estate economic development trend, house price ushered in a development peak in 2015. The rise of house prices has always been a hot research topic. Previous studies mostly focus on the relationship between supply and demand, macro tax and other aspects, but less from the perspective of land mortgage. This paper selects the land mortgage and commercial housing price data of 297 prefecture level cities to establish the fixed effect model, and finds that the expansion of land mortgage scale will lead to the rise of commercial housing price. As the core force of macro-control, the government should strengthen the supervision of the land mortgage market, strictly control and improve the access threshold; The government should release and develop the land mortgaged by the government and the land not opened by the developers as soon as possible, so as to alleviate the soaring house prices from the supply side. At the same time, in the process of regulation and control, we should also pay close attention to the housing demand, guide the housing price to return to rationality, try to meet the housing demand of the regression due to high housing price, and improve people's livelihood.

Above the solid base founded by Alfred Marshall, Robert Solow, Paul Romer, and other famous economists around the world, this article focuses on exploring new aspects of economic growth based on the Romer Economic Growth Model. By adding two new variables, the heterogeneity and the ability to absorb knowledge, into the model, which are two main conditions that allows the spillover effect of knowledge, this article realizes that such an effect is, in fact, a mutual communication between industries, in which they absorb knowledge from each other. In order to set up a new model based on the Romer Economic Growth Model, this article imports the two variables into the model, and finally achieve a new endogenous economic growth model. Theoretically, this will be a more inclusive economic growth model: Romer Economic Growth Model, Solow Growth Model, and AK Model are all special situations of this model. Mathematically, since this model emphasizes the impact of ability to absorb knowledge in the economic growth, comparing to previous economic growth models, this one will hold a stronger point in explaining endogenous economic growth.

This paper mainly focuses on the influence of confirmation bias and gambler’s fallacy effect on people’s behaviors in the short-term markets. The model sets the gambler’s fallacy effect as an endogenous variable of the representative heuristic, and uses the information to explain confirmation bias. After using the Bayesian method to assign different prior distributions according to the different market conditions, I find these two biases both have effects on the stock price and they will be changed by the different market types. Besides, results also show that in 2019–2020, confirmation bias plays a more important role in the tech-stock market. When the market increased more in the last week, the gambler’s fallacy effect is more significant.

The urban population in Mexico doubled between 1980 and 2010, while urban sprawl increased tenfold on average [1]. This unsustainable growth is exemplified in the Guadalajara Metropolitan Area (GMA). Among the negative effects of urban sprawl are environmental, social, and economic problems, many of which stem from increasing dependence on the private car in a dispersed, fragmented and low-accessibility urban environment. One of the driving forces behind this urban sprawl is an increase in the cost of housing in Guadalajara: 11% between 2018 and 2020 [2] combined with a decrease in the average income of its inhabitants [3]. In addition, an increase in the supply of social housing in the municipality of Tlajomulco de Zúñiga, at the fringe of the metropolitan area, has encouraged urban sprawl. This article explores a series of social housing policies for low-income groups to access affordable housing in the city urban core, in order to limit or prevent further urban sprawl. Among the housing policy alternatives explored here are rental housing, inclusive housing and land banks.

Based on the relatively stable development of China’s border areas and the high willingness of neighboring countries to develop friendly cooperation with China, in September and October 2013, Chinese President Xi Jinping put forward the cooperation initiative to build the “Belt and Road”, and actively carried out cooperation with countries along the route Cooperation to create a community of interests. In the process of developing mutually beneficial cooperation, the cross-border ethnic groups on the border have great advantages and become an indispensable part of the country’s external communication. The value and future development expectations of the new era explain the importance of ethnic cultural exchanges in the context of cross-border ethnic cultural integration in the new era, and propose some strategies for cultural communication.

With the rapid development of next-generation gene sequencing technology and information technology, the medical model is changing from the traditional “one-size-fits-all” model to the precision medical model, which is based on the specificity of individual genetics, environment and lifestyle to develop individualized treatment and prevention plans. In this study, through the analysis of publicly published precision medicine market reports, we summarized the driving factors and obstacles to the development of precision medicine, and estimated the global market value for the current and next decade. The factors that promote the development of precision medicine include technological progress, market demand, changes in medical models, and public attention and government action. The factors hindering the development of precision medicine include high price, technical limitations, scarcity of professionals, and lack of appropriate policies and regulations. The global precision medicine market size is estimated at USD 53.7–87.2 billion in 2019 and it is expected to reach USD 146.8–278.6 billion by 2030 and the compound annual growth rate (CAGR) from 2020 to 2030 is 11.13%. The precision medicine market can be segmented by ecosystem, end user, treatment and geography. By ecosystem and end user, diagnostic-related segments occupy the main part of the precision medicine market. By therapeutics, the oncology segment dominates the precision medicine market with an estimated more than 30% market dominance. North America is the largest and most potential regional precision medicine market, in 2019, its market was 31.4–54.6 billion and contributed approximately 35.0–46.8% of the global market values. Europe is the second-largest market with a market size of 15.1–34.3 billion in 2019. The Asia-Pacific region is the fastest growing precision medicine market with a CAGR of 14.4–16.6% in next few years. It is foreseeable that precision medicine is one of the fastest-growing industries in the world in the next ten years.

Financial capital plays a very important role in the cultural industry which has high sunk costs and volatile returns. Therefore, studying the impacts of cultural finance policy on the financing efficiency of cultural corporates has practical significance. This paper used a sample of listed non-financial firms from 2006 to 2018 and studied the association between cultural finance policy and the financing efficiency of cultural corporates based on the information asymmetry theory and principal-agent theory. The empirical research results show that cultural finance policy significantly increases cultural corporates’ financing efficiency. These results enlarged the research content of cultural corporate and provide theoretical guidance for supporting the development of cultural corporate.

In recent years, more and more college students have joined the stock market due to a bull market in China. However, it is controversial whether they should invest in the stock market during the period of university. In this paper, through the questionnaire survey of college students in Tianjin, in order to analyze their stock investment behavior, Logistic model is used to research on college students’ willingness to invest in stocks, and factor analysis is used to investigate the reasons of investing in stocks for college students. According to the results, it is suggested how to guide the stock investment behavior of college students in the future.

Factor models play an important role in the domain of asset pricing. In the recent years of research, factor models are usually developed and analyzed separately and topics are scattered. Thanks to the efforts of economists, a variety of findings have been discovered and presented. Due to the complexity of factor models, a comprehensive understanding is very essential to better understand them. To fill this gap, we examine different kinds of factor models, including the CAPM model, the q-factor model, and Fama-French’s three- and five-factor models. Based on a systematic review of the previous research, we find that all of these models are created by data mining. In this case, a theory-based model is needed for further development.

Volatility-based portfolios behave differently to returns in different countries, for different factors, and over different time periods. In this paper, an adjusted management portfolio is constructed and distributed to both developed countries and the Asia-Pacific region (excluding Japan) to observe how the management strategy alters and influences the return of the five factors Mkt, SMINUSB, HMINUSL, RMINUS, and CMINUSA over the three-time period. My strategy is to use the reciprocal of the variance realized last month to approximate the conditional risk-return trade-off. I find that the returns of the five factors in developed and developing countries react differently to the new portfolios. This paper is not only a typical risk-based portfolio interpretation but also a study of the structure of expected returns over time.

The development of mobile Internet technology has greatly promoted the expansion of scenes in the e-commerce field, and users are increasingly inclined to feel products and brands from marketing scenes. Based on this, this paper studies a series of challenges faced by scene marketing in the e-commerce era: difficulty in obtaining traffic, excessive experience consumption and small supervision of enterprises. Starting from the marketing strategy, this paper explores how to realize the effective use of scenes in the e-commerce era, providing new ideas and weights for the long-term competitive development of enterprises.

The purpose of this paper is to investigate how a government sets precise subsidy policy to stimulate a manufacturer to reserve capacity for emergency supplies. Firstly, we develop a benchmark model where a manufacturer should determine its capacity strategy for future emergency supplies without government subsidy. We identify the thresholds for the manufacturer on reserving capactiy or not. Secondly, we put forward and compare four types of subsidy polices, including no subsidy, fixed subsidy, marginal subsidy, and hybrid subsidy. Thirdly, we study the government’s precise subsidy policies. The results show that the fixed subsidy policy is optimal if the fixed investment for capacity reserve is high but the marginal cost is low. When the fixed investment is low but the marginal cost is high, marginal subsidy policy is the optimal policy. The government should choose the hybrid subsidy policy if the fixed investment and marginal investment are both high. Numerical examples are included to illustrate the major results.

Referring to the theory of digital literacy and digital Doing-business environment from the theoretical point of view, this article analyzes the fundamental and driving role of digital literacy in optimizing doing-digital-business environment from the perspective of human capital theory and digital dividend theory. This article summarizes ‘efficiency improving’, ‘innovation encouraging’ and ‘inclusiveness promoting’ as three major mechanisms of improving digital literacy in optimizing the digital production environment, digital innovation environment and education environment, that is, the doing-digital-business environment, which benefit the forming of a fair, balanced, healthy and sustainable development environment for the digital economy.

The article focuses on the doing-business environment evaluation issues in the context of the digital economy. It uses bibliometrics, knowledge graphs, summaries to sort out relevant domestic and foreign literature on doing-business environment evaluation, extracts and analyzes related research hotspots in this field. The key focus areas the connotation of the doing-business environment and the evaluation index system; how the connotation of the doing-business environment evolves with time; single dimension and comprehensive dimensions for the doing-business environment evaluation index system according to different research perspectives.