Vol 10, No 6 (2025) |
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Table of Contents
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Original Research Article
by Du Xiao Ying
Finan Mar
2025,
10(6);
doi: 10.18686/fm.v10i6.14334
3 Views,
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The Central Economic Work Conference in December 2017 stated that the Chinese economy is in an exploratory phase, transitioning from “Made in China” to “Created in China,” from “China Speed” to “China Quality,” and from a manufacturing powerhouse to a manufacturing powerhouse. During this period, technology-innovative enterprises that prioritize R&D investment play a crucial role in innovation and development. This study focuses on the benefits of R&D investment on enterprise development and how R&D activities influence corporate performance and growth. This study is based on the financial statements of technology-based small and medium-sized enterprises (SMEs), using data from Wind Financial Terminal, Guotai Junan Financial Database, and the China Statistical Yearbook, covering seven consecutive years from 2017 to 2023. The study found that the proportion of R&D expenditure has a positive impact on enterprise growth and profitability, but a nonsignificant impact on stability. Controlling for enterprise size, the proportion of R&D expenditure has a positive impact on enterprise growth, profitability, and stability. These findings further shed light on the impact of R&D investment on corporate performance. For high-tech enterprises, the management of R&D investment and utilization should be strengthened.
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Original Research Article
by Li Sheng, Ha Youg Ho
Finan Mar
2025,
10(6);
doi: 10.18686/fm.v10i6.14335
6 Views,
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This article explores how cultural differences affect consumer decision-making in cross-border e-commerce. Research suggests that cultural differences influence consumers' purchasing preferences and decisions. These differences impact cognitive patterns, emotional responses, and social behavior. The findings imply that e-commerce platforms may need to adopt localized strategies tailored to the demand characteristics of different cultures. These strategies should focus on areas such as product design, advertising, payment methods, and after-sales service.
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Original Research Article
by Jingyao Wang
Finan Mar
2025,
10(6);
doi: 10.18686/fm.v10i6.14342
3 Views,
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The large-scale emergence of complex data (high-dimensional, heterogeneous, dynamic, and sparse) in fields such as finance,
biomedicine, and artificial intelligence poses severe challenges to the preset structures and fixed-dimensional assumptions of traditional
parametric models. Bayesian nonparametric models, leveraging their core advantages of “adaptive parameter dimensionality,” “strong prior
flexibility,” and “accurate uncertainty quantification,” have become a key tool for complex data modeling.
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Original Research Article
by Daxun Man
Finan Mar
2025,
10(6);
doi: 10.18686/fm.v10i6.14350
3 Views,
This article employs macro-strategic theory to identify common conditions during the origins of broad territorial dynasties in Roman and Chinese civilizations. By utilizing analogy and reasonable inference, it addresses the practical conditions required for the formation
of the broad territorial kingship system in the early Xia and Shang periods. It proposes a relatively reasonable new theoretical model for the
Xia-Shang relationship. The article primarily focuses on theoretical analysis, exploring and analyzing the historical development paths of
institutional civilizations and regimes through geographical and economic perspectives. It is hoped that this article will serve as a catalyst for
further discussion, opening new avenues for more scholars to apply geography and economics in resolving major historical issues. All theoretical expositions in this article are original theories by Mr. Man Daxun. If cited, please indicate accordingly.
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Original Research Article
by Zhengyou Chen
Finan Mar
2025,
10(6);
doi: 10.18686/fm.v10i6.14349
3 Views,
0 PDF Downloads
With the continuous expansion of the scale of engineering construction industry and the increasing complexity of projects, the
traditional model of engineering fund statistics and budget management has been difficult to meet the needs of precision, dynamics and efficiency. Focusing on the practical application of intelligent algorithms in this field, this paper first expounds the importance and challenges of
engineering fund statistics and budget optimization, and then systematically combs the core principles and adaptation scenarios of intelligent
algorithms such as machine learning, deep learning and big data analysis. Through specific case analysis, the implementation path and application effect of intelligent algorithm in key links such as automatic collection and cleaning of engineering fund data, cost prediction and
risk assessment, dynamic adjustment of budget and optimal allocation of resources are discussed in detail. The research results show that
the introduction of intelligent algorithm can significantly improve the accuracy and efficiency of fund statistics, enhance the scientificity and
foresight of budget forecast, effectively reduce the risk of project cost overrun, and provide strong data support for project management decision-making. Finally, this paper summarizes the technical bottlenecks and application problems in current practice, and looks forward to the
development trend of deep integration of intelligent algorithm and project fund management in the future, aiming at providing reference for
theoretical research and practical application in related fields.
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Original Research Article
by Manti Lu
Finan Mar
2025,
10(6);
doi: 10.18686/fm.v10i6.14348
2 Views,
0 PDF Downloads
This paper looks at the issue of financial exclusion present among underserved segments of society like the low income and
non-traditionally creditworthy populations who lack a credit history needed to obtain microloans in the US microfinance market. The potential solutions proposed by FinTech include the usage of nontraditional data sources to generate customized credit score models, allowing this
population group the chance to obtain credits. For this purpose we employ anonymized data from two typical US small microfinance institutions as the experimental data source.
In regards to microfinance organizations (Kiva and Affirm), covering from 2022 to 2023, the paper shows the research about the process of data integration and AI-driven score model and deduces their effects, which indicates that personalized credit scores increase credit
approval rates for underserved groups by more than 30% and decrease default rates more than 15% compared with traditional score methods,
and also indicates that personalized credit scoring has obvious positive impact on default rate.
Creates concerns over the issue of data privacy protection (including CCPA requirements) and model bias. Theoretically, it expands
the related research in inclusive finance and Fintech credit innovation; practically, it offers actionable insights for micro-finance institutionsto
improve the application of alternative data and policy makers to improve the regulation frame-work.
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Original Research Article
by Zhang Zhiguo
Finan Mar
2025,
10(6);
doi: 10.18686/fm.v10i6.14347
4 Views,
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As modern urban social governance advances toward modernization, the pivotal role of social organizations has become increasingly vital. This paper provides a comprehensive exploration of the cultivation mechanisms for social organizations, analyzing key dimensions
including robust policy support, adequate resource allocation, and systematic capacity-building efforts. Building on this foundation, the study
delineates the functional boundaries of social organizations within complex governance systems, clarifying their roles in multi-stakeholder
interactions and defining collaborative models with government, market entities, and other stakeholders. Rigorous empirical research and
theoretical analysis demonstrate that a scientifically designed and targeted cultivation mechanism plays an irreplaceable role in promoting the
healthy, orderly, and sustainable development of social organizations. Moreover, establishing clear role boundaries not only prevents functional overlaps and resource waste but also significantly enhances governance efficiency and quality, laying a solid foundation for building
a harmonious and stable social environment. However, the paper candidly identifies several pressing issues in current social organization
cultivation and role definition, such as insufficient policy support, uneven resource distribution, and lagging capacity-building. To address
these challenges, practical improvement suggestions are proposed to optimize the cultivation environment and refine role positioning, thereby
better leveraging social organizations’ unique contributions to modern urban governance modernization. It is hoped that these research conclusions and suggestions can provide useful reference and reference for relevant decision-making departments and practice fields, and jointly
promote the continuous improvement of urban social governance level in China.
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Original Research Article
by Wang Milian
Finan Mar
2025,
10(6);
doi: 10.18686/fm.v10i6.14346
3 Views,
0 PDF Downloads
Based on the data of A-share listed companies from 2012 to 2024, this study takes the VAT refund on remaining tax credits policy
implemented in 2018 as a “quasi-natural experiment” and adopts the difference-in-differences (DID) model to explore the impact of this policy on enterprise innovation. The results show that the VAT refund on remaining tax credits policy can promote enterprise innovation. The
main transmission mechanisms are that the policy alleviates enterprises’ financing constraints and improves their risk-taking capacity. Further
heterogeneous research finds that the policy has a significant promoting effect on the innovation capacity of enterprises in high-tech industries, but the effect is not significant in non-high-tech industries; the promoting effect is stronger for enterprises in regions with higher tax
collection and administration intensity than those in regions with lower intensity.
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Original Research Article
by Liu rongle
Finan Mar
2025,
10(6);
doi: 10.18686/fm.v10i6.14345
4 Views,
0 PDF Downloads
Southeast Asia, a pivotal engine of global economic growth, faces mounting pressure to balance surging energy demand with a
low-carbon transition. Indonesia and Vietnam, as the region’s largest economies, play a critical role in shaping sustainable development
trajectories. This study conducts a comparative analysis of their new energy development paths, focusing on resource endowments, policy
frameworks, implementation outcomes, and cooperation models. Indonesia drives energy diversification through its unparalleled geothermal
resources and coal exports, prioritizing downstream industrialization of nickel-based battery production. Despite ambitious targets challenges
persist in resource utilization efficiency and policy coherence. Vietnam, in contrast, has rapidly expanded solar and wind energy through strategic industrial policies, foreign investment incentives, and localized green technology adoption. Its focus on energy security and manufacturing self-reliance has enabled a more dynamic market response. The study reveals divergent pathways shaped by resource availability and
governance models: Indonesia’s resource-dependent approach is constrained by global market fluctuations, whereas Vietnam’s state-directed
strategy emphasizes strategic autonomy and execution consistency. By systematically comparing these cases, this research provides theoretical insights and policy implications for developing countries seeking to align energy transitions with national conditions. The findings underscore the importance of tailoring strategies to resource endowments and institutional capacities, offering a framework for sustainable energy
development in resource-diverse contexts.
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Original Research Article
by Li Mengfan, Ma Xunuo, Gong Shiyi
Finan Mar
2025,
10(6);
doi: 10.18686/fm.v10i6.14344
3 Views,
0 PDF Downloads
This study explores the organizational restructuring and collaborative pathways for manufacturing enterprises under the carbon
peaking and carbon neutrality goals . It emphasizes the integration of green, digital, and collaborative transformations to foster green innovation and enhance resource efficiency. The paper examines the role of digital technology in supporting low-carbon product optimization and
process transformation, while proposing strategies to overcome challenges such as high costs, insufficient cross-departmental collaboration,
and environmental constraints. Recommendations include strengthening policy support, enhancing digital empowerment, and promoting
cross-department and cross-organizational collaboration to ensure sustainable green transformation in the manufacturing sector.
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Original Research Article
by Li Hua, Wang Wenjie*, Li Mengdi, Huang Yu, Ye Jinhua
Finan Mar
2025,
10(6);
doi: 10.18686/fm.v10i6.14343
2 Views,
0 PDF Downloads
The purpose of this paper is to explore the innovative application of artificial intelligence technology in the field of e-commerce in
Xinjiang and its impact on regional economic development. Through a systematic review of relevant literature, this paper analyses the current status
of the application of AI in e-commerce and focuses on its specific application paths and cases in the development of e-commerce in the Xinjiang region. It is found that AI technology can not only significantly improve the supply chain efficiency and logistics intelligence level, but also promote
the intelligent development of agricultural e-commerce and the innovation of e-commerce talent training mode. This paper adopts the method
of literature review, comprehensively analyses the existing research results, puts forward future research directions and policy recommendations, and emphasizes the important role of AI technology in promoting the high-quality development of e-commerce in Xinjiang.
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Original Research Article
by Hu Linxin, Zhang Xiaoyu
Finan Mar
2025,
10(6);
doi: 10.18686/fm.v10i6.14341
4 Views,
0 PDF Downloads
The structure of the capital market in the existing financial field has gradually become intertwined and complex, often showing
irregular linear characteristic trajectories. Some traditional sequential prediction methods have subtly revealed their limitations and shortcomings in the process of stock price fluctuations. Practical results show that this paper selects CSI 300 original data as the foundation, constructs
an extremely complex prediction technology system through the long short-term memory (LSTM) network series, and discusses the adaptability of hierarchical algorithms in processing continuous time series data. The current pattern of “integration of information and computing
power” is subtly permeating the specific operational links of the industry, and more cross-border attempts and very complete and complex
organizational system construction may emerge in the future.
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Original Research Article
by Dongyi Luo, Xiaojian Cai
Finan Mar
2025,
10(6);
doi: 10.18686/fm.v10i6.14340
3 Views,
0 PDF Downloads
With the global acceleration of population aging, the transformation of family structures, and the upgrading of residents’ consumption demands, the modern home economics service industry has evolved into a key sector supporting social well-being. However, the industry faces a critical talent dilemma: while market demand for professionals surges, students majoring in Modern Home Economics Service and
Management (MHE-SM) often exhibit low professional identity, leading to “high employment rates but low retention rates”. Professional
identity, as a multifaceted psychological construct encompassing cognitive recognition, emotional attachment, and behavioral commitment,
directly impacts students’ learning motivation, career choices, and long-term industry engagement. This review systematically synthesizes
domestic and international research (2004–2024) on MHE-SM students’ professional identity. It first clarifies the concept and characteristics
of professional identity for this major, then categorizes influencing factors into four dimensions—individual traits, family environment, institutional education, and social context—with empirical evidence supporting each factor. Additionally, it identifies current research gaps, such
as insufficient exploration of cross-factor interaction mechanisms and a lack of major-specific intervention studies. Finally, future directions
are proposed, including strengthening interdisciplinary empirical research and developing targeted intervention strategies. This review aims
to provide a theoretical basis for enhancing MHE-SM students’ professional identity and promoting high-quality development of the home
economics industry.
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Original Research Article
by Guo Chunye
Finan Mar
2025,
10(6);
doi: 10.18686/fm.v10i6.14339
2 Views,
0 PDF Downloads
As an advanced force in green transformation, the new energy vehicle industry has increasingly become an important part of the
development of the new economy and new-quality productive forces in recent years. To further demonstrate the effect of its ESG practices on
high-quality development, the impact of relevant enterprises’ ESG practices on financial performance holds typical research value. This paper
takes Company A as a case study, based on its financial data in recent years, constructs a financial performance evaluation system from four
dimensions: profitability, operating capacity, solvency, and development capacity, and explores the correlation between ESG performance and
financial performance by combining ESG rating reports and corporate practices.
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Original Research Article
by Zhaojun Xiao
Finan Mar
2025,
10(6);
doi: 10.18686/fm.v10i6.14338
4 Views,
0 PDF Downloads
With the rapid development of global e-commerce, cross-border e-commerce has become a significant force driving international
trade and regional economic cooperation. Cross-border e-commerce transactions between China and Kazakhstan, in particular, have shown
rapid growth in recent years. Social media, as a key marketing tool, significantly impacts companies’ brand communication, user engagement,
and sales conversion. This paper examines major cross-border e-commerce platforms between China and Kazakhstan. By collecting social
media data, user engagement metrics, and sales conversion data, it analyzes the platforms’ strategies in content publishing, event planning,
KOL collaboration, and advertising, and evaluates their marketing effectiveness. The study found significant differences across platforms in
strategy design, content format, and user engagement. Highly interactive content and KOL collaboration significantly boost user engagement
and purchase conversion. Based on this analysis, this paper proposes recommendations, including optimizing content strategies, adjusting advertising timing, and strengthening KOL resource integration. This paper provides practical insights for cross-border e-commerce companies
to enhance their social media marketing effectiveness in the Central Asian market and provides data support and an analytical framework for
related academic research.
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Original Research Article
by Yaofu Hu
Finan Mar
2025,
10(6);
doi: 10.18686/fm.v10i6.14337
2 Views,
0 PDF Downloads
From a professional and technical perspective, this paper focuses on analyzing the market zoning and spatial competition strategy
of Freshippo stores. By sorting out the practical logic of Freshippo’s existing market zoning, it is found that there is still room for optimization in terms of data-driven zoning accuracy, the matching degree between consumption density and radiation radius, and the adaptability
between business positioning and scenarios. At the level of the spatial competitive environment, the core competitive challenges currently
include the complementary and substitution game of surrounding business formats, the shortcomings in spatial accessibility, and the competition for carriers of consumer experience. Based on this, the paper proposes a zoning iteration mechanism based on dynamic consumption
data, a differentiated allocation strategy for spatial resources, and a spatial ecosystem construction plan based on competitive collaboration.
The study holds that Freshippo needs to break through the static zoning thinking and homogeneous spatial allocation model. By accurately
aligning with regional consumer demands and the competitive environment, it can achieve the coordinated improvement of market zoning
and spatial competitiveness, thereby providing practical references for store operation in community retail scenarios.
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Original Research Article
by Lu Liu
Finan Mar
2025,
10(6);
doi: 10.18686/fm.v10i6.14336
3 Views,
0 PDF Downloads
With the global rise of ecotourism, understanding the psychological mechanisms underlying tourist behavior in natural protected
areas has become critical for sustainable destination management. This study extends existing research by integrating place attachment as a
mediating variable to examine the relationships between tourism motivation, experiential value, and tourist satisfaction, using Dongzhaigang
Mangrove Nature Reserve (DMNR) in Hainan Province, China, as a case study. A quantitative research design was adopted, with 316 valid
questionnaires collected from DMNR visitors via on-site surveys. Data were analyzed using SPSS 26.0 for descriptive statistics and reliability/validity tests, and SmartPLS 3.0 for structural equation modeling (SEM) and hypothesis verification. Results indicate that: (1) Both push
motivation (e.g., stress relief, knowledge acquisition) and pull motivation (e.g., ecological attraction, cultural uniqueness) positively influence
experiential value and place attachment; (2) Experiential value (encompassing aesthetic, hedonic, economic, and service dimensions) has a
direct positive impact on place attachment and tourist satisfaction; (3) Place attachment partially mediates the relationships between tourism
motivation and satisfaction, as well as between experiential value and satisfaction. These findings provide theoretical insights into the psychological chain of tourist behavior in ecotourism destinations and practical implications for DMNR to enhance tourist loyalty by fostering
place attachment alongside motivation and experiential value.
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