In all asset pricing literature at home and abroad, it is a common pursuit of scholars to devote themselves to finding more effective factors. In recent years, along with the increasing prominence of global environmental and social issues, the focus of China’s policy has shifted from the pursuit of economic growth to sustainable development, and the concept of responsible investment has quietly gained popularity. We hypothesize that ESG factors have become a non-negligible factor in asset pricing. Therefore, this paper introduces ESG factors based on Fama’s five-factor model and constructs the FF5+ESG six-factor model, focusing on analyzing the pricing efficiency of ESG factors to provide the latest empirical evidence for China’s asset pricing model.

With the rapid development of China’s economy and society, new problems have emerged in the development of China’s medical and health industry. To meet the needs of informationization construction and development in public hospitals in China, it is necessary to strengthen the integration with information technology, transform traditional internal audit models, and improve the efficiency of internal audits. Smart auditing is an advanced technology that transitions from traditional auditing to information-based auditing. With the rise of new technologies such as big data, artificial intelligence, and cloud computing, it is of great significance to reconstruct the auditing operation mode and value output mode, and promote smart auditing to address internal audit challenges.

Supply chain finance, as a crucial field of modern financial innovation, effectively addresses the funding challenges faced by small and medium-sized enterprises by integrating financial services deeply into the management of supply chains. This enhances the resilience and efficiency of the entire supply chain. This paper systematically analyses the operating models of supply chain finance, especially the bank-led model and platform model, as well as their innovative risk management strategies. Through case studies, we demonstrate how supply chain finance uses technological tools such as big data analysis and smart contracts to optimize capital allocation, reduce transaction costs, enhance supply chain transparency, and promote the diversification and inclusiveness of the financial market, thereby facilitating the provision of inclusive financial services.

This study aims to accurately predict user lifecycle stages and behaviors using multi-source heterogeneous datasets. The core question is how to integrate various user attributes and interactions to effectively predict engagement and behavior patterns. This study develops a comprehensive predictive model by combining multiple machine learning models to improve accuracy. The approach involves using user demographics, interaction patterns, and feedback characteristics to create separate predictive models, which are then integrated through ensemble learning methods such as stacking. Key performance metrics such as accuracy, precision, recall, and F1 score evaluate the effectiveness of the model. The findings show that tailoring the user experience based on attributes such as age, gender, location, device type and browsing patterns can significantly increase engagement and retention. Additionally, advertising strategies tailored to user preferences can increase conversion rates and satisfaction. The combined model outperforms the single model in terms of prediction accuracy and overall performance.

Guided by the spirit of the 20th National Congress, China is committed to building a modern economic system characterized by “sustainable development” and “green and low-carbon” principles. The green financial system, as a key support for this transformation, promotes the vigorous development of the green economy, social justice, and optimized resource allocation. It benefits a wider range of people with development achievements, thereby promoting high-quality economic development. Based on this research opportunity, this article conducts an in-depth analysis of the positive impact of green finance on regional economic development, and explores how to optimize green finance strategies to help China achieve higher quality development goals and provide strong references for policy-making.

With the gradual rise of social living standards, users' shopping needs are increasingly diversified, differentiated, personalized and other characteristics. Therefore, how to accurately grasp the focus of user needs has become the key to enterprise product design innovation and product quality management. The development of quality functions is one of the core tools for user demand-driven product design innovation. Based on this, a product design method based on online review and quality function expansion is proposed. This paper uses BTM topic model to extract user topics from online review texts, uses Word2vec word vector similarity and cosine similarity to map topics to requirements, and determines the weight of each demand. Finally, each demand and the corresponding weight are input into the House of Quality model to determine the importance ranking of each technical feature. Use quality function to expand the model to achieve online review-driven product design.

With the development of ESG concept, ESG performance of enterprises has become an important index to evaluate their comprehensive strength. This paper aims to explore the impact of independent directors with environmental background on ESG performance of enterprises. The research results show that independent directors with environmental protection background can significantly improve the ESG performance of enterprises by improving internal control. Further analysis shows that the significant improvement effect is only reflected in state-owned enterprises and non-heavy polluting enterprises; When the proportion of independent directors with environmental protection background is higher, the ESG performance is better.

This study delves into the intricate relationship between budgeting, performance measurement, and management accounting practices in organizational dynamics. The primary objective is to illuminate the potential for misuse and abuse of these tools, leading to workplace bullying and unethical behavior. Drawing upon insights from scholarly literature, the research explores how budget targets can inadvertently serve as instruments for managerial bullying, creating a toxic work environment characterized by undue pressure and compromised ethics. The scope encompasses an analysis of the roles of budgeting and performance measurement in organizational decision-making and resource allocation. It investigates their impacts on individuals, organizations, and society at large. By enhancing awareness of the potential pitfalls associated with management accounting tools, this study aims to contribute to the promotion of ethical practices and organizational well-being.

This paper studies the competitiveness of tourism destinations in 18 cities in Henan province, and the degree of tourism competitiveness is described by the input-output efficiency of tourism destinations. Through 18 cities input-output index construction, data collection and data processing for comprehensive analysis, it is concluded that 18 cities in Henan tourism destination competitiveness strength level is divided into five levels of Luoyang and Kaifeng tourism competitiveness is strong, Jiaozuo tourism competitiveness is strong, Sanmenxia, Zhumadian, Zhengzhou city tourism competitiveness is medium, Zhoukou, Anyang, the six city competitiveness is weak, luohe city, Xinyang four city tourism competitiveness is weak, and according to the data analysis results put forward some constructive and feasible Suggestions.

In recent years, China’s global cooperation in the field of infrastructure has been deepening. Concurrently, the demand for international transportation of super-large and super-heavy machinery and equipment has increased dramatically. This phenomenon not only drives the development of the global economy, but also promotes the development of the international transportation of bulky cargoes. As the cargoes in question are of a considerable length, weight and dimensions, and are typically required for the construction of major national engineering projects, the international transportation of such cargoes is characterised by a high cost, high requirements and high risks. Currently, our country is still in the nascent stages of developing effective risk control measures for the international transportation of bulky cargoes. Identifying and responding to the risks associated with this type of transportation has become a pressing concern. Consequently, the enhancement of research on the comprehensive transportation scheme of bulky cargoes, particularly the examination and management of transportation risks in pivotal junctures, will facilitate the enhancement of the quality and efficacy of China’s international transportation of bulky cargoes and serve as a constructive contribution to the sustainable advancement of the bulky logistics and transportation industry.

Under the guidance of push-pull theory, the paper analyzes the internal development relationship between rural tourism and beautiful rural construction, discusses the path of coordinated development between the two, and draws the conclusion as follows:(1) The development of rural tourism and beautiful rural construction mainly has internal positive and negative interactions in four aspects: economic production, social life, ecological environment and cultural features. (2) In the practice of rural construction, from the five perspectives of industrial economy, rural environment, rural culture, rural governance and villagers’ interests, to promote the coordinated development of the two in the five aspects of “industry, environment, culture, management and interests”.

As an emerging industrial model in the digital economy era, digital trade can significantly drive the upgrading of industrial structure. This paper aims to empirically test the impact of digital trade on industrial structure upgrading in Guangdong Province and provide corresponding development strategies for digital trade. From the existing research literature, most scholars believe that digital trade has a positive impact on the upgrading of industrial structure in our country. However, most studies focus on the comparison between provinces and regions in China, and rarely pay attention to the changes within the province, so this is the innovation of this paper.

With the rapid development of high and new technology industry, high and new technology industry has become the engine of economic and social development. It’s also an important symbol to measure the strength of a country. The high quality development of hightech industry is of great significance to drive the vigorous development of economy. With the gradual strengthening of the role of high-tech enterprises in economic growth, the problem of insufficient funds is becoming increasingly obvious, which seriously hinders its development. This paper analyzes the problems encountered in the financing and the countermeasures, find the corresponding countermeasures to solve the problems, and help the high-tech enterprises to have a stable financial support in the future development direction.

After years of industrial economic development, the digital economy has gradually become one of the boosters of the economy of Guangdong Province, the digital development of the manufacturing industry in the Pearl River Delta under the background of digital economy has certain advantages, through policy, technology, location, enterprises and infrastructure embodiment, in the process of integration with the digital economy, there are also new characteristics of complexity, integration and risk. According to the new characteristics brought by the digital economy to the manufacturing industry in the Pearl River Delta, suggestions on institutional top-level design, total factor productivity and digital layout are put forward, and the high-quality development of the manufacturing industry in the Pearl River Delta is realized through policy systematic reform, innovative factor allocation, and a coordinated layout for the development of the digital economy, so as to deepen the deep integration with the data economy.

With the advent of the Internet wave, all industries are accelerating to digital development. In the field of medicine, the Fifth Plenary Session of the 19th Central Committee of China proposed the goal of building a “Healthy China” by 2035. Implementing smart healthcare through “digital+health” technology has become the current development goal of medical enterprises in China. This study focuses on Shanghai Pharmaceutical and analyzes the impact of its digital transformation on performance. Research has found that digital transformation has a significant improvement in its performance level, but its impact on debt paying ability may be negative. It is recommended that enterprises continue to promote digital transformation and innovation, pay attention to resource integration, achieve cost reduction and efficiency increase, improve management level, and ensure information security.

This project is based on the theories of asset restructuring and earnings management, analyzing the major asset restructuring event between Liaoning Port Co., Ltd. (formerly Dalian Port) and Yingkou Port, and further examining the various impacts of this event on the companies involved. The paper first identifies the earnings management behavior of the case companies, followed by an analysis of the improvement effects of this restructuring on the business and financial conditions of the companies. Drawing from the analysis of the case companies, conclusions and insights are presented in this paper, providing references for similar enterprises facing potential issues during asset restructuring.

Innovation is prevalent in the market. However, the standard of judging excellent students is often measured by academic performance, which cannot directly reflect the ability market demand. Even someone thinks good grades limit open thinking. This paper explores the influence of academic performance on the innovation ability. Data from the questionnaire were used for analysis. The finding is there is no correlation between innovation ability and academic performance. This paper suggests that universities adjust standards for excellence to foster innovation.

Using the data of A-share listed companies from 2010 to 2020 as research samples, this paper empirically analyzes the impact of Chinese Confucian culture on corporate green innovation. The results show that Confucian traditional culture has a significant positive impact on enterprise green innovation. In order to better promote green innovation in enterprises, China should pay attention to the integration of informal institutionsand formal institutions.

In this paper, Hengdian Studios is taken as a case, and the texts in Ctrip and Mawei websites are selected as data sources. ROST CM6 software is used for word frequency analysis, semantic network analysis, emotional analysis and cognitive image analysis, etc., to analyze the image perception of tourists in Hengdian Studios. It is found that the overall image of tourists' perception of the tourist image of Hengdian Film and Television City is mainly human resources in tourist attractions, and the cognitive image includes four categories: tourist attractions, tourist environment, tourist activities and tourist services. Positive emotions and neutral emotions account for the same proportion in tourists' emotional cognition, while negative emotions account for a minority.

The coupling coordination degree model is used to analyze the coupling coordination of tourism industry, economic development and ecological environment in Anhui Province from 2010 to 2019. The results show that the comprehensive evaluation index of each subsystem increased to different degrees, with the overall rise, and the tourism industry system increased the most; the coupling between the three systems remained at a high level from 2010 to 2019, showing high correlation, and the coupling coordination degree increased year by year, and the coordination level gradually increased from near to a good coordination level.

This study investigates the influence of corporate performance indicators namely, return on assets (ROA), earnings per share (EPS), net profit and return on equity (ROE) on executives’ compensation, and also the moderating effect of independent ratio in the Malaysia listed companies. Based on an analysis of a dataset comprising 100 companies in the fiscal year 2022, encompassing listed businesses in Bursa Malaysia, the results indicate that corporate performance has no significant relationship with executive compensation, but the independent director ratio has a significant moderating effect on the relationship between the corporate performance and executive compensation. This implies that companies may increase executive compensation to incentivize executives to respond when earnings decline and to retain talent. Board independence weakens the relationship between managerial compensation and performance and makes the role of independent directors ambiguous.

This paper delves into the significant impact of social media on marketing practices. Firstly, the concepts of social media and marketing were defined, and how social media has completely changed the marketing methods of enterprises was explained. The paper provides an overview of popular social media platforms and their characteristics, and then analyzes the evolution of marketing in the digital age, especially the key role of social media in it. Research has shown that social media provides businesses with new ways to reach and target audiences, enhances customer engagement, and brings new marketing strategies. The paper discusses in detail the various benefits of social media for marketing, including expanding coverage, improving the accuracy of target advertising, enhancing customer interaction, improving the cost-effectiveness of marketing activities, and providing real-time data and analysis. However, it also pointed out the challenges faced by social media marketing, such as information overload, brand reputation management, privacy and security issues, and adapting to platform changes. The paper also proposes a series of successful social media marketing strategies and demonstrates their practical applications through case studies. Finally, the paper looks forward to the future trends and potential impacts of social media marketing, emphasizing the importance of continuous adaptation and innovation in maintaining marketing effectiveness.

Against the backdrop of the gradual improvement of the socialist market economy system and the diversified development of the market economy, the management of highway transportation economy has also been increasingly valued. Among them, the emergence of issues such as fund management and personnel management has limited the improvement of the economic development level of the highway transportation industry. Based on this, this article focuses on these two issues, and from the perspective of market economy, on the basis of clarifying the importance of highway transportation economic management, targeted effective measures to strengthen highway transportation economic management are proposed.

In order to provide some reference for the research of risk measurement methods statistics and securities investment portfolio models, this paper introduces the theory of risk measurement methods statistics and securities investment portfolio models. The weekly closing price sequence of the Shanghai Composite Index from January 1, 2023 to December 31, 2023 is selected as the sample data, and the application of risk measurement methods statistics and securities investment portfolio models in stock market investment is empirically studied. The conclusion is that the statistical analysis of risk measurement methods and the securities investment portfolio model are highly effective and have a large application space.

As the degree of aging in China continues to deepen and the life expectancy per capita increases, using human resources for the elderly has become an important means of releasing the demographic dividend. Based on the social support theory, this paper analyses from the perspectives of individuals, governments, and employers, and concludes that the main reasons for the plight of the elderly in re-employment are the irregularities in the flexible labor market and the lack of professional service institutions at the governmental level, the insufficient excavation of re-employment work at the community level, and the age discrimination in employment and the avoidance of liability for work-related injuries at the enterprise level. Based on this, we propose that the community should play a pivotal role, and the government should adopt differentiated measures to help ease the plight of the elderly in re-entering the workforce.

Fintech refers to the use of various technological means to innovate the products and services provided by the traditional financial industry, improve efficiency and effectively reduce operating costs. Fintech covers the superposition and integration of cutting-edge disruptive technologies such as big data, artificial intelligence, and blockchain with traditional financial services. With the rapid development of financial technology, the financial industry, especially the financial security field, is facing unprecedented opportunities and challenges. Fintech has had a profound impact on financial security, but it is also accompanied by a series of hidden risks. This article takes the development of financial technology as the research background and financial security as the research object, and theoretically analyzes the challenges that the development of financial technology poses to the field of financial security. Finally, this article analyzes some current challenges and problems in financial security and puts forward corresponding countermeasure optimization suggestions.

Information asymmetry between banks and enterprises has led to banks not favouring small and medium-sized enterprises (SMEs) in traditional credit. In order to meet the development needs of SMEs, the problem of financing constraints needs to be solved urgently. With the use of supply chain finance, it is of great practical significance to solve the problem of financing constraints of SMEs and promote the innovative development of SMEs. This paper mainly starts from the perspective of supply chain finance, analyses the main financing modes under this financing system, summarizes the financing problems of SMEs under this perspective, and puts forward financing suggestions from the perspective of policy support, with a view to helping SMEs to give full play to the advantages of supply chain financing and promoting the rapid development of SMEs.

Promoting the adoption of Environmental, Social, and Governance (ESG) development ideas and digital transformation in energy firms is crucial given the current commitment to sustainable development and high-quality development. Using unbalanced panel data of listed businesses in the A-share energy industry from 2012 to 2022, this study empirically investigates the impact of ESG performance on high-quality development of energy and the moderating effect of digital transformation on it. A two-way fixed effects model is adopted. It is found that good ESG performance has a significant facilitating effect on promoting the high-quality development of the energy industry. In addition, digital transformation plays a positive moderating role in this process.

Purpose—This study aims to prioritize the vulnerabilities in the apparel supply chain and mitigate them by identifying the most significant threats and developing appropriate responses. Design/methodology - This study will use literature reviews to pinpoint supply chain risks and solutions in the apparel industry. Findings - The study emphasizes the need for flexible and adaptable supply chain structures and highlights the importance of proactive and reactive risk management strategies in building resilient supply chains. Research limitations - This study explored existing literature, which may limit empirical data. Further research is needed to develop predictive models that integrate real-time data for enhanced risk management. Practical implications - The study provides practical insights for apparel businesses to improve their risk management capabilities and prepare for supply chain disruptions and operational risks. Originality/value - This study concentrates on apparel supply chain risks and provides strategies for risk mitigation. It highlights the need for adaptable and resilient supply chains facing global disruptions, offering insights for industry practitioners and policymakers.

With the rapid development of the digital economy, the speed of industrial digitization has been boosted, digital industrialization has been deeply promoted, and new growth poles to promote the high-quality development of the natural gas industry have gradually been formed. However, there are still some realistic dilemmas for digital economy to empower the high-quality development of natural gas industry. Therefore, the logical mechanism of industrial digitization, digital industrialization, data valorization and collaborative innovation should be used to explore the path of digital economy-enabled high-quality development of natural gas industry.