Volume 18 Issue 8
Published on August 2025
Based on sample data from A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2011 to 2022, this study systematically examines the impact of new quality productive forces on organizational resilience in enterprises. The findings indicate that improvements in the level of new quality productive forces significantly enhance organizational resilience, and a robust positive correlation exists between the two. This effect is primarily realized through three mechanism pathways: alleviating financing constraints, improving investment efficiency, and promoting digital transformation. Heterogeneity analysis further reveals that the positive impact of new quality productive forces on organizational resilience is more pronounced among state-owned enterprises, large-scale enterprises, and enterprises located in regions with a well-developed technology market. This study adopts a micro-level perspective to explore how new quality productive forces affect organizational resilience at the enterprise level, enriching the relevant research in this domain. It provides both theoretical guidance and practical pathways for enhancing organizational resilience and offers scientific evidence and practical references for government policy-making aimed at supporting the development of new quality productive forces and strengthening enterprise resilience.
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Against the dual drivers of deep global economic interconnection and the digital technology revolution, the complexity and uncertainty of international trade and capital flows have significantly intensified. Since China's reform of the exchange rate formation mechanism in 2005, the marketization of the RMB exchange rate has progressed steadily, leading to a significant increase in exchange rate flexibility. However, the problem of enterprises' exchange rate risk management capabilities lagging behind market development has become increasingly prominent. This paper focuses on the exchange rate risk management practices of two multinational enterprises, Apple and Toyota. Through case analysis and literature research, it systematically sorts out their four core strategies: supply chain regionalization, portfolio hedging with financial instruments, tax coordination, and digital-driven approaches. The study finds that Apple reduces its reliance on foreign currencies through global supply chain layout and dynamic hedging tools, while Toyota diversifies risks by relying on regional closed-loop production and multi-source supply networks. Both have achieved a reduction of over 85% in the impact of exchange rate fluctuations on their profits. The research conclusions indicate that Chinese enterprises need to make breakthroughs in four aspects—strengthening supply chain resilience, applying derivative portfolios, integrating cross-border cash pools, and enhancing intelligent risk control—to promote the transformation of risk management from passive response to proactive prevention and control. This paper provides a reusable framework for foreign-related enterprises to address exchange rate fluctuations and holds important reference value for optimizing the risk management system under the "dual circulation" pattern.
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Earnings communication conferences (ECCs) have emerged as a critical interactive platform for information dissemination in China’s capital market, playing a pivotal role in mitigating information asymmetry between firms and investors. This paper conducts a systematic literature review of 15 key studies on ECCs published in top journals from 2020 to 2024, aiming to synthesize existing research and identify future directions. The review focuses on three core dimensions: the structure and functions of ECCs (with particular attention to the information-rich question-and-answer session), methodological approaches (including textual analysis of management tone, Q&A semantic similarity via BERT, and measurements of managerial traits (humor and narcissism), and theoretical frameworks (predominantly information asymmetry theory and signaling theory). Empirical findings highlight the impact of ECCs on market reactions, such as stock price dynamics and analysts’ forecast accuracy, as well as the influence of corporate characteristics (e.g., CSR performance) and managerial behaviors on communication quality. This review addresses the scarcity of comprehensive syntheses in extant literature, providing foundational insights for scholars exploring ECC-related topics and outlining avenues for future research.
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To effectively prevent the outbreak of financial crises, constructing a resilient early-warning mechanism now constitutes a core mandate in macroprudential supervision. This paper employs literature review methods, combined with case analysis and the macroprudential regulatory framework, to explore optimization methods for early warning indicators of financial crises under new trends in financial regulation, and proposes innovative approaches. The paper investigates how to identify and quantify the three key drivers of financial crises: macroeconomic imbalances, market over-speculation, and financial institution risks; innovative approaches leveraging high-frequency financial datasets with ensemble learning algorithms to enhance the real-time accuracy of early warning indicators; the synergistic effects of cross-level regulatory information sharing, multi-stakeholder collaborative processes, and two-way feedback mechanisms; and demonstrates that constructing a multi-dimensional indicator system covering macro, market, and institutional levels can comprehensively reflect the accumulation and propagation of systemic risks. The utilization of big data feature engineering and machine learning models has significantly improved the prompt detection of warning signals, resulting in a marked decrease in false alarm rates. Information sharing and multi-party collaborative warning processes, combined with two-way feedback between market participants and regulators, have achieved closed-loop management and synergistic efficiency gains in the warning system.
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