Volume 124

Abstract: With the rise of the "She -economy," female consumers' attention to and willingness to purchase national products are increasing. This paper focuses on the female consumer group, exploring their user experience and emotional responses during the process of purchasing national products, and how these factors affect their willingness to buy national products. The paper collects relevant data through a questionnaire survey and uses SPSS 27.0 for statistical analysis of the data. The results show that female user experience and female emotional response have a significant positive effect on purchase intention, with female emotional responses playing an important mediating role. This paper enriches the research content of the "She-economy" theory and provides new insights for understanding female consumer behavior. At the same time, the research results have practical significance for both enterprises and female consumers.

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Abstract: The Global Financial Crisis (GFC) and the COVID-19 pandemic shock have similarities and differences. They both cause major economic downturn, affecting the normal functioning of the society. The cause and impact of them are different since the GFC is an internal shock whereas the economic downturn brought by the COVID-19 pandemic is an external shock that cannot be predicted. The corresponding expansionary fiscal and monetary policies are also slightly divergent. This research compares the economic impact of the GFC and the COVID-19 shock, specifically in China, focusing on the policy responses in different situations. Based on the analysis of the impact of the policies implemented in the GFC, the four-trillion investment proposed in 2008 was not a sustainable fiscal policy since it had made the government highly in debt. In 2020, the government also employed expansionary fiscal policies, but instead of spending on basic infrastructure, it concentrated on the advanced technology and service industry. Further, this paper suggests that the government could spend more on new investment plan like 5G technology to revive the economy during the aftermath of the pandemic.

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This study reviews extensive research examining the relationship between business cycles and stock market returns. It explores both the impact of business cycles on stock market volatility and the predictive power of stock markets regarding business cycles. Existing theories and empirical studies have provided significant insights, yet a notable gap exists in understanding stocks' differential sensitivity to economic fluctuations across various industries. This review highlights the need for future research to adopt a more granular approach, considering industry-specific responses and utilizing qualitative methods to explain these differences. Additionally, regional variations in the relationship between business cycles and stock market returns are examined, noting distinct patterns in North America, Europe, Asia, Latin America, Africa, and the Middle East. The review underscores the importance of data-driven approaches in predictive analytics to uncover new theoretical perspectives and improve the predictability of economic phenomena. Ultimately, this study aims to comprehensively understand the interplay between economic cycles and stock markets, offering valuable insights for investors and policymakers.

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In the wave of digital transformation, apparel retail brands are facing significant opportunities and challenges. Apparel brands such as Li Ning need to fully embrace digitization to achieve all-round transformation and upgrading from product development to customer service. Meanwhile, they need to actively respond to the rapid changes in technology, rising consumer expectations and the increasing complexity of supply chain management. Through continuous technological investment, innovation and optimization of supply chain management, in order to maintain a leading position in the highly competitive market to achieve sustainable development. This paper uses Porter's Five-Forces Model to analyze the e-commerce field development background of Li Ning brand, the change in the percentage of consumers in each age group, consumer preference, supply chain management and other elements.

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The COVID-19 pandemic has significantly disrupted global business sustainability, leading to widespread declines in consumer demand, cash flow challenges, and tightened access to bank loans. This paper explores the strategies employed by Apple and Huawei to maintain sustainable growth in this challenging environment. By examining these two tech giants, this research aims to uncover the differences and similarities in their approaches to overcoming the economic impacts of the pandemic. Apple, a leading American technology company, and Huawei, an Chinese telecommunications and consumer electronics company have presented contrasting scenario. Through a comparative analysis of their financial performances, strategic responses, and business model adaptations, this study highlights how each company navigated the crisis. Key findings reveal that Apple chose to cancel its ambitious car project to focus on core product lines, while Huawei successfully diversified into the automotive sector. The analysis shows how Apple's product pricing trends generally decreased, whereas Huawei's pricing trends increased, particularly in tablets and computers. These strategic decisions have had significant implications for their market positions and long-term sustainability. This comparative study provides valuable insights into how large corporations effectively respond to global economic disruptions, and how the government and industry help the large corporations to overcome the difficulties and lessons offered to other businesses seeking to build resilience and sustain growth in a post-pandemic world.

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This paper reviews the fundamental principles, mathematical formulation, advantages, and disadvantages of the GARCH model and its extensive applications in finance. Initially, this paper introduces the mathematical structure and fundamental properties of the GARCH model and analyzes the advantages and disadvantages of the model in practical applications. Furthermore, this paper applies the GARCH model in financial market forecasting, risk management, and asset pricing, illustrating these through specific cases. In particular, the GARCH model is employed to forecast the volatility of the electricity and stock markets, demonstrating its efficacy in handling high volatility and time series data. In risk management, the GARCH model assists investors in assessing potential losses and formulating risk management strategies by predicting future volatility. Additionally, the GARCH model and its variants enhance the precision of asset pricing by considering the skewness and kurtosis of the stock market. Furthermore, the current research frontiers and future development trends are also discussed. Research indicates that future enhancements to the GARCH model will primarily concentrate on capturing nonlinear market characteristics, developing multivariate GARCH models, and incorporating long memory characteristics into the model. As blockchain technology develops and cryptocurrency markets expand, it is anticipated that the GARCH model will become increasingly prevalent in these emerging markets. The integration of machine learning and artificial intelligence will further enhance the precision and reliability of the GARCH model, providing more accurate and robust tools for financial market analysis and forecasting.

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This study explores the impact of Environmental, Social, and Governance (ESG) performance on the average return and volatility of stocks in the U.S. transport sector. It aims to bridge the gap in literature concerning the direct effects of ESG performance on stock idiosyncratic volatility, focusing particularly on large U.S. transportation firms. Utilizing a quantitative research approach, the study conducted correlation and regression analyses. Data were collected on key metrics such as average returns, standard deviations, and ESG scores for selected stocks from publicly available financial databases. The analysis involved Pearson and Spearman correlation coefficients and multiple linear regression models to assess the relationships between ESG scores/disclosures and stock performance indicators. The study found that ESG scores have limited direct impact on average returns and volatility, which are often masked by other economic factors. However, high levels of ESG disclosure correlated negatively with average returns and positively with reduced volatility, indicating that while transparency might lower returns, it potentially stabilizes stock volatility.These findings suggest that higher ESG disclosures, while possibly deterring short-term returns, contribute to reducing volatility, highlighting the nuanced role of ESG factors in investment decisions. The study recommends that transportation firms balance their level of ESG disclosure to optimize stock performance, suggesting a strategic approach to ESG reporting.

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Asymmetric information refers to a situation in which one of the parties involved in a market transaction has more information than the other, which reduces efficiency in resource allocation. The basic reasons are the high cost of information acquisition, blocked information transmission channels, and lack of enough information disclosure. Problems such as adverse selection and moral hazard created by asymmetric information damage the efficiency of the market. Asymmetric information has played a very important role in lending, hotel, and catering. As for the industry of lending, the existence of asymmetric information between borrowers and lenders would make it easy for high-risk borrowers to obtain loans and, further, increase the risk of default. Asymmetric information within the hotel industry makes it hard for consumers to judge the hotel’s service quality and price rationality. Asymmetric information affects investment decisions and enterprise efficiency in the catering industry, distorting valuation and causing investment loss. Addressing asymmetric information in various industries is crucial for fostering market transparency and efficiency. To achieve this, researchers must employ both signaling and screening models to mitigate the adverse effects of information asymmetry. This paper examines historical literature on asymmetric information across diverse industries and delineates strategies to enhance information transparency and promote more informed decision-making.

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This paper constructs a theoretical model on the influence mechanism of supply chain governance on firm performance, with information sharing, supplier trust and supply chain integration as intermediary variables and government support as moderating variables. Taking enterprises in Sichuan Province as the investigation objects, this paper empirically studies the relationships among supply chain governance, information sharing, supplier trust, supply chain integration, firm performance, and government support by means of questionnaire survey. The results show that supply chain governance has significant positive effects on information sharing, supplier trust, supply chain integration and firm performance. Government support plays a positive moderate role between supply chain governance and supply chain integration. Supply chain governance will indirectly affect enterprise performance through information sharing, supplier trust and supply chain integration, and the indirect effect is stronger than the direct effect. This indicates that enterprises should standardize supply chain governance, share information efficiently with partners, form a good trust relationship with suppliers, and promote a series of supply chain integration, so as to improve the overall performance of enterprises.

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The purpose of this paper is to study the effect of the path of digital enterprise internationalization and the reasons for its success. Studying is conducive to helping other Internet enterprises in our country to choose the appropriate transnational strategy. By using the case analysis method and literature research method, it makes a case analysis of the internationalization process and strategy of ByteDance and its subsidiaries. This paper extracts a generally applicable path of digital enterprise internationalization, which has certain innovative significance and provides a reference for other digital enterprises in our country to carry out internationalization. Finally, through the data of global downloads and operating income, this research finds that ByteDance's internationalization has achieved remarkable results, and concludes that ByteDance has adopted an efficient growth strategy and localization strategy, which have laid a solid foundation for the success of its multinational operation.

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