Volume 126

With the advancement of the global sustainability agenda, the environmental, social and governance (ESG) performance of corporations has become a focus of attention for both academics and businesses. However, existing studies have focused on the exploration of single factors affecting ESG performance, with relatively few comprehensive analyses. The purpose of this paper is to complement and expand existing research by systematically sorting out and analysing multiple factors affecting corporate ESG performance. This paper systematically collates the external and internal factors of corporate ESG performance. By comprehensively analysing the existing studies, it reveals the specific role mechanisms and influence paths of these factors on corporate ESG performance. The findings show that external factors such as policy and regulation, the digital economy, and investor attention, as well as internal factors such as heterogeneous majority shareholder governance, executive characteristics, and green bond issuance, significantly affect corporate ESG performance. These factors work together to drive better corporate ESG performance.

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As a consequence of the evolution of the times, Internet of Things technology has made remarkable progress in the field of logistics and warehouse management. Its application promotes the intelligence of logistics management. This has the effect of markedly enhancing the efficiency of logistics management, thereby facilitating the accelerated growth of the logistics industry. This paper begins by examining the current state of logistics warehouse management and the fundamental principles of IoT technology and its application in the field of logistics. It then proceeds to discuss the challenges faced by traditional logistics warehouse management in China. This paper analyses how the application of IoT technology can significantly improve the efficiency of logistics management, and provides an in-depth discussion on the development trend of logistics warehouse management. The objective of this paper is to illustrate the pivotal role of IoT technology in logistics warehouse management and to highlight its beneficial influence on the prospective evolution of the logistics industry.

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This study explores the impact of e-commerce development on regional economic growth, household income, and population mobility in Zhejiang Province from 2000 to 2021. Using a dynamic panel data model, the paper analyzes the influence of e-commerce, measured by Taobao Villages, on economic performance and migration patterns across counties. The results reveal a significant negative correlation between e-commerce development and economic growth, suggesting that in the short term, the increase in operational costs may outweigh the benefits. However, e-commerce significantly enhances the income of both urban and rural residents and indirectly influences population mobility by attracting labor back to small and medium-sized cities and rural areas. This study provides critical insights for policymakers in balancing the economic impacts of e-commerce and addressing population dynamics.

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With the rapid advancement of globalization and technological innovation, the field of corporate management accounting is facing unprecedented challenges. This paper delves into the primary difficulties encountered by management accounting in the current environment, including the impacts of technological advancements, the complexities of globalization, and increasingly stringent regulatory requirements. Through a detailed literature review and typical case studies, this research comprehensively analyzes the specific effects of these challenges on corporate operations and proposes practical solutions. These strategies include adopting advanced data analysis and automation tools to enhance the accuracy and timeliness of accounting information; strengthening the cultivation of cross-cultural management capabilities to ensure effective communication and decision-making in diverse cultural contexts; and establishing robust regulatory compliance monitoring systems to maintain compliance in a complex regulatory environment. This paper aims to provide theoretical and strategic references for corporate management accounting practices, helping businesses optimize their management accounting operations, improve decision-making quality and operational efficiency, and achieve sustainable development and competitive advantage.

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The equity structure could influence a company’s control and decision-making efficiency, which is closely related to the stable operation and performance of various enterprises. Several technology enterprises in China's capital market have abandoned the traditional "one share, one vote" equity system, instead adopting a dual-class share structure. In order to further inform the differences that technology companies will experience after adopting such a particular ownership structure, we collect abundant corresponding information from companies and researches from scholars. NIO has great research value in the rapidly changing industry currently. This paper uses NIO as an example to analyze the company's operational conditions under its dual-class share structure, including financial status, management changes, and financing activities. Furthermore, we discuss both the practical and theoretical evaluations of the dual-class share structure nowadays and explore the concept of a sunset clause. Finally, we summarize the paper and provide an outlook on the future adoption of dual-class share structures by technology companies.

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The new wave of artificial intelligence (AI) technological revolution is transforming existing industry dynamics and challenging traditional auditing models. Simultaneously, the phenomenon of corporate debt defaults is becoming increasingly severe, making the digital transformation of auditing an urgent necessity. Empowering auditing with new-quality productivity can facilitate a more effective transition to intelligent auditing. This paper, from the novel perspective of new-quality productivity, analyzes the impact of intelligent auditing on corporate debt default risk. Intelligent auditing reduces corporate debt default risk by improving internal control quality, enhancing audit quality, and mitigating resource misallocation. New-quality productivity supports intelligent auditing from three perspectives: technology, talent, and institutions. This paper, to some extent, fills the research gap on the economic consequences of intelligent auditing and provides a reference for enterprises and relevant departments in their digital auditing transformation.

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This paper discusses in depth the importance of liquidity risk management in commercial banks and the challenges it faces at a time of accelerated global economic integration. Financial globalization not only brings unprecedented development opportunities for the banking industry, but also exposes it to more complex and volatile liquidity risks. As an important part of the financial system, the sound operation of commercial banks is crucial for maintaining financial stability and healthy economic development. The article focuses on the current situation of liquidity risk management in Chinese commercial banks and reveals the core issues of weakening deposit base and loan expansion aggravating liquidity pressure through detailed analysis. Subsequently, a combination of literature review and case studies is used to analyze the dual impact of macroeconomic fluctuations and micro-management deficiencies on liquidity risk. Ultimately, the study concludes by emphasizing the key roles of the improvement of the government regulatory system and fintech in optimizing the asset and liability structure of banks and enhancing the efficacy of risk management, which together safeguard the sound operation of the financial system and the sustained and healthy development of the economy.

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In the vast global investment market, balancing risk and return is a pressing issue for investors. A significant part is played by the Markowitz model, which provides investors with a means of calculating risk and return. This paper focuses on analyzing portfolios using the Markowitz mean-variance model by applying empirical daily stock data from 11 different companies (AAL, NYA, IXIC, HSI, GDAX, KS11, SSMI, SBUX, KDP, NSRGY, and SJM) over the period from January 2014 to April 2014. The study also optimizes investments by screening for short-selling opportunities. NYA, IXIC, HSIA, and SJM were the four stocks that were eliminated following four rounds of computation. As a result, the paper identifies the optimal portfolio strategy and concludes that KS11 stocks exhibit the best behavior. The Markowitz model allows investors to efficiently evaluate risk and return while increasing their income. In actual circumstances, the Markowitz model is quite useful and practical.

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Human resources are know for their fluidity nature. The phenomenon of excessive departure rates within enterprises brings numerous adverse consequences. It is indeed a significant issue that poses a disturbance to the long-term development of businesses. In addition, organizational identity plays a crucial role as it can enhance the sense of affiliation and loyalty that employees hold towards the organization, thereby making them more willing to stay. Organizational culture, being a soft force of the enterprise, is capable of creating an excellent working environment. It enhances employees' identification and sense of belonging to the organization, boosts their job satisfaction, and have an important impact on reducing the tendency to leave. Moreover, the theory of organizational integration can improve employees' sense of belonging and loyalty to the organization, ultimately making them more inclined to remain within it.

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In the context of a rapidly evolving technological landscape, it is imperative to gain insight into the fundamental principles underpinning the success of business models in this sector. This paper examines the strategic approach of Xiaomi, a leading technology company, with a view to elucidating the factors that have contributed to its considerable growth and market penetration. This paper focuses on Xiaomi's distinctive business model, which integrates internet, hardware and new retail concepts. It explores the company's value proposition, customer segmentation, sales channels, key resources, partnerships, revenue streams and cost structure through a comprehensive analysis. This paper specifically employs a strategic analysis framework to examine Xiaomi's strategies for building an ecosystem and penetrating overseas markets. The findings indicate that Xiaomi's success can be attributed to a cost-effective marketing strategy, robust Internet marketing capabilities, strategies for adapting to local markets overseas, robust ecosystem partnerships, and a symbiotic ecosystem encompassing smartphones, IoT products, and Internet services.

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