Volume 180
Published on May 2025Volume title: Proceedings of the 3rd International Conference on Management Research and Economic Development
Against the backdrop of rapidly accelerating digital transformation, corporate performance in the areas of Environment, Social and Governance (ESG) has become a key indicator of corporate sustainability and long-term competitiveness. This paper explores the intricate mechanism of digital transformation on corporate ESG performance, utilizing the data of Chinese A-share listed companies from 2013 to 2023. By constructing a two-path analytical framework and a panel regression model, this study finds that corporate digital transformation significantly enhances the overall corporate ESG performance through the mediating channels of alleviating financing constraints and strengthening government regulation. The impact is particularly prominent among state-owned enterprises and firms with relatively low market competitiveness. The results provide a theoretical basis for policy makers to optimise the efficiency of resource allocation. They also offer practical guidance for enterprises to implement differentiated digital transformation strategies, which is of practical guidance value for regions with high financing constraints and policy-supported industries.
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In the information age, the impact of news media and social media on the stock market is becoming increasingly significant. This paper analyzes the influence of news and social media on the stock market from the perspectives of the information transmission chain, emotional differences, sentiment analysis techniques, and AI applications. Through a review of the literature, it is proved that the inventors’ behavior will be influenced by their emotions, which will be easily affected by the information they receive from the news and social media. It is found that by utilizing AI models and sentiment analysis techniques, emotions can be transformed into quantifiable data, which can be applied to more accurate stock price prediction systems, resulting in more precise stock price and trend forecasts. However, there are still many issues, such as information overload and overreaction to information, which can influence inventors’ behavior and cause redundancy in the accuracy of predictions. It is suggested that future research can focus on mitigating these factors and improving prediction accuracy.
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Consumption is both the starting point and ultimate driver of economic growth. Against the backdrop of invigorating domestic demand and intensified market competition, the importance of consumer behavior research has become increasingly prominent. Within this field, the POM model highlights the combined influence of Personal Perception (P), Others' Evaluation (O), and Marketing (M) on purchasing decisions. To explore the dynamic mechanisms of these influences, this study integrates Qualitative Comparative Analysis (QCA) with Generalized Structural Equation Modeling (GSEM), conducting empirical analyses using small-sample questionnaire data and large-sample e-commerce platform data, respectively. QCA results reveal three matching configurations in smartphone purchase decisions: rational decision-making type, brand-influenced type, and comprehensive consideration type. The GSEM regression further confirms the significant and nonlinear positive impact of personal perception on purchase behavior, while the direct effects of others' evaluation and corporate marketing are not statistically significant. The findings indicate that in generalized scenarios, consumers tend to rely more on their own information processing abilities, forming a rational decision-making dominant pattern. Based on this, it is recommended that companies optimize core product performance and enhance information accessibility pathways, while also exploring the synergistic effects between marketing strategies and user perception. This research offers new perspectives for both consumer behavior theory and practical application.
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With the development of electronic information technology, the global economy has entered the era of big data. Given its transformative potential, the efficiency of public resource allocation affects the future development trend of human society, which is a topic critical research area. To address this research gap, this study examines the “Guizhou Goods Out of the Mountains” e-commerce project in Guizhou Province, aiming to explore the impact of the digital economy on the allocation of public resources in the southwestern part of China. Research findings indicate that the digital economy can effectively enhance the efficiency of public resource allocation through e-commerce, logistics improvement, and policy support. The improvement of infrastructure in Guizhou Province has significantly facilitated the upgrading and coordinated development of regional industrial structures. This paper proposes countermeasures such as multi-dimensional supervision, differentiated brand strategy, and coordinated development of sales channels to address issues such as false marketing, product homogeneity, and the existence of sales channels. Collectively, these findings demonstrate that this research provides empirical evidence for the allocation of public resources in the southwestern region, fills the theoretical gap, and offers a reference for the study of such issues.
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Focusing on the panel data of nine cities in the Pearl River Delta from 2011-2023, this article constructs a comprehensive indicator to measure regional economic resilience from three dimensions: resistance and recovery ability, adaptation and adjustment ability, and innovation and evolution ability, then explores the impact and mechanism of digital finance on regional economic resilience. The results of the study found that: First, digital finance plays a major role in promoting regional economic resilience; Second, the impact of digital finance on regional economic resilience exists in regional heterogeneity, the first- and second-tier cities are more substantially impacted by the positive impact of digital finance, whereas the impact of the third-tier cities is relatively small, which indicates that the greater the administrative divisions of the region by the influence of digital finance is more pronounced; Third, digital finance may mediately improve regional economic resilience by enhancing regional innovation capacity and optimizing industrial structure.
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Markowitz's efficient frontier and the Capital Allocation Line (CAL) model, as classic paradigms for portfolio optimization, require theoretical and practical innovation in emerging industries, especially in risk-return optimization for innovation-driven sectors. This study, based on modern portfolio theory, constructs and empirically tests a five-asset allocation strategy for China's low-altitude economy. It selects five stocks with positive average returns from December 2021 to December 2024 in relevant fields (like airframe manufacturing, battery technology, and information navigation systems). Using monthly closing prices, it calculates individual stock return characteristics, analyzing their average returns, variance, and standard deviation. A multi-dimensional portfolio is built using a covariance matrix, the efficient frontier is determined through risk-return analysis, and a CAL is constructed with the 3-month Treasury bill risk-free rate to identify the optimal risk portfolio with maximum Sharpe ratio. The results demonstrate that the dynamic strategy's expected return (3.70%) significantly outperforms the CSI 300's average passive return (-0.46%) over three years, with controllable risk.
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Green finance is vital for fostering regional green innovation in China to promote high-quality economic development. An extensive index system is employed in this study to examine the correlation between green financial growth and regional green technology progress. Findings indicate a positive influence of green finance on green technological advancement, characterized by a diminishing effect as green financial development progresses in an "inverted U-shaped" pattern. Since 2017, the implementation of green financial reform pilot zones has led to a convergence in green financial development levels among provinces, approaching a critical threshold that signifies a shift in its influence on regional innovation. Regional disparities are evident, with the central region benefiting the most from green financial development, the eastern region experiencing weaker effects, and the western region facing limitations due to underdeveloped financial infrastructure. Recommendations for policymakers comprise deploying dynamic monitoring systems to enhance the efficacy of green financial policies, managing financialization risks via strengthened ESG frameworks, and implementing customized regional strategies to maximize the synergy between green finance and technological progress. These results provide crucial guidance for policymakers to utilize green finance as a catalyst for sustainable development and technological innovation.
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Environmental, Social, and Governance (ESG) factors are closely tied to the sustainable development of corporations and have become an increasingly important indicator for evaluating corporate sustainability, attracting growing attention from society at large. This paper examines the relationship between ESG information disclosure and financial restatement using data from A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2009 to 2021. The empirical results suggest that, to a certain extent, enhanced ESG disclosure can reduce the likelihood of financial restatements. Heterogeneity tests reveal no significant differences between state-owned and non-state-owned enterprises. Further analysis indicates that ESG disclosure can increase investor attention, which in turn helps curb financial restatement behavior. Moreover, institutional investors play a moderating role in the relationship between ESG disclosure and financial restatement. These findings suggest that increasing ESG information disclosure can help listed companies reduce financial restatements and promote sustainable corporate development.
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The global transition toward carbon neutrality has amplified the role of green finance, with ESG (Environmental, Social, and Governance) performance becoming a critical determinant of corporate financing decisions. In China—the largest emerging market and carbon emitter—recent policy innovations, such as green finance pilot zones and carbon emission reduction instruments, have accelerated ESG adoption. However, existing studies predominantly focus on linear ESG-financing relationships, overlooking nonlinear mechanisms, regional policy synergies, and technological disruptions like blockchain. This study examines the impact of ESG performance on financing constraints using panel data from Chinese A-share listed firms (2010–2020). Employing a progressive modeling framework (POLS→OLS→FE→two-way FE), it systematically address endogeneity through financial controls, fixed effects, and robustness checks with alternative ESG metrics. Heterogeneity analyses reveal attenuated ESG effects in environmentally sensitive industries (β=-0.161 vs. -0.294) and state-owned enterprises (β=-0.106 vs. -0.323), attributable to regulatory compliance costs and soft budget constraints. The findings support the ESG signaling framework wherein enhanced disclosure reduces information asymmetry. Policy implications emphasize standardized ESG disclosure aligned with China-specific materiality and differentiated regulatory interventions across industries and ownership types.
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In recent years, Chinese animated films have witnessed a significant leap in commercial value through all-age transformation and IP development. However, there is still a lack of quantitative research on the short-term impact mechanism of blockbuster movies on the stock prices of film and television companies.This paper takes the release of Ne Zha 2 as the research subject. It uses the counterfactual analysis framework and the ARIMA model to quantitatively evaluate the net effect of the movie's release on the stock price. The study reveals that the emergence of a blockbuster movie has a positive impact on the stock price of the listed company. Nevertheless, the market reaction is time-sensitive, and the excess return is short-term. Innovatively, this research incorporates the artistic value of movies into the financial analysis framework, clearly separates the exogenous variable of the movie's release, and conducts prediction, comparison, and analysis using the counterfactual analysis framework and the ARIMA model. It provides theoretical and empirical basis for the strategic layout of film and television enterprises, risk management of investors, and policy optimization.
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