Volume 186

In recent years, green innovation and sustainable development have gained prominence, prompting listed companies to enhance green information disclosure to meet investor and societal expectations However, despite increased efforts by regulators to crack down, such as increasing interviews and sharing information with green groups, greenwashing—misleading claims about environmental practices—persists. This not only harms investors but also undermines corporate sustainability and image. This paper examines the greenwashing cases of Decathlon and H&M, analyzing motivations and impacts through business models. It finds that while greenwashing may temporarily boost corporate image, it ultimately erodes market trust, increases legal risks, and damages brand reputation. Based on these findings, the paper suggests making use of technical methods and improving supervision and governance mechanisms to guide companies in fulfilling their ESG responsibilities and promoting capital market health. This study enriches theoretical research on greenwashing and offers practical guidance for regulators, holding significant theoretical and practical value.

Show more

Against the backdrop of the global transition to a low-carbon economy, corporate valuation must incorporate ESG factors. The traditional DCF model is insufficient to fully capture enterprises' sustainable development performance. In the context of China's emerging capital market, incorporating ESG factors into the China-specific valuation frameworks can help accurately assess long-term corporate value, guide capital flows towards high-quality enterprises, and promote high-quality economic growth. This study refines the DCF model by adjusting growth rates and discount rates to reflect ESG considerations. Through empirical data analysis and comparative study, this paper revalued Yangtze Power using the modified DCF model. Results showed that the modified DCF model produced valuations more aligned with the company's actual stock price, demonstrating that ESG-integrated DCF models can more accurately reflect true corporate value. This study provides new perspectives and methods for improving traditional corporate valuation approaches.

Show more

Originating in South Korea, K-pop has grown into a global cultural phenomenon over the past two decades, driven by its sophisticated idol system, high-performance aesthetics, and transmedia marketing. However, as global consumer behavior rapidly evolves, traditional strategies in the K-pop industry are increasingly challenged.This paper investigates the evolving marketing and development strategies of K-pop in response to new consumer trends. As Generation Z and Alpha dominate the global entertainment market, K-pop faces increasing challenges such as content homogenization, digital fatigue, and declining fan loyalty. In response, the industry is exploring innovations in idol production—including AI-driven and virtual models—value-based content creation, and participatory merchandise strategies. While these developments have helped maintain K-pop’s vitality, they also introduce new risks regarding authenticity, over-commercialization, and ethical fan engagement. Drawing from case studies and industry analysis, this paper argues that K-pop’s sustainable future lies in three core principles: emotional sustainability, narrative authenticity, and ethical co-creation. Only by balancing technological innovation with cultural depth and fan trust can K-pop evolve beyond a commercial trend into a globally resonant and responsible cultural force.

Show more

With the rapid development of social media, social media influencers have emerged intensively, and consumer behavior has undergone significant changes, particularly in the sports industry. In this context, there are potential opportunities for collaboration between influencers and brands to promote sports related products. However, current research on how such collaborations affect consumers' willingness to purchase sports equipment is relatively limited. This study focuses on this blank field and explores in depth the key factors that influence consumers' willingness to purchase sports equipment through collaborations with online celebrities. This article will comprehensively analyze consumer purchase intention, the core role of online celebrity marketing, the unique characteristics of the sports goods market, and the potential impact of cooperation between the two parties on purchase intention. These investigations will not only add new insights to the literature on influencer marketing, but also reveal potential opportunities and underlying mechanisms for influencer collaboration to drive consumer behavior in the sports industry.

Show more

This paper analyzes the valuation of PetroChina by comparing it with competitors Sinopec, CNOOC, and ExxonMobil, using multiples valuation methods including Price-to-Earnings (P/E) and Enterprise Value-to-EBITDA (EV/EBITDA). Focusing on the financial performance from 2019 to 2023, it highlights PetroChina’s post-pandemic recovery, marked by growing revenues, improved profitability, higher efficiency, and stronger financial stability. Despite these positive financial indicators, the valuation analysis shows that PetroChina remains undervalued compared to its domestic and global peers. This undervaluation likely stems from investor concerns regarding state ownership, regulatory factors, and geopolitical uncertainties. The research identifies a gap between PetroChina’s fundamental strengths and market valuation, suggesting its stock is an appealing investment opportunity. The paper further recommends that PetroChina enhance investor trust through improved transparency and governance. Finally, future research could examine broader qualitative factors such as ESG considerations and technological advancements, providing deeper insights into company valuations within the oil and gas industry.

Show more

In recent years, China's fast-paced economic growth has driven widespread expansion of its internet sector, positioning the platform economy as a crucial engine for sustaining developmental momentum. Yet this breakneck expansion of the platform economy has been accompanied by the emergence of multifaceted and acute monopolistic challenges. This study critically examines monopolistic dynamics within China's platform economy through a tripartite lens: deconstructing its conceptual architecture, tracing the ecosystem drivers of market consolidation, and mapping emergent dominance patterns, thereby substantiating the urgency of adaptive antitrust governance. It also lists several reasons for the formation of platform monopoly, and by analyzing the necessities of anti- monopoly on market competition, innovation and government control, it is recommended to continuously improve the legislative system, clarify and refine the criteria for identifying monopoly behaviors, and strengthen anti-monopoly supervision over the platform economy. In this way, the platform economy could be promoted to develop in a harmonious and orderly manner, and the normal competition order of the market can be maintained.

Show more

This paper explores the role of stablecoins in challenging the dominance of the US dollar, especially in emerging market economies. This paper examines the defining characteristics of stablecoins, classifies their mechanisms, and analyzes the growing appeal of stablecoins in the context of currency instability and limited access to dollars. Using recent examples from Argentina, Egypt, and Brazil, the paper highlights how stablecoins can bypass the traditional financial system and provide an alternative to store of value and cross-border transactions. While stablecoins enhance financial inclusion and payment efficiency, they also raise concerns about regulatory gaps, transparency issues, and the potential erosion of national monetary sovereignty. This paper further explores how the widespread adoption of stablecoins is exacerbating the dollarization of emerging economies, thereby undermining the effectiveness of independent monetary policy. By reviewing existing literature and real-world case studies, the paper concludes that while stablecoins may promote innovation and efficiency, their unfettered use could undermine financial stability unless a sound regulatory framework is in place. The future of stablecoins therefore depends on balancing financial innovation with effective regulation to ensure that they contribute positively to the evolving global financial architecture.

Show more

With socio-economic development, consumers demand more convenience and shopping experience. Traditional retailers are under pressure from online competition, while pure e-commerce platforms are also aware of the importance of offline experience. Against this backdrop, Alibaba's Freshippo launched a ‘new retail’ model in 2016, integrating convenient online shopping with offline fresh produce selection and on-site processing services through Omni-channel retailing. Relying on Alibaba’s technology, data, and logistics resources, Freshippo has created an integrated ‘supermarket + restaurant + logistics and distribution’ platform. As of June 2024, Freshippo has opened more than 400 shops, demonstrating strong market competitiveness. However, in recent years, some Freshippo have closed down. This paper focuses on the consumer purchasing decision process and loyalty under Freshippo's Omni-channel retail model and explores its successes and shortcomings, aiming to provide lessons for retail enterprises.

Show more

This paper investigates the valuation discrepancy between major coffee chains in the United States and China, focusing on Starbucks and Luckin Coffee. Although both firms demonstrate strong revenue growth, comparable business models, and digital innovation, their valuation multiples differ markedly in global capital markets. Starbucks commands significantly higher P/E and EV/EBITDA multiples compared to Luckin. This study applies a trading comparables framework to estimate Luckin’s implied value and explore the gap relative to market valuation. Furthermore, the research integrates structural variables including investor composition, regulatory transparency, listing venue, and ESG performance to explain the valuation divergence. Results suggest that such institutional and market factors—not just firm-specific fundamentals—play a pivotal role in determining cross-border valuation outcomes. In doing so, the study highlights the limitations of traditional valuation models when applied across regulatory environments and offers recommendations for refining comparative analysis in global investment contexts. The findings contribute practical insights for investment banking professionals involved in IPO pricing, equity research, and international M&A advisory, particularly in the context of emerging-market issuers.

Show more

In recent years, environmental, social, and governance (ESG) considerations have garnered more scrutiny from scholars, investors, and corporate executives. As ESG practices increasingly influence business activity and the way stakeholders evaluate long-term value, an encompassing question is: does ESG performance actually influence corporate financial performance (CFP)? This paper presents an exhaustive survey of recent scholarly research investigating the ESG–CFP nexus, integrating findings across current studies. The survey also discusses theoretical underpinnings such as stakeholder views, resource management concepts, and agency theory to describe the various ways ESG may affect financial outcomes. To the extent notable, variations across studies arise from differences across ESG dimensions, industry characteristics, governance structure, as well as research method choices. In aggregate, this review not only substantiates an aggregate positive association between ESG and financial performance, but indicates several less-worked-out observations: the asymmetry of ESG effects across ESG dimensions, the magnified influence of ESG at times of crisis, along with the value placed on depth of implementation and governance consonance over simplistic ESG scoring. These conclusions provide a more sophisticated view of how ESG operates as an ideational lever for corporate value generation.

Show more