Journal of Frontier in Economic and Management Research
ISSN：3079-465X (Online), It is an international academic open access, peer-reviewed online journal that focuses on publishing cutting-edge research papers in various fields of economics and management. The papers published cover research areas of interest to researchers, practitioners and scholars in different international contexts.
International Academic Journal Press Co., Limited
Corporate Internationalization and Audit Quality
As economic globalization deepens, Chinese enterprises are accelerating their internationalization process, making global operations a crucial strategic choice for enhancing competitiveness and achieving sustainable development. Against this backdrop, the impact of internationalization on audit quality has become a significant topic of interest in both academic and professional circles. This study examines the influence mechanism of internationalization on audit quality using Chinese enterprises from 2003 to 2022 as its sample. The findings reveal a significant positive correlation between the degree of internationalization and audit quality, indicating that international operations can effectively enhance audit quality. Robustness tests, including variable substitution and alternative dependent and independent variables, consistently confirm the core conclusions. Further analysis indicates that the moderating effect of foreign direct investment at the regional level significantly amplifies the positive impact of internationalization on audit quality. On one hand, internationalization reduces information transparency and increases financial risks, indirectly boosting audit demand. On the other hand, it enhances audit supply through talent influx and external audit services, ultimately elevating audit quality. Heterogeneity tests reveal that the quality-enhancing effect of internationalization is more pronounced in manufacturing, high-tech, and technology-intensive firms, with eastern and western enterprises outperforming their central counterparts. This study provides theoretical support for the relationship between corporate internationalization strategies and audit quality, offering valuable insights for policymakers seeking to optimize regulatory frameworks.
Corporate Internationalization; Audit Quality; Foreign Direct Investment; Financial Risk
Copyright (c) 2025 Journal of Frontier in Economic and Management Research https://creativecommons.org/licenses/by/4.0
The Browser as the Epicenter of the Digital Ecosystem: A Platform Economics Perspective on Market Evolution, Revenue Models, and Strategic Trajectories
The web browser, once conceived merely as an interface for information retrieval, has evolved into a multi-sided platform (MSP) that orchestrates economic interactions across digital ecosystems. This study reframes the browser as a strategic access point that mediates value creation among interdependent user groups—end-users, advertisers, content publishers, and developers—thus functioning as both infrastructure and market actor. Drawing on Platform Economics and Digital Ecosystem Theory, this research examines how browsers have become central to digital competition, revenue generation, and regulatory intervention. Employing a hybrid methodology that integrates a systematic literature review with a comparative case study of Google’s integrated ecosystem and Huawei’s distributed architecture, the study reveals that the browser has transitioned from a software tool to a pivotal control point in the digital economy. Google’s Chrome browser exemplifies an integrated market model, embedding advertising and search into a unified ecosystem that captured 69.23% of the global browser market in 2025. Huawei’s HarmonyOS, conversely, reflects a distributed model emphasizing cross-device collaboration rather than browser centrality. The findings contribute to platform and marketing scholarships by demonstrating that browser dominance is not merely technical but structural—rooted in network effects, data-driven feedback loops, and ecosystem orchestration. The article concludes by proposing a theoretical synthesis of digital platform power, situating browsers as gatekeepers that define the future trajectory of innovation, competition, and regulation in the digital marketplace.
Web Browser; Platform Economics; Digital Ecosystem, Multi-Sided Platforms; Revenue Models; Network Effects; Technology Strategy; Antitrust Law
Research on the Evaluation of the Development Level of New Quality Productive Forces in China's Agriculture
Cultivating new agricultural productive forces is an inherent requirement and a key focus for promoting high-quality agricultural development and building a strong agricultural country. Based on panel data from 30 provinces and cities in mainland China from 2012 to 2022, the entropy method, Dagum Gini coefficient, and Moran's I were used to study the development level of new agricultural productive forces. The results show that: first, the development level of China's new agricultural productive forces has steadily improved, and at the regional level, it shows a decreasing trend in the order of the eastern, central, western, and northeastern regions; second, the degree of inequality in the development of China's new agricultural productive forces has continued to expand, and the inter-regional gap is the main reason for the unbalanced development; third, the development of China's new agricultural productive forces has a positive spatial autocorrelation in space, with a concentrated distribution. Accordingly, policy recommendations are put forward from the perspective of the overall development level and regional difference characteristics of new agricultural productive forces.
agricultural new quality productive forces; development level; entropy method; Dagum Gini coefficient; Moran’s index
The Mechanism of RMB Exchange Rate Policy Affecting China's Digital Trade
Among the many economic policies of the government, exchange rate policy is one of the most important policies, especially in foreign trade and digital trade. This paper examines the impact of our country's exchange rate policy on its digital trade. The study finds that when the RMB depreciation policy is implemented, it has a significant positive impact on the development of digital trade in our country, and this conclusion is still valid after the robustness test. According to the analysis of the mediation effect model, e-commerce enterprises are the intermediary channel for the depreciation of RMB to promote the development of digital trade in our country. After heterogeneity analysis, it is found that the impact of RMB exchange rate policy on digital trade will have different characteristics in different regions, and the impact on the eastern region is the most obvious. Moreover, its exchange rate policy still has a certain lag effect. The study provides valuable insights for coordinating exchange rate policies and digital trade in developing countries.
exchange rate policy; digital trade; e-commerce enterprises; Digital economy
Audit Risk Evaluation of the Medical CRO Industry: A Method Combining Entropy Weight-TOPSIS and Grey Relational Degree
Under the modern risk-oriented audit, a reasonable evaluation of material misstatement risk is crucial for certified public accountants to determine the level of materiality and implement further substantive procedures. This paper proposes a material misstatement risk assessment model based on the combined use of entropy weight-TOPSIS and grey relational analysis methods and evaluates the material misstatement risk in China's Medical CRO Industry by quantitative means. Taking the medical CRO industry as an example, this paper selects some case companies in the industry for horizontal comparison, and at the same time conducts a multi-year data comparison on the enterprise with the highest audit risk among them. The results show that Bio-Sincerity Pharmaceutical is an enterprise with relatively high audit risk in the Medical CRO Industry in recent years, and the calculation results of the model are basically consistent with the actual analysis. To effectively prevent financial risks and audit risks, financial personnel should participate in business management, analysis and budgeting, and auditors should also focus on audit segments such as dynamic cash flow, debt structure, and business contracts and debt management in combination with the characteristics of the Medical CRO Industry, so as to effectively reduce the risk of audit misstatements.
Entropy Weight-TOPSIS Method; Grey Relational Analysis Method; Material Misstatement Risk; Financial Risks of Company
Opportunities and Challenges Driven by the Wave of Technology: A Comparative Empirical Study of Digital Library Management Models in Chinaand the United States
Under the background of the era when the technological wave drives globalization and informatization, this paper reveals the characteristics and differences of the development of digital libraries in China and the United States by comparing and analyzing the management models of digital libraries in the two countries. The research finds that China's digital libraries take the top-level design led by the government as the core and promote resource integration and equalization of services through national-level projects. The United States, relying on a multi-party collaboration model, emphasizes the two-way drive of technological innovation and user demands. There are significant differences between the two countries in terms of strategic layout, technology application, service innovation, etc., but they also show a trend of mutual learning: China needs to enhance the level of technological autonomy and service refinement, and the United States can refer to China's experience in systematic strategic promotion. This study provides an empirical reference for the optimal development of digital libraries worldwide.
Digital library; Management mode; Comparison between China and US; Technology-driven; Information resource sharing
Research on the path evolution and policy of China's agricultural products export to countries along the Belt and Road
The purpose of this paper is to examine the joint effect of China on the influencing factors of agricultural products export along the Belt and Road (B&R) and the evolution of its path. We selected 50 countries along the B&R as research samples. By integrating the influencing factors of export scale and introducing fuzzy set qualitative comparative analysis (fsQCA). The results show that: (1) population size, economic scale, trade facilitation, institutional environment and geographical distance are not the necessary conditions for the path of China's agricultural export trade to countries along the B&R. (2) after comparing the analysis results in 2013 and 2019, it is found that the high path of China's agricultural export trade to the B&R is relatively stable. However, the negative impact of geographical distance on one of the paths is significantly weakened, while the positive effect of the level of trade facilitation is gradually significant. (3) the not-high path of China's agricultural export trade to countries along the B&R is unstable and more complex. The weak market demand drive caused by the small economic scale and small population size is still an essential factor in the less path. Finally, based on the above research conclusions, We put forward policy implications for the sustainable development of China's agricultural export trade to countries along the B&R.
Belt and Road; agriculture products; export trade; fsQCA
Multidimensional Perspectives and Pathways of AI-Empowered Modern Management Research
Artificial intelligence (AI) technology is profoundly reshaping the global management ecosystem, transforming its role from a tool for efficiency to a structural force driving organizational change. This study, grounded in the context of China's modernization, systematically explores the multidimensional applications of AI technology in management research and the challenges it faces. The study finds core challenges in the current management field, including a crisis of adaptability between the industrial-era paradigm and the intelligent ecosystem, the dissipation of governance effectiveness caused by algorithmic black boxes, and cognitive barriers to human-machine collaboration. These issues stem from the conflict between mechanistic cognition and complex systems, the imbalance between instrumental and value rationality, and the paradigmatic differences between biological and machine intelligence. To address these challenges, the study proposes three solutions: building an AI-enabled distributed dynamic knowledge network, establishing a hierarchical and transparent governance system, and developing cognitive coupling interfaces. This research not only provides new perspectives for innovation in management theory but also offers practical paths for AI management practice in the Chinese context.​
AI; management research; algorithmic governance; human-machine collaboration; knowledge networks
Balancing Extrinsic and Intrinsic Rewards for Employee Performance in China’s EV Industry
Employee performance is widely regarded as a cornerstone of organizational success, and in fast-changing industries it becomes even more critical. China’s electric vehicle (EV) sector exemplifies this challenge, where rapid innovation and intense competition require companies to motivate employees for both immediate efficiency and long-term commitment. This study explores how extrinsic rewards include bonuses, gifts, promotions, benefits, and intrinsic rewards, including recognition, career development, learning opportunities, and responsibility, influence task and contextual performance. A quantitative design was employed, using survey data and statistical analyses to test the proposed framework. The findings show that both extrinsic and intrinsic rewards significantly enhance performance but operate differently. Extrinsic rewards are more closely linked to short-term improvements, while intrinsic rewards foster deeper engagement and sustained contributions. By combining Herzberg’s Two-Factor Theory and Self-Determination Theory, the study demonstrates that effective reward systems must balance financial incentives with psychological motivators. The results provide theoretical contributions and practical guidance for managers seeking to strengthen motivation, build resilience, and promote sustainable performance.
extrinsic rewards; intrinsic rewards; employee performance; task performance; EV industry
Analysis of the Operating Capacity of Chinese New Energy Electric Vehicles Industry: Taking NIO as an Example
Spurred by the global climate crisis, nations worldwide are accelerating energy-structure adjustments and promoting the low-carbon transformation of the transport sector through policy incentives. Concurrently, the deep integration of digital technologies and artificial intelligence is reshaping the automotive landscape, driving the joint evolution of electric powertrains and intelligent-driving capabilities and laying the technological foundation for smart mobility solutions. Amid this shift, an emerging cohort of next-generation automakers has entered the market. This study focuses on NIO Inc. as a representative firm within the global new-energy-vehicle (NEV) segment. Based on the operational capacity theory, study selects three key operational ratios: accounts receivable turnover, inventory turnover, and total asset turnover. Its primary objectives are to evaluate NIO’s operational efficiency against industry benchmarks by checking NIO’s annual financial report data from 2019 to 2023, and to propose actionable recommendations for the operational challenges identified. The study found that the accounts receivable turnover and inventory turnover of NIO fluctuated significantly, while the total asset turnover was relatively low. To address that, three improvement suggestions were proposed: refining credit management, optimizing inventory management, and enhancing asset utilization. It is hoped that these suggestions would provide a reference for other NEV enterprises and contribute to better promoting development of the industry.
Operating capacity; New energy vehicle; Accounts receivable turnover; Inventory turnover
Challenges and Responses: A Comparison of Management Dilemmas and Development Strategies of Public Libraries in China and the United States in Serving Digitally Disadvantaged Groups
This paper focuses on the service management for digitally disadvantaged groups in Chinese and American public libraries. Utilizing a comparative analysis method, it explores the differences and dilemmas between the two countries in terms of policy support, resource allocation, service models, and librarian training. The research finds that the United States has established a relatively comprehensive legal guarantee system and diverse funding channels, but recent federal policy fluctuations pose risks to project sustainability. Although China has made significant progress in equalizing services, it still faces structural challenges such as insufficient institutional guarantees and uneven resource allocation. Based on the comparative analysis, this paper proposes strategic suggestions including establishing a four-dimensional support system of "Law-Resources-Technology-Personnel" and promoting a "Digital Inclusion Partnership" model, aiming to provide references for Chinese public libraries to improve services for digitally disadvantaged groups.
Public Libraries; Digitally Disadvantaged Groups; Digital Inclusion; Management Dilemmas; Service Strategies; Sino-US Comparison
Small and Medium-Sized Enterprises in the Green Transition: Survival and Sustainability Challenges in ESG Practices
Against the backdrop of global green development and China's dual carbon goals, ESG has emerged as a key metric for assessing corporate sustainability. SMEs, as vital constituents of the national economy, play a significant role in the green transition. However, constrained by factors such as capital and technology, they face multiple challenges in ESG implementation: difficulties in cost accounting and insufficient technological innovation within the environmental dimension; weak sense of responsibility and inadequate protection of employee rights within the social dimension; structural deficiencies and weak information disclosure within the governance dimension. Furthermore, they encounter difficulties in cross-dimensional integration and coordination. In response, this study proposes strategic optimisation pathways for enterprises, including value reconstruction, lightweight digitalisation, and collaborative innovation. These aim to assist SMEs in balancing survival with sustainable development while simultaneously contributing to carbon reduction across supply chains and the green transformation of economic systems.
SMEs; ESG practices; green transition; sustainability challenges
Research on E-commerce boosts the normalized assistance mechanism of rural low-income population under the background of "Internet +"
China has eliminated absolute poverty.Under the new situation,the specific target of assistance for rural revitalization is the rural low-income population.Driven by "Internet plus" technology, rural e-commerce has developed rapidly and played a huge role in the development process of rural economy.In the transitional stage of consolidating and expanding the achievements made in poverty alleviation in coordination with the extensive drive for rural vitalization, e-commerce has provided a convenient way for rural low-income people to improve their lives, and has worked on infrastructure, industry and jobs,all achieved obvious results.According to the development status of rural e-commerce and rural low-income population,the author puts forward the construction ideas of normalized assistance mechanism from endogenous power, "Party building + e commerce + help" mode, brand building and other targeted assistance.
E-commerce; Rural low-income population; Assistance mechanism
Research on the Impact of Digital Inclusive Finance on Guangxi's Economic Growth
The digital inclusive financial system digitizes and informationizes the inclusive financial service system, breaks through the physical limitations, expands the service scope of traditional financial services, and uses Internet technology to promote the development of financial services in underdeveloped areas and the sound operation of the financial system.Therefore, it is very forward-looking to study the relationship between digital inclusive finance and economic growth, and make suggestions on the development of digital inclusive finance in Guangxi. Based on this, this paper selects the data of 14 prefecture level cities in Guangxi from 2011 to 2020, and on the basis of theoretical analysis to put forward assumptions, conducts empirical analysis on the impact of digital inclusive finance on economic growth to verify relevant assumptions. The research results show that digital inclusive finance can effectively promote the economic development of Guangxi, while promoting economic growth through two paths, namely, improving the living standards of rural residents and promoting the optimization and upgrading of industrial structure.Based on the research results, we further put forward policy recommendations such as improving the local digital inclusive financial product system, improving rural financial coverage, giving play to government guidance, and improving the relevant legal system.
digital inclusive finance;Economic growth;Intermediary effect
Research on the normalized assistance mechanism for rural low-income population under the digital economy——Taking the rural areas of Guangxi as an example
The digital economy emerged as the times require in the new round of information technology revolution. It is a new kinetic energy and a new engine to promote high-quality economic development. It also provides a good opportunity for the digital construction of rural agriculture and rural revitalization. Based on the era of digital economy, this paper analyzes the status quo of the normalized assistance mechanism for the rural low-income population in Guangxi, and points out from six aspects: industrial assistance, intelligent assistance, employment assistance, consumption assistance, support of aspirations and intelligence, and multi-subject assistance. At present, the problems existing in the normalized assistance for the rural low-income population in Guangxi, and suggestions for building a normalized assistance mechanism for the rural low-income population are put forward from these six aspects, so as to accelerate the realization of common prosperity for the rural low-income population.
digital economy; rural low-income population; assistance mechanism
How Digitalization of Human Resource Management Empowers Enterprises' Innovation and Entrepreneurship Practices
Amid the vigorous development of the digital economy, enterprises' innovation and entrepreneurship practices are facing unprecedented opportunities and challenges. During digital transformation, enterprises need to innovate human resource management (HRM) in multiple aspects. As a crucial link in enterprises' digital transformation, the digitalization of HRM is gradually becoming a core driving force for promoting enterprises' innovation and entrepreneurship. This paper deeply explores how the digitalization of HRM provides comprehensive support and guarantee for enterprises' innovation and entrepreneurship practices by innovating talent recruitment and selection mechanisms, optimizing talent training and development systems, improving performance management and incentive mechanisms, and constructing innovative organizational culture and team collaboration models. Combining theoretical analysis with practical cases, it reveals the important role of HRM digitalization in enhancing enterprises' innovation capabilities and stimulating employees' entrepreneurial spirit, and provides useful references for enterprises to achieve sustainable development.
Digitalization of Human Resource Management; Enterprise Innovation and Entrepreneurship; Organizational Culture
Research on Data Security and Privacy Protection in Corporate Human Resource Management in the Digital Era
Against the backdrop of the global digital wave, human resource management (HRM) in innovation and entrepreneurship enterprises is undergoing profound transformation, with data emerging as a core asset driving corporate decision-making and development. However, issues related to data security and privacy protection have become increasingly prominent, serving as key factors restricting the sustainable development of enterprises. By analyzing the challenges faced by innovation and entrepreneurship enterprises in data security and privacy protection within HRM, this paper explores the importance of these issues and proposes countermeasures such as constructing a data security governance system, applying privacy computing technologies, and enhancing employees’ data security awareness. The aim is to provide theoretical references and practical guidance on data security and privacy protection for innovation and entrepreneurship enterprises, helping them achieve a balance between security and development during digital transformation.
Digital Era; Data Security; Privacy Protection
A Study on the Evaluation of High-Quality Development of Enterprises in the Context of Digital Transformation: A Case Study of Hualing Steel
In the context of the digital economy, digital transformation of enterprises has become a current hot topic. This study focuses on Hualing Steel to explore how enterprises can achieve high-quality development through digital transformation. The paper employs indicators of efficiency, innovation, and green development, utilizing the entropy and TOPSIS methods to quantitatively assess transformation performance from 2013 to 2023. The analysis yields three key conclusions: (1) Digital transformation has yielded significant outcomes, with the highest comprehensive performance observed in 2021, coinciding with the launch of the 5G smart factory; (2) A structural characteristic of "efficiency improvement leading, with innovation-driven development lagging" is identified; (3) Recommendations are made for deepening the application of digital technologies, optimizing enterprise operation management systems, enhancing innovation-driven development, and improving talent development systems. These findings provide a theoretical framework and practical model for the transformation and upgrading of traditional manufacturing industries.
Hualing Steel; high-quality development; digital transformation; entropy value method; Topsis method
Analysis of XCMG's Capital Return Payment Capability from the Perspective of Free Cash Flow
This study investigates the dynamic evolutionary trajectory of XCMG's capital return payment capacity through the lens of free cash flow (FCF), leveraging the company’s financial data spanning the period from 1998 to 2024. By integrating free cash flow metrics with indicators of debt-servicing capability and profit quality, the research conducts a systematic analysis of the core determinants that shape the firm’s ability to meet capital return obligations. The findings reveal that both FCF1 and FCF2 of XCMG exhibit pronounced cyclical volatility; moreover, the rigid growth of interest expenses has the effect of amplifying cash flow gaps, which in turn renders the capital return payment capacity highly sensitive to external financing sources during periods of industry downturn. In light of these results, the paper puts forward a set of recommendations, including the compression of leverage ratios, the optimization of investment pacing, and the strengthening of cash recovery mechanisms, with the aim of providing empirical evidence to support the construction machinery industry in enhancing free cash flow creativity and realizing high-quality development
free cash flow (FCF) ; capital return payment ability ; debt repayment ability; earnings quality
Research on the Impact of Voluntary Auditor Changes in Chinese Listed Companies on Audit Fees
This article takes listed companies in China's A-share market that underwent voluntary auditor changes from 2021 to 2024 as the research object, and empirically examines the impact of voluntary auditor changes on corporate audit fees. The research results show that: (1) voluntary auditor changes significantly reduce corporate audit fees, indicating that companies have bargaining advantages in auditor selection and can achieve cost savings by changing auditors; (2) The new regulatory regulations released in 2023 have significantly changed the audit pricing mechanism, so that voluntary changes no longer have a fee reduction effect; (3) When establishing an audit committee for a company, voluntary auditor changes can significantly reduce audit fees; (4) When state-owned enterprises voluntarily change auditors, the cost reduction effect of audit fees is more significant; (5) Voluntary auditor changes have partially mediated the cost reduction effect on audit fees by reducing the proportion of non audit services. This article provides empirical evidence for enterprises to optimize their auditor selection strategies, and also provides insights for regulatory authorities to identify irrational low price competition in the audit market and regulate pricing order.
Voluntary auditor change; Audit fees; Policy shock
Why are executives interested in technology policy?——Research on the mechanism of science and technology policy affecting enterprise innovation
This paper selects the A-share non-financial listed companies in China from 2007 to 2018 as the research object to study the impact of science and technology policy on enterprise innovation and its influence mechanism, and further explore the effectiveness boundary of science and technology policy. The results show that there is a significant positive correlation between science and technology policy and executive compensation; there is a significant positive correlation between technology policy and enterprise innovation; there is a significant positive correlation between science and technology policy and enterprise innovation; executive compensation plays a partial intermediary effect between technology policy and enterprise innovation. Further research on the effectiveness boundary of science and technology policy shows that: first, management power can strengthen the positive correlation between science and technology policy and executive compensation; second, regional factors have a greater impact on the relationship between science and technology policy and enterprise innovation. The ethnic regions and western regions with poor economic development level weaken the positive incentive effect of science and technology policies on enterprise innovation.
Science and Technology Policy; Executive Compensation; Enterprise Innovation; Effectiveness Boundary
Research on Debt Risk Prevention Strategies for Chinese Financial Institutions
In recent years, many enterprises have been unable to repay debts on schedule due to liquidity constraints, leading to prominent debt risks in financial institutions. To mitigate such risks, this study takes CDL Securities as a case example. Empirical analysis is conducted on the interest rate spreads and returns of CDL’s investments in all A-share listed companies in China from 2015 to 2019 (based on 2011–2018 stock indices). Based on the findings, specific strategies are proposed, including: improving the debt risk management system, optimizing debt financing structures and capital allocation, and strengthening internal governance and external controls.
economic downturn; financial institutions; debt risk; prevention strategies; risk management
The Paradox of Goodwill Measurement and the Impact of M&A Synergy Effects on Goodwill Measurement
This study aims to elucidate the formation mechanism of the goodwill measurement paradox and assess the impact of M&A synergy effects on goodwill measurement. Drawing upon empirical evidence from case studies, such as the Geely-Volvo acquisition, and broader empirical research on listed companies, the study seeks to offer practical guidance for refining industry-specific goodwill measurement standards within the registration system. Based on the "Institutional Environment-Synergy Effect-Goodwill Measurement" analytical framework, this study selects 528 non-same-control M&A samples of A-share listed companies from 2018 to 2023 as the research objects, and uses principal component analysis and a moderated mediation model to empirically test the impact of operational, financial, and management synergy effects on goodwill measurement, as well as the moderating roles of industry heterogeneity and policy changes. The conclusions are as follows: 1. The current "difference method" in goodwill measurement shows a significant deviation, with non-synergistic premiums accounting for 21.5%, and reaching as high as 34.2% in technology-intensive industries. 2. Operational, financial, and tax synergy effects all have a positive impact on goodwill measurement, with operational synergy being the most significant (coefficient 0.315***), amplifying to 0.471*** in technology-intensive industries. Synergy effects are mainly transmitted through M&A premiums, with the mediating effect of operational synergy accounting for 42.8%. 3. After the policy strengthening in 2019, the correlation between synergy effects and goodwill measurement increased by 12.5%, but technology-intensive industries still have a high impairment rate of 15.2%, indicating that policies have yet to fully eradicate the disparities in measurement risks among industries. 4. This study is the first to quantify the moderating effects of policy changes and industry attributes on goodwill measurement, theoretically unveiling the core of the goodwill measurement paradox, and practically offering crucial guidance for refining relevant regulations, enhancing valuationtion systems, and formulating regulatory policies.
Goodwill Measurement Paradox; M&A Synergy Effects; Principal Component Analysis; Moderated Mediation Model; Institutional Change
Government regulations, internal governance and the efficiency of accounting firms
Currently, governments across the world are tightening the regulations on accounting industry. In such a context, the effects of government regulations and internal governance on the efficiency of accounting firms are studied using DEA-Tobit two-stage analysis framework and difference-in-difference (DID) method using internal financial data of accounting firms (2006~2016) in Guangdong province, China. The research results demonstrate that Chinese accounting firms show low comprehensive efficiency and resource allocation efficiency. Government regulations are significantly negatively correlated with the efficiency of accounting firms; while proper internal governance contributes to the improvement of the efficiency and has positive regulating effects on the efficiency loss caused by government regulations. furthermore, the accounting firms that have larger size and higher business concentration have the lower efficiency. higher specialization and industrial agglomeration degrees contribute more to the improvement of the efficiency. The results obtained suggest that if the rigorous government regulations can facilitate internal governance and construction of accounting firms; playing self-governance role as partners. Furthermore, the efficiency loss caused by the strict external regulations can be reduced to some extent.
Government regulation；Internal governance；Accounting firms；Efficiency
Research on the Impact of Free Cash Flow on Corporate Financing Constraints
Free cash flow and financing constraints can exert significant influences on the operational development of enterprises. Based on the pecking order theory and using data from A-share listed companies in China, this paper employs fixed-effects models and moderation effect models to examine the relationship and mechanisms between enterprises' free cash flow generation capacity and their financing constraints.The study found that: (1) Free cash flow can alleviate corporate financing constraints. (2) Corporate performance plays a positive moderating role in the impact of free cash flow on financing constraints. (3) The impact of free cash flow on financing constraints is weaker in state-owned enterprises compared to non-state-owned enterprises. The findings of this paper imply that free cash flow can have a significant impact on corporate financing activities. Therefore, enterprises should pay more attention to their cash flow indicators, signaling their operational stability and risk management capabilities to the outside world, thereby reducing the level of financing constraints faced by the enterprise.
Free Cash Flow; Financing Constraints; Signaling Effect
The Impact of Vietnam's Tax Incentives on the Attractiveness of Foreign Investment Based on the Investment Environment
Vietnam has recently become a major draw for foreign investment, especially from Chinese firms. This can be attributed to its booming economy, strategic location, and increasingly favorable investment policies. This analysis explores how Vietnam's tax incentives enhance its appeal to foreign investors, focusing on the varied regional and industry-specific effects of corporate income tax incentives. Research reveals Vietnam has significantly boosted its attractiveness to foreign investment by steadily lowering corporate income tax rates—from 25%-45% in the 1990s to a flat 20% by 2016. It also implemented differentiated incentives, including a 10% tax rate in economic zones, along with periods of tax exemption and reduction. At the regional level, tax incentives in economic zones, high-tech parks, and less developed areas have effectively guided Foreign Direct Investment (FDI). However, the impact of these policies has waned in more established regions like Ho Chi Minh City. Across industries, targeted tax exemptions and reductions in high-tech, environmental protection, and infrastructure sectors have successfully spurred industrial advancement. Nonetheless, challenges such as intricate tax regulations, varying local interpretations, and global tax reforms like the OECD global minimum tax introduce compliance risks and policy uncertainties. This research empirically confirms a positive link between tax incentives and inflows of foreign investment, as well as Gross Regional Domestic Product (GRDP). It also highlights the critical need to dynamically balance policy benefits and associated risks. This study offers a theoretical framework for foreign enterprisesto refine their investment strategies in Vietnam. It also provides valuable insights for other Southeast Asian nations developing competitive tax policies.
Vietnam's tax Preferential Policies; Foreign Direct Investment; Gross Regional Domestic Product
Transformative Impacts of Big Data Technologies on the Credit Reporting Industry: Drivers, Challenges, and Future Trajectories
Amid the rapid evolution of the digital economy, big data technologies are reshaping the foundations of traditional credit reporting by expanding data sources, refining modeling methods, and enhancing risk response capacity. From the integrated perspective of the “technology–institution–ethics” triad, this paper systematically reviews 33 studies published between 2012 and 2025, supplemented by representative case analyses. The review follows PRISMA 2020 guidelines, covering both international literature and China-specific practices. The analysis shows that while big data enables more dynamic, precise, and intelligent credit evaluation, it also generates systemic risks, including privacy infringement, algorithmic bias, model opacity, and regulatory lag. To address these dilemmas, a comprehensive governance framework is proposed that combines explainable artificial intelligence, privacy-preserving computation, cross-sector regulatory coordination, and ethical algorithmic norms. The study acknowledges its limitations as a review-based work—particularly in terms of proprietary data accessibility, interpretability of complex models, and empirical cross-platform validation—and suggests future research directions involving real- world experimentation, interpretable deep models, and multi-institutional governance mechanisms. Overall, this research aims to provide theoreticalfoundations and policy insights for building an open, transparent, and sustainable digital credit ecosystem.
Big data credit reporting; explainable AI; algorithmic governance; regulatory coordination; digital credit ethics
Does Mixed-Ownership Reform Catalyzes High-Quality Enterprise Development? Evidence from China
The high-quality development of a nation's economy fundamentally relies on the high-quality development of every micro-enterprise. As a critical institutional innovation in China's economic system, clarifying the relationship between mixed-ownership reform and corporate high-quality development is essential. This study empirically examines the impact of mixed-ownership reform on enterprise high-quality development using 2013–2023 Chinese A-share listed companies as the sample. Research findings demonstrate that mixed-ownership reform promotes enterprise high-quality development, while ownership concentration exerts an inhibitory effect. Further analysis reveals that the marginal benefits of mixed-ownership reform on enterprise high-quality development are stronger in private-owned enterprises; Mixed-ownership reform improves corporate performance by inhibiting corporate financialization. These discoveries provide valuable insights for deepening the understanding of mixed-ownership reform.
Mixed-ownership reform; High-Quality Enterprise Development; Firm performance; State-owned enterprise
Network Capital and Internationalization: Evidence from Chinese High-Tech SMEs
This study examines the mediating role of innovation strategy in the relationship between network capital and the internationalization of Chinese high-tech small and medium-sized enterprises (SMEs), as well as the moderating effect of government policy on this mediating pathway. Based on survey data collected from 289 high-tech SMEs located in Shenzhen, China, a moderated mediation model was tested using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that innovation strategy serves as a significant mechanism through which network capital enhances international performance. Furthermore, government support plays a critical moderating role by strengthening the indirect effect of network capital on internationalization via innovation strategy. Specifically, the mediating effect is more pronounced under high levels of government policy support. These findings contribute to the literature on internationalization by elucidating a conditional process model that explains how relational resources are transformed into global competitive advantage through strategic innovation, contingent on institutional support. The study offers practical implications for SME managers seeking to leverage external networks and innovation capabilities, as well as for policymakers aiming to design effective public interventions that facilitate international expansion.
network capital; innovation strategy; internationalization; government policy; Chinese high-tech SMEs
The Challenges of Talent Drain in Northeast China and Urban Planning Response Strategies
The report of the 20th National Congress of the Communist Party of China points out that "talents are the primary resource", and the quantity and quality of talents are important factors determining the competitiveness of a city. In recent years, the problem of talent outflow in Northeast China has been severe, which has to some extent affected the optimization of the industrial structure and economic and social development in Northeast China. This paper analyzes the reasons for the outflow of talents in Northeast China and, on this basis, puts forward relevant countermeasures and suggestions for urban planning in Northeast China, hoping to play a certain reference role in solving the problem of talent outflow in Northeast China.
Northeast China; Talent outflow; Economic development; Urban planning