On industrial forward movement and balancing of dual nature, we are concerned with the digital economy being a kind of stimulant playing an essential yet intricate part in China's FDI environment; According to the provincial-level balanced panel data（2013- 2022），it can be found that there's a non-linearity，digital increases initially boosts but finally decrease in FDI level. The inquiry is done with the help of fixed-effects and mediation model to look into if it's industrial refinement that matters, instead of just being correlated. From the empirical evidence we can see a general beneficial impact from the digital part of FDI which is described by an inverted U-shape. This means that there will be less appeal for foreign investment if digital ability surpasses a certain point. Importantly, in terms of the mediation analysis showing structural modernization is the main reason for the inflow. Furthermore, it is found that these benefits were not evenly distributed among various inland areas: Central Inland regions benefited the most from this digital economy, followed by Western and Eastern Coastal Regions. Therefore, flexibly timing digital is an important part of investment strategy.

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In the framework of glocalization theory, the existing studies mainly focused on food and consumer goods, which pay less attention to "unmentionable products" involving cultural concepts. Based on this, this study takes Durex as an example and uses multi-case comparative analysis to examine its localized integrated marketing communication strategy in China, India, and the United Kingdom. The research finds that the interaction among cultural values, censorship intensity, and language expression in ethnic societies dominates the implementation of localization strategies; the weight of "national society" and "self" reference points increased, while "world system" and "human" played more implicit supporting roles. This study extends the applicability of glocalization theory in the field of sensitive consumer goods and provides practical implications for the integrated marketing communication of multinational brands in different cultural contexts.

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The large increase in government-guided investment funds (GGFs) in China shows a clear strategic move to promote venture capital activity and the development of technology. However, there is still some paradox between the policy's goal and the results: while GGFs have increased a lot in size and have pulled a large amount of private investment into the VC sectors, the impact of the GGFs on corporate innovation at the micro level is still open. This paper examines the link between the involvement of GGF as an LP intervention and the innovative results of the companies receiving VC support. Based on the above dual-impact analytical framework, the study argues that the participation of GGF could have a resource-enhancing effect, as it could mitigate the financial constraint and expand the accessible capital. On the contrary, it might have the goal misalignment effect, as it could bias the resource distribution and make the firms care more about the short-term, policy-oriented business rather than the long-term innovation. The analysis is based on a longitudinal data set of Chinese venture backer enterprises from 2008 to 2022, and the instrumental variable techniques and propensity score matching with difference-in-differences (PSM-DID) are used to deal with the potential endogeneity problem. The present research is based on the question of whether participation in GGF can increase the output of patents, but at the same time could decrease the quality of these patents. The results of this study are expected to contribute to the knowledge about the effect of the government and market forces, and, in addition, give some recommendations for the practice of increasing the management of and assessment of the GGF.

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This paper focuses on the strategic heterogeneity of high-frequency trading, and compares the differential impact of market making and strategic high-frequency trading on market quality. It is found that the heterogeneity of the two strategies is reflected in the dynamic transformation of strategies and the ability of information processing, and the two types of strategies can be transformed into each other, and the same trader can switch Market roles. This paper points out that future research needs to break through the simple dichotomy and build an innovative methodological framework that takes into account multi-dimensional identification, cross-market tracking, and dynamic evolution monitoring, to achieve the purpose of balancing the supply of market liquidity and curbing market bad operations, and ensuring the long-term stable development of the market. This paper not only systematically compares the heterogeneity of strategies in the four dimensions of micro behavior, information processing, cross platform transmission and dynamic evolution, but also embeds innovative identification methods such as transaction network topology, order book entropy quantification, causal breakpoint design and counterfactual simulation in each dimension, providing a methodological framework from static classification to dynamic structure analysis for future research.

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