The core tension in the transnational expansion of social media platforms lies between scale efficiency and local legitimacy. Taking TikTok as its primary case, with RedNote (Xiaohongshu) and WeChat as comparisons, this paper decomposes overseas expansion strategy into four pillars: mode of entry, algorithmic distribution, the monetization loop, and governance architecture. It traces how ByteDance bought out the cold-start cost of network effects through the acquisition of Musical.ly, externalized content production to local creators so that the cultural discount never arose, extended an advertising–live-streaming–commerce loop at speeds that varied by market, and finally exchanged equity and governance rights for continued market access through the TikTok US data security joint venture formed in January 2026. The two comparative cases sharpen the argument from opposite directions: RedNote acquired scale by accident in the "TikTok refugees" episode of 2025 but could not consolidate it without institutional preparation, while WeChat, lacking a distribution mechanism independent of the social graph, has been unable to cross network barriers already occupied abroad. The paper argues that expansion follows two curves separating by stage. In the early phase algorithmic and product capability permit low-cost replication, the further expansion proceeds, the higher the legitimacy costs imposed by compliance, data governance and geopolitics, and the deeper institutional pressure reaches from operations into ownership itself. What ultimately sets the ceiling is not product capability but institutional adaptability. On this basis the paper draws out four strategic patterns and offers recommendations at two levels: for platform firms, and for policy and industry.

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The rapid expansion of ESG (Environment, Society and Governance) investment has placed ESG ratings at the core of capital market decisions. Nevertheless, the significant differences among various rating agencies have drawn widespread attention to the reliability of ESG information and its impact on market efficiency. To this end, this paper establishes a comprehensive analytical framework to assess the impact of ESG rating discrepancies on the information of the capital market, with stock price synchronicity serving as the measurement indicator. Based on a review of the relevant literature, it integrates studies on information asymmetry, limited investor attention, and analyst information intermediation. On this basis, it summarizes three main transmission paths through which ESG rating discrepancies impact information efficiency: heightened information asymmetry, scattered investor attention, and reduced analyst prediction quality. The results suggest that, taking into account the institutional features of China's capital market, including the dominance of retail investors, relatively weak information disclosure, and the strong policy-driven ESG, the aforementioned effects may be significantly amplified in the Chinese context.

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With the rapid growth of short-video live streaming, algorithmic recommendation has become the core driver of traffic distribution on Douyin. Many brands now use entertaining livestream content to reduce the stiff, promotional feel of marketing and attract viewers. This paper focuses on Douyin livestreaming, employing literature review and case analysis as its primary methods. It mainly explores how recommendation algorithms affect brand content dissemination and analyzes effective strategies for brand entertainment communication. The results show that algorithms enable accurate audience matching via user tags and behavioral data, while entertaining livestream content tends to sustain traffic advantages. Nevertheless, problems such as content homogenization still exist. Brands need to combine algorithm rules to innovate entertainment forms so as to achieve better communication and marketing effects. This research enriches the theoretical framework for algorithm-driven brand livestream communication in China's short-video ecosystem and offers actionable suggestions for physical-goods brands to implement long-term entertainment livestream marketing on Douyin.

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Given the serious ecological problems in the world and the "dual-carbon" goals of China, this paper will empirically study whether and in what way executive green cognition can reduce the traditional "awareness-action gap" to promote enterprises' actual green investment. By taking a sample of Chinese A-share listed companies from 2009 to 2024, textual analysis will be employed in this paper to quantify executive green cognition, and a time fixed-effects model will be built to examine systematically how it affects corporate green investment and under what boundary conditions this effect occurs. Based on the above analysis, it can be concluded that executives' green cognition is positively correlated with the green investment of enterprises, and this result is consistent in all tests, including lagged variable treatment, alternative variable measurement and the addition of other control variables. Based on the analysis of heterogeneity, it can be found that the promotional effect is relatively weak for heavy-polluting industries and asset-intensive enterprises; thus, external regulatory pressure and asset specificity may be the reasons for this. The goal of this paper is to uncover the "black box" of decision-making at the top management level, put forward a new way of research on the micro-level driving forces for corporate green transformation, and provide a reference for strengthening internal corporate governance and formulating targeted emission reduction policies by the government.

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