This study regards China's regional carbon trading pilot schemes as a quasi-natural experimental scenario, and adopts the double-difference (DID) estimation model to carry out an in-depth exploration of the impact results, operational paths and differential traits generated by this policy on the sustainable development performance reflected in corporate ESG dimensions. The empirical outcomes of the investigation indicate that the carbon emission trading mechanism can markedly elevate the comprehensive ESG rating levels of enterprise subjects. Its internal logic is realized through a composite mechanism of "external supervision-internal value creation-capital coordination", that is, while the policy strengthens market attention and reputation supervision, it promotes the transformation of ESG from compliance cost to development capital by improving green profitability and alleviating financing constraints. Heterogeneity analysis shows that there are structural differences in policy effects, which are particularly significant in non-capital-intensive, non-heavy-polluting enterprises and those with CEO duality separation, reflecting the moderating role of resource flexibility and governance efficiency. From the perspective of transmission mechanism and heterogeneity, this study reveals the internal process of market-oriented environmental regulation reshaping the resource and incentive structure of enterprises, and provides empirical evidence for improving carbon market design and implementing differentiated ESG strategies.

This study examines how sudden negative public opinion events and the timing of corporate public relations (PR) responses affect firms' financing costs. Using a firm-year panel of 24 publicly listed automotive and related companies from 2015 to 2024, we conceptualize negative public opinion events as reputational shocks that increase information uncertainty and are priced by capital markets. Financing cost is measured at the firm level using the weighted average cost of capital (WACC), capturing the aggregate risk premium demanded by external capital providers. Employing panel regression models with firm-level controls, we find that sudden negative public opinion events significantly increase corporate financing costs. More importantly, we document a significant negative association between PR response speed and financing costs, indicating that slower, more deliberate responses are associated with more favorable financing conditions following a crisis. These findings challenge the conventional crisis-management view that faster responses are always optimal. Instead, the results suggest that in contexts characterized by high informational uncertainty, premature responses may amplify perceived risk, whereas cautious response timing can mitigate financing penalties. This study contributes to the corporate finance and crisis communication literature by providing empirical evidence on how communication strategy shapes debt market pricing and by highlighting the context-dependent role of response speed in managing reputational shocks.

Carbon neutrality is currently accelerating the decarbonization process in the power sector. However, China, the United States, and the European Union are taking significantly different transformation paths. This article uses an energy economics framework to link binding system constraints, policy combinations, and the overall system costs to compare the differences among the three countries. This analysis integrates evidence from international assessments and peer-reviewed studies regarding the value and flexibility of variable renewable energy (VRE). The results show that as the share of renewable energy increases, economic bottlenecks shift from generation costs to flexibility and grid transmission: the marginal market value of wind and solar energy decreases as penetration rates increase, while the value of dispatchable system services increases. The EU's total control and trading system and market integration enhance long-term scarcity expectations, but without appropriate hedging designs, they increase the risk of short-term price fluctuations. The United States relies more on technology-neutral tax credits to reduce capital costs and accelerate deployment in the absence of a national carbon price. China combines large-scale clean infrastructure construction with continuous coal supply guarantees, which makes flexibility compensation, inter-provincial transmission, and reliable emission limits key to achieving cost-effective decarbonization. For China, the policy impact lies in regarding flexibility as a decarbonization asset, strengthening market signals through improved monitoring, reporting, and verification (MRV), and reducing power outages through grid and market reforms.

Based on monthly data spanning June 2015 to June 2025, this paper constructs a VAR model that includes the stock market (SSE Composite Index return), foreign exchange market (RMB exchange rate movement), trade policy uncertainty (TPU), U.S. Federal Funds Rate and China's GDP growth rate to systematically examine the dynamic impact of trade policy uncertainty on China's financial market in the context of the U.S.-China trade friction mechanism. The study employs multiple breakpoint analyses (signing of the first-stage agreement in January 2020) and robustness tests and synthesizes the Granger causality test, impulse response analysis and variance decomposition. Research reveals that TPU serves as a Granger cause in China's financial markets. Its shocks exert a significant negative impact on the stock market, manifesting as "short-term amplification and long-term convergence" following escalations in trade friction. TPU's explanatory power over financial market volatility increases with friction intensification (boosting stock market volatility by approximately 8% on average and contributing up to 12% to exchange rate fluctuations). Notably, the transmission mechanism shows pronounced phase heterogeneity.

Against the backdrop of intensifying global macroeconomic volatility, multinational enterprises (MNEs) operating in hyperinflationary economies face extreme currency risks including disordered exchange rates, capital controls, and the effective breakdown of forward markets. Conventional hedging instruments have become ineffective due to illiquidity and institutional constraints, compelling firms to seek structural alternatives. Integrating insights from monetary economics, cross-border operations management, and the institutional design of digital currencies, the paper employs systematic literature review and qualitative theoretical deduction to explore the stability sources and application pathways of "device-bound tokens" (DBTs) under extreme conditions. Hardwired to physical hardware, DBTs derive their value from non-transferability, a transparent value-anchoring mechanism, and a high degree of administrative controllability, positioning them as potential privately-issued stable-value carriers. Instead of pegging to sovereign fiat currency credibility, the purchasing power of DBTs is collateralized by the MNE's global service cash flows, enabling them to fulfill settlement and value-storage functions amid the collapse of the domestic monetary system. The analysis demonstrates that adopting DBTs not only helps firms hedge against the tail risk of local currency collapse but also facilitates the establishment of semi-autonomous value systems and reshapes global value flows. Despite lingering challenges in regulation, technology, and institutions, as a component of international business strategy, DBTs exhibit substantial institutional potential worthy of further scholarly and policy exploration.

With the deepening of the global value chain division of labor, Intermediate goods trade has become the main form of international trade. At the same time, free trade has a profound impact on the cross-border flow of intermediate goods and the layout of global production networks. This study is based on relevant literature in recent years and systematically reviews the impact of free trade agreements on intermediate goods trade through a literature review and theoretical analysis. Research has found that with the development of intermediate goods, free trade is showing a trend towards diversification. Meanwhile, free trade has had a cost-reducing effect on intermediate goods. Secondly, free trade agreements have promoted the advancement of participating countries and their enterprises in the global value chain, enabling the circulation of intermediate goods in global trade. Finally, free trade agreements facilitate the circulation of intermediate goods between developed and developing countries, maximizing the benefits of technology-intensive industries. Leading enterprises are utilizing free trade rules for global layout, and small and medium-sized enterprises are also facing opportunities.

Under the background of the joint development of digital and green economy, the digital change of enterprises is well seen as a key way to push forward the green management of companies. But scholars have not reached a common idea on whether digitalization can really hold back companies' greenwashing behavior. This study takes A-share companies from 2014 to 2023 as the research sample, and it analyzes how the digital change of enterprises acts on companies' greenwashing behavior and the specific ways that this influence works in practice. This study finds out several key results as follows: First, the digital change of enterprises greatly makes companies' greenwashing behavior more serious, and this shows that digitalization may bring a promotion effect in some specific situations. Second, total factor productivity (TFP) has a positive middle effect in this process, which means the digital change of enterprises can indirectly make greenwashing more serious by improving the efficiency of resource distribution and the overall level of production capacity of companies. Third, the outside management and control ways of enterprises cannot stop this bad influence in an effective way; on the contrary, the professional ability of auditors and the attention from analysts will strengthen the role of digitalization in promoting companies' greenwashing behavior, and this phenomenon is called the supervision reverse effect. Fourth, the analysis of different characteristics of enterprises shows that this promotion effect is more obvious in manufacturing industry, high-tech fields, capital-focused industries and private companies. The research results can provide new practical research evidence and policy suggestions for improving the green supervision systems in the digital age.

Xiaomi, leveraging its trinity business model of "Hardware + Internet + New Retail," has rapidly risen to become one of the world's top five smartphone manufacturers. In 2021, the company announced its entry into the smart electric vehicle sector. This study takes Xiaomi Group as the research subject, examining its competitiveness and development potential in the global smart hardware and internet services market. By employing the SWOT model and Porter's Five Forces analysis, and integrating financial data from 2018 to 2024 and industry research reports, this paper systematically evaluates Xiaomi's strategic advantages and financial performance. The research finds that Xiaomi demonstrates significant competitiveness in the mid-to-low-end smartphone market and the development of its AIoT ecosystem. Its internet services business maintains a gross profit margin of over 70%, forming a relatively stable financial pillar. However, Xiaomi holds less than a 15% share in the high-end smartphone market, indicating a limited brand premium. Furthermore, it faces pressures from the international political environment and supply chain security. The unique contribution of this study lies in combining strategic and financial metrics to reveal the synergistic potential within Xiaomi's diversified layout, particularly between its AIoT and automotive businesses. This study suggests that Xiaomi should continue to increase R&D investment in high-end segments, optimize its overseas market structure, and explore new growth avenues through the interconnectivity between its smart electric vehicles and the existing IoT ecosystem. The conclusions offer reference value for investors and management.

Financing, as the cornerstone of enterprises' funds, is the core support for its long-term operation and development. Researchers have conducted a scientific and systematic analysis of the main financing channels. However, some enterprises lack a comprehensive understanding of the financing channels and the space for optimizing the financing structure, resulting in a series of problems such as unreasonable financing structure and high financing costs. Therefore, this paper aims to summarize the advantages, disadvantages, and actual performance of various financing channels by collecting relevant research materials and data. And combining them with practical case analysis as well. At present, it is known that external financing is the main financing for enterprises. Although enterprises should take certain risks, it is more conducive to financing and long-term development. Inside it, equity financing and debt financing each have their own advantages and disadvantages. In contrast, internal financing has the opposite advantages and disadvantages in the development of enterprises. The financing risk is relatively low, but at the same time, excessive internal financing can also easily squeeze the development space of enterprises.

In the context of global climate change, transitioning the building industry toward green and low-carbon development has become an inevitable trend. This paper takes Sydney, Australia, as a case study to explore the role of economic policy instruments in facilitating the green building transition.It examines a multidimensional policy framework, inclusive of incentives for green buildings, mechanisms on carbon pricing, green finance and their interactions. The results show that while tools such as BASIX1 can only provide baseline environmental thresholds, regulatory in nature, they remain highly limited in addressing high upfront costs and institutional barriers. By analysing the Green Building Grant in Sydney and Australia's carbon pricing experience, the study demonstrates that economic incentives can effectively internalize positive environmental externalities. Moreover, green finance is anchored in performance-based schemes such as NABERS ratings, offering long-term momentum by linking sustainability to market value. Ultimately, this study argues that the success of green building transitions lies not in isolated policies but in the synergistic integration of regulatory, financial, and economic instruments. The findings offer practical insights for urban policymakers seeking to optimize policy design toward achieving Sydney's 2035 net-zero building emissions target.