The widespread adoption of mobile internet and platform-based services has enabled digital finance to deeply integrate into residents' daily consumption and investment activities. While efficiency has been enhanced and channels have been expanded, problems such as irrational behaviors, safety risks and uneven development have also emerged simultaneously. Based on existing literature, this article examines the dual impacts of digital finance on residents' consumption and investment, and analyzes the heterogeneity at the regional, urban-rural, and age levels. It was found that digital finance could enhance the consumption convenience, reduce transaction costs, optimize the consumption structure and unleash consumption potential. However, it also brought negative effects such as irrational consumption, security risks and widening disparities. In the investment domain, digital finance has lowered the entry barriers, enriched product choices, while also amplifying information asymmetry and fraud risks. The impacts of consumption and investment behaviors showed significant differences in terms of gender, age and region. Based on this, countermeasures are proposed from three aspects: improving the regulatory system, enhancing residents' digital financial literacy, and optimizing product services, with the aim of providing references for regulating the development of digital finance and guiding rational consumption and investment.

This research explores the impact of consumer's Environmental, Social, and Governance (ESG) perception on corporate reputation in China's food and beverage sector. Employing Signaling Theory and Stimulus-Organism-Response (S-O-R) model, a conceptual framework is proposed where consumer perception of ESG performance is a driver of corporate reputation. This research focuses on three typical Chinese food and beverage firms (Yili Group, Nongfu Spring and Mengniu Group) and investigates the characteristics of their ESG activities and the perceptual outcomes among consumers. The study reveals that the environmental and social components of ESG activities have greater impacts on corporate reputation than the governance component. Additionally, brand trust is found to play a pivotal role in linking ESG perception to reputation. Finally, the paper offers practical recommendations for food and beverage companies to improve corporate reputation via ESG activities.

This article discusses how the institutional environment and channel structure affect the competitive advantage of technology-based small and medium-sized enterprises when entering emerging markets. Using the case of the professional skin care service market, this study integrates institutional theory, resource basic concept and industrial structure theory to explain why technical resources and the reputation of the country of origin do not automatically become market advantages. The analysis results show that in the market with strict supervision and dominated by professional channels, institutional rules will play as a screening role before the enterprise enters the market. In addition, clinics and practitioners will also act as channel gatekeepers by determining whether the product can be embedded in the service process. Therefore, the competitive advantage does not come purely from resource ownership, but from resource transformation. To activate the existing technical resources and reputation resources, small and medium-sized enterprises must combine compliance ability, training ability, service integration ability and local legitimacy construction. . The findings are mainly applicable to those markets with strong supervision, high service embedding requirements, and consumers trust professional channels.

Based on the practical difficulties that the current cross-border promotion effect of the digital RMB is very limited and that cross-border e-commerce operations face settlement problems, this paper starts from the perspective of individual cross-border e-commerce merchants and explores the relevant factors and influence mechanisms affecting merchants' use of the digital RMB in cross-border payment and settlement. The study finds that merchants' pursuit of cross-border payment significantly improves their willingness to use the digital RMB in cross-border transactions, and this influence differs among merchants with different cross-border payment habits. Merchants' pursuit of cross-border payment will further improve their willingness to use it by enhancing their attitude toward joining the multilateral central bank digital currency bridge (mBridge project) to carry out cross-border e-commerce transactions, their level of understanding of the digital RMB, and their degree of expectation for the prospects of the digital RMB. Based on this, it can be considered that the cross-border promotion of the digital RMB conforms to the interests of cross-border e-commerce. This paper proposes suggestions such as optimizing the underlying technology of the digital RMB, accelerating the construction of cross-border payment scenarios, formulating differentiated promotion strategies, and allowing the development of the mBridge project to benefit individual cross-border e-commerce merchants, so as to promote the cross-border promotion of the digital RMB.

Recently, fan culture has become an influential commercial force in the film industry. Fan groups are not only viewers of films; they can also encourage other non-fan audiences to view them. Positive social media remarks from fan groups can further arouse the curiosity of the general public and make them consider watching the film. This paper develops a conceptual framework explaining how fan culture may influence movie box office performance through emotional attachment and social media engagement. Fan culture does not automatically lead to high box office revenue; instead, fan communities first strengthen core fans' emotional attachment to films, stars, and IPs. Emotional attachment encourages social media participation before the film's release, boosting word-of-mouth and early box office success. However, fan-driven marketing also has many drawbacks. Finally, film marketing should combine fan mobilization with theatrical marketing communications to enhance the commercial translation of fan culture.

The difficulty of financing for small and medium-sized enterprises is an old problem. Supply chain finance has been highly expected over the years. It has turned into transaction data in the industrial chain on a credit basis, giving financing channels for enterprises that could not borrow money. However, in actual operation, there are many risk events. In practice, risk events such as overdue accounts receivable cannot be recovered, inventory pledge supervision is absent, and the authority and responsibility of the participating subjects are unclear. This paper uses the theory of information asymmetry and the theory of synergy and adopts the method of combining literature review and logical analysis to divide the risks of supply chain finance into five categories: credit risk, operational risk, market risk, legal risk, and collaborative risk, and analyze them one by one. Then point out the specific problems in the current control from the three links of risk identification, evaluation, and execution. Finally, three suggestions are put forward: establish a comprehensive risk identification list and early warning mechanism, formulate multi-dimensional evaluation standards, promote data sharing, clarify the responsibilities of all parties, and accelerate digital transformation. The study found that there is a conduction relationship between various risks, and a single-dimensional control strategy is difficult to work. The theoretical contribution of this article lies in the construction of the analysis framework of "risk type, problem link and optimization path".

Under the impetus of the 2022 Beijing Winter Olympics, China's ice and snow economy has expanded rapidly in the post-Olympic era. However, the industry is still constrained by seasonal limits, industrial chain fragmentation, unbalanced regional development, talent shortages and climate change risks. Based on industrial ecology theory and regional coordination theory, this paper constructs a vertical-horizontal dual-dimensional framework to analyze the development status, characteristics and dilemmas of China's ice and snow economy. Taking Beijing-Zhangjiakou, Shenzhen and Xinjiang as cases, this paper explores differentiated sustainable development models suitable for different regional endowments. The results show that vertical industrial integration and horizontal regional coordination are critical to improving industrial resilience. To boost the winter sports industry's sustainable and high-quality development, we need to focus on four key aspects: enhancing collaboration among related industries, eliminating administrative obstacles to development, advancing technological innovation, and prioritizing the training of professional talents. These practical steps can effectively underpin the industry's long-term growth.

The rate of U.S. internal migration has been falling in recent years. Most studies have examined the wage gap, housing expenses and so on. Direct indicators of the labour market structure are less frequently used. The purpose of this paper is to determine whether the Occupational Mobility Index (OMI) and the State Economic Diversity Index (SEDI) can extend the predictive power of interregional migration beyond what can be achieved with the traditional demographic variables. Based on the pooled American Community Survey data from 2015 to 2019, the sample in this paper is composed of workers aged 25-55, and a move is defined as any change in the place of residence within a year. Because there are few interstate moves at the individual level, XGBoost was chosen for this paper, and it performed best in the test. Age is the most important factor influencing the prediction. The OMI and SEDI rank highly in terms of importance. The model-based relationship between SEDI and migration propensity is different in different provinces and among different educational groups. In short, the changes in the structure of the labour market have shown good prediction performance and more comprehensively reflect the diversity of US migration.

In response to the current situation in which China faces "bottleneck" problems in key core technologies and insufficient strength in scientific and technological innovation, China has clearly proposed the establishment of innovation consortia to undertake major scientific and technological projects. However, as the latest model of China's industry–university–research practice, theoretical research on innovation consortia is still in its initial stage, and a systematic framework has not yet been formed. Taking the practical models of innovation consortia as the entry point, and on the basis of reviewing studies on the dynamic mechanisms of industry–university–research collaborative innovation, this paper combines policy documents, theoretical research, and practical cases, and conducts a layer-by-layer analysis according to the framework of "conceptual connotation—organizational models—dynamic mechanisms." First, it defines the conceptual connotation of innovation consortia. Second, it summarizes five types of organizational models: enterprise-led, university-led, research institute-led, government-led, and innovation platform-supported models. Finally, taking the enterprise-led model as an example, it constructs an integrated framework of dynamic mechanisms that includes the core layer—strategic integration, knowledge integration, and organizational integration; the support layer—government strategic guidance, policy support, and institutional guarantee; and the environmental layer—international competition, market, technology, intermediary institutions, and regional economy. This study aims to provide theoretical guidance and practical implications for the construction of innovation consortia.

With the deepening of global financial integration, economic crises are frequent and far-reaching, which seriously impact global economic and financial stability. This paper focuses on the causes of economic crisis, global transmission mechanism, economic and social impact and policy response. The results show that excessive credit expansion, asset bubble, complicated financial innovation and lack of supervision are the core causes of the crisis; Crisis is transmitted through bank credit contraction, global capital flow linkage, investor behavior contagion and financial network, and the speed is far faster than trade channels; The crisis has caused Gross Domestic Product (GDP) loss exceeding 8%-10%, unemployment rate soaring, social inequality expanding, and a large number of small and medium-sized enterprises closing down, which has caused lasting damage to long-term productivity and social cohesion; Unconventional monetary policy and large-scale fiscal stimulus can alleviate short-term shocks, but it is easy to lead to rising risk appetite, asset bubbles and hidden dangers of fiscal sustainability. The research can provide theoretical and empirical support for improving global financial supervision, building a risk prevention and control system, strengthening international policy coordination, and helping to reduce the probability and impact intensity of future crises.