In the context of the rapid expansion of China's coffee market and the deepening integration of platform-based economic structures, Luckin Coffee has undergone a remarkable transformation from aggressive expansion to sustainable profitability. This study adopts the platform economy as its primary analytical lens and employs a case study approach combined with stage-based analysis to investigate the mechanisms underlying this transformation. Luckin's development is divided into two distinct phases: an early stage characterized by traffic-driven expansion and a subsequent phase focused on efficiency-oriented restructuring. By integrating theories of economies of scale, digital synergy, and value co-creation, this paper constructs a comprehensive analytical framework to explain the transition from a subsidy-dependent growth model to a scale-driven profitability model. The findings indicate that Luckin achieved sustainable growth through a series of interrelated mechanisms, including governance restructuring, optimization of its store network, supply chain integration, and enhancement of data-driven operations. Furthermore, the firm strengthened its value co-creation system through rapid product innovation, refined pricing strategies, and youth-oriented branding. This study contributes to the literature by providing a systematic explanation of business model transformation in the platform economy and offers practical implications for new retail enterprises seeking to balance scale expansion and operational efficiency.

In the context of increasingly volatile and competitive markets, innovation has become a pivotal determinant of the survival of small and medium-sized enterprises (SMEs). Nevertheless, SMEs are often constrained by limited resources and institutional imperfections, which amplifies the importance of employee-driven innovation. While transformational leadership has been extensively recognized as a critical antecedent of innovative outcomes, the underlying psychological mechanisms shaping employees' innovation-related decision-making remain insufficiently theorized. Drawing upon a systematic review of the extant literature, this study adopts the Theory of Planned Behavior (TPB) as an analytical framework to unpack the pathways through which transformational leadership influences employees' innovative behavioral intentions within SMEs. The findings suggest that transformational leadership exerts significant effects on employees' innovative intentions by fostering favorable evaluative attitudes, reinforcing perceived social expectations, and enhancing individuals' sense of capability and control over innovative actions. By elucidating these mechanisms, this study contributes to a more nuanced integration of leadership theory and TPB, while also offering actionable insights for innovation management practices in resource-constrained organizational contexts.

This paper asks whether long-horizon, strategically committed equity—what is termed patient capital—helps firms keep their supply chains intact under stress, and if so, through what route. Working with a panel of Chinese A-share firms listed in Shanghai and Shenzhen over 2020–2024, a composite gauge of patient capital is built out of strategic equity participation and its bearing on firm-level supply chain resilience is estimated. Identification leans on an OLS model that nets out province and year heterogeneity through fixed effects, paired with a mediation step that situates ESG on the transmission path. The estimates tell a consistent story: patient capital raises resilience by a statistically reliable margin; with covariates and the two layers of fixed effects partialled out, ESG is found to relay part—but not the whole—of that influence; and the pattern is unmoved by the richer controls. The evidence is read as showing that a steady, value-oriented supply of long-term capital eases the near-term funding squeeze that resilience-building entails and, by raising governance quality and sustainability capacity, leaves firms better braced against external shocks. The paper accordingly contributes micro-level evidence on how patient capital feeds through to the durability of corporate supply chains.

This paper examines whether abnormal retail investor attention on Guba, one of the major Chinese stock message-board platforms, can predict future stock volatility. Using Datago and CSMAR data, this study builds a firm-week panel of China's A-share market from 2013 to 2023. The main explanatory variable is an abnormal message-board attention index, which is measured by comparing current log posting volume with the median log posting volume over the previous eight weeks. Based on two-way fixed effect regressions, the empirical results show that abnormal Guba attention is significantly related to higher realized volatility in the following week, after controlling for firm characteristics and firm and time fixed effects. The estimated effect is moderate in size, but it still has clear economic significance. Specifically, a one-standard-deviation increase in abnormal attention is associated with an increase in next-week volatility of about 1.7% of the sample mean. Further dynamic tests show that the effect is mainly short-lived. The coefficient turns negative from weeks t+2 to t+4, indicating that the volatility response is more likely to come from transient price pressure rather than a persistent fundamental-information channel. Mechanism tests suggest that trading activity is an important transmission path. The heterogeneity analysis further identifies an activity paradox: low-turnover stocks react more strongly to attention shocks than high-turnover stocks. In addition, the sentiment decomposition results show that negative abnormal attention is more closely related to downside volatility, while the link between positive attention and upside volatility is relatively weaker.

With the in-depth implementation of the carbon peaking and carbon neutrality strategy, exploring how enterprise digitalization drives green innovation is of great value for promoting high-quality economic development. Taking China's A-share listed enterprises from 2010 to 2022 as samples, this study examines the influence path of enterprise digital transformation on their green innovation performance. The study finds that the degree of digitalization has a significant enhancement effect on green innovation output. Mechanism analysis shows that digital transformation internally relies on increasing corporate R&D investment and reducing agency costs, and externally attracts the attention of securities analysts through external channels, thereby improving enterprises' green innovation capability. The results of heterogeneity grouping analysis show that this driving effect is more prominent in eastern and western regions of China, non-heavy-pollution enterprises and high-tech industries.

Against the backdrop of great uncertainties in the global economy and the growing attention to the concept of sustainable development, the ESG evaluation system, which integrates corporate social responsibility, environmental management, corporate governance structure and other factors, has gradually become an important criterion for investors to judge a company. Although scholars have conducted extensive research on the impact of ESG ratings on corporate profitability, few studies have explored their role in corporate resilience. Taking A-share listed companies trading on the Shanghai and Shenzhen stock exchanges from 2009 to 2023 as samples, this paper uses empirical analysis to examine the impact of divergent ESG ratings on corporate resilience and the underlying mechanism. The results show that greater discrepancies in ESG ratings are associated with weaker corporate ability to resist external adverse events and hinder corporate long-term development planning. Such negative effects are mainly reflected in higher financing costs, irrational resource allocation and inappropriate earnings management. Heterogeneity analysis indicates that the impact is more pronounced in small enterprises, firms audited by high-quality audit institutions, and companies with a high proportion of institutional investors with large shareholdings. This paper not only enriches the research on the economic consequences of ESG rating disagreements and their impact on corporate resilience, but also provides useful references for enterprises to enhance their own resilience and improve the ESG evaluation system.

Since the escalation of sanctions against Russia in early 2022, its financial system has faced severe impacts. This study investigates the vulnerability of the Russian banking system under the dual pressure of sustained high interest rates and geopolitical sanctions. It analyzes balance sheets adjustment, focusing on the deterioration of asset quality, changes in liability structure, and challenges faced by capital adequacy ratios. The case study finds that the banking industry experienced significant prosperity from 2023 to 2024, but with large divergence among banks. From 2025 onwards, the lag effect of high interest rates have gradually emerged, substantially increasing non-performing loans. Russian banks still face systemic risk tests. Banks delay loss recognition through large-scale loan restructuring while facing higher funding costs and tighter capital constraints. The Bank of Russia tightens macro-prudential standards while extending regulatory forbearance measures to control systemic risks. Against the backdrop of a deteriorating macroeconomic environment, the banking system remains highly vulnerable, with a persistent risk of a systemic crisis.

Against the background of the global "dual carbon" goal and the EU Carbon Border Adjustment Mechanism (CBAM), targeting problems such as missing trust in emission reduction and insufficient technological collaboration in cross-border low-carbon supply chains, this paper incorporates blockchain technology, vertical spillover of emission reduction and consumer low-carbon preference into a unified analytical framework. It constructs a two-echelon cross-border supply chain model consisting of a single supplier and a single manufacturer, builds Stackelberg game models under centralized decision-making and decentralized decision-making respectively, comparatively analyzes the optimal emission reduction levels, pricing strategies and profit distributions under two scenarios with and without vertical spillover, and verifies the conclusions through numerical simulation. The research shows that the EU CBAM carbon tax, vertical spillover of emission reduction and consumer low-carbon preference form a positive synergistic incentive, which significantly lifts the supply chain's emission reduction level and overall profit, and the synergistic effect is more prominent under centralized decision-making. A rising emission reduction cost coefficient will restrain enterprises' investment in emission reduction, and vertical spillover will aggravate this restraining effect. Whether vertical spillover is considered or not, centralized decision-making outperforms decentralized decision-making in both emission reduction efficiency and total supply chain profit; the higher the carbon tax rate and vertical spillover rate, the wider the gap between the two. This paper further puts forward management insights from the aspects of enterprise technology sharing, decision-making mode selection and government policy guidance, so as to provide theoretical reference and decision support for cross-border supply chains to respond to CBAM regulations and realize low-carbon transformation.

First, we will explore the basic reasons for the high-tax situation of a company in China's A-share market from 2003 to 2023 and how stock distribution influences these financial decisions. According to the data, the larger the positions held by the top ten shareholders, the more likely they are to employ high-level tax evasion methods. A typical result is that the transparency policy has had a slight dampening effect, and thus the head company has voluntarily reduced disclosure requirements to obscure the lack of information and conceal intentions of accounting fraud. Note that the outside world will also do this. The strong support from the government and regular investigative reports by news organizations have reduced this behaviour; thus, other types of restrictions may not be required by the masses or the courts. In short, based on this analysis, it is necessary to combine the outside supervision system with the internal governance system, such as modifying the board of directors, to strengthen the disclosure obligations and financial control of listed companies.

This research adopts data of A-share listed firms from 2012 to 2024 and applies fixed-effect regression models. The results show that core lean startup tools including minimum viable products, rapid iteration and customer feedback can greatly lift corporate innovation outcomes. Mechanism tests reveal two parallel working paths of this method. First, it raises the level of entrepreneurial bricolage measured by the asset structure change index, which drives creative rearrangement of existing resources. Second, it improves the sufficiency of internal cash flow, calculated as the ratio of net operating cash flow to total assets, so firms gain stable self-owned capital to support innovation. Heterogeneity tests prove this positive effect is stronger in eastern regions, high-tech industries and non-regulated industries. Robustness checks, such as adding city fixed effects, removing samples from municipalities and dropping observations collected during pandemic years, all support the core conclusions. This study identifies two mediating paths that boost innovation, expands the practical application scope of lean startup theories, and offers practical references for innovation management under resource shortages.