This paper systematically reviews the evolution direction of financial artificial intelligence (AI) from traditional statistical fitting to dynamic confrontation. With the help of functional isolation, evidence-based game theory and parameter correction, this paper analyzes the internal law of the multi-agent cross-questioning mechanism, and summarizes a set of structured analysis frameworks. Relevant studies have shown that compared with a single model, the core purpose of building a specific questioning mechanism using confrontation topology is to get through the logic of transforming unstructured semantic risk into structured valuation parameters, to clearly depict the cross-modal mapping path between the two. This model has significant theoretical feasibility in improving the internal consistency of pricing logic and restraining unreasonable premiums. This paper believes that the dynamic inquiry paradigm is conducive to optimizing and reshaping the existing asset valuation benchmark in a complex trading environment. To truly land the man-machine collaborative pricing system, the core is to focus on how to resolve the technical barriers of reasoning interpretability, privacy protection, collaborative deduction and penetration algorithm audit. Only by achieving substantial breakthroughs in these bottlenecks can the follow-up system construction have a solid foundation.

Against the backdrop of iterative artificial intelligence development and the digitalization initiatives under the 14th Five-Year Plan, small and medium-sized enterprises (SMEs) urgently require financial digital transformation. However, due to limitations in talent, technology, and costs, the traditional FSSC financial shared services model requires high investment and heavy operation and maintenance, making it difficult to adapt to SME development. Existing studies predominantly focus on large enterprises, leaving significant research gaps in SME financial digitalization. This paper uses the literature research method, employs Power BI as a tool, leverages Power Query and DAX language, and combines DuPont analysis with an ROI system to build a lightweight financial shared service and dynamic financial analysis model. This solution enables business-finance integration, in-depth report drill-through analysis, cost control and cash flow forecasting, addressing the one-sidedness, time lag and business disconnection inherent in traditional financial analysis. It promotes a shift in financial work from post-event accounting to pre-event forecasting and in-process management, providing a reference for low-cost digital transformation for SMEs.

At present, the contradiction between local government fiscal revenue and expenditure is intensifying. Against this background, it is of great significance to explore whether the development of the digital economy can alleviate local fiscal pressure. Taking panel data of prefecture-level cities in China from 2001 to 2022 as samples, this study adopts empirical analysis methods to examine the effect of the digital economy on local fiscal pressure and its transmission mechanism. The empirical results show that the development of the digital economy has a significant alleviating effect on local fiscal pressure. This conclusion remains robust after a series of robustness tests such as winsorization, sample interval sensitivity test, and high-dimensional fixed effect adjustment. The mechanism test shows that the digital economy improves the fiscal situation mainly by improving fiscal expenditure efficiency and reducing the proportion of social security and employment expenditure, rather than simply compressing the scale of public service expenditure, which verifies the governance effectiveness of the digital economy in "improving quality and efficiency". Heterogeneity analysis shows that in regions with heavy fiscal support burdens and fierce tax competition, the marginal effect of the digital economy on alleviating fiscal pressure is more significant. Further analysis indicates that higher fiscal transparency and richer financial resources are important supporting conditions for enhancing the positive role of the digital economy. This study supplements new micro empirical evidence for understanding fiscal governance issues in the context of the digital economy, and provides corresponding policy implications for solving local fiscal dilemmas by means of digital transformation.

The Suez Canal, a maritime chokepoint facilitating 12-15% of global trade, has been disrupted by both climate extremes and geopolitical conflicts in the early 2020s. This study examines how these two types of shocks affect global supply chain resilience. The research aims to compare their impact pathways, response mechanisms, and adaptation strategies, thereby filling a gap in the existing literature concerning the compound effects of dual risks. Using a single-case study design, this research qualitatively analyzes eight peer-reviewed articles and official reports from the United Nations Conference on Trade and Development and the World Bank. Data were processed through thematic coding and comparative analysis. The results indicate that while both shocks significantly weaken supply chain resilience, geopolitical shocks produce more prolonged effects, whereas climate shocks are more sudden and less predictable. In response, firms adopt similar adaptive strategies, including route diversification, inventory buffering, and digital tracking. It is concluded that enhancing supply chain resilience requires a dual-risk analytical framework, practical multi-route planning, and strengthened international coordination for key chokepoints.

As ESG principles gain increasing influence over capital markets, corporate greenwashing has attracted heightened regulatory an investor scrutiny. The study examines the 2025 Arc'teryx fireworks marketing incident conducted under Anta Group's ownership to illustrate how greenwashing practices can manifest as tangible audit risk. It identifies a clear contradiction between Anta's biodiversity pledge and its subsidiary' marketing actions as a typical greenwashing case. Following the incident, the company's market value shrank sharply and its ESG ratings diverged. From an audit perspective, material weaknesses in core internal controls heighten the assessed control risk. Further analysis reveals ESG governance penetration failure in multi-brand groups as the key transmission mechanism. This paper also highlights that high ESG ratings can lead auditors to underestimate risk. The study introduces the concept of "ESG governance penetration failure" and provides preliminary evidence of audit risk perception bias under a "rating halo." These findings contribute to research on ESG audit governance.

Against the background of digital governance, institutionalized public participation is the core path to promote the refined and high-quality development of public services. Taking Shenzhen's digital governance practice as the research sample, this paper adopts a single case study method. Based on Public Value Theory and the Dual-Role Governance Theory of AI, it explores the internal mechanism, practical dilemmas and optimization mechanism of public participation empowering the improvement of public service quality. The research shows that Shenzhen's AI-empowered governance system has effectively realized the gain of operational public value, but there are still structural problems such as superficial public participation and insufficient value co-creation. On this basis, this paper constructs a three-dimensional linkage optimization mechanism to promote the deep coupling of digital technology empowerment and the value of public co-governance, so as to provide theoretical reference and practical experience for domestic digital benchmark cities to improve the public participation system and advance the refined governance of public services.

Based on household and village data from the China Land Economic Survey (CLES) from 2020 to 2022, this paper examines the relationship between village information infrastructure, household internet access and the share of farmers' developmental consumption. The study finds a significant complementary effect between village information infrastructure and household internet access: the higher the level of household internet access, the stronger the promoting effect of information infrastructure on developmental consumption. The conclusion remains robust after replacing the explained variable, excluding villages with existing digital economy projects, and adopting the Wild cluster bootstrap method. Heterogeneity analysis shows that this effect is more pronounced in villages far from county seats and in families with school-age children. This paper provides micro evidence for understanding how digital village construction affects farmers' consumption structure.

Standardization is a core part of China's institutional opening-up. Participation in international standard-setting helps enhance the global influence of domestic technologies. Using city-level panel data from 2004 to 2017 and a difference-in-differences framework based on China's 2008 accession to the ISO Executive Board, this study investigates how international standard-setting power affects urban patent citations. Results show that greater influence significantly boosts patent international impact, raising citations by 4.67% on average. Benefits concentrate in developed and densely populated cities, with limited effects in resource-based and old industrial cities. FDI and overseas talent serve as key transmission channels. This paper reveals the micro mechanisms through which institutional openness drives innovation, offering empirical implications for China's standardization strategy and high-level opening-up.

Small and medium-sized enterprises (SMEs) often face problems such as incomplete credit information, insufficient mortgageable assets and high loan pricing in debt financing. Taking SMEs among China's A-share listed companies as the research sample, this paper matches the location of enterprises with the Peking University Digital Inclusive Finance Index on an annual basis, examines whether regional digital finance development changes the acquisition cost of corporate debt funds, and further analyzes the role of the external information environment in this process. Empirical results show that the higher the level of digital inclusive finance, the lower the debt financing cost of SMEs. Mechanism analysis indicates that digital finance can expand the availability of enterprise operation information, improve analyst coverage and information disclosure transparency, thereby reducing information friction between financial institutions and enterprises and lowering risk compensation requirements. Grouping tests find that this effect is more prominent in central and western regions and private enterprises. After further adopting the one-period lagged core explanatory variable, replacing financing cost indicators and adjusting the regional matching level, the main conclusions remain robust. From the perspective of corporate micro financing pricing, this paper provides empirical evidence that digital inclusive finance alleviates the financing pressure of SMEs.

Against the backdrop of the prevalence of instant enjoyment culture and the transformation of consumption concepts, young people have become a key group in the tourism consumer market. Most existing studies follow the rational decision-making framework and pay insufficient attention to emotional value. Based on texts from the Xiaohongshu platform and in-depth interview data, this paper adopts a dual-method approach combining the LDA topic model and grounded theory to conduct the research. The results show that there is a significant positive correlation between youth tourism emotional value and decision-making behavior. Emotions can directly affect decision-making by bypassing cognition, and three types of decision-making paths are formed: emotional compensation, novelty exploration, and social pleasure. Value perception plays a mediating role between the two, and the orientation of instant enjoyment further strengthens this correlation. This study fills the existing theoretical gap, revises the limitations of the traditional rational decision-making model, and enriches theories related to youth tourism decision-making and emotional consumption.