Economics & Management Information

The Operation Mode and Core Challenges of Venture Capital in China: Fund Raising and Investment

Yingxin Zhen — 2026-06-15

China’s venture capital (VC) industry is becoming an important engine to finance technology-driven innovation under China’s domestic innovative development strategy, but VC fundraising is contracting, the policy/regulatory environment is increasingly uncertain, and the exit market is deteriorating. This paper researches the fundraising, business decision operation and funding operation situation of China’s VC operation system. The analysis indicates that exit channels have caused a negative feedback loop, i.e., compressed returns, declining Limited Partner (LP) confidence, fundraising difficulties, investment shrinkage, and internal capability deficiencies in technical assessment and value-added post-investment support all exacerbate portfolio growth and exit performance. In order to overcome the obstacles, the paper suggests two-track solutions. Institutional improvement via interdisciplinary research capability, Artificial Intelligence (AI)-driven risk management and timely, on-the-spot, post-investment monitoring, as well as a solid partnership with industry and capital. Optimizing the external environment by providing more foreseeable exit-related policy signals, upgrading the VC information infrastructure, bringing in more long-term funding participants, and systematically developing the talent ecosystem. This study gives real ideas to VC groups and people who make decisions about making things happen.

Understanding Green Purchase Behavior: Attitude, Knowledge, and the Mediating Role of Intention

Yunhong Ge — 2026-06-12

As global concern over environmental sustainability continues to intensify, understanding the psychological mechanisms behind green consumer behavior has become increasingly important. This study aims to explore how green purchasing attitudes and environmental knowledge influence green purchasing behavior, and further investigate the mediating role of green purchasing intentions in this process. This study, based on the theory of planned behavior and using quantitative research methods, collected valid data from 130 consumers in Malaysia through questionnaire surveys. Through multiple regression and mediation analysis, it was found that both green purchasing attitude and environmental knowledge have a significant positive impact on green purchasing intention, and green purchasing intention has a strong predictive power for actual green purchasing behavior. The analysis of the mediating effect further indicates that the intention to purchase green plays a complete mediating role between attitude and behavior, while it plays a partial mediating role between environmental knowledge and behavior. The research results emphasize the significance of enhancing consumers’ environmental awareness and positive attitudes in promoting sustainable consumption. This study provides empirical references for marketers and policymakers to promote green products in emerging markets. Furthermore, this study, taking developing countries as the background, expands the theoretical literature on green consumption behavior and reveals the psychological bridging role of purchasing intention between cognition and behavior.

The Dual Cognitive and Emotional Pathways Linking AI Awareness and Knowledge Sharing Intention: Evidence from Private Higher Education Institutions in China

Yunhong Ge — 2026-06-12

Purpose: This study seeks to explore how artificial intelligence awareness (AIA) affects the knowledge sharing intention (KSI) of faculty in Chinese private universities via dual cognitive and emotional pathways, while also assessing the moderating role of organisational change adaptability (OCAD) in this relationship, thereby clarifying the dynamics of knowledge behaviour transformation within educational institutions amid technological empowerment. Design/methodology/approach: This research utilises a quantitative methodology, gathering data from faculty members of private universities in China using online surveys. A dual-path mechanism model is developed, grounded in the TPB and JD-R frameworks, to examine the influence of AIA on KSI, incorporating OCA as a moderating component. A hierarchical model analysis technique (Model 1–Model 5) is employed, integrating PLS-SEM and OLS regression to validate hypotheses and investigate mediating and moderating effects, therefore systematically elucidating the underlying mechanisms. Findings: The results demonstrate that Artificial Intelligence Awareness (AIA) has a significant and beneficial effect on Attitude Towards Knowledge Sharing (ATKS) and Knowledge Sharing Intention (KSI), while also indirectly enhancing KSI by mitigating Emotional Exhaustion (EE). Organisational Change Adaptability (OCA) significantly moderates the association between AIA and ATKS, but does not significantly affect the relationship between AIA and EE. This indicates that educators’ understanding of AI influences their desire to share knowledge via cognitive and emotional channels, while their adaptation to organisational change significantly contributes to this dynamic. Originality/value: This paper develops a theoretical model that synthesises cognition, attitude, emotion, and organisational regulation at the nexus of AI awareness and information sharing. This study elucidates the impact of AI awareness on knowledge-sharing intentions via cognitive and emotional channels, delineates the moderating effect of organisational change adaptability, and expands the theoretical framework of educational technology adoption and knowledge management. This study offers novel insights into the psychological dynamics of knowledge workers towards rising technology.

Problem-Based Learning in Advanced Accounting: Undergraduate Students’ Experiences

Yunhong Ge — 2026-06-12

The ongoing evolution of accounting education reform has increasingly revealed numerous flaws of the old teacher-centered pedagogical model, including a lack of student autonomy and critical thinking skills. Problem-Based Learning (PBL), a progressive student-centered pedagogical approach, has attained notable success in fields such as medicine and engineering. Nonetheless, studies about its use in accounting education, namely in the fundamental course “Advanced Financial Accounting”, are still rather scarce. This research, situated within the framework of Chinese higher education, utilised qualitative methodologies, encompassing an extensive survey of three undergraduate accounting students via semi-structured interviews and thematic analysis facilitated by NVivo software, to investigate the efficacy of the PBL teaching model and students’ learning experiences in the “Advanced Financial Accounting” course. The findings indicated that students’ educational experiences predominantly focused on four elements: instructional delivery, peer engagement, cognitive load, and autonomy in learning. Educators are crucial in issue formulation, classroom direction, and providing feedback. Peer engagement fosters information acquisition while also augmenting emotional support and cultivating a healthy learning environment. Although the learning burden enhances educational performance, it also induces specific temporal and psychological pressures. Autonomy in learning is essential for enhancing motivation and fostering a sense of responsibility, with students particularly attentive to the equity of evaluations. This study enhances studies on the use of PBL in accounting education and provides more evidence supporting the localisation of learning experience theory within the Chinese context. It holds significant practical ramifications for university teachers, curriculum developers, and educational policymakers. The study advocates for the further optimisation of PBL problem design and evaluation methods to improve students’ learning motivation and overall experience.

The Influence of ESG Information on Investors’ Firm Preference in China’s Financial Market

Ruijun Ma — 2026-06-11

This study investigates the influence of Environmental, Social, and Governance (ESG) information disclosure on investors’ preferences in China’s capital market. Using panel data on A-share-listed companies between 2016 and 2023, the paper employs fixed-effects regression models to examine the relationship between ESG ratings and excess stock returns, proxied by Buy-and-Hold Abnormal Returns (BHAR). The results reveal a significant negative association between ESG scores and BHAR. This suggests that ESG engagement may reduce investor enthusiasm, particularly among large firms, state-owned enterprises, and capital-intensive sectors. Further decomposition of ESG components suggests that environmental performance has the most pronounced effect on investor behavior. Robustness tests confirm the consistency of these findings across alternative specifications and data sources. Mechanism analysis identifies financing constraints and greenwashing perceptions as potential drivers of the negative impact. The study contributes to the growing ESG literature by offering empirical insights into the evolving dynamics of sustainable investing in emerging markets and highlighting the need for more transparent and credible ESG practices in China.

Research on Operation Risk Control and Overall Management Optimization of Campus Sports Events in Universities

Fanli Kong — 2026-06-02

With the continuous implementation of the National Fitness Strategy, campus sports events serve as a core carrier for physical education teaching and campus cultural construction in universities. These events not only fulfill the educational mission of moral cultivation but also deliver certain social service values. In recent years, Chinese universities have hosted sports events with increasing frequency and expanding participation scales. Nevertheless, most higher education institutions suffer from defective operation systems, immature risk control mechanisms, and outdated overall management modes, which frequently trigger operational problems including hidden venue safety hazards, chaotic personnel allocation and inadequate logistical support. For the present research, sporting activities held by a number of comprehensive universities in China are selected as analytical samples. This paper adopts four primary research approaches including literature collation, case study, questionnaire investigation and on-site field research. It systematically classifies various hidden risks arising in the operation of campus sports competitions, explores the essential causes behind these risks, and summarizes the obvious defects in the overall event management system. Combined with the educational characteristics of different universities and the inherent operational logic of sports events, this paper constructs a standardized risk prevention framework and puts forward differentiated integrated management optimization measures. The empirical research results demonstrate that the operational risks of university sports competitions can be divided into five dimensions: safety guarantee, personnel arrangement, logistical support, capital operation and public opinion dissemination. The major risk triggering factors cover imperfect management systems, insufficient professional literacy of practitioners, defective emergency disposal plans and unreasonable resource allocation structure. Universities can effectively eliminate potential operational risks and improve overall management efficiency by revising regulatory provisions, building professional operation teams, standardizing event procedures, promoting digital technology application, and improving emergency response mechanisms. This research supplements the theoretical research system concerning the operation and management of university sports events, provides practical references for standardized event organization in institutions of higher education, and supports the high-quality and sustainable development of university sports undertakings.

The Impact of Overseas Listing of State-Owned Enterprises on Capital Allocation Efficiency—Empirical Evidence from Chinese Listed Enterprises

Minjian Qiao — 2026-05-28

In recent years, relevant national authorities have issued multiple documents actively supporting qualified domestic enterprises to seek overseas listing. As the most representative enterprises in China, state-owned enterprises (SOEs) should seize this historic opportunity to list overseas and advance the reform process. Against this backdrop, exploring the internal logical relationship between overseas listing and the capital allocation efficiency of SOEs holds significant practical and real-world implications for improving SOEs’ capital allocation efficiency and accelerating the reform of their internal mechanisms and structures. This paper selects SOEs listed both domestically and overseas from 2009 to 2023 as the sample, and empirically tests the effect and mechanism of SOEs’ overseas listing on capital allocation efficiency from the two dimensions of under-investment and over-investment. The research findings show that: (1) Overseas listing of SOEs can significantly ameliorate capital factor misallocation and improve capital allocation efficiency; (2) Overseas listing of SOEs can reduce the degree of both under-investment and over-investment, thereby optimizing capital allocation efficiency; (3) Overseas listing of SOEs can promote the improvement of corporate governance level, which in turn enhances capital allocation efficiency. At present, China’s capital market is not yet mature. Encouraging and supporting SOEs to list overseas has significant practical and real-world implications for improving corporate governance level, enhancing capital allocation efficiency, and promoting the reform process of SOEs.

A Study on the Influencing Factors of Followership Among China’s New Generation Employees

Chunli Ma — 2026-05-19

As the post-80s, post-90s, and post-00s generations—referred to as the new generation of employees—have become the main workforce in organizations, their unique values and behavioral patterns have posed challenges to traditional management approaches. Followership, defined as the psychological and behavioral manifestation of employees’ active support for leaders and organizational goals, plays a significant role in team cohesion and organizational effectiveness. This study focuses on the new generation of employees and constructs a multidimensional analytical model integrating followership theory and social exchange theory, which encompasses leadership style, organizational support, work values, and individual traits. A mixed-method research approach was adopted, using a single case study of a private higher education institution in Yunnan Province. Empirical analysis was conducted through semi-structured interviews with 12 current and former new-generation faculty and staff members, document analysis, and participant observation. The findings reveal that followership among new generation employees is currently constrained by several factors: an inadequate organizational support system, a disconnect between leadership communication and behavioral patterns, a lack of well-designed work and development opportunities, and insufficient activation of individual potential. In response to these issues, this study proposes countermeasures in four areas—improving leadership behaviors, enhancing the support system, redesigning job structures, and activating individual potential—aiming to provide both theoretical and practical references for enhancing followership among the new generation of employees.

Bank Competition, Equity Financing, and Corporate Innovation

Yangfa Zhang — 2026-05-14

Based on the theories of information asymmetry, information rent and resource dependence, this paper constructs an integrated analytical framework to investigate the impacts of bank market competition and equity financing on corporate innovation. Using panel data of Chinese A-share listed companies from 2013 to 2020, this paper conducts a systematic empirical examination. The results indicate that bank market competition presents a significant inverted U-shaped relationship with corporate innovation: moderate competition promotes innovation, while excessive market dispersion produces an inhibitory effect. Equity financing exerts a continuously increasing positive influence on corporate innovation, and its marginal promotional effect strengthens with the expansion of financing scale. There exists a notable complementary effect between bank market competition and equity financing; the two jointly enhance innovation support through information spillover, collaborative governance and risk diversification mechanisms. Heterogeneity analysis shows that private enterprises and small- and medium-sized enterprises are more sensitive to changes in the two financing channels.

The Theory and Practice Integration of Buddhist Economic Thought with Modern Economics—Based on Several Traceable Cases

Jing Cang — 2026-04-30

Buddhist economic principles can integrate with modern economics in theory and practice. It’s core ideas include compassion for all beings, the Middle Way, equality among sentient beings, sustainable development and so on. This paper which is based on Buddhist economic thought constructed a framework through systematic analysis of Buddhist economic thought's theoretical core and its alignment with modern economics. Its practical validation which conducted through some case studies demonstrated its effectiveness. This research demonstrated that the Buddhist economic thought supplement four critical limitations in modern economics. Firstly, it revised modern economics’ fundamental cognition. Secondly, the value orientation of welfare priority integrates the development model of growth supremacy. Thirdly, the symbiotic development model of circular economy transcends the modern economic competition and opposition. Fourthly, the concept of inclusive and balanced development dissolves the opposition between efficiency and fairness in modern economics. This analysis framework provided theoretical foundations for promoting global harmony, protecting ecosystems, narrowing wealth gaps, eliminating consumption distortions, and enhancing business ethics. Practically, the integration of Buddhist economic thought with ESG principles, the adaptability of policy tools to the Middle Way, and the spiritual resonance of community participation are the key factors influencing corporate compassionate operations, regulatory measures, and regional ecological co-construction. The convergence of Buddhist economic thought and modern economics offers theoretical support and actionable solutions for building a new modern economic system featuring "economic-social-ecological-spiritual" quadruple coordination.

Research on Brand Rejuvenation Marketing Strategy in the New Media Environment—Taking Lao Feng Xiang as an Example

Yantong Li — 2026-04-23

With the rapid iterative development of the Internet, young consumer groups are gradually becoming the main part of consumer groups. Young consumer groups were born in the initial stage of the development of Internet digital media, and were greatly influenced by Internet digital media in the growth stage. As the young consumer groups are influenced by the diversified culture spread by the Internet digital media, the new generation of young consumer groups have formed relatively different consumption concepts, hobbies and characteristics from other consumer groups. This paper takes the jewelry brand of Lao Feng Xiang as the research object, analyzes the specific case of the new media marketing of the jewelry brand of Lao Feng Xiang, and summarizes the problems faced by the brand of Lao Feng Xiang, so as to better realize the brand rejuvenation of the traditional brand, enhance the brand competitiveness, and realize the sustainable development of the brand. The research provides a new practical direction for Lao Feng Xiang to further achieve brand rejuvenation through new media marketing and publicity under the environment where Generation Z has become the main consumer group, and for all kinds of old jewelry brands in terms of brand rejuvenation.