Against the backdrop of China’s dual-carbon targets and the pursuit of high-quality economic development, the synergistic relationship between ESG (environmental, social, and governance) performance and corporate governance mechanisms has become increasingly prominent. Using Chinese A-share listed companies from 2020 to 2024 as the research sample, this paper employs panel-data multiple regression and mediating-effect models to empirically examine both the direct impact of managerial incentives on corporate financial performance and the underlying transmission mechanisms. The results show that (1) both equity-based and compensation-based managerial incentives exert a statistically significant positive effect on corporate financial performance; and (2) ESG performance plays a significant partial mediating role in the relationship between managerial incentives and corporate financial performance—specifically, a transmission pathway exists in which managerial incentives improve ESG performance, which in turn enhances financial performance. These findings remain robust after a series of robustness checks, including variable substitution. By adopting a sustainable-development perspective, the study extends the literature on the economic consequences of managerial incentives. It also supplies empirical evidence that can help firms incorporate ESG metrics into executive evaluation systems, refine incentive contract design, and assist regulators in improving relevant institutional frameworks.

There are significant regional disparities in the consumption expenditure levels of urban residents in China. Scientifically identifying the regional differentiation characteristics of consumption structure is of great significance for formulating differentiated regional development policies. Based on the data of per capita consumption expenditure of urban residents across eight major categories in 31 provinces, autonomous regions, and municipalities from the China Statistical Yearbook 2024, this study conducts an empirical analysis of regional differences in consumption expenditure levels in China using the systematic clustering method, specifically the within-cluster sum of squares method and squared Euclidean distance. First, descriptive statistics and boxplots are employed to identify the distribution characteristics of variables and detect outliers. Second, Pearson correlation coefficients are used to examine the relationships among variables. Subsequently, systematic clustering based on the within-cluster sum of squares method is performed, and the optimal number of clusters is determined with the aid of scree plots and dendrograms. Finally, one-way analysis of variance (ANOVA) is applied to test the statistical significance of the clustering results. The empirical results indicate that the 31 provinces in China can be classified into three consumption tiers. The first category is characterized as “high consumption–comprehensive development,” including Beijing, Shanghai, and Zhejiang, where the consumption structure has shifted toward development- and enjoyment-oriented consumption. The second category is defined as “moderate consumption–structural optimization,” covering Tianjin, Inner Mongolia, Jiangsu, Fujian, Guangdong, and Tibet, where the consumption structure is in a transitional stage of upgrading. The third category is described as “relatively low consumption–survival-oriented,” comprising the remaining 22 provinces, where consumption remains concentrated on essential goods. Significant inter-group differences are observed across all eight categories of consumption expenditure among the three groups (p < 0.01), and the clustering results are highly consistent with China’s regional economic development patterns. This study provides empirical evidence for understanding regional differences in consumption structure in China and for formulating differentiated consumption promotion policies.

Based on regional economic theory, this article explores the relationship between industrial transfer and regional economic growth, focusing on analyzing the mechanism of factor flow (labor, capital, technology) in the process of industrial transfer and its impact on regional economic development. The study combines neoclassical economic growth theory, new economic geography and gradient transfer theory to construct a theoretical framework of industrial transfer and factor flow, and verifies the applicability of the theoretical model through practical cases of industrial transfer in China (such as the transfer of industries from the Pearl River Delta to the central and western regions). The study found that industrial transfer has significantly promoted regional economic growth by optimizing factor allocation, promoting technological spillovers and industrial agglomeration, but it may also exacerbate regional development imbalances. To this end, this article puts forward policy suggestions, including strengthening regional policy coordination, improving labor skill matching, optimizing ecological environment governance, etc., to promote high-quality development of industrial transfer and sustainable growth of regional economy.

This study uses CHAGEE, which is listed on the U.S. stock market in April 2025, as a case to explore the effectiveness of environmental, social, and governance (ESG) information disclosure in the new tea beverage industry. Using a case study and comparative research methods, this study systematically examines the motivations behind CHAGEE’s voluntary ESG disclosures in the U.S. market, the characteristics of the disclosed content, and the subsequent market reactions. For assessment, comparisons are made with peer companies listed in Hong Kong. The effectiveness of ESG disclosure in this industry is influenced by multiple factors, including regulatory policies, corporate strategies, industry-specific characteristics, and resource capabilities. Improving the quality of ESG disclosure requires enhancements in areas such as establishing robust management structures, strengthening quantitative data disclosure, and introducing third-party assurance. This research provides theoretical insights and practical guidance for ESG practices within the new tea beverage industry while also offering references for regulatory bodies aiming to refine ESG disclosure standards.

In the context of homogenization in the current beverage market competition and scenario-b ased consumer demand, an in-depth analysis of the marketing strategies of international brands holds significant reference value for local enterprises. This paper employs Belk’s situational consumption theory to conduct an in-depth comparative study on the scenario-based marketing strategies of “Shuangle” from five dimensions: physical environment, social interaction, time pressure, task goals, and physical and mental states. The following core findings are drawn from this analysis: Coca-Cola dominates high-frequency universal scenarios such as households and catering by constructing a vast physical terminal network. Its strategic core lies in controlling physical touchpoints to achieve large-scale penetration. PepsiCo, on the other hand, uses digital technology and trendy culture as engines to deeply penetrate youth niche scenarios. Its advantage lies in stimulating instantaneous impulses and emotional resonance by creating immersive experiences. Based on this, this paper proposes the following suggestions: first, implement asymmetric competition, focusing on markets such as regional specialty catering and the integration of local cultural tourism; second, promote the agility and digitalization of the supply chain, strengthening terminal control and data response capabilities; third, integrate traditional cultural elements into consumption scenarios to achieve resonance of brand value.

As a core professional indicator that defines the sustainable development potential and long-term value of an enterprise, the ESG rating plays an important role in current investment decision-making and enterprise development assessment.However, the ESG rating results of the same company by different rating agencies often differ significantly.In this study, A-share listed companies in China from 2015-2023 are used as the sample to systematically investigate the impact of the divergence of ESG ratings on the financial performance and market performance of firms, and the action mechanism is analyzed on the basis of financing constraint theory, institutional theory and signaling theory.The study reveals that the divergence of ESG ratings significantly inhibits companies' financial performance and market performance, and this conclusion still holds after a series of stability tests.Mechanistic tests reveal that ESG rating divergence inhibits corporate financial performance and market performance through the triple path of strengthening financing constraints, weakening corporate green technology innovation capability and reducing the quality of information disclosure.Heterogeneity analysis reveals that this negative effect is more prominent among companies in the eastern region, companies in heavily polluting industries, and companies with greater attention from analysts.This study provides not only management inspiration for enterprises to optimize their ESG management system but also a theoretical basis and policy reference for enhancing the sustainable development effectiveness of listed companies and improving ESG ecological governance.

On the basis of classic consumption theories such as life cycle theory and the permanent income hypothesis, this paper constructs a comprehensive analysis framework of the wealth effect in the stock market. Through a systematic review of relevant research at home and abroad, the factors that influence the wealth effect, the transmission channels and the differences in their effects in different market environments are discussed. The study revealed that the wealth effect in the stock market has significant regional heterogeneity and structural characteristics and that its transmission efficiency is constrained by the market development stage, investor structure and institutional environment. This study helps to comprehensively understand the association mechanism between financial asset price fluctuations and consumption behavior from the theoretical level and the empirical perspective.

The increasing focus on sustainable development and corporate social responsibility globally has elevated the importance of ESG rating systems as crucial tools for evaluating enterprises' sustainable development capabilities. This paper aims to conduct an in-depth analysis of the current mainstream ESG rating agencies' systems, identify their problems and challenges, and propose strategies to promote standardized and unified development of the ESG rating system. On this basis, this paper presents a conceptual framework for constructing a standardized ESG rating system, discusses ESG risk and performance ratings, introduces new measurement methods, and identifies key indicators. This paper emphasizes the importance of a unified and standardized ESG rating system for enhancing investment decision accuracy, promoting enterprise sustainability, improving global market comparability, and suggesting future research directions in this area.

In mainland China, short-term financial products such as Yu 'e Bao, Changtong,Chaochaobao, stock funds, index funds, hybrid funds, and pure debt funds are favored by the public. But in Hong Kong, the world's third largest financial center, short-term financial products have disappeared. This paper analyzes the reasons for the lack of short-term financial products in Hong Kong from internal reasons such as fund companies,products and target customers and external reasons such as economy, law and science and technology through the methods of comparison, example and literature research, etc., and the theory of supply and demand. This paper also puts forward suggestions for the future development of financial products in Hong Kong and Mainland China.