Proceedings of the 2023 2nd International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2023)

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51 articles
Proceedings Article

Peer-Review Statements

Faruk Balli, Hui Nee Au Yong, Sikandar Ali Qalati, Ziqiang Zeng
All of the articles in this proceedings volume have been presented at 2nd International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2023) during 28-30 July 2023 in Dali, China. These articles have been peer reviewed by the members of the [Scientific Committees and reviewers]...
Proceedings Article

Japan Arises with the Free Trade Policy

Yujie Wang
In the 20th century, Japan significantly transformed its trade policies. After World War II, the country faced international pressure to open its markets and reduce trade barriers. To cure the damage of the war on the country’s economy, Japan adopted a series of domestic economic policies aimed at boosting...
Proceedings Article

Analysis of the Development Environment of the Brand Value of Tiffany and Its Enterprise Strategy

Xinyu Shi, Yue Wang, Qingrui Li
As a famous centennial jewelry enterprise from America, Tiffany & Co. always insists on its brand value though it has been honed in the centennial development progress. This paper aims at analyzing the development environment and the enterprise strategy of the centennial jewelry brand, Tiffany. Firstly,...
Proceedings Article

Comparison of the Financing Methods of Real Estate Enterprises in China: Vanke and China Overseas

Xun Wang
Real estate drives China’s economic growth and is a pillar industry in China. In the past 20 years, real estate has made a high direct contribution to China’s economic development. Its chain is long and drives the development of many industries. However, real estate requires a large amount of capital,...
Proceedings Article

The Impacts on Beijing Real Estate: Evidence from Wanliu Academy

Yang Yang
The current real estate industry is a hot issue of great concern to the national and even central leadership in recent years. Contemporarily, China's real estate market has developed rapidly, especially in Beijing, Shanghai, Shenzhen, and other first-tier cities. As the population continues to grow,...
Proceedings Article

Comparison of LSTM and ARIMA in Price Forecasting: Evidence from Five Indexes

Zizhe Zhang
The financial industry has been increasingly researching and applying artificial intelligence in both academia and industry. The classical deep learning model, I.E., long-short term memory (LSTM) neural network model, has great advantages in predicting financial time series. This study uses data such...
Proceedings Article

Impact of Different Leverage Ratios on the Development Status of the Company

Naitian Fan, Jiayi Wang, Yan Wang
Nowadays, real estate is an integral part of the national economy and plays an important role in various aspects. Contemporarily, with fast growing economy, real estate companies often lead to high leverage and high debt due to the size of their capital and operational risks. However, with the adjustment...
Proceedings Article

Price Prediction of Second-hand Houses in Beijing in the Post-epidemic Era Based on ARIMA Model

Mengyao Ren
As one of China’s pillar industries, the growth of the national economy is significantly influenced by the real estate sector. Affected by the epidemic, the real estate capital chain is broken, and the real estate market faced crisis. At the beginning of 2023, the national policy was liberalized, and...
Proceedings Article

The dilemma of reforming the international multilateral trading system and China’s response strategy

Qian Yang
The economic globalization and international free trade is the cornerstone of economic globalization and international free trade, and the multilateral trading system plays a significant role in promoting the progress of human society and advancing trade liberalization and economic globalization. The...
Proceedings Article

Evaluation of CAPM and Three-factor Model During the COVID-19: Evidence from Chinese Catering Industry

Tongyu Ren, Heng Wang, Yixuan Zhang
In 2019, the COVID-19 pandemic emerged in China and rapidly disseminated worldwide, causing a greater-than-expected impact on the global economy. Most countries’ stock markets were not optimistic, and stocks from different industries have elicited varying social reactions. The paper selects the stocks...
Proceedings Article

The Impact of Different Factors on Real Estate Economy

Jiajing Gao, Qifei Geng, Rong Ling
With the end of the epidemic and the gradual recovery of the national economy, the real estate economy as an important economic pillar of the country will naturally attract people’s attention. This study will focus on the short- and long-term impact of the pandemic on the real estate economy, especially...
Proceedings Article

The Impact of the Guangdong-Hong Kong-Macao Greater Bay Area on Guangdong Real Estate

Yangfan Feng
The Guangdong-Hong Kong-Macao Greater Bay Area is a popular topic contemporarily and some researchers have created some studies on the impact of the Guangdong-Hong Kong-Macao Greater Bay Area on Guangdong real estate, but these studies lack a specific object and with the emergence of new crowns previous...
Proceedings Article

How Effective are Macroprudential Policies on the Housing Market: Evidence from Hong Kong SAR

Aomeng Zhang
As counter-cycle tools, macroprudential policies have been utilized extensively in Asia to limit credit growth and tame housing price inflation. Utilizing a new policy action dataset and macroeconomic data of Hong Kong SAR, this paper analyzes the effects of macroprudential policies on stabilizing the...
Proceedings Article

The Impact of Technological Developments in Virtual Real Estate on Transactions: Virtual Reality, Blockchain, Tokens

Fan Li
Real estate has experienced the development of virtual reality, blockchain and token technologies, and has undergone a transformation from physical space to semi-physical space and virtual space to. The explosion of the Meta space concept has brought virtual real estate into the public eye. This paper...
Proceedings Article

Service Optimization of p2p Online Loan Platform Based on Big Data Analysis

Tiantong Yang
In view of the credit risk loss brought by incomplete loan transactions to the online P2P lending platform, based on the data set of Prosper Company, this paper, on the one hand, establishes machine learning models such as logistic regression, decision tree, random forest, etc. to predict whether the...
Proceedings Article

Optimizing Returns of Diversified Investment Portfolio with Markowitz Model

Ge Bu, Yuming Liu
In recent years, the underlying assets allocation has become a hot topic, where tremendous investors and analyzers are tried to construct portfolio with well performances (e.g., maximum Sharpe ratio, minimum volatility, maximum Calmar ratio) under the framework of quantitative analysis. As a matter of...
Proceedings Article

Logistic Model-based Prediction of Financial Distress of Listed Chinese Real Estate Companies

Yueru Chai, Yixin Gan, Yiou Wang
With the introduction of restrictive housing price policies in China contemporarily, real estate companies are facing new development challenges. China Evergrande Group’s debt crisis has made people emphasize more on the financial status of real estate companies. In this paper, 20 Chinese A-share companies...
Proceedings Article

Bound to Become a Global Trend of the Future: Analysis of REITS

Pinxian Wang
In recent years, the real estate investment trusts as they are commonly known are investment vehicles known for their low risk, low volatility, moderate returns, and high liquidity nature for investors. Contemporarily, REITs invest primarily in real estate and tend to receive regular rental income from...
Proceedings Article

How Organizations can Enhance the Effectiveness of Internal Controls in Response to Changes in the Business Environment Since the Sarbanes-Oxley act: An analysis of the COSO Framework

Heping Zhang
This research topic explores the evolution of the business environment since the enactment of the Sarbanes-Oxley Act, the impact of these changes on the effectiveness of internal controls, and how organizations can adapt their internal control systems to improve their quality. The study will use the...
Proceedings Article

Venture Capitalist: The Factors of the Successful Investment

Wangshu Li, Yifei Lu, Yueying Wan
The venture capital industry has gradually received increasing attention in recent years. Making a successful investment is crucial for risk controllers. This paper mainly examines three factors that affect successful investment by reviewing papers in this field: founding team, valuation, and deal structure....
Proceedings Article

An Empirical Analysis on Performance of the Fama and French Five-Factor Model in Different Industries

Han Zhang
This study examines the performance of the Fama and French five-factor model (FF5) in various industries. The analysis encompasses a comprehensive period from January 1990 to February 2023, encompassing 17 distinct industry portfolios. By comparing FF5 against other prominent asset pricing models such...
Proceedings Article

Employment Discrimination in Chinese Financial Industry

Yuxuan Qiao
Employment discrimination is around discussed as the development of the economy and promotion of the working welfare. This paper talks about employment discrimination problems by focusing on the financial industry. Two types of discrimination problems regarding gender and age are discussed in this paper....
Proceedings Article

The Current Status and Development Trend of Green transition in China’s Manufacturing Industry

Yixiao Xu, Zhiyang Zhai
This paper is based on the research and background of the green transition of China’s manufacturing industry and the development of China’s green economy. The study takes the changes in the policy environment, technological innovation and green energy as the main research objects. The SWOT analysis model...
Proceedings Article

Comparative Study on Poverty Reduction Strategies in the Context of Ecological Sustainability

Taking Tongzi County and Humbo Region as Examples

Zhengting Liu
The strategy of poverty reduction has long been an important issue in development research. Given that most underdeveloped regions are trapped in a dilemma where ecological destruction and poverty are mutually dependent, this paper chooses to compare the poverty reduction strategies of Tongzi County,...
Proceedings Article

Research on Financing Risk Management of State-owned 2x660MW thermal power Project

Yuxin Wang
As the ballast stone of the national economy, thermal power enterprises play a decisive role in the development of the whole social economy. However, due to the long approval process, the large number of compliance documents required and other situation, most enterprises choose self-financing and bank...
Proceedings Article

Tests of the Fama-French five-factor model in the US stock market under the COVID-19 pandemic

Meng Gao
At the end of 2019, the COVID-19 spread widely around the world, leading to a global economic recession. The data for this article is taken from a database created by Kenneth R. French. Given that the COVID-19 pandemic was widespread in the United States in March 2020 and remained stable through February...
Proceedings Article

Exploring the Global Trends in Semiconductor Supply Chain Development from the Perspective of US-China Relations

Lingyi Tang
In the global news, there is malicious speculation regarding the strategic harm of other countries in the China-US trade war. However, this article takes an analysis from the perspective of the chip industry to examine the hazards, opportunities, and development trends of the global supply chain within...
Proceedings Article

The 4P’s of Marketing Mix Analysis: The Uniqueness of Tesla’s Strategic Marketing Tactics in China

Yunlan Zhang
This paper examines Tesla's distinct marketing strategies in China from the perspectives of the marketing mix's four Ps (Product, Price, Placement, and Promotion). To begin with, Tesla employs a product adaptation and differentiation strategy to make its products more competitive and advantageous...
Proceedings Article

National Independent Innovation Demonstration Zone, Industry Agglomeration and Regional Innovation Capability-Research based on high-tech service industry

Lingjing Wang, Yilin Ding, Yunchang Tian
Under the background of accelerating scientific and technological progress and continuous expansion of technology scale in China, the policy of national independent innovation demonstration zones has been continuously deepened and improved, which promotes the development, transformation and upgrading...
Proceedings Article

From the perspective of anti-monopoly, data privacy protection and digital economy develop in synergy

Yan Shiyu
In the era of digital economy, data is considered to be the core resource for the development of digital economy. However, the improper use of data has also become a means for the digital giant to monopolize the market, and data privacy disclosure will not only lead to damage to consumer interests, but...
Proceedings Article

Research on the influencing factors of bilateral financial cooperation from the perspective of structural power--Empirical analysis of threshold model based on data of China and the countries along the Belt and Road

Tao Shen, Dacheng Bu
The construction of the ‘the Belt and Road’ is an important part of China’s external economic cycle. Summarizing the historical experience of financial cooperation between China and countries along the Belt and Road, and proposing differentiated cooperation strategies has important value for deepening...
Proceedings Article

Research on the Obstacles to the Promotion of Green Finance in China’s Underdeveloped Regions

--Based on I-M Model

Limin Xu
To explore the factors that hinder the promotion of green finance and help China achieve the “dual carbon” goals efficiently. This paper identifies 21 obstacles to the promotion of it through grounded theory. Interpretative Structural Modeling (ISM) is used to analyze the internal logical relationship...
Proceedings Article

Research on the public economic problems of Harbin Urban Planning

Yuehui Zhao, Yongsheng Lian
The city is the inevitable thing of the historical development of a country and a nation, is a combination of economic development, social progress and civilization evolution, and the development of a country’s city reflects the overall economic strength of the country, the degree of social civilization...
Proceedings Article

A summary of carbon emission trading economy in energy field

Xiaofeng Li, Yanshu Shen, Yihao Zhao
To implement China’s action goals of achieving carbon peak by 2030 and carbon neutrality by 2060, The Opinions of the Central Committee of the Communist Party of China and the State Council on Completely, Accurately, and Comprehensively Implementing the New Development Concept and Doing a Good Job in...
Proceedings Article

Forecasting Stock Prices using Tweets

Jiacheng Wang
Stock market price prediction is a challenging problem since the market is an immensely complex, stochastic and dynamic environment. There are many studies from various areas aiming to improve the performance of prediction and analysis of public emotion has been the focus of one of them. We use information...
Proceedings Article

Designing a National Inertia Trading Market with Chinese Characteristics

Mengqing Liu
The rapid development of new energy has led to insufficient rotational inertia, putting significant challenge on the safe and stable operation of the power system. As the world’s largest energy consumer and carbon dioxide emitter, China is making commitment to realizing its dual carbon goals. The national...
Proceedings Article

Process route and economic analysis of hydrogen production from oil shale

Zhao Yihao, Shen Yanshu
The development of hydrogen production process can provide a new way to use oil shale with high value and low carbon emission. However, the current research only considers hydrogen as a small amount of by-product during oil shale processing, and there is a lack of understanding of the technology aimed...
Proceedings Article

Research on the stabilizing effect of stock index futures on A-share market in China-- From the perspective of Shanghai A-share abnormal volatility

Si Pan, Qianqian Zhou, Congcong Wang
In addition to having the function of price discovery and hedging, stock index futures have attracted wide attention from scholars, due to its special systemic risk avoidance mechanism. China’s stock index futures were launched in a short time, with the Shanghai and Shenzhen 300 index futures as a typical...
Proceedings Article

Can mutual assistance lead to shared prosperity?

The dilemma of rural autonomy under the coordination of interests and competition

Feiyao Zhou, Wenjia Wei
K Village’s mutual assistance farm is a new poverty alleviation model based on neighborly assistance. However, it has encountered problems such as uneven distribution of benefits, waning enthusiasm among the masses, and corruption among village cadres. The recently emerged mutual assistance farm model...
Proceedings Article

Coles Supermarket and the Australian Grocery Industry

Lanting Xu
The market structure of the supermarket and grocery industry in Australia is oligopolistic. Coles and Woolworths, two local Australian companies, account for more than 60% of the market share. A market with a perfectly competitive structure has a freer competitive environment than an oligopolistic market,...
Proceedings Article

Construction of modern industrial system of Hainan free trade port -- Taking cross border e-commerce of agricultural products as an example

Fuxiang Lin, Shuying He
Based on the background of the construction of the modern industrial system of Hainan free trade port, taking the opportunity of the adjustment of Hainan’s industrial structure, this paper conducts an in-depth study on the cross-border e-commerce industry of agricultural products in Hainan, taking coconuts...
Proceedings Article

Digital economy innovation, technological progress and Chinese industrial structure upgrading

Shuguang Feng
Based on the panel data of 31 provinces in China from 2011 to 2020, this paper constructs a digital economy innovation system to measure the development level of digital economy innovation, and uses the mediation effect model to test the mechanism of digital economy innovation on industrial structure...
Proceedings Article

The impact of expected and unexpected factors on the price of Bitcoin

Dongming Li
The influencing factors of Bitcoin price have been an important research direction in academia. In this paper, we categorize the influencing factors of bitcoin price into expected and unanticipated categories, and we choose inflation, a common macroeconomic indicator, as an indicator of expected factors,...
Proceedings Article

From “county system” to “vassal system”?

Analysis of Alibaba Group’s decision to split and go public

Yi-Qian Luan, Si-Qi Qiao
On March 28, 2023, Chinese e-commerce giant Alibaba Group said it would reorganize itself into six business groups, each with its own CEO and board of directors, and be able to conduct independent funding and Initial Public Offerings. This paper will focus on Alibaba’s behavior that deviates from the...
Proceedings Article

Analysis of food demand projections under the nutrition goal and recommendations

Zishan Xu
As the basic material foundation of human development, the supply and demand of food plays an important role in the development of a country. After solving the problem of food and clothing, the pursuit of dietary nutrition of human beings has been increasing. Based on the demand for food under the nutritional...
Proceedings Article

Anomaly detection in Financial Data

Yetong Li
The business world is a colorful and diverse world in which the integration and communication of many fields will be involved. In order to explore this world, it is necessary to master the basic language of this world - financial statements; however, the prerequisite for the stable operation of the business...
Proceedings Article

Spatiotemporal Analysis of Economic Development in Sichuan Province: Insights from Night Light Data

Shenghan Liu, Xu Luo, Ruochong Zhu
Based on the night light data of 21 municipal units in Sichuan Province from 1992 to 2021, the article used the centroid, standard deviation ellipse, and spatial autocorrelation analysis methods to explore the spatiotemporal distribution characteristics of economic development in Sichuan Province, and...
Proceedings Article

Research on the Raising Rates Policy of the Fed

Puyuan Cui
Due to the unique status of the U.S. dollar in the world, every time the Federal Reserve raises interest rates on the U.S. dollar, it will arouse global attention to it and will also affect the global economy. Raising the federal funds rate is the usual means for the United States to quell its inflation....
Proceedings Article

A Study of China’s Credit Rating and Financial Bond Cost

Xinping Guo
The article incorporates the nature of ownership variables into the framework of the relationship between credit ratings and bond financing costs, based on the theory of information asymmetry. It begins with a definition of credit ratings and an overview of the Chinese bond and corporate bond markets....
Proceedings Article

Improving Investment Efficiency in Enterprises: An Analysis of the Impact of Government Subsidies and Marketization Level

Xiran Cui, Lu Li
This paper examines the effect of government subsidies and the level of marketization on investment efficiency in Chinese A-share manufacturing companies that are listed on the Shanghai and Shenzhen stock exchanges from 2012 to 2022. Using panel data analysis, we investigate the underlying mechanism...
Proceedings Article

Research on the Impact of Monetary Policy on the Economic Cycle and Its Control Strategies

Chuanan Su
The fluctuations of the economic cycle have a significant impact on the stability and sustainable development of the national economy, and monetary policy is one of the key factors affecting and regulating the economic cycle. This article discusses the economic cycle and monetary policy to some extent....