Impact of BRICS Trade Facilitation on China's Exports Using Cross-Border E-Commerce

With the rapid growth of the global digital economy, cross-border e-commerce, as an emerging form of trade, has gradually become a powerful engine to promote the development of global trade. BRICS is an important force in the global economy, and the progress of the BRICS countries' trade facilitation level has an important impact on the global trade environment. This paper conducts an in-depth study of the dynamic changes in BRICS trade facilitation from 2013 to 2022, and uses an extended gravity model to analyze the specific impact of this change on China's exports using cross-border e-commerce. The results show that although the BRICS countries have made some progress in trade facilitation, the overall level still needs to be improved, and there are obvious differences among member countries. However, the improvement of trade facilitation among BRICS countries has undoubtedly brought significant positive effects to China's exports using cross-border e-commerce.

Iran-Turkmenistan Relations:Cross-Border Ethnic Groups and Comprehensive Governance Strategies

This study delves into the bilateral relations between Iran and Turkmenistan,focusing on the multidimensional impacts of cross-border ethnic groups,cultural diplomacy,and energy cooperation.The research reveals that despite challenges in security cooperation,such as regional political ideological differences and uneven power distribution,Iran has adopted diverse strategies to enhance cultural identity,social cohesion,and promote economic cooperation.Iran actively seeks to repair relations with Turkmenistan by emphasizing shared historical and cultural backgrounds,particularly the presence of cross-border Turkmen ethnic groups.Specific measures include developing cultural tourism,organizing cultural weeks,and establishing commemorative days.In the economic sphere,the two countries have signed significant natural gas supply agreements,strengthening energy cooperation.Iranian leaders often emphasize“blood ties”and deep cultural connections in diplomatic statements,combining cultural diplomacy with practical economic cooperation.The study’s findings indicate that Iran’s initiatives have led to the reorganization of national space and social reconstruction in border regions,promoting changes in public policy.By integrating cultural identity,historical connections,and economic interests,Iran has adopted a sophisticated diplomatic approach,laying the foundation for more stable and enduring bilateral relations while contributing to regional stability and sustainable development.

Micro,Small,and Medium Enterprises’Cross-Border Business Strategies

This paper explores the operational strategies of cross-border micro, small, and medium enterprises (MSMEs). Against the backdrop of globalization and digitalization, cross-border trade has become one of the important pathways for many MSMEs to achieve growth and competitive advantage. Firstly, the paper outlines the concept and characteristics of cross-border MSMEs, as well as the analysis of their operational environment in the context of globalization, including political, economic, social, technological, environmental, and legal factors. Secondly, the paper proposes operational strategies for cross-border MSMEs, including international market selection and positioning, cross-border marketing strategies, supply chain management, cross-border financial management, and cross-border risk management. Finally, the paper summarizes the importance of effectively implementing these strategies for cross-border MSMEs to seize international market opportunities, reduce operational risks, and enhance competitiveness and profitability.

自然环境老化ETFE薄膜单轴拉伸力学性能研究

ETFE薄膜在自然环境老化后的力学性能是ETFE结构长期使用性能评价的基础。选取在室外自然环境长期使用后的ETFE薄膜,开展了微观形貌表征和宏观力学性能试验,采用能量法确定了自然环境老化ETFE薄膜的屈服点及弹性模量,基于数理统计分析了材料力学参数标准值。研究结果表明,自然环境老化作用使ETFE薄膜材料表面微观形貌粗糙,截面褶皱纹理密集,晶粒尺寸增大了7.8%。老化ETFE薄膜破断强度下降显著,屈服应力及弹性模量降低较大,其标准值为11.73、703.2 MPa,降低了14.9%、13.5%。研究扩展了ETFE薄膜材料力学的研究范畴,可为准确评估ETFE结构长期使用性能提供重要的力学参数。

比特币现货ETF对数字资产融入现代金融体系的启示——基于灰度胜诉的分析

灰度于2021年10月首次申请将封闭式基金GBTC转为交易所交易基金,但被美国证券交易委员会一再否决,法院2023年8月裁定灰度胜诉,并要求美国证券交易委员会重新审查灰度的申请。最终,2024年1月证券交易委员会已批准包括Grayscale等在内的11支比特币现货ETF。本文基于案例分析的方法探究了灰度胜诉带来的启示并对未来进行展望,比特币现货ETF的批准不但提升了加密货币作为合法金融资产的认可度,同时也为研究数字资产如何融入现代金融体系提供了重要参考。

期权最痛点理论研究——基于上证50ETF期权的经验实证

基于上证50ETF及其期权数据,利用最痛点理论有效地验证期权标的资产价格预测,并深入探讨期权隐含波动率和最痛点之间的关联。实证分析结果显示,在期权到期日临近时,期权价格往往趋于最痛点且期权的隐含波动率在最痛点处达到最低,进一步证实了期权最痛点对标的股票价格的“锚定效应”。本文从理论上探讨期权最痛点产生的原因,对最痛点理论在期权交易策略中的应用进行初步探讨。

Business English Talent Cultivation Research under the Background of Cross-border E-commerce

The meteoric rise of cross-border e-commerce has become one of the pillars of our foreign trade, while the lack of quali-fied talents in the industry may restrict its benign development. This paper analyzes the major problems existing in the BusinessEnglish talents cultivation in university, and offers advice for the construction of training modal for Business English talents basedon the cross-border e-commerce.

Problems in Cross-border E-commerce Export Trade in China ＆ Countermeasure Analysis

As an emerging industry in China, cross-border e-commerce has enjoyed the leap-forward development, along with increasingly prominent problems. This paper aims at finding out the problems and related roots that hinder its development, through conducting an analysis on the export development of cross-border e-commerce, in order to look for solutions and countermeasures in favor of its sound development and to promote the liberalization development of foreign trade in China.

The determinant of performance of cross-border M＆As in China： A comparative study between overseas Sino and Anglo firms

This study examines the factors that affect the performance of foreign acquiring firms in Chinese M＆As （mergers and acquisitions） market. Comparing between overseas Sino-Group and Anglo-Group, this study found that familiarity and location were the most important factors influencing performance of M＆A transactions in China. It also found that unrelated M＆A deals should be merged with familiarity for gaining positive acquisition performance. The total sample used in this study was 3,442 cases from October 1980 to March 2005. Because this period included all deals of M＆As after the opening of Chinese market in China. The authors＇ finding provided a more universal explanation in the cross-border M＆As in China.

融资融券与上证50ETF期权收益

基于我国融资融券交易不平衡的实际情况,本文利用2015—2021年我国上证50ETF期权市场数据,实证检验了融资融券交易活动对期权收益的影响。研究发现:由于市场上看多交易方式丰富,融资交易对看涨期权收益的影响不大;而受卖空限制影响,融券交易活动越活跃,未来一个月看跌期权的收益越低。此外,融券交易活动对看跌期权收益的影响在经济不景气、投资者情绪低迷以及标的市场收益率为负的子样本中更明显,但该影响并不是长期持续的。进一步分析表明,融券交易活动增加会显著提高看跌期权的持仓量,但对看涨期权收益并不会产生显著影响。研究结论为中国融资融券市场和期权市场之间的可能联系提供了证据,为后续的跨市场研究以及监管措施的制定提供了一定的参考价值。

Index system and methods for comprehensive assessment of cross-border power grid interconnection projects

With the global economy integration and progress in energy transformation,it has become a general trend to surpass national boundaries to achieve wider and optimal energy resource allocations.Consequently,there is a critical n eed to adopt scie ntific approaches in assessi ng cross-border power grid interconnection projects.First,con sidering the promotion of large-scale renewable energy resources and improvements in system adequacy,a comprehensive assessment index system,including costs,socio-economic benefits,environmental benefits,and technical benefits,is established in this study.Second,a synthetic assessment framework is proposed for cross-border power grid interconnection projects based on the index system comprising cost-benefit analysis,with market and network simulations,iterative methods for indicator weight evaluation,and technique for order preferenee by similarity to an ideal solution(TOPSIS)method for the project rankings.Fin ally,by assessi ng and comparing three cross-border projects betwee n Europe and Asia,the proposed index system and assessment framework have been proved to be effective and feasible;the results of this system can thus support investment decision-making related to such projects in the future.

China’s Cross-Border E-Commerce: Evolution Pattern and Influencing Factors

In recent years,while the traditional trade sectors have been shrinking,China’s cross-border e-commerce has undergone rapid development and has become a new driver of its international trade.Based on analysis of the evolution pattern of China’s cross-border e-commerce,this paper uses a revised gravity model to test empirically the driving factors and the resistance factors in the development of the country’s cross-border e-commerce.The results show that the total GDP,per capita disposable income of urban residents,total imports and exports,and the scale of the online shopping market have a positive relationship with cross-border e-commerce transactions,which are conducive to the development of cross-border e-commerce,while logistics costs inhibit the development of cross-border e-commerce.Accordingly,the paper puts forward several policy recommendations.

ETF市场定价偏差理论研究及其实证检验

我国ETF采用一级市场申赎和二级市场交易并存的市场模式,且两个市场间定价偏差长期存在。为了探究ETF定价偏差的形成原因与机制,本文构建一个基于信息理论的均衡模型,分析了影响定价偏差的主要因素及其作用方向。同时,本文利用我国A股市场的股票型ETF数据,对理论模型结论进行了实证检验。研究发现,ETF市场定价偏差程度随着成分股特质性风险和ETF跟踪误差的增加而上升,而ETF市场流动性和市场信息交易量则会对定价偏差产生负向影响。这些结论在多种稳健性检验下仍然有效。本文的研究为深入理解ETF市场的定价机制提供了新的视角和理论支持,对于促进和完善我国ETF市场的发展具有一定的指导价值。

美国ETF监管制度演进:产品创新与制度因应

美国交易所交易基金(ETF)在指数共同基金基础上发展而来,监管者利用豁免机制搭建起监管框架,获得包容创新的制度空间。ETF具有特殊的两级市场内部构造,核心特征在于维持两级市场之间资产净值与交易价格紧密关联的套利机制。随着ETF产品基础资产拓展和运作机制调整,构建于豁免机制之上的监管制度在产品组织形式、流动性保障和信息披露等方面都暴露出缺陷,引发投资者保护和风险防范相关法律争议。近年来,美国持续完善ETF监管框架,在改革豁免机制的同时,以信息披露规则为切入点,积极回应不同市场主体的差异化产品创新需求。当前我国ETF市场正处于快速发展阶段,亦需夯实产品创新的制度保障,建立健全契合ETF特殊性的配套监管制度。

ETF持股、股票流动性与管理层短视

机构投资者是资本市场的重要参与主体,具有稳定金融市场和改善资金配置效率等作用。作为机构投资者的常用投资工具,交易型开放式指数基金(ETF)却尚未得到足够关注。本文以2011-2021年A股上市公司为样本,基于ETF独特的申购赎回机制检验ETF持股对管理层短视的影响。研究发现:(1)ETF持股会加剧管理层短视倾向,表现为公司资本支出、新增固定资产比例和研发投入下降;(2)机制检验结果显示,ETF持股可显著提高股票流动性,进而吸引大量短期投资者套利交易,使管理层面临的短期业绩压力增加;(3)当企业内控质量差、两权分离度大、代理成本高、分析师关注度低以及市值规模小时,ETF持股对管理层短视的影响更加显著。本文旨在补充ETF持股的经济后果,并为监管层规范机构投资者的市场参与行为提供了政策依据。

Cross-border E-commerce Upgrading Under Way

The emerging industry of crossborder e-commerce,which has been undergoing tremendous growth thanks to the loosening policies of consumption upgrading,is facing a large transformation.E-commerce is not as simple as opening an online store,but requires offline resources,offices,a training mechanism for workers,and professional photographing and model innovation services.The industry has experienced two development phases,with the 1.0

Development of a risk index for cross-border data movement

Cross-border data transmission in the biomedical area is on the rise,which brings potential risks and management challenges to data security,biosafety,and national security.Focusing on cross-border data security assessment and risk management,many countries have successively issued relevant laws,regulations,and assessment guidelines.This study aims to provide an index system model and management application reference for the risk assessment of the cross-border data movement.From the perspective of a single organization,the relevant risk assessment standards of several countries are integrated to guide the identification and determination of risk factors.Then,the risk assessment index system of cross-border data flow is constructed.A case study of risk assessment in 358 biomedical organizations is carried out,and the suggestions for data management are offered.This study is condusive to improving security monitoring and the early warning of the cross-border data flow,thereby realizing the safe and orderly global flow of biomedical data.

Cross-border Urban Networks Based on Manufacturing Global Value Chain:A Study of Listed Companies in Western China

Cross-border investment is essential for western China’s globalization.Global value chain(GVC)forms cross-border investment networks between industries in western China and overseas cities.Focusing on GVC,this study uses the social network analysis method,entropy method,multi-index comprehensive evaluation method,and quadratic assignment procedure analysis method to examine the characteristics and influencing factors of the urban networks of research and development(R&D),production,and sales formed as a result of the overseas investments of listed manufacturing companies in western China.Results showed that the three types of investment networks involved multiple industry types and multiple central cities with differentiated diversity and multicentrality.The R&D urban network’s leading sub-industries were the mechanical equipment and instruments,medicine and biological products,and metal and nonmetal industries.The destination cities were mostly those home to educational and scientific research centers.The production urban network’s leading sub-industries were the mechanical equipment,instrument,and food and beverage industries.The destination cities were mostly regional central cities in developing countries.The sales urban network’s leading sub-industries were the mechanical equipment and instrument,metal and nonmetal,and petrochemical and plastics industries.The destination cities were numerous and scattered.In addition,the R&D urban network easily formed specialized clusters,core nodes easily controlled the production urban network,and individual nodes did not easily control the sales urban network.Technological and economic system advantages greatly impacted the three network types.Considering the different influencing factors,this study suggests optimizing the institutional investment environment to narrow the institutional gap,adjusting and optimizing the investment layout to expand overseas markets,and increasing R&D funds to stimulate technological progress and overseas investments in western China.

Firms discuss cross-border gas pipeline

China and Kazakhstan are reviewing the possibil-ity of building a pipeline to deliver natural gas fromwestern Kazakhstan to Xinjiang Uygur AutonomousRegion,on China’s western border,to satisfy the

Possibilities and Opportunities of Wine Tourism Development in the Cross-Border Region of Greece-Bulgaria Through the Protection of Traditional Vine Varieties

Wine tourism as an alternative form of tourism is developed in rural areas with significant wine production.But rural areas are usually not characterized by dynamic local economies.Therefore the contribution of wine tourism to regional development is important.In the region we will focus on the present paper,i.e.,the countries of Greece and Bulgaria,where the tradition in viticulture and production of quality wines is long.Especially in the cross-border area of Greece-Bulgaria,wine production is very remarkable.The project“VineSOS-SOS for endangered traditional vine varieties”implemented and funded by the Program“Cooperation Program Interreg V-A Greece-Bulgaria 2014-2020”identified local grape varieties in danger of extinction.In addition,a comprehensive intervention mechanism was formed for greater protection and sustainability of these varieties.The next step after the protection and promotion of these varieties is their utilization for the region with the development of a common wine tourism product for the cross-border area of Greece-Bulgaria.The present research seeks to utilize the results of the VineSOS project to develop a proposal for wine tourism development in the cross-border region of Greece-Bulgaria as a single tourist product.The main hypothesis of our research concerns the investigation and formulation of a strategy for the development of wine tourism in the cross-border region of Greece-Bulgaria based on the rare vine varieties found in the region.The development of this strategy emerges through the study of the international literature on wine tourism and the study of good practices at the international level,as well as through the special features of the cross-border area of Greece-Bulgaria.