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Open AccessArticles
by Xu Wang
2026,8(3);
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Abstract
Developing new quality productive forces is a core focus of China's high-quality development.
This paper treats financial development as an input and new quality productive forces as an output, and
measures the conversion efficiency and its regional differences and convergence using panel data of 30
Chinese provinces from 2012 to 2024. An SBM-DEA model with undesirable outputs is used, combined
with Dagum Gini coefficient decomposition, spatial Markov chains, and beta convergence models. The
results show that interprovincial conversion efficiency is generally at an upper-middle level; most eastern
provinces remain near the efficient frontier, while central and western provinces fluctuate sharply and lack
sustained improvement. The regional difference pattern has shifted from cross-overlapping to gradient
differentiation, with between-subgroup differences becoming dominant. The spatial Markov chain confirms
a high-neighbor enhancement effect, but hierarchical rigidity remains. Beta convergence is significant,
although the high convergence speed partly reflects mean reversion of super-efficiency values rather than
steady-state catch-up.
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Open AccessArticles
by Yuqian Zhang, Rong Tang
2026,8(3);
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Abstract
This study examines Higold Group's profitability using financial disclosures for 2022–2025.
DuPont decomposition and a comparison with Kinlong Hardware and Tute identify the main changes
in margins, asset turnover, and shareholder returns. Higold's net profit margin increased throughout the
period, supported by higher gross margins and changes in its product mix. In 2025, however, assets and
equity expanded faster than earnings, reducing return on equity despite continued profit growth. Successive
substitution attributes most of this decline to lower asset turnover. The findings suggest that the company's
growing capital base requires closer attention to investment timing and asset use. Capacity expansion
should follow demand, while financing decisions should reflect expected project cash flows and repayment
requirements.
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Open AccessArticles
by Gangzhen Wang, Yujie Zhao
2026,8(3);
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Abstract
Using provincial panel data from 2012–2023, this paper examines whether digital inclusive
finance mitigates the elderly digital divide. Empirical results show a significant narrowing effect. Urban-rural structure and educational expenditure serve as key mediating channels. Policy should promote age-adapted digital finance, improve resource allocation, and enhance elderly digital literacy.
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Open AccessArticles
by Jiarui Chen, Zitong Zhou, Yuxin Cao, Xiting Cui, Jingchu Zhang, Lin Yang
2026,8(3);
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Abstract
Digital transformation (DT) is now a principal route by which manufacturers pursue high-quality
development, yet how it works at the firm level, above all from accounting and auditing angles, is still
underexplored. Taking Supcon Technology, a leading process-industry intelligent-manufacturing firm, as
a case, this paper builds a two-tier framework that runs from the drivers of transformation through five
dimensions of high-quality development to the financial and auditing effects that follow. The case shows
that, under combined technological, organizational, and environmental pressures, Supcon moved through
informatization, digitalization, intelligentization, and ongoing expansion, and built a digital base organized
around AI and data. Performance improved across all five dimensions examined, namely profitability,
growth, operating efficiency, innovation, and sustainability. The transformation also reshaped financial
management, tightened internal control and disclosure, and introduced audit risks that had not previously
arisen. The findings extend work on the microeconomic consequences of DT and speak to transformation
decisions, the changing role of accountants, and the prevention of audit risk.
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Open AccessArticles
by Jinshi Qiu
2026,8(3);
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Abstract
With the deepening of capital markets and the transformation of household financial asset
structures, the link between the stock market and household consumption has become increasingly
prominent. Using China Household Finance Survey data for 2015–2021, this paper examines the impact
of household stock assets on consumption. Stock assets exert a significant positive wealth effect, with the
promoting effect on development- and enjoyment-oriented consumption significantly stronger than that on
total consumption and the effect on subsistence consumption relatively weak. Wealth appreciation works
mainly through the direct wealth effect, and the precautionary saving motive holds for high-uncertainty
households. The effect is more pronounced for urban households in central China and for households with
high assets and high consumption.
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