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FATE准则为企业设计、开发与应用符合伦理规范的推荐系统提供具有实操性的指导框架,使企业得以在技术效能与用户信任之间实现良性互动。在人工智能蓬勃发展的当下,基于AI的个性化算法正悄然重塑人们的信息环境与消费体验。例如,随着大数据、云计算等数字技术的发展与应用,电商平台普遍使用个性化推荐系统向消费者推荐商品和服务。作为一种辅助决策工具,个性化推荐系统收集消费者的需求和偏好数据,如浏览、搜索、购买记录等历史...
Federated Learning (FL) with concept drift faces three fundamental challenges. First, existing methods lack a drift-aware client representation that can directly reflect changes in data distributions. Second, clustering with drifting clients often causes collaborative instability by contaminating the structure of client groups. Third, many approaches suffer from a methodological disconnect between...
This study examines the impact of independent directors on investment efficiency in China's listed central state-owned enterprises (CSOEs), a sector characterized by strong state involvement and strategic importance. Unlike prior studies that assume a linear relationship, our analysis reveals a non-linear effect: board independence enhances investment efficiency only when the proportion of ind...
Research on the impact of inward foreign direct investment (IFDI) on new venture creation has primarily focused on the country level, often yielding inconsistent findings. To reconcile these inconsistencies, we develop a theory on the influence of IFDI stock on new venture creation at the industry-regional level, offering three possible complementary explanations. Drawing on learning and competiti...
As a long-standing regulatory instrument in China's capital market, the semi-mandatory dividend policy—linking refinancing eligibility to a minimum dividend payout ratio—may have unintended consequences for firm innovation. Using panel data on A-share listed firms from 2000 to 2019, this study identifies the causal effect of reaching the exogenously imposed “dividend threshold” on innovation...
Financial derivatives are widely recognized for their effectiveness in managing interest rate risk, demonstrating the principle of comparative advantage in finance. However, traditional financial derivative transactions are often complex and can expose participants to market and credit risks. To mitigate these risks, reduce transaction costs, and enhance liquidity, this paper proposes a blockchain...
Research SummaryUnderstanding the sources of firm performance is central to global strategy research, with home country differences traditionally viewed as critical. However, empirical evidence on home countries' evolving influence remains limited. Using variance decomposition techniques, we analyze 43,304 firms (589,149 observations) across 102 countries from 1993 to 2022. While home country ...
In this article, we use eXtreme Gradient Boosting (XGBoost) to examine the factors that determine the success of an IPOand how these factors interact. We find that, among various variables related to the investment history of the investor andinvestee firms, the total number of fund investors (TNFund), the capital under management of the firm investor (FCUM), thedays between the first investment da...
This study investigates the impact of environmental, social, and governance (ESG) information from diverse external sources on analyst forecast accuracy. Drawing on four different proxies that capture firms' ESG information environments—including data from the media, third-party ESG rating agencies, ESG-focused investors, and government reports—we find that ESG information disseminated by the ...
研究针对现代服务业呈现的跨界融合、数字化、智能化等特点,引入价值网络理论,从“价值创造、价值传递、价值获取”3个维度凝练现代服务企业竞争力评价体系。结合机器学习与SCIS大规模数据补全方法,实现对现代服务企业的识别定位,构建以超过58万家全样本企业(含791家上市公司)为基础的现代服务企业分析数据集,并基于CRITIC法与熵值法组合权重进行评价指标赋权。评价结果表明,尽管纵向数据显示行业及内部细分领域的竞争力有所...
The wake effect, which significantly degrades the power output of a wind farm, has prompted widespread consideration of the farm-level power generation optimization problem. However, the optimization problem is highly challenging when a large-scale wind farm encounters highly dynamic wind conditions. To address this issue, we proposed a semi-decentralized data-model-driven optimization scheme that...
服务科技是驱动现代服务业高质量发展的核心引擎,更是提升民生和生产服务效能、增强国家治理能力的关键支撑,对构建新发展格局具有重要意义。如何评价服务科技效能是学术研究和政策制定中都亟须解决的核心问题。为揭示不同行业在服务科技效能上的差异化特征,需要从经济价值、创新价值和协同价值三个维度构建服务科技效能的评价方法。通过对全国各省份、各行业的服务科技所发挥的多维度效能评价,发现服务科技存在技术驱动、设施支撑和...