With the development of the Science and Technology Innovation Board, equity incentives have gradually evolved into the "standard configuration" for listed companies on the board in recent years. However, due to the short opening time of the Science and Technology Innovation Board in China, the equity incentive system on the board is still constantly being explored and advanced. Therefore, studying the relationship between equity incentives and corporate performance of listed companies on the Science and Technology Innovation Board is of great practical significance for promoting the long-term development of the company.Therefore, based on a systematic review of domestic and foreign research results, combined with the basic theory of equity incentives, this article selected listed companies on the Science and Technology Innovation Board in China that implemented equity incentives from January 1, 2019 to December 31, 2022 as research samples, and used equity incentives as explanatory variables. This study adopts factor analysis to evaluate corporate performance through a comprehensive index, based on the operational capability, cash flow ability, and growth potential of companies. Finally, a regression analysis model is created using current period regression, lagged one period, and lagged two periods regression methods to examine the relationship between equity incentives and corporate performance of listed companies on the Science and Technology Innovation Board. The relationship between equity incentives and R&D investment is analyzed using lagged two periods, and TobinQ is also analyzed Zscore conducted regression analysis to verify the conclusion of the relationship between equity incentives and corporate performance. Empirical research analysis shows that under comprehensive indicators, there is no significant promoting effect between equity incentives and corporate performance of companies listed on the Science and Technology Innovation Board. Compared with companies in other listed sectors, the equity incentive effect of companies listed on the Science and Technology Innovation Board is strengthened. Equity incentives of companies listed on the Science and Technology Innovation Board are conducive to improving Tobin Q performance without increasing bankruptcy risk. Equity incentives of companies listed on the Science and Technology Innovation Board can enhance R&D investment. Based on empirical research results, this article intends to provide comprehensive suggestions for better implementation of equity incentives for listed companies on the Science and Technology Innovation Board. Finally, this article proposes future research directions.

China's infrastructure investment is ushering in a new round of growth. The equipment leasing industry maintains high growth rate. H Company has accumulated close to 200,000 service projects, of which personal contracts account for about 71%, and has initially established a brand effect among small and medium-sized customers. We fully leverage the efficiency advantages of private enterprises in digital construction, iterates the system based on needs, data analysis results, feedback, and uses the high-altitude operation platform as the entry point to achieve comprehensive online operation, such as online procurement process, full equipment lifecycle management, full business process management, financial management, and realizes standardization of the entire business process. In this context, it is particularly important to conduct theoretical sublimation based on practical experience and study the impact of digital transformation on the equipment leasing industry.It has found that: 1) Obstacle factors have a significant impact on the digital investment of enterprises; 2) Obstacle factors have a significant impact on the digital achievements of enterprises; 3) Enterprises generally realize that increasing digital investment can significantly enhance their digitalization; 4) The digital investment of enterprises has a significant impact on their leading business indicators, which indicates that different enterprises have relatively high plans; 5) The relationship between digital investment and business revenue growth is positively correlated, indicating that the higher the investment in digital transformation, the higher the growth rate of revenue. However, this correlation is not significant; 6) The digital investment of enterprises significantly promotes the improvement of operational efficiency. In the equipment leasing industry, practitioners generally recognize that increasing digital investment can promote the improvement of operational efficiency; 7) The more achievements of digital transformation in enterprises, the more significant the efficiency improvement, and this correlation is very obvious. When a company can truly produce good digital results, the promotion of operational efficiency is very obvious, which motivates business managers to work hard to produce excellent digital results in the current difficult situation.

Under the new generation of technological and industrial revolutions, digital economy enterprises are increasingly becoming major contributors to socio-economic development. Their scale effect and marginal cost effect are different from traditional enterprises, which also raises concern and discussion on whether digital economy enterprises can promote more equitable and sustainable development of society. The participation of digital economy enterprises in the common wealth is an important source of legitimacy for their development. This thesis investigates the mechanism of the impact of their common wealth inputs on corporate financial performance by using a sample of digital economy firms among Chinese listed companies as a case study. It is found that, overall, the mechanism of the effect of firms' common affluence model on their financial performance has a positive effect. The main source of this positive effect is the secondary distribution of the firm, i.e., the legitimacy of tax contributions. Other legitimacy such as employee and shareholder legitimacy are not significantly associated with financial performance, while social philanthropic input from tertiary distribution participation has a significant negative effect. In the association of redistribution on firm performance, there is a positive facilitating effect on firms' R&D efficiency and a negative moderating effect of economic policy uncertainty. It suggests that there are differences in the impact of firms' legitimacy initiatives, such as tax contributions, on performance under different firm development expectations. Whereas in the third distribution, firms' R&D efficiency has a crowding-out effect on the economic gains from the legitimacy of common wealth participation, economic policy uncertainty has a reinforcing effect in the third distribution of firms. The above suggests that the development of digital economy firms is more positively facilitated by official legitimacy and currently lacks the constraints of industrial ecology from internal and public scrutiny.

This paper focuses on the path of business model digitalization and its impact on corporate performance, and empirically tests the relationship between the path of business model digitalization and corporate performance of listed companies in China.The empirical results show that: digital transformation will improve enterprise performance, the technological innovation capability of enterprises helps to improve the business performance of enterprises; the level of enterprise technological innovation has a strengthening effect on the positive impact of digitalization on enterprise performance; corporate financing constraints will weaken the positive effect of corporate digital transformation on corporate performance; the improvement of technological innovation capability is conducive to the improvement of the performance of digital transformation enterprises; technological innovation of manufacturing enterprises is difficult to have a greater impact on enterprise performance by improving production efficiency. Based on the empirical results of this paper, in order to fully grasp the development opportunities of the digital economy, the government should take the digital transformation of enterprises as a way to help enterprises develop with high quality. At the industrial level, we should promote the digital transformation of economic industries based on the principle of differentiation. At the enterprise level, we should strengthen the financial services and R&D investment that match the financing needs of enterprises, effectively play the positive regulatory role of enterprises' technological innovation ability on the performance of enterprises' digital transformation, and effectively weaken the negative regulatory role of financing constraints on the performance of enterprises' digital transformation.

In recent years, the decentralized exchange (DEX) has shown an explosive growth trend in recent years. Uniswap, as one of the largest decentralized exchanges, invented Uniswap, a decentralized financial protocol of the same name based on exchanging cryptocurrencies. Automated transactions between cryptocurrency tokens on the Ethereum blockchain. Currency trading participants create a liquidity pool based on this agreement, and this paper mainly studies the factors that affect the liquidity of currency trading.Specifically, this paper explores the factors that affect monetary liquidity through three hypotheses. The first is the impact of rates on liquidity, exploring the differences in liquidity under various rates. Then, the impact of differences in Uniswap protocol versions on liquidity was studied. Compared with the V2 version, the Uniswap V3 version added centralized liquidity，which changed the unpaid loss. . This feature makes Uniswap V3 the most flexible and efficient protocol. Finally, the influence of different active users on liquidity is compared, and the change trend of liquidity under different numbers of users is explored. Based on the above three assumptions, this paper adopts GARCH and OLS regression analysis to explore and analyze the collected currency transaction data, and draws the following conclusions for the three assumptions: (1) Researcher may conclude that rates are correlated with trading volume, and volume growth impacts liquidity capacity and increases rates. Therefore, the fee rate has a significant impact on liquidity. (2) Compared with V2, V3， quantitative analysis was carried out using unpaid loss. It was found that impermanent loss has a more significant impact on the liquidity of the V3 version but has little correlation with the V2 version. (3) According to the analysis and comparison of the model, there is no obvious ARCH phenomenon among active users, so it is believed that there is no significant correlation between the two. (4) Combining conclusions 1 and 3, researcher further analyzed the impact of several independent variables on liquidity and found that the fee rate has a more significant influence than active users