Over the past two decades, propelled by urbanization, domestic investment and construction of commercial complexes have rapidly accelerated. This has led to a dramatic expansion of these complexes with swift operational iterations and related data changes. The impact of changing domestic and international financial policies, along with political environments, has seen e-commerce gradually seize the middle and low-end retail markets. Additionally, the global spread of the COVID-19 pandemic in the last three years has resulted in a substantial slowdown in domestic economic growth. Despite this, there is still developmental potential, prompting unprecedented attention to corporate investment and commercial operations.However, acquiring basic operational data in commerce is challenging, with inconsistent measurement standards among enterprises, hindering accurate and systematic judgments of operational performance. The factors influencing the operational performance of commercial complexes in China remain inadequately researched.At this juncture, the scientific measurement of commercial complex operational performance is crucial for their healthy development. This study explores the relationship between enterprise investment behavior, operational management behavior, and commercial complex operational performance. It measures influencing factors using resource configuration theory to control uncontrollable environmental factors, such as urban hierarchy, surrounding population, per capita GDP, surrounding commercial inventory and increment, and location planning support. Dynamic capability theory is then applied to investigate the impact of variables like the number of leases, area, brands, lease cost income, marketing activity types, activity funds, and activity time on operational performance. A model is established to analyze operational performance, contrasting significant variables before and after the pandemic, identifying factors affecting operational performance in early-stage investment and later-stage management strategies. Post-pandemic adjustments are suggested to adapt to changing environmental conditions.In the empirical research section, this paper validates the theoretical model through data analysis, studying the volatility of operational performance based on factors influencing commercial complexes. Integrating theoretical backgrounds, it analyzes investment and management strategies for enterprises in different situations, emphasizing key indicators. This provides enterprises with better choices for future projects and empowers commercial complex managers for effective future management, enhancing operational performance. The study offers a theoretical basis and guidance for promoting the healthy development of the market.

With the competition of Chinese enterprises shifting from scale orientation to high-quality orientation, it is critical to enhance the level of business-finance integration. In practice, many enterprises lack the conceptual understanding of business-finance integration as well as the support of research method, which leads to the difficulty of implementing business-finance integration. This study attempts to establish the model of relationships between business-finance integration and enterprise value, analyze which process factors are worth paying attention to, and help enterprises improve the level of business-finance integration in both theory and practice.This study uses the research methods of case and empirical analysis to draw four main conclusions: (1) business-finance integration can facilitate the realization of enterprise value directly because business development has a stronger sense of purpose under the guidance of financial indicators, and financial resources are effectively allocated based on business needs; (2) business-finance integration can facilitate the realization of enterprise value through internal operations because the efficiency of operation process is increased, customer satisfaction is enhanced, and ultimately financial performance is improved; (3) business-finance integration can facilitate the realization of enterprise value through the upgrade of organizational capacity, because the internal communication, work ideology, and operational platforms are more aligned in the organization, and the enterprise value is realized under the liberation of organizational capacity; and (4) digitalization level can facilitate the integration of business and finance to play a greater role, because digitalization makes operation and management more efficient and stable. The innovation of this study is reflected in two aspects: (1) based on the mechanism of value transmission, the model of business-finance integration and enterprise value creation is established, which enriches the theory of business-finance integration; and (2) the identification of the logical relationships among business-finance integration, operation, organization, value realization, and digitization provides a decision-making framework and basis for industry-finance integration.