This study delves into the reversal effects in the U.S. stock market using American stock data listed on the New York Stock Exchange, American Stock Exchange, and NASDAQ from 1970 to 2022. The aim is to answer two key questions: What characteristics make certain groups of stocks exhibit stronger reversal effects? And what market conditions contribute to stronger reversal effects?To begin with, the paper examines whether growth stocks exhibit stronger reversal effects compared to value stocks from the perspective of growth stocks. The study uses the price-to-earnings ratio (P/E ratio) to measure stock growth, with high P/E ratio stocks classified as growth stocks and low P/E ratio stocks classified as value stocks. The findings reveal: 1) The reversal effects of growth stocks are significantly stronger than those of value stocks; 2) After a substantial market decline in the previous year, the reversal effects of stocks are significantly stronger; 3) Across different market environments, the reversal effects of growth stocks are consistently stronger than those of value stocks, and growth stocks exhibit the most pronounced reversal effects in markets following significant declines. Furthermore, the paper explains why the reversal effects of growth stocks are stronger from three perspectives: market risk exposure, interest rate sensitivity, and profit volatility. The study discovers that the market BETA, duration, interest rate sensitivity, earnings per share volatility, and positive correlation with the Purchasing Managers' Index (PMI) for growth stocks are all significantly higher than those for value stocks. This helps explain why, during stock market rallies/interest rate declines/economic expansions, the rebound strength of growth stocks' prices/profits is higher than that of value stocks, leading to stronger reversal effects. Finally, the study finds that the phenomenon of "stronger reversal effects in growth stocks" also holds true in the A-share market, which serves as an emerging market.

The global software industry is shifting towards the software-as-a-service (SAAS) model of cloud computing, which is characterized by ease of use, low cost, and flexible scalability. SAAS software companies have a faster growth rate than traditional software companies, and capital markets are more willing to give them relatively higher valuations. Globally there are hundreds of SAAS software companies that have developed and gone public successfully, especially in the United States, with very high valuations on the average. However, there are still major gaps in the number，scale and valuation of SAAS software companies listed in China even though they also have entered the development stage . The technological and business frameworks of the Chinese SAAS software industry have basically taken shape in recent years, and more and more enterprise customers have begun to realize the cost reduction and efficiency improvement brought about by the subscription-based software. The whole industry faces both opportunities and challenges at once. This study aims to identify the factors of sustainable development for SAAS software companies on a global scale, from a unique innovative perspective on their customer structure. It also compares and contrasts the similarities and differences of target markets between the SAAS software industry in China and that in the United States, and it analyzes the current situation and development trends of the SaaS software industry in China in order to propose novel viewpoints. It is hoped that this study can provide significant practical guidance for entrepreneurs engaged in the SAAS software domain in their strategic decision-making, can serve as a valuable benchmark for investors in their selection of investment targets and valuation analysis in the SAAS software field, and can offer unique reference value for related institutions in formulating their policies for the development of the SAAS software industry.

More and more manufacturing companies have seized the opportunity of the vigorous development of the capital market and successfully go public in recent years, especially in countries which focuses on manufacturing. In order to meet the listing standards, some manufacturing companies engage in illegal transactions to inflate the revenue, covering by the new retail business model. This has brought great challenges to accounting firms and other institutions. As a new sales channel of manufacturing companies, e-commerce has generally become an important part of revenue in manufacturing companies and bring new economic growth points. Due to the complexity of the e-commerce transaction structure and business data, it is necessary to conduct targeted research on the false revenue of e-commerce channels for manufacturing companies in order to identify the related risks, promote the capital market’s health and sustain its development.This article conducts a study on the identification of systematic false revenue from e-commerce channels of Company A through literature research and case study method. Firstly, by collecting and organizing the related literature, it explains the background and significance of the study. It also explains the relevant concepts and theories. Then, the article gives a brief introduction of the case Company A, a brief review of Company A's false revenue situation, and a deep analysis of several audit procedures performed by the auditing firm on Company A. The article points out the shortcomings of the audit procedures and provides the suggestions. Finally, to improve the auditing technology, the author provides four suggestions based on his experience and case study, which includes improving data analysis ability, enhancing data modeling ability, improving audit sampling methods, and technical practices of Grant Thornton. In the future, through the improvement of auditing technology and the enhancement of auditor’s ability, full-sample auditing will become normal.

The aim of this dissertation is to examine the factors influencing the franchise value of international banks in the long run. Tobin’s Q ratio (i.e., simplified version, Price to Book value) is applied to measure the franchise value on a dataset of 40-year performance (1981-2021) of the Global Systematic Important Banks (G-SIBs). Factors including the macro, operational, and business factors are analyzed using the fixed effect linear regression models to identify their correlations with the franchise value. The findings indicate that macro factors, such as interest rate, globalization cycle, pattern of global value chain, and stock market performance play a vital role in determining international banks’ franchise value. Macro factors play a more important role than operational factors such as leverage ratio and risk appetite, as well as business scope of a bank measured by business diversification and the scale of business. An analysis of a smaller sample indicates that investment in technology is another main factor driving the franchise value of international banks. In addition, peer group comparison of similar banking models is also conducted for universal banks, investment banks, and Japanese banks separately. Finally, two case studies of the failures of Silicon Valley Bank and Credit Suisse in 2023 are discussed to echo the rationale drawn from the empirical analyses of G-SIB banks.

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.

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.

Presently, the asset allocation of Chinese resident families and HNWIs is mainly characterized by the following two irrationalities: Firstly, high proportion of non-financial assets and the excessive reliance of families on real estate may bring many drawbacks such as over-concentration of risk and reduction of liquidity; Secondly, low holding rate and small holding scale of equity assets, and the concentration of wealth in cash and fixed-income assets may lead to difficulties in enjoying the benefits brought by rapid growth of the domestic economy. This study examines the key factors affecting the equity asset allocation of Chinese HNWIs, with the aim of providing a practical basis for HNWIs and wealth management practitioners to facilitate the inflow of capital into the capital market, thereby promoting the high-quality development of China's financial market.The study first sorts out the relevant theories and literatures in terms of asset allocation, and also compares the household asset allocation in China with that in developed countries such as America and Japan, to find out the differences and analyze the possible reasons. Subsequently, it proposes possible influencing factors through integrating related theories, and conducts questionnaire survey based on the hypotheses. Finally, multiple linear regression method is used to test the correlation between each factor and the proportion of equity asset allocation and put forward corresponding policy suggestions. The main findings of this study are as follows: First, investors' educational background is positively correlated with their proportion of equity asset allocation. The higher the education level and the deeper the background in finance, the higher their proportion of equity asset allocation. Second, retail investors who rely on their own research for investment have a higher allocation to stock assets. Third, investors with shorter average investment cycles have higher allocations to equity assets. Fourth, investors with higher investment expectations and higher maximum acceptable losses have higher equity asset allocations. Based on these, it is recommended to increase special education and training, strengthen the sharing of investment experience among HNWIs, and encourage long-term investors and professional investment advisers to increase equity asset allocation in order to realize wealth preservation and appreciation.