Prefabricated buildings(PBs) have significant advantages in improving construction efficiency, saving resources, and reducing environmental pollution. They have become an important direction for transforming and upgrading the global construction industry. However, the high construction costs have severely restricted their large-scale adoption. To systematically explore the key influencing factors and the mechanism of the construction cost of PBs, this study uses the method of combining interpretative structural model (ISM) and structural equation model (SEM), identifies the main influencing factors by synthesizing literature and data analysis, analyze hierarchical relationships between these factors via ISM, and quantifies the influence intensity and mechanism of the construction cost by SEM method. The results show that the driving factors of the construction cost of PBs can be divided into several levels. The core factors, such as the assembly rate, the production scale of prefabricated components, the integration of design management, the technical level of designers, and the specialization of prefabricated components in the factory, play a crucial role in cost optimization. In conclusion, this study deeply reveals the impact mechanism of the construction cost of PBs, offers practical guidance for reducing construction costs and optimizing resource allocation, and provides a scientific basis for government policy-making and enterprise strategic decision-making.

This research examines the impact of short selling on the financing cost of corporate bonds using panel data from Chinese A-share listed companies spanning the period from 2007 to 2022. The study aims to investigate the potential cross-market information spillover effects within the short selling system. The findings indicate that short selling significantly reduces the financing cost of corporate bonds, with a more pronounced effect observed under greater short selling forces. The robustness of the results is confirmed by controlling for various potential influencing factors and addressing the endogeneity issue through Propensity Score Matched Difference in Differences (PSM-DID) methodology. Moreover, the research reveals that the alleviation of information asymmetry serves as the primary mechanism through which short selling exerts its impact, particularly in regions with well-developed financial markets and favorable legal environments. This study offersa novel perspective of short selling in China and it sheds light on its cross-market spillover effects. By effectively enhancing resource allocation efficiency in capital markets, short selling emerges as a potent tool for mitigating information disparities between bond investors and enterprises.

This paper explores the relationship between ESG rating disagreement and the stock price crash risk. Using 2011-2020 Chinese A-share listed companies in Shanghai and Shenzhen as research sample, the empirical test results show that ESG rating disagreement significantly increases the stock price crash risk. The mechanism tests find that ESG rating disagreement influences the stock price crash risk by undermining corporate information transparency and increasing the level of investor sentiment. The findings of this paper reveal the potential negative economic consequences of ESG rating disagreement and enrich the research on the influencing factors of stock price crash risk, which contribute to the prevention of possible financial risk and the sustainable development.

Establishing a comprehensive risk management system and establishing a sound and effective internal control mechanism are important conditions for the survival and healthy development of financial enterprises. This paper analyzes the lessons of Société Générale's financial shock in Europe in 2008 due to the serious lack of internal control mechanism; Elaborated on the influencing factors and implementation paths of internal control in the digital intelligence era, pointed out the key points of constructing an internal control system under risk management in the digital intelligence era, and proposed the main methods and six major technologies of internal control in the digital intelligence era; This paper expounds that the audit Digital transformation is conducive to the realization of internal audit objectives and the improvement of internal audit efficiency. This paper introduces the main paths and key points of audit Digital transformation, and points out that intelligent audit is the major trend of future audit development; Introduced the application of digital twins in commercial bank auditing. It points out that the Digital transformation of audit is also the upgrading and transformation of organizations and talents, and it needs to vigorously cultivate and introduce audit professionals to support the smooth completion of the Digital transformation of audit. Financial enterprises should continue to innovate their internal control mechanisms, continuously improve and strengthen their internal control and risk management functions, continuously improve the effectiveness of internal control, and assist in the high-quality development of enterprises.

Abstract: Mathematical analysis has been introduced into the analysis and decision of commercial bank outlets, by which ten index of influencing factors are selected to establish the analysis of outlets distribution and decision-making model; Hengshui Branch of Chinese Construction Bank in Hebei is taken as a sample, in which the factor analysis and cluster analysis are employed for the research and analysis, therefore, a breakthrough has been achieved in the thought of commercial banks and approaches of analysis and decision-making. The research in the paper shows that the mathematical analysis can completely provide scientific data for the distribution of commercial bank outlets; the division will provide evidence for analysis and decision-making of commercial bank, such as marking factor, competitive factor, geography factor and economic factor, which has provided scientific methods and evidence for the optimized resource distribution of commercial banks.

The paper estimates the primary market pricing efficiency of China’s IPO after the IPO reform in June 2009, based on the stochastic frontier analysis. The results show that IPO pricing is not fully effective, and discover the existence of “deliberate underpricing”. The average pricing efficiency of China's IPO has reached 0.85, which is close to the level of the mature capital market; To certain extent, we can say that the reform of China's IPO has achieved the initial success. We also found that earnings per share and price earnings ratio are the greatest influencing factors. And there is no underwriter reputation in China. For different markets, we disclosed that, IPO pricing efficiency values in Growth Enterprise Market and Small and Medium Enterprise Board are substantially higher than the Main Board market. The paper analyzes the causes, and then gives some suggestions for the reform of China's IPO.

In this paper we use artificial neural network (ANN) to empirically analyze the liquidity values of the non-floating shares and the influencing factors to China’s stock market in the background of China’s listed companies split share stricture reform. We try to use a proportion which the company’s non-floating shareholders offer compensation to the floating shareholders to test the liquidity values of the non-floating shares and use MATLAP establish a feed-forward BP neural network model to analyze and forecast according to the data of the companies which have announced and actualized their split stricture reform plans. In expansion analysis, we use the perturbation method to measure the influence of these parameters on the liquidity values of the non-floating. As result, the character of the shares, the share structure and the ratio of the shares by the principal shareholder held are the main influencing factors.