In the context of digital transformation, artificial intelligence (AI) has emerged as a pivotal driver for enhancing tourism resource allocation efficiency and promoting the high-quality development of the tourism industry. Grounded in the Technology–Organization–Environment (TOE) framework, this study constructs a multidimensional indicator system by integrating heterogeneous data sources, including Baidu search indices, corporate annual reports, and policy documents. Using a balanced panel dataset covering 31 provincial-level regions in China from 2015 to 2023, we empirically examine the mechanisms through which AI penetration affects the efficiency of tourism resource allocation. The super-efficiency SBM-DEA model is employed to measure allocation efficiency, while the spatial Durbin model (SDM) and geographically weighted regression (GWR) are used to identify spatial spillover effects and regional heterogeneity. Furthermore, tourist satisfaction is quantified using a natural language processing (NLP)-based sentiment index derived from online reviews. The results indicate that AI penetration significantly improves tourism resource allocation efficiency, with stronger effects observed in regions with advanced technological infrastructure. Smart tourism pilot policies demonstrate significant spatial spillover effects, positively influencing scenic areas within a 100-kilometer radius. However, diminishing marginal returns are evident, highlighting capacity absorption thresholds and institutional constraints. Based on the empirical findings, the study proposes targeted policy recommendations, including the establishment of provincial tourism data hubs, promotion of AI toolkit systems, enhancement of scenic area evaluation mechanisms, and reinforcement of collaborative governance between government and enterprises. These insights aim to provide both theoretical and practical guidance for the intelligent transformation and coordinated regional development of China’s tourism industry.

Assessment in vocational education institutions is frequently organized around performance metrics—graduation rates, employment outcomes, and satisfaction scores—gathered too tardily to avert institutional dysfunction. In increasingly unstable policy situations, these models have become precarious: they quantify collapse more frequently than they avert it. This paper presents fuse logic as an innovative mechanism for risk-responsive governance in technical and vocational education and training (TVET). Utilizing systems control theory and the analogy of circuit breakers, fuse logic is a threshold-sensitive, dynamically activated assessment paradigm designed to disconnect institutional activities prior to complete failure. The research formulates a four-stage model—situational sensing, threshold definition, fuse activation, and adaptive reconfiguration—and implements it in a simulated scenario reflecting Chinese TVET trends. When critical metrics surpass risk thresholds (e.g., dropout rate, employment mismatch), fuse logic triggers systematic program shutdowns, stakeholder consultations, and conditional reintegration procedures.This study's contribution is in redefining evaluation from measurement to protection. It advocates a governance framework that permits temporary disconnection to maintain system integrity. Fuse logic enhances conventional quality assurance frameworks by providing an integrated, failure-tolerant layer of organizational resilience. The report concludes with a discussion on transferability, ethical considerations, and prospective avenues for implementation across varied educational systems.

The 2008 Labor Contract Law of China stipulates that all employment relationships must be covered by a written labor contract. This regulation considerably strengthened employment protection for workers. Using a unique longitudinal dataset, the China Labor-force Dynamics Survey (2012, 2014, and 2016 waves), this article estimates the impact of the formal contractualization of labor relations on workers’ labor market outcomes, social insurance participation, and job satisfaction. We find that gaining a labor contract was strongly associated with an increase in salary, a decrease in working overtime hours, and greater participation in unemployment and pension insurances. In terms of job satisfaction, workers who gained a labor contract reported being less satisfied with their workplace environment and income than they had anticipated. This finding suggests that workers had higher expectations from the benefits gained through contractualization, than what they actually derived.

The paper discusses the concept of employee motivation in the workplace and its importance for organizational success. It highlights the gap in literature regarding the most effective ways to motivate employees, which mainly focuses on individual factors such as personality traits and motivational theories. The paper aims to explore the impact of both individual and organizational factors on employee motivation and to determine the most effective ways to motivate employees. The existing academic research on employee motivation is plagued by contradictions and inconsistencies, particularly regarding the emphasis on individual factors as the primary drivers of motivation and ignoring the impact of organizational factors. The paper argues for a more holistic approach to employee motivation that considers both individual and organizational factors. [译]本文探讨了工作场所中员工激励的概念及其对组织成功的重要性。它强调了关于激励员工的最有效方法的文献中存在的空白，这些文献主要集中在个人因素上，如人格特质和激励理论。本文旨在探讨个人和组织因素对员工激励的影响，并确定激励员工的最有效方法。现有的关于员工激励的学术研究充满了矛盾和不一致，特别是在强调个人因素作为激励的主要驱动力而忽视组织因素的影响方面。本文主张采用一种更全面的员工激励方法，同时考虑个人和组织因素。

This paper comprehensively examines how subjective well-being (SWB) is influenced by various aspects of housing — tenure, living conditions, and housing values — based on an individual panel from the China Household Finance Survey. We employ a two-way fixed effects model to reduce the endogeneity problems of housing choices. Our findings suggest that housing plays a comparable role to income and wealth in SWB and that housing inequality and living experience both matter a great deal. Moreover, the positive impacts of home ownership on SWB reported by prior research are likely quality of life effects masked in home ownership. Results are robust to ordered logistic estimation with individual fixed effects. What we document carries important implications for housing policies, and these are generalizable to other countries.

现有的研究大多认为，并购会损害企业长期绩效，并会表现出“先升后降”的特征。然而，本文利用DEA-SFA二次相对效益模型对关联并购绩效的研究结果却表明，关联并购无论对企业短期绩效还是长期绩效均具有明显的提升作用，而并非传统观点所谓的会表现出“先升后降”的特征。事实上，真正“先升后降”的是关联并购对企业绩效的提升程度。本文的研究结论是，现阶段关联并购对上市公司绩效主要是发挥“支持之手”的作用，不过这种提升作用会随着时间推移而逐渐减弱。此外，本文还借助DEA-SFA二次相对效益模型估计了影响因素对关联并购绩效的作用。

现有的研究大多认为，并购会损害企业长期绩效，并会表现出“先升后降”的特征。然而，本文利用DEA-SFA二次相对效益模型对关联并购绩效的研究结果却表明，关联并购无论对企业短期绩效还是长期绩效均具有明显的提升作用，而并非传统观点所谓的会表现出“先升后降”的特征。事实上，真正“先升后降”的是关联并购对企业绩效的提升程度。本文的研究结论是，现阶段关联并购对上市公司绩效主要是发挥“支持之手”的作用，不过这种提升作用会随着时间推移而逐渐减弱。此外，本文还借助DEA-SFA二次相对效益模型估计了影响因素对关联并购绩效的作用。

现有的研究大多认为，并购会损害企业长期绩效，并会表现出“先升后降”的特征。然而，本文利用DEA-SFA二次相对效益模型对关联并购绩效的研究结果却表明，关联并购无论对企业短期绩效还是长期绩效均具有明显的提升作用，而并非传统观点所谓的会表现出“先升后降”的特征。事实上，真正“先升后降”的是关联并购对企业绩效的提升程度。本文的研究结论是，现阶段关联并购对上市公司绩效主要是发挥“支持之手”的作用，不过这种提升作用会随着时间推移而逐渐减弱。此外，本文还借助DEA-SFA二次相对效益模型估计了影响因素对关联并购绩效的作用。

This paper investigates the pricing and hedging of a new volatility derivative in Mainland China, called volatility-linked notes. Firstly, we describe its underlying volatility-historical volatility of SHSCI and its specific clauses, then calibrate the underlying volatility using GARCH(1,1). It finds that the mean-reverting phenomenon of SHSCI volatility exists. Secondly, we propose two pricing model using replicated method and Monte-Carlo simulation, respectively. It works out similar outcomes. Finally, a Delta-hedging scheme of the volatility-linked notes is shown, however, the estimated result is not satisfactory as the absence of more efficient hedging instruments like index future.

本文尝试从公司效率角度解释我国上市公司资本结构决策不能够由现有资本结构理论予以解释的“异象”之谜，即为什么好的上市公司长期以来普遍存在着低长期负债甚至零长期负债现实。基于上海证券交易所兼顾行业后按照股票代码等距抽样的200家上市公司样本，以及SFA方法度量的公司效率水平，实证检验得出了公司效率与资本结构之间存在着反向指数关系，即效率高的公司相应有着较低的长期负债率水平，我国上市公司资本结构“异象”是高效率公司资本结构决定的必然结果。进一步，本文提出资本结构理论框架的构建应当考虑证券市场发展程度要素。