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Effect of Real Estate Enterprises Status on Their Cross-regional Investment Behavior Liu Guangping, Sun Wei Management Review    2023, 35 (11): 45-61.   Abstract （366）      PDF （1349KB）（148）       Knowledge map    This paper introduces the ‘enterprise status’ concept of social economics into the real estate market to measure the individual differences among real estate enterprises, and studies the impact of enterprises' status on the extent and pattern of their cross-regional investment. The results show that the status of real estate enterprises significantly affects their cross-regional investment behavior. The higher status a real estate enterprise has, to a larger extent it would make cross-regional investments and the more inclined it is to join hands with others to make such investments. In addition, the increase of economic policy uncertainty will strengthen the positive relationship between the status of real estate enterprises and the degree of their cross-regional investment, while weakening the positive relationship between their status and their cross-regional co-investment, as well as the negative relationship between their status and their independent cross-regional investment. The effect of real estate enterprises' status on their cross-regional investment behavior is effective only under the following conditions:the real estate enterprises are private-owned and the investment market operates under a sound regulatory system. If both the nature of the real estate enterprises ownership and the regulatory system of investment destination are considered, it can be found that when only private real estate enterprises choose to carry out cross-regional investment in the region with a sound regulatory system, the high status of enterprises will positively affect the extent of cross-regional investment, and they are more inclined to choose a cross-regional co-investment model. If the real estate enterprises are state-owned or the regulatory system of investment destination is not sound enough, the influence of enterprises' status on the extent and pattern of their cross-regional investment is not significant. Reference | Related Articles | Metrics

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The Impact of E-commerce Live Streaming on Consumers’ Purchase Intention: A Study Based on Grounded Theory Liu Luchuan, Liu Chenglin Management Review    2023, 35 (12): 182-189.   Abstract （303）      PDF （1324KB）（358）       Knowledge map    E-commerce live streaming has brought consumers a new shopping experience. Studying the mechanism of how e-commerce live streaming influences on consumers' purchase intention is of great significance to improve the quality of live streaming service and promote the healthy development of e-commerce live streaming business ecology. Through in-depth interviews with 57 respondents, this study constructs the mechanism model of the influence of e-commerce live streaming on consumers' purchase intention. The results show that, in the context of e-commerce live streaming, commodity factors, streamer factors and live streaming context factors affect consumers' engagement in e-commerce live streaming, and on this basis, they will ultimately affect consumers' purchase intention by influencing consumers' cognitive attitude and emotional attitude; At the same time, consumers' personal internal factors play a moderating role in the influence of commodity factors, streamer factors and live streaming context on consumers' engagement in live streaming. Reference | Related Articles | Metrics

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Research on the Interaction between Resource Cluster and Innovation Network Based on Spatial Metrology Jin Lei, Zhang Lu, Chen Jin, Chang Yuanhua, Zhang Qiang, Bai Yu Management Review    2024, 36 (5): 64-74.   Abstract （290）      PDF （2584KB）（100）       Knowledge map    It is quite challenging for China to find out how to change the resource-based industrial cluster or use regional innovation net-works to avoid path locks and achieve sustainable development. This study uses DEA method to measure the economic development effi-ciency of resource-based industrial cluster and the innovation efficiency of regional innovation network. Based on the spatial factors, this study builds a spatial econometric model of resource-based industrial cluster and regional innovation network to explore the mechanism of how the spatial spillover effect caused by factors such as technology, people, and information acts on resource-based industrial cluster and regional innovation network. The study finds that cluster and regional innovation network in resource-based cities have a significant “siphonic effect”; regional innovation network has a significant supporting effect on resource-based cluster, and resource-based cluster contributes less to regional innovation network; technology, infrastructure and people in regional innovation network have a significant spatial spillover effect, while the spatial spillover effect of resource-based industrial cluster is not significant. Reference | Related Articles | Metrics

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Categorization and Pricing of Data as a Factor of Production: An Economic Model Approach Wang Jinzhao, Zhang Xiaoyang, Dou Yifan, Huang Lihua Management Review    2024, 36 (7): 3-11.   Abstract （215）      PDF （2027KB）（244）       Knowledge map    This paper discusses the pricing of data as a factor of production in the process of circulation with a stylized economic model. This paper differentiates the public data pricing, which aims at maximizing social welfare, and the commercial data pricing, which aims at maximizing profit. The model reveals two important takeaways: first, the goals of social welfare maximization and profit maximization may converge in the data economy, which crucially depends on the data quality of the supply side and the data “digestion” and utilization ability of the demand side; secondly, with the improvement of data quality, the price gap between welfare maximization and profit maximization does not change monotonically. Under a certain threshold, the gap grows even larger. The root cause behind this result lies in the uniqueness of the data element—the data itself comes from all citizens, and it may also bring new value and profit to all citizens through integration with other elements. The above conclusions are expected to bring directional implications for the current and future phase of public data operations. Reference | Related Articles | Metrics

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A Two-level Pricing Model for Public Data Products and Services under the Authorized Operation System Wang Jinxiao, Chen Gang, Tang Ke Management Review    2024, 36 (7): 12-23,42.   Abstract （201）      PDF （2476KB）（284）       Knowledge map    The authorized operation system of public data has become an important part of leading the circulation of public data and unleashing the vitality of the digital economy. The pricing of public data products under the authorized operation system has attracted widespread attention from society. Taking practical needs as the starting point, this paper establishes a two-level pricing model for public data products from the perspective of the entire lifecycle of public data operation for the first time, based on the two-level development model of public data. According to the cost-premium method of value evaluation, public data product prices are divided into two parts: the premium for authorized usage fee for primary development and the premium for technical service fee for secondary development. At the same time, the value evaluation of public data resources is included in the price formation mechanism, and a public data resource value evaluation system is constructed based on the Analytic Hierarchy Process and Fuzzy Comprehensive Evaluation Method (AHP-FCEM). The practical process of the two-level pricing model is demonstrated through a specific example. Finally, corresponding policy recommendations are proposed following the two-level pricing model and value evaluation system. Reference | Related Articles | Metrics

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Exploitative Leadership and Negative Gossip Behavior about Supervisor: The Perspective of Cognitive Appraisal Theory of Emotion Liu Mingwei, Zhang Pengcheng, Pan Xiaoqing, Liu Zhiqiang, Ji Xiaotong Management Review    2023, 35 (11): 230-241.   Abstract （187）      PDF （1355KB）（240）       Knowledge map    Exploitative leadership exists widely in organizations and can profoundly affect employees' emotional state and work behaviors. Despite the detrimental effect of exploitative leadership on employees' behavior about work have been proved, we still know little about how employees may react toward their exploitative leader. Such reaction is of great significance as it may affect the leader's future behavior. Therefore, based on the cognitive appraisal theory of emotion, the current study explores the effect of exploitative leadership on employees' negative gossip behavior about supervisor, and further examines the mediating role of workplace anxiety and the moderating role of moral identity. A multi-stage questionnaire survey is conducted to collect 438 pieces of valid questionnaire data in three stages on the professional data platform Credamo. The results show that:exploitative leadership has a significant positive impact on employees' workplace anxiety and ultimately leads to employees' negative gossip behavior about supervisor. The indirect effect of exploitative leadership on employees' negative gossip behavior about supervisor, via workplace anxiety, is moderated by employees' moral identity such that the indirect effect is positive and significant when employees' moral identity is low, but not significant when employees' moral identity is high. The current study expands the theoretical perspective and outcomes of exploitative leadership research, enriches the research on antecedent variables of negative gossip behavior in the workplace. Reference | Related Articles | Metrics

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The Impact of Climate Change on Income Inequality: A Literature Review Chen Xuan, Gao Xue, Liu Lancui Management Review    2023, 35 (11): 16-25.   Abstract （177）      PDF （1608KB）（173）       Knowledge map    The impact of climate change on income inequality has become one of the hottest topics in recent years. Bibliometric analysis is employed in this paper to statistically analyze relevant literature from Web of Science, reviewing the research progress of climate change on income inequality. The literature finds that climate change has exacerbated income inequality both across and within countries, driven by heterogeneity in exposure and vulnerability. Future researches could focus on revealing the long-term effects of climate change, conducting more comprehensive studies on the mechanisms underlying its impact on income inequality, and designing effective policies to address both climate change and income inequality issues. Reference | Related Articles | Metrics

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Do Fiscal Vertical Imbalances Affect Local Fiscal Expenditure Efficiency?——A Concurrent Discussion on the Moderating Effect of Fiscal Transparency He Wensheng, Guo Leilei, Zhang Guoxing Management Review    2023, 35 (11): 3-15.   Abstract （176）      PDF （1284KB）（156）       Knowledge map    Adjusting the relationship between central and local financial power and improving the efficiency of local fiscal expenditure are not only important means to alleviate local debt risks and improve local governance methods, but also an important part of the deepening fiscal-system reform for national governance modernization. Starting from clarifying the theoretical logic of how vertical fiscal imbalance affects the efficiency of local fiscal expenditure and how fiscal transparency regulates this relationship, this paper conducts an empirical analysis based on panel data of Chinese provincial governments in the period of 2010-2019. The research shows that the current fiscal vertical imbalance promotes the efficiency of fiscal expenditure to a certain extent, though with regional differences, and fiscal transparency can positively adjust the impact of the degree of fiscal vertical imbalance on the efficiency of fiscal expenditure. Therefore, the efficiency of local fiscal expenditure should be improved by tightening budget management system, strengthening public supervision and information disclosure, and adjusting the incentive mechanism of local officials. Reference | Related Articles | Metrics

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Can Digital Transformation Improve the Investment Efficiency: Evidence from Listed Manufacturing Companies Yan Zichun, Wang Weinan, Wang Kai, Zhang Zhiwei Management Review    2023, 35 (12): 20-30.   Abstract （173）      PDF （1305KB）（164）       Knowledge map    Digital transformation has increasingly become an inevitable choice for high-quality development of enterprises, so what impact will digital transformation have on their investment efficiency? Taking A-share listed manufacturing companies from 2011 to 2020 as research sample, this paper describes the degree of digital transformation through machine learning, bibliometrics and crawler technology, and empirically tests the impact of digital transformation on enterprises' investment efficiency. It is found that digital transformation can significantly improve the investment efficiency of enterprises, which is mainly reflected in reducing over-investment. Further analysis shows that digital transformation can improve investment efficiency by reducing agency cost and optimizing resource allocation. This paper also finds that the impact of digital transformation on investment efficiency is different when the property rights of enterprises are different, and different dimensions have different influence on investment efficiency. The research conclusions of this paper can not only enrich the relevant literature on digital transformation and investment efficiency, but also provide a decision-making basis for enterprises' important investment strategy in the process of digital transformation. Reference | Related Articles | Metrics

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Green Technology Innovation, Intelligent Transformation and Manufacturing Companies' Environmental Performance: Empirical Research Based on Threshold Effect Li Wanhong, Li Na Management Review    2023, 35 (11): 90-101.   Abstract （170）      PDF （1319KB）（121）       Knowledge map    Green technology innovation and intelligent transformation play an important role in breaking resource and environmental constraints and realizing economic and social development. This paper selects data from manufacturing companies A-share listed in the Stock Exchange of Shanghai and Shenzhen from 2011 to 2019 as samples, constructs a two-way fixed effect model to analyze the impact of green technology innovation on the environmental performance of manufacturing companies, and adopts panel threshold model to explore the mechanism of how green technology innovation influences the environmental performance of manufacturing companies, which are at different stage of intelligent transformation. The empirical findings show that:(1) green technology innovation promotes the environmental performance of manufacturing companies; (2) there is a "threshold effect" brought by intelligent transformation. Intelligent transformation positively regulates the effect of green technology innovation on the environmental performance of manufacturing enterprises, and its regulating effect is increasing marginally; (3) when considering heterogeneity, the impact of green technology innovation on environmental performance and the threshold effect of intelligent transformation of manufacturing companies in the eastern region are stronger than those in the central and western regions. Additionally, the impact of green technology innovation of state-owned enterprises on the environmental performance of manufacturing enterprises and the threshold effect of intelligent transformation are weaker than those of non-state-owned enterprises. These findings are conducive to providing theoretical reference for promoting green technology innovation, intelligent transformation of Chinese manufacturing enterprises and improving the environmental performance. Reference | Related Articles | Metrics

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Service Agents or E-robots?——A Study on the Online Customer Service Strategy Selection for the E-retailer in the AI Era Zhang Peng, Ma Jun, Dong Shaozeng, Sun Kai Management Review    2023, 35 (11): 166-178.   Abstract （168）      PDF （2785KB）（163）       Knowledge map    Artificial intelligence has been applied to online customer service systems by e-retailers and is receiving increasing attention. This paper studies the strategic choice of online customer service mode for the e-retailer by exploring whether the introduction of intelligent technology in online customer service system brings more benefits to the e-retailer regarding consumers' heterogeneous shopping intention. Four different decision-making scenarios are discussed:no online customer service, with online service agent, with artificial intelligent online customer service, and with hybrid online customer service; decision models are constructed for each scenario, and the optimal product price, optimal product demand, and optimal product profit are obtained for each scenario; then the conditions for introducing intelligent technology in online customer service are analyzed. Some interesting results are obtained. (1) The improvement of online customer service quality does not affect product pricing, but can increase product demand and contribute to the profit growth of the e-retailer. (2) The higher learning capacity of e-robots contributes to the profit increase under AI online customer service. However, under the hybrid online customer service mode, whether profit growth can be achieved by improving the learning ability of e-robots depends not only on the e-robots' learning capacity but also on the service quality of customer service agents. (3) When the wage contribution rate of customer service agents is low, or when both the current wage rate of service agents and the learning capacity of e-robots are high, the e-retailer should switch from online service agent to artificial intelligent online customer service. (4) The e-retailer should switch from online service agent to hybrid online customer service when both the service quality of customer service agents and the learning capacity of e-robots are high. Reference | Related Articles | Metrics

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SOE Involvement, Difference in Regional System and M&A Process—From the Legitimacy Perspective Ding Jiayan, Su Yiyi, Zhang Qinghua Management Review    2024, 36 (8): 3-14.   Abstract （167）      PDF （1200KB）（186）       Knowledge map    Based on the legitimacy perspective, this study employs domestic merger and acquisition (M&A) events of China's A-share listed companies from 2000 to 2019 to examine the effect of state-owned enterprise (SOE) involvement on the success rate and completion time of domestic M&As, as well as the moderating effect of regional institutional difference. Empirical results show that on the one hand, domestic M&As with SOE involvement have an advantage in gaining legitimacy and hence a higher success rate, but on the other hand, such M&As take a longer time to complete because of SOE's rigorous decision-making and strict investigation process. Furthermore, the positive effect of SOE involvement on the success rate a M&A transaction is more significant when the two sides of the transaction operate under distinctly different regional systems, which is an indirect reflection of SOE's unique role in bridging differences in regional systems. Taking the level of SOEs into account, we find that both central SOEs and local SOEs can improve the success rate of M&A, and the effect of central SOEs is greater. Moreover, local SOE involvement will prolong the M&A process, but central SOE involvement will not. This study not only provides a new perspective for understanding domestic M&A process that involves SOEs, but also enriches the legitimacy management literature. Reference | Related Articles | Metrics

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Pricing Strategy of Platform Cross-market Competition Qiao Yue, Yu Wenshi Management Review    2024, 36 (9): 3-13.   Abstract （166）      PDF （1469KB）（145）       Knowledge map    In the age of the digital economy, cross-market operation is a common way for platform enterprises to expand their business. In the context of cross-market competition, this paper constructs a multi-stage game model in a two-sided market to study the optimal pricing strategy of platform enterprises when a cross-market network effect exists, and analyzes the influences of cross-market network effect and cross network externality on platforms. The findings are as follows. The cross-market platform can always charge positive prices to users on both sides in the new market, but whether they charge or subsidize users in the original market depends on the size of the cross-market network effect. With the increase of the cross-market network effect, the profit in the original market of the cross-market platform decreases, while the profit in the new market and total profit increase accordingly. When the cross-market network effect is large, the profit of the cross-market platform in the original market is negative. Still, the total profit is positive and the total profit is greater than that of its competitors. This paper can provide a new perspective for studying the pricing strategies of platforms. Reference | Related Articles | Metrics

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Does Confucian Culture Influence Corporate Green Innovation？ Pan Zicheng, Yi Zhigao, Pan Zhen, Cheng Wenxiu Management Review    2023, 35 (12): 122-136.   Abstract （163）      PDF （1374KB）（204）       Knowledge map    In the context of China energetically developing green economy, this paper breaks through the traditional framework of formal institutions, and investigates the impact of the Confucian culture on the corporate green innovation from a perspective of informal institutions. Using a sample of Shanghai and Shenzhen A-share listed firms in manufacturing industry during the period of 2008—2018, we find that the Confucian culture significantly puts a positive influence on the corporate green innovation in three primary ways, including the corporate social responsibility, managerial self-interest and business strategic transformation. Besides, the heterogeneity study shows that the environmental regulation intensity, the industry pollution level and the culture shock intensity can play an important role in the association between Confucian culture and corporate green innovation. Additionally, the corporate green innovation which is triggered by the Confucian culture can boost enterprise performance. Not only does this paper provide a necessary theoretical basis for carrying forward the Chinese traditional culture, but also offer guiding suggestions on how to promote the corporate green innovation of manufacturing enterprises. Reference | Related Articles | Metrics

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Digital Financial Technology Platform Enabled Supply Chain Finance Pattern: A Comparative Case Study from Information Processing Perspective Song Hua, Han Siqi, Liu Wenyi Management Review    2024, 36 (1): 264-275.   Abstract （159）      PDF （3415KB）（134）       Knowledge map    The development and innovation of supply chain finance has been a major subject of theoretical and practical concern in recent years. From the perspective of information processing theory, this paper analyzes the technical architecture, organizational network structure, coordination and risk control mechanisms based on information processing and transmission of fintech platforms, and explores how fintech platforms can help financial institutions to improve the ability of credit risk assessment for small and medium enterprises, thereby promoting the realization of supply chain financing. Through case study, this paper finds that financial technology is the key factor for the implementation of supply chain finance. The digital platform can evaluate the authenticity of enterprise trade background based on specific technical means and data of all parties in the supply chain, and takes advantage of a structural hole in information network to control the risk, so as to provide real, transparent and traceable real-time information for financial institutions. This study expounds the fitting problem between the information processing ability of fintech platforms and the information processing requirements of financial institutions in differentiated supply chain approaches. Based on the above findings, this study proposes an integrated theoretical framework and further puts forward policy suggestions for solving the information asymmetry in supply chain finance and alleviating the financing difficulty for small and medium enterprises. Reference | Related Articles | Metrics

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How to Manage Organizational Identity Ambiguity in State-owned Enterprises？—A Longitudinal Case Study Based on Nanxing Xiao Mimi, Huang Feifei, Jia Liangding Management Review    2024, 36 (7): 261-274.   Abstract （149）      PDF （1800KB）（125）       Knowledge map    State-owned enterprises (SOEs) are the backbone of China’s economic development. The “state-owned” nature of these enterprises imbues them with a high degree of institutional dependency, necessitating the maintenance of an ambiguous organizational identity to adapt to the highly uncertain changes in the institutional environment. This paper employs a case study methodology to analyze the identity ambiguity management process of a state-owned enterprise from 2004 to 2021. The study finds that identity ambiguity exists in various states within SOEs, following an evolutionary path from “opacity→means ambiguity→multivocality→boundary ambiguity.” The interaction between managers and organizational members acts as a driving mechanism for the evolution of states of identity ambiguity. The strategies adopted by senior managers include activating fission, selective response, constructing counter-identities, and emotional resonance, whereas the reactions of organizational members encompass self-examination, group differentiation, intra-group segmentation, and emotional identification. Through effective guidance by managers, identity ambiguity plays a positive role in attracting participation in identity discussions, constructing internal negotiation spaces, reasonably limiting the scope of interpretation, and shaping cross-boundary integration characteristics. By adopting an internal perspective to study the process of identity change in state-owned enterprises, this research serves as an effective complement to existing studies that have been conducted from an external legitimacy perspective. It also enriches the research on the positive aspects of identity ambiguity, providing theoretical insights and practical implications for understanding the organizational identity transformation of SOEs and promoting their high-quality development. Reference | Related Articles | Metrics

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Research on the Dynamic Evolution and Influence Factors of the Coupling Coordination Development of the Economy-Energy-Environment System Chai Jian, Tian Lingyue, Zhang Xiaokong Management Review    2024, 36 (1): 29-41.   Abstract （148）      PDF （2256KB）（175）       Knowledge map    In China the contradiction between the economic development driven by energy consumption and the environmental governance has become so sharp that the economy-energy-environment (3E) system has to be developed in a coordinated and coupling manner to effectively promote the transformation toward green and low-carbon economy. In view of this, this paper uses China's provincial panel data from 2004 to 2018 to measure the coupling coordination degree of the 3E system in 29 provinces and municipalities (excluding Hong Kong, Macao, Taiwan, Tibet, and Yunnan) using the coupling coordination degree and spatial panel model, examines the dynamic evolution law and spatial spillover effects and conducts accurate identification and policy discussions on the influencing factors of the coupling and coordinated development of the 3E system. The results show that although the coupling coordination degree of China's provincial 3E system has improved, the "polarization" has intensified. Overall, the evolution presents the agglomeration characteristics of positive spatial correlation. The positive externalities of green investment and human capital improvement can effectively promote the coupling and coordinated development of the 3E system. The rapid advancement of industrialization and urbanization and the structural imbalance of social investment have become important factors that inhibit the coordinated development of the 3E system. Reference | Related Articles | Metrics

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A Research into the Mechanism of Job Stress' Influence on Employees' Wellbeing from the Perspective of Cognitive Evaluation—The Role of Work-related Rumination and Trait Mindfulness Feng Xingyu, Han Ping Management Review    2024, 36 (1): 175-187.   Abstract （147）      PDF （1301KB）（245）       Knowledge map    Drawing on the transaction theory of stress and perseverative cognition model, this paper introduces work-related rumination and trait mindfulness as intermediate variables. Based on 385 longitudinal questionnaire data analysis, this study finds the following results. Individuals will have challenge, hindrance and threat appraisal on stressors. Challenging stressors mainly lead to challenge appraisal, and hindrance stressors mainly lead to threat appraisal. Challenge appraisal positively predicts problem-solving pondering, while hindrance and threat appraisal positively predict affective rumination. The chain mediating relationship of "stressor → cognitive appraisal → perseverative cognition → wellbeing" is established. Trait mindfulness enhances individuals' positive appraisal of challenging stressors and weakens individuals' negative appraisal of such stressors, but the cognitive appraisal of hindrance stressors is not affected by mindfulness. Mindfulness can transform individuals' positive appraisal of stressors into positive perseverative cognition, and slow down individuals' negative appraisal of stressors into negative perseverative cognition, which is ultimately conducive to improving wellbeing. The study reveals the complex mechanism of work stress' influence on employees' wellbeing, and provides inspiration for managers to formulate targeted stress management strategies. Reference | Related Articles | Metrics

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Regional Risk Preference and Corporate M&A: Evidence Based on Lottery Sales Data Qi Baolei, Du Ying, Lu Zhengfei, Xue Zhixin Management Review    2023, 35 (12): 3-19.   Abstract （146）      PDF （1367KB）（153）       Knowledge map    Taking Shanghai and Shenzhen A-share listed companies from 2010—2019 as sample, this paper empirically studies the effect of regional risk preference on corporate M&A from the perspective of informal institution. We find that regional risk preference has a significant promoting effect on firms' M&A behavior. Specifically, the probability of M&A is higher for firms in region with higher risk preference. This conclusion remains unchanged after a series of robustness tests and using PSM, instrumental variables and DID method to overcome endogenous problems. Further studies show that enterprises in regions with high risk preference are more inclined to carry out cross-regional M&A and the risk of M&A is higher; compared with enterprises in regions with low risk preference, although there is no significant difference in short-term M&A performance, the long-term M&A performance is significantly poor. Finally, focusing on the internal and external corporate governance factors that influence the role of informal institution, we find that the promotion effects of regional risk preference on comporate M&A are mainly concentrated in non-state-owned firms, small-scale firms and firms located in areas with poor formal institution development. This paper reveals and provides the theoretical logic and empirical evidence of the impact of regional risk preference on companies' M&A behavior, which helps us to have a overall understanding on the influence of informal institution on China's capital market in the background of high-quality development and enriches the relevant researches in the field of “culture and finance”. Reference | Related Articles | Metrics

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Interpretable Corn Futures Price Forecasting with Multivariate Heterogeneous Data Zeng Yurong, Wu Binrong, Wang Lin, Zhang Jinlong Management Review    2023, 35 (12): 40-52.   Abstract （145）      PDF （2708KB）（126）       Knowledge map    The prediction and early warning of corn futures prices can help guide the high-quality development of the agricultural economy. Since June 2020, the corn futures prices have fluctuated violently, and accurate and efficient corn futures price forecasting methods are urgently needed. Given the problem that the existing researches do not fully consider the pandemic situation, policy regulation, and potential forecast information in news texts, this research, based on both qualitative and quantitative data, proposes an effective forecast framework for corn futures price interpretability, which takes multiple factors into consideration, such as the supply and demand relationship of the corn market, policy adjustments, international market shocks, epidemic shocks, the impact of emergencies and other factors that lead to the fluctuation of corn prices. At the same time, aiming at the problem of insufficient interpretability of existing corn futures price prediction, a novel DE-TFT interpretable corn futures price prediction model is proposed. The differential evolution algorithm is used to efficiently optimize the parameters of the Temporal Fusion Transformers (TFT). TFT is a novel attention-based deep learning model that combines high-performance forecasting with temporal dynamic interpretable analysis, showing excellent performance in forecasting research. The TFT model can produce interpretable corn futures price prediction results, including attentional analysis of time steps and importance ranking of input variables. In the empirical study, the latent dirichlet allocation topic model is used to analyze the content and topics of corn news information and policy adjustments collected by “China Grain Network”, and the CNN classification model is used to extract the potential prediction information of news information. The interpretable experimental results show that the introduction of the Baidu index “pandemic”, which reflects the domestic epidemic situation and the quantified corn news text features, can further improve the accuracy of corn futures price prediction. Reference | Related Articles | Metrics