全球资管观察（202506）

伊以冲突致全球能源价格暴涨；我国首批采用新型浮动费率基金产品开售; 稳定币在资产管理行业中初步应

People overshoot when choosing resource pools

This paper studies a pool-choice dilemma, in which two or more resource-seekers decide independently whether to seek resources from a larger pool or a smaller pool. This dilemma mimics many real-life problems, such as firms or vendors deciding whether to enter a market with more potential buyers or one with fewer potential buyers. Across ten studies (five are incentive-compatible), we document a systematic overshooting bias, whereby the resource-seekers in the pool-choice dilemma are more likely to choose the large pool than normatively warranted, thereby sacrificing their own earnings. This research is a major extension of the prior work by Hsee et al. (2021) who found an opposite, undershooting effect in a similar dilemma. The current work offers a new look at the dilemma, with a more comprehensive theory that not only explains the overshooting effect found in this research, but also identifies its moderators and reconciles the opposite findings between this and the prior work. Contrary to what the prior work found, we predict and find that people in the dilemma generally overshoot rather than undershoot, unless they are explicitly prompted to predict the choice of their counterparts or the dilemma is framed in such a way that naturally prompts the players to consider the choice of their counterparts. This research carries theoretical implications for strategic thinking, and practical implications for resource competition

2025 ESG White Paper

当我们重新审视 ESG 信息时，其意义早已超越披露报告本身。它不仅是企业责任实践的记录仪，是长期价值的重要基石，更是企业与世界对话的共通语言。这种披露和沟通，不能停留在选择性的优化，也不能流于品牌公关的表层修饰，而应立足于企业真实、持续的内在 ESG 行动。从区域合规到全球共识，从年度报告到全渠道沟通，ESG 信息披露正经历一场深刻的范式转变。2025 年中欧 ESG 白皮书以 “披露与沟通” 为关键词，围绕政策趋势、企业实践、学术研究与教育探索构建起五个章节的系统内容，希望在多变的时代中，为企业提供方向，也为行业积累共识。第一章从全球政策趋同的格局出发，王雅瑾教授、张飞达教授和刘耿研究员为读者系统梳理了 ESG 信息披露的制度演进与发展趋势。文章强调，披露并非最终目的，真正重要的是它应建立在企业持续行动与内在反思的基础之上。披露是驱动改进的工具，是让企业不断进化的引擎。无论是体系成熟的大型企业，还是探索阶段的中小型公司，都应在 “内在行动” 与 “外在表达” 的良性循环中，找到最适合自己的语言和路径。ESG 披露是一种 “无国界的语言”，更是企业走向国际的关键支撑。第二章聚焦三个来自不同行业的企业案例，展示企业如何突破 “写报告” 的边界，把披露升级为多维度、有温度的沟通行为。从组织内部的协同机制建设，到面向消费者的品牌叙事；从零售终端的场景传递，到社交平台上的动态互动，这些实践勾勒出 ESG 沟通从单向到共创、从理性到情感的转变趋势。它不再只是展示结果的静态动作，而是持续互动中的动态表达。第三章回到中欧自身的行动中。一方面，绿色校园建设从资源管理、低碳运营等多个维度推进；另一方面，学生项目聚焦真实企业课题，在调研、分析与创意设计中，将可持续发展理念转化为具体、可执行的沟通策略。责任教育不再只存在于课堂中，而在落地在真实的实践中。第四章收录了三项来自中欧教授的研究成果，张飞达教授、江源教授、单宏宇教授从会计、组织行为与金融领域出发，分别探讨了企业如何通过披露吸引国际资本，何种领导风格能激励员工绿色行为，以及企业在面对 ESG 负面事件时如何借助社交媒体重建信任。这些研究从理论深度出发，回应实践中的关键痛点，为企业提供更具穿透力的洞见。第五章是芮萌教授领衔的中欧财富管理研究中心带来最新的 “A 股上市公司 ESG 报告研究”。共有 1687 家 A 股上市公司披露了社会责任报告，其 ESG 加权综合得分较上一年度提升 0.68 分，增幅达 1.3%。本年度还新增了对出海企业的专项分析。数据显示，相关企业的 ESG 得分显著高于全市场的平均水平。可见，ESG 正成为中国企业 “走出去” 的重要基础设施，也是在复杂多变的国际商业环境中建立信任的重要工具。我们希望，本白皮书不仅是一份实用的工具手册，更是一份引导企业基于真实、具体的行动，构建自身可持续叙事的行动指南。让每一次披露表达更真实可信，让每一次沟通更有温度与共鸣 —— 在变化中寻找确定性，在对话中共创可持续的未来

Internationalization of Family Business 2024:White Paper

在全球化背景下，中国家族企业国际化进程加速。2024年上半年，布局海外市场的公司数量创新高，占比达52.81%。政策支持、利润考量、危机感与家族传承规划推动家族企业走向国际市场。中欧国际工商学院调研了10个具有典型性和代表性的家族企业出海案例，发现家族企业出海动机多样，如市场扩张、资源获取、品牌建设等。国际化过程中，家族企业需适应不同国家的政策、市场、文化等环境，面临跨文化管理、国际法律和税务等挑战。报告总结了家族企业国际化的经验教训，如“产地销”与“销地产”模式并行、客户合作与合资模式、本地化管理与文化适应等，为其他企业提供参考。同时，报告提出了家族企业国际化的“八要”清单，包括要有“全球”视野、聚焦产品和技术升级、采用“逐步国际化”路径等，助力家族企业在全球市场中稳健发展

全球资管观察（202506）

伊以冲突致全球能源价格暴涨；我国首批采用新型浮动费率基金产品开售; 稳定币在资产管理行业中初步应

中国大模型落地应用研究报告2025

本报告围绕技术演变、政策、算法备案和招投标情况，梳理大模型驱动力演变曲线。并围绕C端大模型产品推出产品图谱2.0版本，B端聚焦金融、汽车、教育、消费零售等关键行业，分析其应用基础、场景落地情况和合作模式，希望为行业发展提供洞察

ANNUAL REPORT ON REFORM AND DEVELOPMENT OF SOCIAL SECURITY IN SHANGHAI （2023）

社会保障体系作为社会发展的稳定器、调节器与安全阀，对上海这座国际化大都市而言，其改革与发展意义非凡。它不仅关系每一位居民的福祉，影响着社会的公平正义与和谐稳定，更在城市应对人口老龄化、提升民生保障水平、促进经济高质量发展进程中，扮演着极为关键的角色。本书深入洞察上海社会保障领域的改革与发展，详细梳理过去一年上海在社会保障政策调整、制度优化等方面的改革举措，深入剖析各项政策实施效果及面临的挑战；同时，通过翔实数据与案例，全面展现社保体系在养老、医疗、失业等重点领域的发展现状。本书立足当下，展望未来，为上海社会保障事业的持续完善提供富有前瞻性与建设性的政策建议，助力上海社会保障体系迈向更高水平台阶、实现更高质量发展，为城市发展筑牢坚实民生根基

Influencer marketing unlocked:Understanding the value chains driving the creator economy

As influencer marketing evolves into a dominant force in the marketing landscape, it necessitates a deeper theoretical exploration to understand its strategic implementations and impacts. This article examines the dynamics of influencer marketing within the growing creator economy, emphasizing the interactions among firms, influencers, followers, and digital platforms. We introduce a novel, equity-driven framework that analyzes how influencers contribute to customer equity, how influencers manage and leverage the value from their followers, and how platforms maximize the value from their users. We detail the complex relationships and value exchanges within the influencer marketing ecosystem, highlighting the challenges of measuring the return on investment and influencers’ strategic use of content to maintain authenticity and influence. By synthesizing diverse academic literature and current industry practices, this manuscript provides a comprehensive overview of the mechanisms of value creation and exchange in influencer marketing, offers strategic implications for marketers aiming to optimize their influencer engagements, and outlines future work in the form of the eleven “INFLUENCERS” research directions

Personal financial incentives, corporate governance, and firms' campaign contributions

We find that corporate governance and executives’ personal financial incentives are important determinants of firms’ ability to extract benefits from political participation. Firms with more independent boards are more likely to establish corporate political action committees (PACs), and executives in such firms exhibit a stronger sensitivity of campaign contributions to their personal equity stakes. We also show that disperse ownership limits PACs’ ability to raise funds because even large firm-level benefits from political participation may become insignificant for individuals with small equity stakes. This may help explain why aggregate PAC contributions remain relatively small compared to the large firm-value benefits such contributions can provide. However, the negative effect of disperse ownership on political donations is mitigated by corporate governance, as well-governed firms are able to better align their managers’ incentives with the benefits from corporate political participation

Central and Eastern Europe HORIZON

本期看点：惠誉提高斯洛文尼亚评级展望保加利亚总统：援乌无益，战火难熄中东欧遭受特朗普关税政策冲击中东欧国家购买力平价排