Fatigue reliability prediction of welded structures is mainly based on nominal stress or hot spot stress method, but there are some problems such as grid sensitivity and joint geometry dependence. The Master S‐N curve method can solve these problems well, but the corresponding reliability model needs to be studied. In this paper, the fatigue reliability model of welded structures based on the Master S‐N curve method is studied. Considering the randomness of life and the correlation of failure, a reliability model is proposed, which reduces the computational burden by establishing a median damage‐random threshold rule. Taking the welded drive axle housing as an object, the system reliability is analyzed under the bench test condition, and verified by the experimental data. After the verification, this method is used to predict the reliability of the axle housing under variable amplitude loading collected in the test field, and the results are verified by Monte Carlo (MC) method. When the P‐S‐N curves are parallel, the model is accurate, which is the characteristic of the Master S‐N curve method. This method only needs to input the median damage value of the weak part, which is easy to be applied. This method can speed up the reliability prediction cycle of welded structures, which is beneficial to product innovation and optimal design. Finally, an improved design scheme is proposed for the weak parts of welding, and the effects of welding leg width, welding depth, and closed weld on fatigue life are revealed.

According to the data of financial technology and high-tech innovation level of 17 cities in the pilot area of China Independent Innovation Demonstration Zone (Shandong Province) from 2007 to 2017, and taking human capital as the threshold variable, this paper empirically analyzes the nonlinear influence of financial technology development on regional innovation capability under different absorptive capacity by constructing a panel threshold regression model. The results show that: (1) Taking human capital endowment as the threshold variable, the influence mechanism of financial technology development on regional innovation capability has an inverted S-shaped double threshold effect, that is, the driving effect of financial technology development on regional innovation capability has the "optimal range" of human capital absorption capability; (2) When the endowment of human capital is less than the first threshold, there is a significant negative relationship between financial technology and regional innovation capability, and in this case, financial technology development cannot promote the improvement of regional innovation capability; (3) When the human capital endowment crosses the first threshold, there is a significant positive relationship between the development of financial science and technology and the regional innovation capability, which indicates that only when the human capital endowment can better realize R&D learning, digestion and absorption can the development of financial science and technology achieve collaborative innovation and enhance the regional innovation capability; (4) After the endowment of human capital crosses the second threshold, although there is still a positive relationship between the development of financial technology and regional innovation capability, the driving effect of financial technology has a diminishing marginal effect, which shows that the scale of technology and finance should match with human capital, and unlimited expansion of human capital investment will also lead to the imbalance of the allocation of innovation elements and reduce the efficiency of regional innovation. Based on the empirical analysis results, the paper finally puts forward policy suggestions from the aspects of differentiated development strategy, innovative talent incentive policy, and the construction of financial technology leading center.

In the current dynamic and complex competitive environment, the implementation of enterprise e-commerce plays an important role in the development of external business process activities. Through the Internet, information sharing and business process collaboration between enterprises and customers can be realized. This kind of e-service activity based on e-commerce process is particularly important for customers. However, many business managers have some doubts about the implementation of customer service-oriented online business activities, because customer service-oriented online business activities need a lot of IT investment, and the performance of this e-business activities is not easy to measure.

From the perspective of investors' perception on financial market risk, we examine the performance of market search volume and market overnight sentiment in forecasting the realised volatility (RV) of the Shanghai SE Composite Index and 16 industry indexes in China. We find that market search volume has a significant positive impact on the future RV of all indexes, and market overnight sentiment also has a significantly positive coefficient for most indexes. The out-of-sample forecasting results show that the market search volume performs better than the market overnight sentiment. The predictive model based on these two sentiment-based variables has a better and more robust performance than competing models, and it performs well in predicting the three-month-ahead and six-month-ahead RVs. Our results indicate that market search volume and the market overnight sentiment have complementary market sentiment information.

In the recent years, several studies have investigated the technology-emission nexus, but overlooked the effect of technology penetration and digital adoption by society, businesses, and the government. This readiness to embrace the digitization of processes is the direct outcome of technological innovation and R&D investment, particularly in matters relating to the environment by changing the energy structure in the form of electricity generation. This study, therefore, investigates the role of digital adoption in coping with the broader issue of energy poverty and environmental protection. Electricity generation from fossil fuels (EG) and the digital adoption index (DAI), and its sub-indexes are the major variables that have been used in this study. In this regard, the study assesses how the level of technology adoption in an economy essentially affects electricity generation, and consequently the climate. Our results exhibit that digital adoption leads to a reduction in electricity generation, and also indicate that digital adoption can make the environment better by bringing efficiencies in the use of electricity, and by reducing the use of fossil fuels.

From the perspective of consumption preference and bequest preference, this paper constructs a financial actuarial model and studies the lifetime value change of senior citizens to participate in housing reverse mortgage(HRM). The research results are as follows: (1) The trade-off between changes in the value of consumption and inheritance is the main decision rule to participate in housing reverse mortgage(HRM), and the intensity of bequest motivation is an important constraint mechanism to the lifetime expectation value of the senior citizens participating in housing reverse mortgage(HRM); (2) When the bequest motivation of the elderly is relatively weak, the elderly have conversely strong consumption preference, and the elderly participating in the non-redemption HRM can obtain higher lifelong value change; (3) When the bequest motivation of the elderly is relatively strong, the elderly have correspondingly strong bequest preference. Participating in the HRM with redemption option can realize the option of retaining part of the heritage value and reduce the volatility of heritage loss. Therefore, the restriction of bequest motivation on the demand of the elderly can be reduced to a certain extent, which is more suitable for the retired residents with strong heritage motivation.

This paper expounds on the development prospects of SMEs and E-commerce finance, and illustrates the significance of developing online finance. It also introduces the commonly-used research methods of the two kinds of financial models, such as multiple linear regression method and logistic regression method, and analyzes the reasons for the financing difficulties of SMEs. Currently, the high financing cost is the main reason for the financing difficulties of SMEs. Several reasons are account for the high financing cost. Among them, high financing cost,low-efficiency financial system,long financing cycle and the loan information asymmetry account for 35%, 21%, 19% and25% respectively. In addition, this paper clarifies the advantages and disadvantages of network finance and the necessity of developing online finance.

From the perspective of behavioral economics, this study uses a scenario simulation experiment and the ordered-probit econometric model to empirically analyze the influence of egoistic and altruistic bequest motives of the elderly on willingness to participate in reverse mortgages. The findings are as follows. (i) When controlling for the demographic characteristics of the elderly, the marginal probability of their willingness to participate in reverse mortgages is influenced by two constraints: the egoistic bequest motive and the altruistic bequest motive. However, compared with the egoistic bequest motive, the altruistic bequest motive more strongly affects such willingness. (ii) Improving satisfaction with community old-age services can significantly weaken the effects of the egoistic bequest motive on the willingness to participate in reverse mortgages, generally by weakening dependence on family old-age care. However, property tax implementation can significantly reduce the constraint effects of altruistic bequest motives on such willingness, mainly by affecting the cost of housing inheritance to the children. (iii) To increase demand for reverse mortgages, financial institutions should constantly innovate and optimize the operation modes of reverse mortgages to more efficiently cope with the influence of egoistic and altruistic bequest motives of the elderly. Government departments should continuously promote property tax reform and improve the quality of community services for the aged to indirectly promote willingness to participate in reverse mortgages.

The reverse mortgage is a very useful financial product for senior citizens who own homes but do not have a cash income, while it is a high-risk product from the lender's perspective. One of benefits of reverse mortgages is that the debt limit is restricted to the scope of the disposition price of the collateralized house, which is considered a put option to borrowers. The present study evaluates the option value of the reverse mortgage in Hong Kong through an empirical analysis using the Black–Scholes option-pricing model. Moreover, the present study shows specific monetary values through option matching to the consumer situation, contributing to the increased understanding of reverse mortgages from the consumer's point of view.