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The development of non-gaming facilities will shape the future of Macau's gaming industry. These amenities include food and retail, which have become vital in increasing customer satisfaction and loyalty since they offer other services other than gambling. In the future, as casinos shift their strategies to focus on non-gaming aspects, it will be crucial to build detailed profiles of casino visitors based on how much they spend on non-gaming products and services. Changes in the legal framework of the gaming industry and shifts in market demand have forced casinos to turn to other forms of tourism and cultural services, address legal requirements, and minimize risk. Furthermore, external factors such as stringent gaming laws, fiscal measures, and increasing competition from other regional gambling jurisdictions, including Singapore and the Philippines, threaten the casino gaming business. In response to these threats, Macau's casinos are paying more attention to cooperation within the tourism industry and enhancing their non-gaming offers to sustain their market position and grasp new options. Therefore, the future of Macau's gaming industry will be determined by the strategic planning of its future developments, focusing on non-gaming activities, target visitors, compliance with the new laws, and the ability to overcome external challenges to ensure market competitiveness.

This study investigates the factors influencing customer adoption of Internet Banking Services in Macau through a quantitative approach utilizing a customer survey. As digital banking continues to evolve, understanding the determinants of adoption is critical for financial institutions seeking to enhance their offerings and engage with diverse customer segments. A sample of over 100 respondents was surveyed, capturing essential demographic information, technological proficiency, and attitudes toward Internet banking. The analysis employed descriptive and inferential statistical techniques, including regression analysis and factor analysis, to identify key relationships and underlying factors influencing adoption. The findings reveal that perceived ease of use, security concerns, and prior banking experience significantly affect customers' likelihood of adopting Internet banking services. Additionally, demographic variables such as age, occupation, and nationality emerged as important predictors of customer attitudes toward online banking. The results of this research provide actionable insights for banks and financial institutions in Macau, highlighting the need for targeted marketing strategies and enhanced user experience to foster greater adoption of Internet banking. This study contributes to the existing literature on digital banking adoption in the region and serves as a foundation for future research in this dynamic field.

The quiet fashion trend is becoming one of the most common fashion trends among Gen Zs. Quiet normally means not making noise. Within the fashion industry it refers to style of luxury fashion that is understated, subtle, and free from obvious branding. The study that was reported in this paper is about the factors that affect consumer preference and purchase intention towards quiet luxury fashion products, with a focus on the Gen Z population. This research is important since it will help in outlining how different factors affect consumer purchase intention and preference towards various products within the fashion industry. Thus, enabling decision-makers and marketers to make effective decisions. The research method that was used was quantitative research with primary and secondary data. The primary data was collected through a survey questionnaire, which included 300 responses. The research found that social media influencers, brand collaboration, and status value are among the factors that have a significant relationship with consumer preference and purchase intention toward the quiet luxury brand among Gen Zs. Also, the research found that sustainability value does not have a direct impact on consumer preference and purchase intention for quiet luxury products. Hence, the research concluded that social media influencers, brand collaboration, and status value are part of the factors that have a significant impact on consumer preference and purchase intention.

Today, social media has become one of the main marketing strategies used by marketers and practitioners to target travelers from all over the world. Macau is a city that relies heavily on tourism for economic development, however, little is known about how social media affects tourists’ choices to travel to Macau. This study explores the role of the popular social media platform Xiaohongshu in influencing Chinese tourists’ travel decisions and information acquisition when visiting Macau. This article uses qualitative research methods to conduct semi-structured interviews with 15 participants. Research shows travelers rely on Xiaohongshu’s user-generated content and detailed guides. Food, route selection and itinerary arrangements, and short-term itinerary arrangements are the most frequently mentioned search tags by travelers. The platform’s personalized recommendations and efficient content presentation enhance the user experience, but concerns about content credibility remain, especially the potential for commercial bias in food recommendations. Travelers assess the credibility of content through a variety of strategies, including looking at multiple posts, evaluating user interactions, and the platform’s IP address display capabilities. Although travelers pay more attention to positive reviews when deciding to travel to Macau, users also consider travel pitfalls posts to improve their travel experience. In addition, travelers are less willing to share content on the Xiaohongshu platform after the trip, which is attributed to personal habits and perceived creativity complexity. The research results provide relevant practitioners with the perspectives and decision-making behaviors of Chinese travelers who use Xiaohongshu when making itineraries to Macau, and provide guidance for their marketing strategies.

Since the advent of Bitcoin, cryptocurrencies have emerged as a transformative financial technology. Over the years, blockchain has provided decentralised and secure transaction methods that have become increasingly attractive to individuals and businesses, leading to their rapid global adoption driven by consumer preferences and the growing digitalisation of the financial system. This dissertation examines the factors influencing the widespread acceptance of cryptocurrencies, including their potential for the financial market, the impact of regulatory frameworks, and the role of blockchain technology. The research questions are: (RQ1) What is the degree of adoption of cryptocurrencies in different countries and regions (RQ2) What are the factors that influence the adoption of cryptocurrencies in different countries or regions as identified in extant research? (RQ3) What are the implications for countries or regions that have not adopted cryptocurrencies? This study analyses 108 documents, including university academic papers, financial report articles, etc. The analytical tools include automatic coding, manual coding, word cloud, word frequency table, cluster analysis, hierarchical chart in NVivo, followed by a thematic network analysis. Six keywords, ‘bitcoin’, ‘blockchain’, ‘financial’, and ‘market’ have the highest frequency. This study also analyse different regions with different degrees of cryptocurrency adoption separately: countries where cryptocurrencies are legal, countries that use Bitcoin as a legal tender, and countries that ban cryptocurrencies. The thematic network model indicates that while cryptocurrencies offer significant opportunities for innovation and economic growth, social awareness, government institutions, technology, security, price value, and individual consumer factors are critical to addressing inherent challenges and fostering a stable adoption environment. For non-cryptocurrency regions, rethinking their stance on cryptocurrencies is key to avoiding derailing world financial markets.

Ford Motor Company (Ford) is an American car manufacturer and one of the leading automobile manufacturers with over a century of history in the auto industry. The Company is headquartered in the United States, in Dearborn, Michigan. However, it has operations in over 125 countries around the world, including Europe, Africa, Asia, and South America, offering a wide range of vehicles under the Ford and Lincoln brands. The Company has demonstrated resilience and adaptability in response to shifts according to consumer preferences, technology advancements, and government regulations. The company has been investing constantly to restructure and position itself and remain competitive. Therefore, finding strategies to boost sales and get high returns from invested capital is a must for the company to keep its market share, even though this is still a challenge due to the nature of the automotive industry, which brings intense competition from both traditional and new entrants, particularly EV manufacturers. In this study the focus is not only to estimate the intrinsic value of Ford Motor Company as of 31, December 2023, but also to analyze essential aspects of the company including SWOT, PESTEL, and Porter’s five forces analysis to get a framework of internal and external environment of the company which enables us to identify strategic opportunities, competitive advantage, vulnerabilities, and threats of the Company. After understanding the dynamics of the company and the economic overview, which are crucial to predict the impact of key assumptions when evaluating the company’s intrinsic value. For the second part of our study, the attention goes to the financial analysis of both historical and forecasted financial statements that are extremely important to apply for the Discounted Cash Flow valuation methods and later to perform a sensitivity analysis to understand the Company’s financial performance. Therefore, Ford Motor Company’s intrinsic value from the three discounted cash flow models leads us to conclude that the Ford stock’s price is currently undervalued, and it is expected to grow in the future.

Financial Valuation of Starbucks Ltd.

Macau’s rapid urban development has significantly altered its natural landscapes, leading to the degradation and fragmentation of wetland ecosystems. Although diminished in size, these urban wetlands continue to deliver vital ecological services and sustain a range of biodiversity. Conventional methods for biodiversity assessment are often labor-intensive and unsuitable for regular monitoring in urban environments. This study utilized environmental DNA (eDNA) metabarcoding as a non-invasive and effective approach to survey biodiversity in 2 coastal and 7 freshwater urban wetlands in Macau. Environmental DNA was extracted from water samples collected from these nine representative wetland sites and analyzed using metabarcoding techniques to detect fish species. Three genetic markers were targeted to enhance taxonomic resolution, which included COI (mlCOIintF/LoboR1, 313 bp), 12S (miFish-U, 170 bp) and 18S (V4, 400 bp). Bioinformatic pipelines were used to process sequencing data, identify taxa, and compute biodiversity indices, providing a comprehensive snapshot of aquatic biodiversity in Macau’s urban wetlands. A total of 90 fish species were detected, including native species, migrants, and invasive taxa. Beta diversity analysis shows site and season together explained 50% of the variation in community composition (PERMANOVA R² = 0.50, p = 0.001), shaped by environmental gradients and seasonal turnover. These results highlight eDNA metabarcoding as an effective tool for biodiversity monitoring in urban wetlands and emphasize the need to preserve habitat diversity and management strategies in Macau.

This study examines consumer perceptions of all-electric vehicles in Macau, focusing on Tesla owners. As the Macau Special Administrative Region (MSAR) pursues its long-term carbon reduction strategy, adopting BEV is a key step towards sustainable urban mobility. However, consumer attitudes and behavioral responses to BEV in Macau's unique high-density urban environment remain underexplored. This study adopts the extended Unified Theory of Acceptance and Use of Technology (UTAUT-2) model with the addition of the “technological show-off” (TS) dimension to explore how Tesla owners perceive the challenges and opportunities of adopting BEV. This study used a qualitative methodology to conduct in-depth interviews with ten Tesla owners in Macau through semi-structured interviews and unstructured quantitative assessments. Data were analyzed across multiple UTAUT-2 dimensions, including Performance Expectancy, Effort Expectancy, Social Influence, Facilitating Conditions, Hedonic Motivation, Price Value, Habit, and the added factor of Technology Show-Off. The findings suggest that Tesla owners in Macau value their vehicles' convenience, efficiency, and technological sophistication, with a particular focus on Autopilot, acceleration, and low maintenance costs. However, issues such as limited charging infrastructure, service accessibility, and technology learning curve remain. Social status and identity are influential factors, especially in a compact and socially connected urban environment like Macau. By examining the experiences of EV users, this study fills a gap in the existing literature. It provides practical insights for policymakers and manufacturers aiming to accelerate the diffusion of BEVs. The study concludes that consumer perceptions are critical for practical benefits and emotional fulfillment for the continued growth of the electric vehicle market in Macau and similar regions.

Marriott International, Inc. (Marriott) is a worldwide company that operates, franchises, and licenses a diverse portfolio of hotels, residential properties, timeshares, and other lodging options across various brands, catering to multiple price levels and service standards. Currently, Marriott operates in the U.S. & Canada segment and the international segment, including Europe, the Middle East, Africa, Asia Pacific, the Caribbean, and Latin America. The major business segment is the U.S. & Canada, representing 80% of the consolidated net sales in 2023. To pioneer the development in the industry, Marriott has to expand its international operations to diversify geographic revenue streams and reduce dependence on the U.S. & Canada markets. Maintaining its competitive advantage is a constant challenge due to the intense competition in the global hospitality industry and the sector’s sensitivity to economic, political, and social changes. Understanding how these factors affect both the industry and Marriott is crucial for accurately assessing Marriott’s intrinsic value and its future positioning. Comparing the intrinsic value derived from three valuation models with Marriott’s market share price as of December 31, 2023, will offer valuable insights for investors.

This dissertation investigates the effectiveness and shortcomings of employee incentive mechanisms at GF Advertising Company, with a specific focus on the motivation of staff. Amid rapid changes in the advertising and printing materials industry, employee satisfaction and retention have become increasingly critical. However, the company’s current incentive system—characterized by an overreliance on material rewards and lack of development opportunities—has struggled to meet employees’ evolving needs. To explore this issue, the study adopts a mixed-methods approach, combining a quantitative survey of 115 employees with qualitative interviews of 7 selected staff members. The research draws upon Maslow’s Hierarchy of Needs and Herzberg’s Two-Factor Theory to analyze employee motivation and satisfaction. The findings reveal key challenges in four areas: insufficient economic incentives, weak organizational environment support, underdeveloped career growth mechanisms, and ineffective work-related motivation. Based on the results, the dissertation proposes a multi-layered, localized incentive model that incorporates both intrinsic and extrinsic motivators. Recommendations include optimizing communication platforms, strengthening team culture, refining promotion pathways, and diversifying reward structures to better align with employee expectations. The study concludes that a strategic and human-centered incentive mechanism not only improves employee engagement but also enhances organizational performance. Future research could further expand the sample scope and explore long-term impacts of different incentive models across companies and regions.

This dissertation investigates consumer satisfaction with the Philippine fast food chain Jollibee in the highly competitive and multicultural Macau market. The study adopts a mixed method approach, combining semi-structured interviews with ten consumers (residents and non-local tourists) to analyze the important factors driving satisfaction. The results show that service quality, especially employee efficiency and the organization of events (such as birthday parties), has a significant impact on satisfaction. However, language barriers and cultural differences when ordering food pose challenges to non-local customers. Although Jollibee's core products (especially fried chicken) are appreciated by many respondents for their taste and freshness, the menu lacks diversity. It is not localized enough to meet Macau's unique Chinese-Portuguese fusion dining preferences fully. Price sensitivity is very significant, and Jollibee is often considered by customers to be more expensive than competitors such as McDonald's, which affects their value perception. Therefore, promotional strategies, especially experiential activities, should show effectiveness and cultural resonance. Finally, the study proposed suggestions on improving service quality, menu localization, strategic pricing, and culturally sensitive promotions to improve Jollibee’s positioning in the Macau market and provide a reference for other Western fast food brands to develop in the Macau market.

Procter & Gamble (P&G) was founded in 1837 and is headquartered in Cincinnati, Ohio, USA. It is one of the giants of global consumer goods companies. The company has a high reputation in the daily chemical market, with factories and branches in over 80 countries worldwide. Its products from over 300 brands are sold in over 160 countries and regions, including shampoo, hair care, skincare products, cosmetics, baby care products, women's hygiene products, pharmaceuticals, fabrics, home care, personal cleaning products, etc. However, in the context of globalization and the global pandemic, maintaining a competitive advantage in the industry for a long time remains a huge challenge. The article analyzes P&G 's financial data and draws conclusions that will help evaluate its value and future positioning. A comparison between the intrinsic values from three valuation models as of December 31, 2023, will provide valuable information for investors and serve as a reference for the operation and development of other similar companies.

This research focuses on Nike, Inc., an American multinational corporation and global leader in the design, marketing, and sale of athletic footwear, apparel, and equipment. The study executes a financial valuation of Nike with the objective of estimating its intrinsic value and comparing it with the market value as of May 31st, 2023. The analysis combines a review of the company's overall strategic positioning in the industry and its historical financial performance. The methodology involved the reorganization of financial statements, the calculation of key financial metrics (NOPLAT, FCF, ROIC), the estimation of the cost of capital (WACC) using CAPM, and the application of valuation models based on discounted cash flows (Enterprise DCF, APV, DEP). The results imply that, as of May 31st, 2023, Nike's estimated intrinsic value was between $54.94 and $59.23 per share. Comparing this to the market price of $105.26 on the same date, the analysis concludes that Nike shares were significantly overvalued. The sensitivity analysis highlighted the vulnerability of the valuation to changes in the market risk premium and the perpetual growth rate. It is concluded that, despite Nike's strong market position, effective management of external risks, and maintenance of financial discipline are crucial to its future value.

"The advent of the metaverse heralds a new era of unparalleled potential within digital ecosystems, significantly transforming industries such as tourism. This study explores the profound changes in tourism marketing induced by the metaverse, particularly through a focused examination of Macau's strategic initiatives. Predicated on the belief that immersive technologies like Virtual Reality (VR) and Augmented Reality (AR) are driving a marketing paradigm shift, this research clarifies the theoretical foundations and practical impacts of metaverse marketing in enhancing the tourism experience. Employing mixed-methods research combining qualitative and quantitative approaches, the analysis showcases Macau's utilization of metaverse marketing to bolster value creation and competitive positioning in the tourism sector. Findings indicate that metaverse marketing profoundly influences consumer behavior, highlighting nuanced consumer journeys within the virtual tourism market. Macau's case illustrates the success of its meta-universe initiatives and benchmarks them against global practices to extract sustainable competitive advantages and strategic insights. The study aggregates the marketing experiences of metaverse practitioners, revealing transformative effects on stakeholders ranging from revelant industries. It notes that while metaverse marketing provides some convenience for small and medium-sized enterprises (SMEs) in tourism, it lacks long-term effectiveness. Commending Macau's innovative approach in the meta-universe, the research outlines directions for future efforts and contributes to the burgeoning literature on metaverse marketing, offering actionable recommendations and underscoring the imperative for ongoing innovation in this dynamic digital realm."

The purpose of this thesis is to assess how the use of prefabricated components alters management practices in fit-out projects and to propose effective adjustments based on real-world evidence. Focusing on the renovation of the Venetian Cotai Arena in Macau, conducted between January and October 2024, this study aims to help project managers anticipate and overcome the unique challenges introduced by prefabrication, especially in areas such as supply chain coordination, cost control, quality assurance, workforce management, and communication. Driven by rising labor costs and growing quality demands in Hong Kong, Macau, and Mainland China, prefabricated construction has emerged as a promising yet complex solution for interior fit-out projects. Despite its theoretical advantages—such as time efficiency and standardized quality—this research finds that practical management issues can offset these benefits if not properly addressed. The study adopts a qualitative case study approach, drawing on stakeholder interviews, internal meeting records, and dynamic cost analysis to investigate management failures and derive actionable insights. The findings reveal that delays in prefabricated material production and delivery were the root cause of construction inefficiencies. These delays disrupted work sequencing, led to labor idle time, and triggered costly overtime during final phases. Inadequate supplier capacity and outdated production processes contributed to this problem, while poor quality control caused dimensional mismatches and on-site rework. Cost analysis confirmed that rework expenses reached over MOP 22 million, while material and labor costs also significantly exceeded the original budget. Labor inefficiencies—driven by untrained workers and uncoordinated instructions—added further financial and scheduling pressures. Warehouse mismanagement and unclear material labeling further delayed installation work and increased operational overheads. The study concludes that prefabrication success is contingent not only on technical design but also on the implementation of proactive management strategies, including early supplier engagement, accurate production planning, effective logistics labeling, and structured site-level authority. This thesis contributes practical guidance for future projects by demonstrating how targeted management adjustments—based on real case data—can reduce cost overruns, improve coordination, and increase overall project efficiency when using prefabricated components.

Against the backdrop of a deepening global concept of sustainable development, environmental, social and governance (ESG) elements have gradually risen to become key components of corporate strategic choices. Within the framework of China's ‘dual-carbon’ strategic goal, green investment, as a key path to promote sustainable development, has attracted widespread attention for its intrinsic driving mechanism. This study selects a sample of Chinese A-share listed companies between 2019 and 2023, and systematically analyses the impact of ESG-linked executive compensation on corporate green investment and its mechanism of action. By establishing a multiple regression model and applying the mediation effect and moderating effect analysis method, the following empirical results are obtained: First, ESG-linked executive compensation has a significant positive impact on green investment; Second, Environmental awareness plays a partially mediating role in the relationship between ESG-linked executive compensation and green investment, suggesting that ESG-linked executive compensation not only acts directly on investment decisions, but also indirectly promotes green investment by enhancing corporate environmental awareness; Third, the nature of enterprise ownership and industry characteristics have a significant moderating effect on this effect, compared with private enterprises, ESG-linked executive compensation promotes green investment in state-owned enterprises more obviously; at the same time, the sensitivity of high-pollution industries to ESG-linked executive compensation is higher than that of low-pollution industries, which suggests that ESG-linked executive compensation has a stronger ‘corrective’ effect in industries facing higher environmental risks. To ensure the robustness of the findings, the study was validated by replacing the dependent variable (EPI for environmental investment), replacing the empirical model (Tobit model), and dealing with endogeneity issues (lag analysis and propensity score matching method), all of which yielded results consistent with the underlying research hypotheses.

his study analyzes the effectiveness of Lancôme's localization strategy in the Chinese market, and explores how international brands can win recognition and achieve sustainable development in a highly competitive market. Against the backdrop of a fast-growing Chinese cosmetics market that is facing the challenges of rising local brands, shifting consumer preferences, and digital marketing, the study employs the Howard Sheth model, combined with in-depth interviews with 16 female consumers, to analyze their purchasing decisions and feedback on localization strategies. The study finds that Lancôme's technological attributes and social media communication have significantly improved brand perception, but the issues of cultural adaptation and price sensitivity still need to be optimized. Consumers generally perceive its high-end technology positioning as contradictory to local needs, and suggest differentiated pricing, deepening of local cultural elements, and emotional marketing to enhance affinity. The conclusion suggests that international brands need to find a balance between ""high-end technology"" and ""local affinity"", and respond to the complex challenges of the market through flexible pricing, in-depth localization and upgrading of the omni-channel experience.

This dissertation investigates the challenges and opportunities for implementing sustainable tourism practices in Macau from the perspective of tourism operators. With Macau's economy heavily reliant on its vibrant tourism industry, particularly the gaming sector, the rapid growth has led to significant environmental and social impacts, raising concerns about long-term sustainability. This study aims to identify the barriers preventing operators from fully embracing sustainability, such as high implementation costs, a perceived lack of robust governmental support, and insufficient knowledge among stakeholders. Concurrently, it explores the potential avenues for sustainable tourism development, including enhanced collaboration, improved financial incentives, and strengthened environmental legislation. Through qualitative interviews, the research provides a comprehensive understanding of the current landscape. The findings reveal that while operators acknowledge the importance of sustainability, practical and policy-related hurdles persist. The study concludes with actionable recommendations for policymakers and tourism operators to foster a more sustainable and resilient tourism sector in Macau, capable of withstanding global shocks and ensuring long-term prosperity without compromising its unique cultural and natural assets. 本論文調查了實施的挑戰和機遇 從旅遊經營者的角度看澳門的可持續旅遊實踐。 隨著 澳門的經濟嚴重依賴其充滿活力的旅遊業，特別是 遊戲行業的快速增長給環境和社會帶來了重大影響， 引起對長期可持續性的擔憂。 這項研究旨在確定障礙 阻止運營商充分接受可持續性，例如高實施率 成本，被認為缺乏強大的政府支援，以及知識不足 在利益相關者中。 同時，它探索了可持續的潛在途徑 旅遊業發展，包括加強合作，改善財政激勵措施， 並加強了環境立法。 透過定性訪談， 研究提供了對當前格局的全面瞭解。 這 調查結果顯示，雖然運營商承認可持續性的重要性， 實際和政策相關的障礙持續存在。 這項研究以可操作的結論 對決策者和旅遊經營者的建議，以促進更可持續的 澳門有彈性的旅遊業，能夠抵禦全球衝擊和 在不損害其獨特的文化和自然的情況下確保長期繁榮資產

The Estée Lauder Companies (EL)is a global leader in prestige beauty. They build consumer-beloved brands that manufacture, market, and sell exemplary skin care, makeup, fragrance, and hair care products, and serve as a steward of luxury and prestige brands globally. Today Estée Lauder's skin care, makeup and fragrance products is sold in more than 150 countries worldwide. But sustaining its competitive advantage represents an everyday challenge, due to the fierce competition that characterizes the beauty and cosmetics industry worldwide. Therefore, the thesis analyzed the financial statements of Estée Lauder Companies for the past five years (2019-2023) and forecast the business performance for the next decade (2024-2033). After that, it will calculate the intrinsic value of Estée Lauder as of December 31, 2023, and compare it with the stock market price on that day. This comparative analysis is helpful for judging whether the market price of the company's stocks truly reflects its actual value. Another objective is to explore and analyze the internal and external factors influencing the company and its future strategic planning, thereby providing important information for the sensitivity analysis of stock prices. Through this analysis, the potential impact that these factors and strategies may have on the future price of stocks can be reflected, providing an important basis for investors' decision-making. 雅诗兰黛公司（EL）是全球高端美妆领域的领导者。他们打造深受消费者喜爱的品牌，生产、营销和销售卓越的护肤品、彩妆、香水和护发产品，并在全球范围内担任奢侈品和高端品牌的守护者。如今，雅诗兰黛的护肤品、彩妆和香水产品在全球 150 多个国家销售。 但要保持其竞争优势是一项日常挑战，因为全球美容和化妆品行业竞争激烈。因此，本文分析了雅诗兰黛公司过去五年（2019 - 2023 年）的财务报表，并预测了未来十年（2024 - 2033 年）的业务表现。之后，将计算截至 2023 年 12 月 31 日雅诗兰黛的内在价值，并将其与当天的股票市场价格进行比较。这种比较分析有助于判断该公司股票的市场价格是否真正反映了其实际价值。另一个目标是探索和分析影响公司及其未来战略规划的内部和外部因素，从而为股票价格的敏感性分析提供重要信息。通过这种分析，可以反映出这些因素和策略可能对股票未来价格产生的潜在影响，为投资者的决策提供重要依据。