The Application Effect of New Media Technology in Finance
Teaching Courses for Business College Students
Youqiang Ding
a
and Yufeng Hu
*b
School of Finance, Tongling University, Tongling, Anhui, China
Keywords: New Media Technology, Finance Teaching, Online Learning.
Abstract: To cope with the external impact caused by digital finance after COVID-19, new media technology has
been brought into finance teaching courses to increase students' learning performance. This paper used the
samples of 329 students from eight classes in two semesters of 2021-2022 to empirically analyze the
different effects between offline teaching and online teaching when the new media technology was used to
solve the space limitation between teachers and students. We found that online teaching has not achieved
better learning performance than offline teaching. Because the students are not adapted to the finance online
teaching using new media technology, based on economic knowledge, different grades, and gender of
students characteristics as key factors affecting their learning performance. So, the application effect of new
media technology in the future finance teaching process should be focused to choose a more suitable way
for students, such as the flipped classroom with virtual reality technology arouse the learning interest of
freshmen without any economic knowledge foundation; and it's better to increase the practical skills of
experimental students in virtual space through new media technology.
a
https://orcid.org/0000-0002-3523-2018
b
https://orcid.org/0000-0003-0487-3151
1 INTRODUCTION
With the necessary tool of cellphone connectivity,
new media becoming more popular among college
students. The finance teaching mode has no longer
been confined to classroom teaching. New media
educational technology is needed to transfer them
into online teaching, online-offline integration,
flipped classrooms, and immersive classroom
programs. As the COVID-19 pandemic has
accelerated the change of the traditional face-to-face
teaching pattern to online education platforms,
making the quality of online classes a concern for
tertiary education stakeholders (Chen et al., 2020;
Wei et al., 2021). This makes the online teaching
pattern become a mainstream learning for business
college students. At the same time, many scholars
proposed questions like Padnakumari (2022) that
every educational institution should face the biggest
challenge: how to provide quality education by
imparting the skills and knowledge online when
neither students nor teachers can meet face to face?
Finance teaching reform led by Internet
technology usually includes the following aspects:
First of all, moving the finance class to the Internet
platform from the face-to-face teaching method, and
establishing online teaching, practice, and evaluation
system (Chiasson et al., 2015; Yu, 2021); The
second is to break through the existing knowledge
system from the teaching content, and build a new
financial operation mechanism with block-chain,
data processing, and information technology as the
base frame structure (Li and Wu, 2019; Nie et al.,
2020); The third is to increase new media
technology to be a parallel learning Metaverse,
reproduce the real world currency circulation and
market trading so that students can practically
simulate the real financial operating system (Salt et
al., 2008; Park and Kim, 2022). These finance
teaching reforms revolve around online-offline
integration, focusing on the new media platform of
Internet technology links in the finance teaching
course, enhancing students' practical interaction
ability, and expanding the financial system of five
Ding, Y. and Hu, Y.
The Application Effect of New Media Technology in Finance Teaching Courses for Business College Students.
DOI: 10.5220/0011913700003613
In Proceedings of the 2nd International Conference on New Media Development and Modernized Education (NMDME 2022), pages 451-459
ISBN: 978-989-758-630-9
Copyright
c
 2023 by SCITEPRESS – Science and Technology Publications, Lda. Under CC license (CC BY-NC-ND 4.0)
451

elements integration of residents, enterprises, banks,
governments, and foreigners.
Previous studies highlighted the feasibility of
Internet links to finance teaching but overestimated
the teaching results without recognizing the practical
problems. Comparing the actual situation of students
learning finance, this paper represents the online-
offline teaching method and finds out three aspects
of deviation: (i) It overestimated the advantages of
economics majors in learning finance more than
management majors. The result is that the reserves
of basic knowledge of economics promote the
performance of finance learning, rather than the
reason for the difference between the two majors;
(ii) The excellent students in the experimental class
will perform more prominently, whether the
economics major or the management major, can be
better than the students in the ordinary class, because
of better learning adaptability for new media
technology; (iii) Female students can achieve better
results in the finance teaching than male students, no
matter what kind of finance teaching methods are
used. But the difference in the learning effect of
male students under the online teaching mode is
relatively low. This study provides an important
reference for the online-offline teaching reform of
finance courses.
2 LITERATURE ANALYSIS
2.1 Financial Teaching Reform
Direction
With the rapid development of the financial
industry, the total social demand has changed
greatly, so it is imperative to cultivate talents with
Internet thinking of new business in the financial
industry (He et al., 2021). But the traditional
classroom teaching mode for finance learning is
relatively simple through a cramming method of
face-to-face teaching mainly by teachers according
to the content of finance teaching materials. As the
finance learning of college students is in the position
of passive acceptance, their learning enthusiasm is
not high which could easily make an inconsistency
result between teaching practice and learning effect
for financial cultivation. Although finance teachers
tried their best to teach in the classroom, students
themselves do not understand as well as expected.
As we know, finance teaching is a strong
application subject, which has been becoming a big
problem in improving the students' practical learning
ability and independent thinking ability from the
finance courses. This request obviously can not
realize through the traditional finance teaching
method. Thus, financial teaching reform must bring
in new media technology, such as Internet
technology, artificial intelligence technology, and
other high-tech integration was put into finance
teaching to form an online-offline integration and
virtual reality learning system.
The framework of finance teaching mainly
involves five basic elements, including money,
credit, interest rate, exchange rate, and financial
instruments. Both domestic currency and foreign
currency play an important role in economic
development, and their forms and values have been
changing into E-money or I-money (Mi and Wang,
2022). In particular, Block Chain technology's
application makes the digital currency the
mainstream form of possible future currency.
Even with the rapid development of internet
payment and mobile payment, E-money and I-
money make the current teaching mode of finance
fall behind the demand of financial practice. The
disconnection between theoretical knowledge and
practical application has become a key problem that
restricts finance teaching by teachers and finance
learning by students. Furthermore, in financial
markets, whether it is the construction of new digital
finance markets or market transactions in new forms
of money, not to mention the emergence of new
financial instruments, all these factors make the
finance teaching method need to carry on the
teaching reform direction of the combination of
offline teaching and online teaching by a new media
platform for business college students.
2.2 New Media for Finance Teaching
It is necessary to apply new media technology in
finance teaching courses to change the
disadvantages of traditional finance teaching and
adapt to the innovative products of new technology
in the finance field. Finance educators found that the
Internet is easier to access business information,
financial databases, statistical tools, and networks
for business college students (Shao et al., 1998).
With the continuous progress of science and
technology, Li et al. (2021) also found that the
Internet is deeply combined with education, which is
more open, comprehensive, and innovative than the
traditional teaching style.
So, the online-offline teaching mode has become
a new trend in finance teaching reform. It deeply
integrates offline teaching and online learning,
enabling students to form strong learning motivation
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452

and significantly improve learning efficiency. To
deal with the use of educational technology to
overcome the unique challenges in online finance
teaching courses, Vatsala and Pissay (2015) found
that bloom's taxonomy, constructivist model, video
creation tools, and webinars are the most effective
educational technology tools for finance teaching.
We can effectively promote the integration of online
teaching and offline teaching in finance courses by
building an online-based teaching platform with a
new media educational technology, thus enabling
business college students to achieve better learning
results.
Many scholars have been concerned that the new
media technology can bring better results to the
finance teaching method. Sathye (2004) found that
while the content of the unit could be delivered
online very efficiently but many operational
problems could mar this mode from becoming an
effective teaching and learning mode by
investigating the challenges in the online teaching of
banking and finance. The article of Stephen (2015)
reviewed the literature on using videos in the
classroom and presents a pedagogical framework for
this instructional medium, followed by a discussion
on how to effectively integrate online video clips
within the finance curriculum. Based on big data
technology, the research of Sun (2021) shows that
the financial innovation of online teaching systems
can effectively expand the scope of assistance and
shorten the time of assistance. Lin (2021) thought
that it will enrich the teaching design and teaching
process of a flipped classroom with the help of the
increasingly advanced mobile Internet and
information technology.
In the whole financial teaching process, new
media technology can provide different support in
three stages: Before class, it provides abundant
network teaching resources; In class, teachers and
students interact by solving problems and group
activities; After class, it provides Internet-based
teaching resources. All kinds of online platforms
answer questions and monitor and test students'
online learning at any time, to optimize the process
of students' knowledge internalization and ultimately
improve students' learning capability.
2.3 Finance Teaching Improving
Factors
In the online-offline teaching research for financial
students, most scholars think that new media
technology can affect the teaching process, and most
of them also think that it has achieved good results
for business college students. The factors that affect
online-offline teaching can be divided into two
types: one is the adaptability of students themselves;
the other is the level of teachers' application of
information technology.
From the view of students, the research of
Smolira (2008) found that the students' feeling
toward online homework increased their
understanding of the material, which was preferable
to traditional homework assignments that are turned
in to the instructor based on a survey of students'
enthusiasm for doing homework in finance courses.
Worthington (2002) indicated that expected grade,
ethnic background, gender, and age of student
characteristics are a significant influence on student
ratings by using an ordered probit model.
From the view of teachers, the study of Marlina
et al. (2021) shows that social influence, facility
conditions, and effort expectancy significantly
influence student behavior and performance. The
behavior determinant such as lecturer characteristics,
motivation and environment, and organizational
structure improve student performance. Mumtaz
(2000) revealed that several factors can influence
teachers' decisions to use the information and
communications technology in the classroom: access
to resources, quality of software and hardware, ease
of use, support and collegiality in their school,
commitment to professional learning, and
background in formal computer training. Ali et al.
(2022) indicated that system quality, course
material, instructor quality, information technology
(IT), and support service quality positively impacted
student e-learning satisfaction.
In summary, we build an online-offline
educational mode in financial knowledge and
experiment, as shown in Figure 1. We can see that
new media technology plays a key role in the
finance teaching and learning process.
The Application Effect of New Media Technology in Finance Teaching Courses for Business College Students
453

Figure 1: Online-offline educational mode
3 RESEARCH SUBJECTS AND
DATA SOURCES
This study takes 2021-2022 as the research
interval, which divides into two semesters to test
the different impacts between the offline
classroom and online platform. The first semester
adopts the traditional mode of offline teaching
face-to-face completely without any new media
technology. The second semester adds an online
platform for the COVID-19 epidemic. About half
of this time, we used online teaching methods for
college students to learn finance knowledge and
skills. We also used the Tencent Meeting (TM),
where teachers and students could learn about
finance courses through online classes. At the
same time, we put preview the text before class,
practiced exercises in class, did homework,
discussion, and shared information, and other
basic functions of online teaching with new media
technology by Learning Pass APP and WeChat.
In the two semesters, 329 students are
participating in the financial teaching research,
182 students in four classes in the first semester,
and 147 students in four classes in the second
semester. See descriptive statistics in Table 1. The
eight classes can be divided into two subjects, one
for economics, which was assigned a value of 1 if
the major is economics; and the other one for
management which was assigned 0; namely
variable Subject. The Grade variable was also
used by assigning a value of 1 if the student is a
freshman, the sophomore is 2, and the junior is 3.
Meanwhile, considering the importance of finance
and economics to the student’s major direction,
this paper divides the Major variable into five
dimensions: Management, Accounting, Trade,
Business, and Finance, and assigned a value of 1-
5 respectively. From Table 1, we can also see that
the time of enrollment in each major belongs to
the college students affected by the epidemic.
Table 1: Descriptive statistics for the students
Semester
Class Name Male Female
Number of
students
Subject Grade
Time of
Enrollment
The first
semester of
2021-2022
Business Economics 15 23 38 0 3 2019
Internet Finance 24 33 57 1 2 2020
Real Estate
Management
15 13 28 0 2 2020
International Trade
A
19 40 59 1 2 2020
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454

The second
semester of
2021-2022
Excellent
Accounting
3 34 37 0 2 2020
Accounting 19 23 42 0 2 2020
International Trade
B
9 28 37 1 1 2021
International Trade
C
8 23 31 1 1 2021
4 EMPIRICAL ANALYSIS
4.1 Mean-Variance Analysis
We compared the average score of the first semester
of offline learning with those of the second semester
of online learning, as shown in Table 2. When we
divided all the majors into two subjects, the average
score of the economics students was 78.10 in the
first semester, which was about four points higher
than the average score of the management students.
Then the obvious economics students' grades
decreased, lower than the first semester about 10
points. Further, we have listed the mean values for
the five majors. It is clear that students majoring in
Business Economics scored well in the first
semester, with the mean values being the highest of
all the samples, and students of International Trade
have the lowest professional achievement in the
second semester. Is this due to major differences?
It's not true that economics majors have an
advantage over management majors in studying
finance.
Table 2: The average score of the students
Variable Characteristics
Offline learning Online learning
Mean
score
Subject
Economics 78.10 68.70 74.34
Management 74.00 76.10 75.40
Major
Finance 74.00 -- 74.00
Business 83.00 -- 83.00
Trade 77.30 68.70 73.00
Accounting -- 76.10 76.10
Management 74.00 -- 74.00
Grade
Freshman
--
68.10 68.10
Sophomore 75.10 76.10 75.60
Junior 83.00
--
83.00
Group
Experimental class 83.00 79.20 81.10
Ordinary class 75.10 70.13 72.62
Gender
Female 79.16 72.40 75.78
Male 73.51 70.20 71.86
We continued to take grade point average, with
Business Economics majors topping out at 83.00 in
finance in the first semester of the offline course,
with freshmen in International Trade majors having
the lowest score of 68.10 in finance. Judging from
the results of two classes who are both economics
majors, but not in the same grade, the freshman
students have achieved lower results in studying
finance, which at least shows that it's not that
economics majors get good grades in finance but the
foundation in economics knowledge. Similarly,
sophomores in management majors who have
already studied a foundation in economics
knowledge, also did better in finance studies, even
though the second semester online was better than
the first semester, because the second-semester
experimental class was better than the first semester
students. In the class column, the performance is
more obvious, the first semester of online teaching
economics major experimental class than the second
The Application Effect of New Media Technology in Finance Teaching Courses for Business College Students
455

semester of online teaching of management major
experimental class had better results. The results of
the ordinary classes were the opposite, they were
more comfortable with the offline model, and in
general, both offline and online, the results of the
students in the experimental class are about 10
points higher than those in the ordinary class.
In addition, from the gender point of view,
female students are generally getting better
performance than male students in finance learning,
whether in an online platform or offline classroom.
And the differences in the effectiveness of offline
teaching are larger with online teaching making up
the difference slightly. However, the online teaching
model has not improved because of gender, and it is
clear that both male and female students perform
slightly worse than offline teaching.
Thus, we draw a basic conclusion: business
college students with a foundation in economics
knowledge learn finance faster than students without
a foundation in economics knowledge to achieve
better performance results. If a finance course is to
be taught online, it is necessary to treat different
students differently. We can use the method of
dividing classes to teach finance courses online,
which will help business college students quickly
accept the new media of teaching methods.
4.2 OLS Test Results Analysis
To further verify the above conclusions, we
construct an econometric model with teaching
achievement as the dependent variable, and then add
the variables of major, subject, semester, grade, and
gender into the model respectively, as shown in the
following formula.
E=β
0
+β
1
Major+β
2
Subject+β
3
Semester+β
4
Gen
der+β
5
Grade+ε
(1)
Where the dependent variable E represents the
students’ final score. The independent variables,
Major denotes that students major in five sample
majors, namely Management, Accounting, Trade
Business, and Finance, which are assigned values of
1-5 respectively; Subject stands for the major
category, which is divided into two major types
economics and management; Semester, the first
semester using offline teaching and the second-
semester using online teaching; Gender means 1 for
the female students and 0 for the male students;
Grade represents that 1 of freshman, 2 of
sophomore, and 3 of junior. ε represents the residual
variable. Then, the OLS test is performed and the
results are shown in Table 3.
In the case of no distinction between grades, the
division of majors will have a positive role in
promoting the learning effect, obviously having a
major in economics or finance obtain a better
learning effect, economics does not seem to be
dominant, on the contrary, management majors
dominate. That’s because, in the second semester,
sophomores in management do better than freshmen
in economics majors. Thus, after the grade division,
this analysis is valid, model (3) shows that higher
grades help to improve higher teaching
effectiveness, and economics majors significantly
improve teaching performance. In addition, divided
by gender, the female students can achieve better
results, this is significantly supported, in the (2)-(4)
model, we can see those female students show a
positive role in promoting the teaching effect.
Table 3: OLS test results
Variable (1) (2) (3) (4)
lnMajor
0.071
***
(0.025)
0.070
***
(0.024)
-0.064
**
(0.028)
Subject
-0.092
***
(0.025)
-0.097
***
(0.025)
0.101
***
(0.035)
Semester
-0.077
***
(0.013)
-0.089
***
(0.013)
0.051
**
(0.024)
-0.005
(0.017)
Gender
0.073
***
(0.013)
0.069
***
(0.012)
0.071
***
(0.012)
lnGrade
0.246
***
(0.035)
0.161
***
(0.024)
_cons
4.332
***
(0.020)
4.294
***
(0.020)
4.091
***
(0.034)
4.168
***
(0.022)
N 329 329 329 329
Note: t value in parentheses;
*
p < 0.1,
**
p < 0.05,
***
p < 0.01; similarly hereinafter.
4.3 DID Test Results Analysis
To compare the results of two semesters and analyze
the difference in learning effect between online and
offline teaching, we constructed a Differences-in-
Differences (DID) model, as shown in Formula 2.
E=β
0
+β
1
did+β
2
time+β
3
treated+β
4
controls+ε (2)
Where, if the class is an economics major, the
variable treated will be set to 1, otherwise, set to a
value of 0; if the class is used online educational
technology in the second semester, the variable time
is set to 1, or it will be set to 0 if that is in the first
semester. Then, we set up another variable did=
time*treated. This variable did represent the
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456

economics major students who have adopted online
educational technology in the second semester. The
controls variable is including Homework, Grade,
and Gender for business college students.
Table 4: DID test results
Variable (1) (2) (3) (4)
did
-
0.147
***
(0.029)
-
0.129
***
(0.028)
0.098
**
(0.045)
0.099
**
(0.043)
time
0.028
(0.025)
0.010
(0.023)
0.001
(0.023)
-0.010
(0.023)
treated
0.053
**
(0.022)
0.044
**
(0.021)
0.014
(0.021)
0.006
(0.020)
lnHomework
0.319
***
(0.073)
0.398
***
(0.069)
0.346
***
(0.067)
lnGrade
0.276
***
(0.042)
0.273
***
(0.040)
Gender
0.063
***
(0.011)
_cons
4.291
***
(0.020)
2.875
***
(0.321)
2.332
***
(0.307)
2.537
***
(0.297)
N 329 326 326 326
In models (1) and (2), we can see that the
economic students do not achieve good performance
results in the use of e-learning technology, but
significantly inhibit the teaching effect. Even after
the addition of some learning homework on the
Internet, it did not change the teaching effect on
students. Why is that? We added a grade variable to
model (3), where we see that it can change the
teaching effect so that economics students get better
results after online educational technology, because
of the economic foundation, and there has been a
certain basis for finance online learning, the basis of
economics will have a better role in promoting
finance. From model (4), after controlling the gender
variables, it is obvious that the improvement of the
teaching effect will be promoted, further reinforcing
the conclusion that female students are more
adaptable to this teaching model.
4.4 Discussion
From the above research, we can see that the
application of new media technology has not
brought effective results, and need to reconsider the
internal characteristics of students, and the external
environment of teachers (See Figure 2). The main
performance for the following aspects.
(i) In the first semester, management students
scored the lowest in both the highest and average
scores, generally lower than the other three
economics majors. It seems that the management
major has influenced the learning effect of finance.
But in the second semester, the two management
classes outperformed the two economics classes. In
this way, the study of finance should not be
attributed to the effect of a management major and
economics major. A freshman in economics major
without economics background is no better than a
sophomore in management major with an economics
background. But the junior in economics major has a
higher achievement, also further explained that it is a
good economics foundation for an essential
condition to study the finance courses.
(ii) In each one of the eight classes, there is a
high percentage of female students in every class,
and there is a large imbalance between the
proportion of male and female students. There is
also a general phenomenon of higher academic
performance of female students than that of male
students, and the highest scores are also mostly for
female students. That is to say, the current teaching
and evaluation of finance learning are in favor of
female students but the online teaching method is in
favor of male students. Whether this is due to nature
or nurture needs to be further studied.
(iii) The students of the experimental class have
good grades. Their average score is nearly 10 points
higher than the students of the same period. All of
them are selected to have a good economic
foundation for students in learning methods.
However, most of the students do not respond to the
effect of the online teaching method well.
Figure 2: Score distribution curve
5 CONCLUSIONS
Under the situation that the current finance teaching
method urgently needs to carry on the teaching
reform, we discussed the learning effect of the
The Application Effect of New Media Technology in Finance Teaching Courses for Business College Students
457

online-offline blended teaching mode added to the
new media technology. After analyzing the teaching
situation of eight classes of economics major and
management major students in two semesters of
2021-2022, we found that: the current use of the
blended teaching model has indeed caused some
burden to business college students and has not fully
met the requirements of expectations. The main
reasons are as follows: Firstly, there is no good
learning foundation, especially for freshmen, more
lack of effective learning methods and self-learning
ability; Secondly, having a certain economic
foundation is a necessary condition for business
college students to study finance knowledge and
skills, which can promote the improvement of
financial performance; Thirdly, female students are
more likely to obtain high financial performance
than male students, whether this is caused by
congenital factors, acquired learning factors, or
system design factors need to be further studied. In
other words, the main reason for the deviation of
online finance teaching is adaptability where has a
big deviation between the mean of blended teaching
and the law of student learning.
Therefore, we put forward the following
solutions for the online-offline teaching and learning
of finance knowledge and skills: (i) We should
recognize that the online-offline teaching model will
inevitably become the mainstream form of the
future, and the key factor of study performance is to
enhance students’ ability to adapt to the finance
online teaching using new media technology. (ii) We
can change the evaluation method of financial
teaching which emphasizes the result to the
evaluation method which emphasizes the process,
making use of online-based teaching platforms and
teaching resources. (iii) Adjusting the sequence of
finance programs should be at least put after the
basic teaching of economics knowledge, let students
have a good understanding of micro-economics and
macro-economics before they proceed to study
finance courses. (iv) Making full use of the
experimental class teaching model, which can also
be to accounting experimental class or economics
experimental class, separate fast and slow learning
in financial knowledge and skills. So, finance
educators must improve the new media technology
adapted to the law of students' learning and make
them resonate with each other to meet the
requirements of mutual adaptation.
ACKNOWLEDGMENTS
This research is financially supported by the Major
Project of Higher Educational Humanity and Social
Sciences Foundation of Anhui Province
(SK2021ZD0084), and the Scientific Research
Foundation for Talent Introduction of Tongling
University (2021tlxyrc06).
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