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    The Influence of Bank Enterprise Distance on Financing Constraints of Private Enterprises under Strict Supervision —An Analysis from the Perspective of Bank Heterogeneity
    Xie Tingting, Cheng Jiamin
    Finance & Economics of Xinjiang    2021, 0 (3): 49-58.   DOI: 10.16716/j.cnki.65-1030/f.2021.03.005
    Abstract310)      PDF(pc) (863KB)(1102)       Save
    Based on the static panel data of 152 commercial banks and 469 private enterprises listed on SME board from 2014 to 2018, this paper empirically analyzes the impact of strict supervision and distance between banks and enterprises on the financing constraints of private enterprises. The results show that the narrowing of the distance between banks and enterprises can promote the alleviation of financing constraints of private enterprises and reduce the negative impact of strict supervision on private enterprises' financing The reduction of the distance between enterprises significantly weakens the negative impact of strict supervision on the financing of private enterprises; the financing constraints of private enterprises in areas with high degree of financing constraints and high concentration of private enterprises are greatly affected by the distance between banks and enterprises. Therefore, it is suggested that we should speed up the promotion of digital Inclusive Finance, optimize the distribution structure of bank outlets, pay attention to the differentiated management of financial regulatory policies, encourage small and medium-sized banks to support the development of small and medium-sized private enterprises, innovate financial technology service channels, and effectively improve the financing environment of private enterprises.
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    A Study of Impact of Enterprise ESG Performance on Financing Constraints—Based on Signal Asymmetry and Principal-Agent Perspective
    ZHANG Yalian, SU Changping
    Finance & Economics of Xinjiang    2023, 0 (2): 48-57.   DOI: 10.16716/j.cnki.65-1030/f.2023.02.005
    Abstract746)   HTML29)    PDF(pc) (871KB)(1035)       Save

    Based on the sample of listed companies in Shanghai and Shenzhen A-shares from 2015 to 2020, this paper empirically tests the mitigation effect, mechanism and path of ESG performance on corporate financing constraints. The results show that good corporate ESG performance can help enterprises get out of the financing constraint dilemma, and the effect of corporate ESG performance to alleviate the financing constraint is more obvious in small and medium-sized enterprises. From the perspective of the mechanism of enterprise ESG performance affecting enterprise financing constraints, enterprise ESG performance can not only play a signal effect and help enterprises gain more analysts' attention, but also give full play to the governance effect of enterprise ESG performance and effectively alleviate the agency conflict of enterprises. From the perspective of the impact path of corporate ESG performance to alleviate corporate financing constraints, corporate ESG performance can help enterprises obtain lower cost debt financing and equity financing. This study has implications for promoting enterprises' ESG information disclosure and improving the efficiency of resource allocation.

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    Study on the Relationship between Service Quality,Image Perception and Revisit Intention of Tourist Destination—Take Xinjiang Inbound Tourists for Example
    Li Dong, Huang Dan, Dai Chuanxuan
    Finance & Economics of Xinjiang    2021, 0 (6): 46-56.   DOI: 10.16716/j.cnki.65-1030/f.2021.06.005
    Abstract640)      PDF(pc) (1239KB)(953)       Save
    The quality of destination service has an important influence on tourists'willingness to return to travel,and it is imperative to improve the quality of destination service. This research would take Xinjiang inbound tourists as the object of investigation,the image of the destination as the intermediary variable, the tourist satisfaction as the adjustment variable in order to empirically examine the influence mechanism of the quality of service and image perception on the tourists'willingness to re-visit. It is found that the dimension of destination service quality has a differentiated effect on destination image and re-travel intention,the destination image has multiple intermediary effects between service quality and re-travel intention,and satisfaction has a significant regulating impact on the influence of emotional image on tourists're-travel intention. It is obvious that the direct influence and transmission mechanism of tourist destination service quality on tourists'willingness to revisit combined with boundary condition may provide decision-making reference for the high-quality development of inbound tourism.
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    Local Government Debt Risk Assessment and Situation Analysis —Based on 2013-2021 Data
    ZHU Wenwei, CHEN Leilan, DENG Zuoyong
    Finance & Economics of Xinjiang    2023, 0 (4): 48-57.   DOI: 10.16716/j.cnki.65-1030/f.2023.04.005
    Abstract88)   HTML6)    PDF(pc) (851KB)(911)       Save

    Based on the development context of the history, current situation and future trend of local government debt formation, a local government debt risk assessment system was constructed from the four dimensions of debt situation, economic strength, financial strength and financial situation. The entropy method is used to assess the debt risk of 31 provinces, cities and autonomous regions in country from 2013 to 2021, and the situation interval is divided by the principle of the three-time standard deviation. The results show that Guangdong, Shanghai and other provinces and cities are in low-risk areas, most provinces and cities are in medium-risk areas, while a few provinces and autonomous regions such as Tibet and Qinghai have extremely high debt risks, and the government debt risk scores of most provinces, cities, and autonomous regions have been increasing year by year. In this regard, we should be highly vigilant against local debt risks, formulate different debt risk prevention and resolution measures at different levels, increase the intensity of financial transfer payments to economically underdeveloped areas, and strictly control new debts.

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    A Study of Spatial Spillover Effect of Communication Infrastructure on Economic Growth
    CHEN Zhiguo, BAI Fengjiao
    Finance & Economics of Xinjiang    2022, 0 (1): 18-27.   DOI: 10.16716/j.cnki.65-1030/f.2022.01.002
    Abstract377)   HTML27)    PDF(pc) (917KB)(711)       Save

    Based on the cross-provincial panel data, this paper constructs a dynamic spatial panel Dobbin model, makes an empirical analysis on the spatial spillover effect of telephone and Internet communication infrastructure on economic growth, deeply estimates the direct effect and spatial spillover effect of communication infrastructure on economic growth by using the spatial partial differential method, and analyzes the regional heterogeneity. The empirical results show that telephone penetration and Internet penetration have no significant positive direct effect. The former has no significant positive spatial spillover effect, while the latter has significant negative spatial spillover effect. The interaction terms of the two show significant positive direct effect and spatial spillover effect in the long-term and short-term, and the long-term performance is better than that in the short-term. The total effect of the two periods mainly comes from the spatial spillover effect. In addition, the interaction term of the eastern region has a significant negative spatial spillover effect, while the interaction term of the central and western regions has a positive spatial spillover effect. Therefore, it is of necessity to establish a dynamic coupling and coordination mechanism between telephone and Internet communication infrastructure, improve regional linkage and integration, and give full play to its promoting effect on regional economic growth.

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    Bay Area Economy: A Literature Review
    Zhao Zuoquan
    Finance & Economics of Xinjiang    2021, 0 (3): 5-16.   DOI: 10.16716/j.cnki.65-1030/f.2021.03.001
    Abstract389)      PDF(pc) (876KB)(671)       Save
    This paper aims to sort out the status quo of bay area economics at home and abroad, review its history in China, and focus on the basic characteristics, coordinated development and trans-regional governance of the world-class bay areas, the economic status of the world's three major bay areas, the bay area of China, as well as comparison of bay areas at home and abroad. The results show that the economic development trend and comparison of bay areas at home and abroad are the directions that have attracted the attentions of academic circles. In addition, the quantitative study turns more popular and will be an important direction of the future studies in the field.
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    The Influence of Internet Use on Household Financial Investment and Its Mechanism — Evidence from CFPS2018
    Zhang Yongqi, Shan Depeng
    Finance & Economics of Xinjiang    2021, 0 (4): 5-15.   DOI: 10.16716/j.cnki.65-1030/f.2021.04.001
    Abstract383)      PDF(pc) (827KB)(650)       Save
    Financial market participation is the core issue in the field of household finance. Based on CFPS2018 data, this paper empirically studies the impact of Internet use on household financial market participation. The study finds that the use of Internet channels can not only significantly improve the participation probability and investment scale of the financial market, but also have a significant positive impact on the allocation rate of household financial assets. After the instrumental variable method was used to alleviate endogenicity problems and the birobust IPWRA model and PSM model with corrected sample self-selection bias were used for robustness tests, the core research conclusions remained significant. The heterogeneity study found that the positive influence was more obvious in the farmers in the regions with high income, low housing price and developed e-commerce. The analysis of function channels shows that the use of the Internet can indirectly drive the financial investment of households by increasing factor input, broadening information channels, expanding social groups and enhancing social trust. It is of great practical significance for accelerating the digital rural strategy to further explore the role of Internet use in promoting the financial investment of rural households.
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    The Spillover of Carbon Trading Market, Energy Market and Low Carbon Stock Market—An Empirical Study Based on the Joint Spillover Index Model
    GONG Zhenting, CHEN Yanbei
    Finance & Economics of Xinjiang    2023, 0 (5): 16-28.   DOI: 10.16716/j.cnki.65-1030/f.2023.05.002
    Abstract133)   HTML5)    PDF(pc) (3543KB)(608)       Save

    With the gradual acceleration of the construction of a unified carbon trading market across China, scientifically measuring the risk spillover effects between different markets is particularly important for effectively responding to complex and ever-changing market conditions. The paper uses a joint spillover index model to empirically find that there is a risk spillover effect between the carbon trading market, energy market, and low-carbon stock market, and the directional spillover effect and net spillover effect between different markets have obvious time-varying characteristics. Compared with China, the EU carbon trading market has a stronger ability to resist risks. In this regard, a risk warning mechanism should be established between the carbon trading market, energy market, and low-carbon stock market, and the policy system construction of China’s carbon trading market and the information disclosure mechanism of relevant financial institutions should be improved to effectively prevent cross market financial risks.

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    An Analysis of Export Potential of China's Mechanical and Electrical Products to Countries Along "the Belt and Road"—An Empirical Study Based on the Expansion Gravity Model
    ZHANG Zhibin, CHEN Zhuo
    Finance & Economics of Xinjiang    2023, 0 (4): 70-80.   DOI: 10.16716/j.cnki.65-1030/f.2023.04.007
    Abstract134)   HTML4)    PDF(pc) (2240KB)(589)       Save

    Based on the sample data of 61 countries along "the Belt and Road" from 2005 to 2019, this paper analyzes the current situation of China's export of mechanical and electrical products to the countries along "the Belt and Road", and empirically studies the influencing factors and export potential of China's export of mechanical and electrical products to the countries along "the Belt and Road" through the expanded gravity model. The findings are as follows: First, the export scale of China's mechanical and electrical products to the countries along "the Belt and Road" has been growing continuously. In terms of market categories, China's mechanical and electrical products are mainly exported to countries with strong complementarity with China's mechanical and electrical products trade, and in the product category, mainly electrical, electronic, mechanical equipment and other technical mechanical and electrical products. Second, China's GDP, importing country's GDP, importing country's political and social stability have a significant promoting effect on China's export of mechanical and electrical products to countries along "the Belt and Road", while the population size ratio of the two countries has an insignificant inhibiting effect. Third, among the export potential of China's mechanical and electrical products to 61 countries along "the Belt and Road", 28 countries belong to potential re-modeling, 9 countries belong to pioneering potential, and 24 countries belong to great potential. In the future, we should continue to further promote "the Belt and Road" Initiative, strengthen the demonstrated comparative advantages of the electromechanical industry, strengthen the integration of enterprise resources and investment in scientific research, and promote the high-quality development of the Chinese economy.

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    The Conditional Measure of Tourism Industry Becoming Pillar Industry—An Empirical Analysis of Xinjiang
    CAO Kaijun, YANG Liangjian
    Finance & Economics of Xinjiang    2022, 0 (2): 48-58.   DOI: 10.16716/j.cnki.65-1030/f.2022.02.005
    Abstract499)   HTML14)    PDF(pc) (1130KB)(564)       Save

    This paper takes Xinjiang's tourism industry as the research object, and from the perspective of industrial economics, selects six indicators, namely, industrial correlation degree, income elasticity, industrial growth potential, social benefit, comparative advantage and competitive advantage, to scientifically measure the conditions for it to become a pillar industry. The results show that the tourism industry in Xinjiang has a high degree of correlation and has a significant driving effect on other industries. The income elasticity of Xinjiang's tourism industry is much higher than the national level in the same period, showing obvious market advantages. The contribution rate and location entropy of Xinjiang's tourism industry fluctuated year by year, showing strong growth potential and obvious comparative advantages. The employment density of tourism industry in Xinjiang is lower than the national average level, and the social benefits are significant. Xinjiang tourism industry related industries cost profit margin is lower than other dominant industries, has a natural competitive advantage. The comprehensive calculation results show that the conditions for Xinjiang's tourism industry to become a pillar industry are relatively mature. For the problems existing in the current development of tourism industry in Xinjiang, we should further improve the reform of tourism product supply, innovative talent training and the construction of tourism enterprise brand cluster, so as to promote the high-quality development of tourism industry in Xinjiang.

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    The Mechanism and Empirical Test of Digital Inclusive Finance Promoting Green Total Factor Productivity
    LIU Rongzeng, LI Zien, HE Chun
    Finance & Economics of Xinjiang    2023, 0 (1): 5-16.   DOI: 10.16716/j.cnki.65-1030/f.2023.01.001
    Abstract405)   HTML556)    PDF(pc) (1587KB)(555)       Save

    With the promotion of digital China construction, digital inclusive finance plays an important role in implementing the new development concept and promoting the improvement of green total factor productivity. This paper uses the economic and social data of 30 provinces, municipalities and autonomous regions in China from 2011 to 2020 to study the impact of digital inclusive finance on green total factor productivity using fixed effect model and intermediary effect model. The results show that digital inclusive finance effectively promotes the promotion of green total factor productivity, and this promotion is more obvious in the eastern and western regions. Digital inclusive finance has significant intermediary effect in promoting green total factor productivity, that is, digital inclusive finance improves green total factor productivity through three channels: technological progress, industrial structure upgrading, and technological progress-industrial structure upgrading. In this regard, we should promote the development of digital inclusive finance by improving the regional basic hardware equipment and popularizing the concept of digital inclusive finance, and training professional financial talents, so as to improve total factor productivity.

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    Finance & Economics of Xinjiang    2023, 0 (2): 5-11.   DOI: 10.16716/j.cnki.65-1030/f.2023.02.001
    Abstract130)   HTML675)    PDF(pc) (777KB)(539)       Save
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    Coordinated Development of Border Land Ports and Cities Economy in China—An Empirical Study Taking Xinjiang as an Example
    XIAO Chunmei, JIN Lin
    Finance & Economics of Xinjiang    2023, 0 (2): 26-38.   DOI: 10.16716/j.cnki.65-1030/f.2023.02.003
    Abstract153)   HTML682)    PDF(pc) (2171KB)(538)       Save

    Border ports and port cities, as important engines and growth poles for the economic and social development of border areas, promote and develop together. Improving the system of border towns and supporting the construction of border ports is of great significance for promoting the revitalization and prosperity of the border, stabilizing and consolidating the border, and deepening the implementation of regional coordinated development strategies. After measuring the coordinated development level of China's border land ports and cities economy, the paper found that since 2017, with the support of the border opening policies, ports have been more active in development than cities, and the port-city relationship has shown a port driven pattern; In 2020, affected by the COVID-19, port trade were blocked, and the port-city relationship became city driven pattern. Taking Xinjiang as an example, using the coupling coordination degree model to measure the coordinated development level of Xinjiang's border ports and cities economy from 2011 to 2020, the paper found that although the coupling coordination level of Xinjiang's border ports and cities economy has significantly improved, it is still in an imbalanced stage. In order to accelerate the coordinated development of border ports and cities economy, it is of great necessity of strengthening the construction of infrastructure and port open platform, promoting the transformation and upgrading of foreign trade, strengthening talent training and talent introduction, and optimizing the business environment.

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    Trade Efficiency and Potential of China's Soybean Imports—Based on the Stochastic Frontier Gravity Model
    GUO Yanqin, XU Shuhao
    Finance & Economics of Xinjiang    2022, 0 (3): 30-39.   DOI: 10.16716/j.cnki.65-1030/f.2022.03.003
    Abstract74)   HTML4)    PDF(pc) (1356KB)(500)       Save

    China's soybean imports are highly dependent on foreign countries and have a single import source. Under the background of Sino-US trade conflict, there is great uncertainty in the future. Therefore, based on the stochastic frontier gravity model and the data from 2001 to 2019, this paper measures and analyzes the efficiency and potential of China's soybean import trade. The results show that the efficiency of China's soybean import trade shows a downward trend with time; China's GDP, population and soybean output of source of import have a significant role in promoting China's soybean import. The GDP and the level of urbanization of the country of source of imports, the level of urbanization in China and the exchange rate have a restraining effect on the China's soybean import trade. The direct import of meat products can also reduce the import of soybeans. The population of source of import has no significant impact on soybean import. Secondly, economic and trade organizations, maritime network construction and investment freedom have a significant effect on China's soybean import. In the future, China should strengthen trade cooperation among countries, participate in investment in the construction of shipping network, and pay attention to preventing financial risks.

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    A Study of Coupling Coordination between Digital Transformation and High quality Development of China's Manufacturing Industry
    DUAN Xiufang, XU Chuanang
    Finance & Economics of Xinjiang    2022, 0 (1): 5-17.   DOI: 10.16716/j.cnki.65-1030/f.2022.01.001
    Abstract1036)   HTML27)    PDF(pc) (1124KB)(488)       Save

    This paper uses PVAR, coupling coordination and Moran index model to conduct an empirical study on the dynamic coupling coordination between digital transformation and high-quality development of manufacturing industry in China during 2015-2019. The results show that the overall development level of the two systems in China shows a fluctuating upward trend, however, the differences among the eastern, central and western regions are obvious. In terms of interaction, digital transformation of manufacturing industry plays a more significant role in promoting high-quality development. The overall coupling coordination degree of the two systems in China shows a steady increase trend, decreasing gradually from the east to the west. In the coupling coordination of spatial correlation relations, the eastern region is characterized by "high-high" aggregation, the central region is not significant, and the western region is characterized by "low-low" aggregation. Therefore, it is of necessity to give further play to the driving role of the eastern region to the central and western regions, and improve the coupling coordination degree of the two systems according to local conditions

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    "the Belt and Road" Initiative and Chinese Household Consumption Structer Upgrading—Based on a Quasi -Natural Experiment Using Difference -in -Difference Model Analysis
    Liu Yufei, Chang Xiaokun
    Finance & Economics of Xinjiang    2021, 0 (4): 61-69.   DOI: 10.16716/j.cnki.65-1030/f.2021.04.006
    Abstract425)      PDF(pc) (875KB)(486)       Save
    This paper regards "the Belt and Road" Initiative as a quasi -natural experiment and uses the difference-in-difference model to study the impact of "the Belt and Road" Initiative on Chinese household consumption upgrading. The result illustrates that "the Belt and Road" Initiative has significantly boosted China's household consumption structure from survival to development and enjoyment. The above conclusion is still robust after changing the explanatory variables that measure consumption structure. Additionally, "the Belt and Road" Initiative is mainly driven by the increase in the proportion of consumption expenditure for medical care consumption, while the impact on consumption of transportation,communications, culture, education and entertainment is positive, but it is not significant during the sample period. Furthermore, "the Belt and Road" Initiative is mainly to promote the change of urban residents' consumption structure from survival to development and enjoyment, however, it has a greater effect on rural residents in reducing food consumption expenditure. All in all, this paper expands the research framework of "he Belt and Road" Initiative policy and the realization of domestic and international double circulation in the post-epidemic era, which may be a good reference for follow-up policy decision-making.
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    The Influence of Employee Attachment Style on Silent Behavior —Based on Psychological Security and the Role of Caring Subordinate Leadership Behavior
    SHI Qing, GUO Yingying, ZHANG Hongwei, HOU Dongsheng
    Finance & Economics of Xinjiang    2022, 0 (4): 48-56.   DOI: 10.16716/j.cnki.65-1030/f.2022.04.005
    Abstract250)   HTML11)    PDF(pc) (1014KB)(474)       Save

    Based on attachment theory, evolutionary psychology theory and social information processing theory, this paper constructed a research model of the relationship between employee attachment style and employee silent behavior. A questionnaire survey was conducted to examine the relationship between employee attachment style and silent behavior, the mediating role of psychological security and the moderating role of subordinates' caring behavior. The results show that employee attachment style has a positive relationship with employee silent behavior. Employee attachment anxiety and employee attachment avoidance had significant positive relationship with employee silent behavior, and psychological security played a partial mediating role. The behavior of caring for subordinate leaders negatively moderates the relationship between employees' psychological security and their silent behaviors, that is, the higher the quality of caring for subordinate leaders, the weaker the negative correlation between employees' psychological security and their silent behaviors.

    Conclusion

    The research reveals the mechanism and boundary conditions of employee attachment style on employee silence, enriches the related theoretical research results, and provides practical and theoretical guidance for enterprises to effectively reduce employee silence.

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    Comparison and Evaluation of Policy Effects of Promoting "the Belt and Road" Initiative in Five Provinces and Regions in Northwest China
    YUAN Guoli, JIA Yangyang
    Finance & Economics of Xinjiang    2022, 0 (2): 70-80.   DOI: 10.16716/j.cnki.65-1030/f.2022.02.007
    Abstract539)   HTML5)    PDF(pc) (2134KB)(457)       Save

    The five northwestern provinces and regions of Xinjiang, Shanxi, Gansu, Ningxia and Qinghai are at the forefront of the Silk Road Economic Belt construction. In order to seize the great opportunities of "the Belt and Road" initiative and promote local economic development, local governments have actively responded to “the Belt and Road” Initiative and formulated relevant policy systems to promote "the Belt and Road" Initiative. Taking related policies issued by the five northwest provinces and regions to promote "the Belt and Road" construction as the research object, this paper evaluates the effect of policy coordination, facilities connectivity, unimpeded trade, financial integration and people-to-people bonds of these five provinces and regions by employing the panel model. Therefore, these five provinces and regions should plan policy system according to local conditions respectively, expand platforms for cooperation with countries along "the Belt and Road" and improve the business environment to better integrate into "the Belt and Road" Initiative.

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    Development Mode and Path Choice of Functional Agriculture under the Background of Consumption Upgrade —Case Observation from Se-enriched Planting Base in Ulanusu Town
    Zhao Xianghao, Chen Tong
    Finance & Economics of Xinjiang    2021, 0 (3): 17-24.   DOI: 10.16716/j.cnki.65-1030/f.2021.03.002
    Abstract293)      PDF(pc) (834KB)(457)       Save
    With the continuous improvement of people's living standards, the dietary structure of people has changed significantly, and the need for the high quality of agricultural products was increasing constantly. However, the production and consumption crisis of agricultural products, frequent occurrence of crop pests and diseases and the phenomena existence of hidden hunger, "lower price of grain and lower price of agriculture" determined the imperative trend of developing functional agriculture. Taking organizational mechanism design for farmers' professional cooperatives as the breakthrough point, the development model of Ulanusu Town selenium-rich industrial base in Xinjiang is analyzed in depth from three aspects including business model, operating mechanism, and obtaining effectiveness, which provides lessons for exploring the development model of functional agriculture and a path choice for further enriching the consumption structure of green food.
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    Build a New Paradigm of Complementary Advantages and High-Quality Development of Regional Economy—Summary of Viewpoints at the 23rd Annual Conference of China Economic Geography Association
    Liang Shuanglu, Lan Lina, Zhang Manyin, Yang Mengyu
    Finance & Economics of Xinjiang    2021, 0 (6): 5-12.   DOI: 10.16716/j.cnki.65-1030/f.2021.06.001
    Abstract347)      PDF(pc) (872KB)(455)       Save
    In order to implement the new requirements of the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China on building a new development paradigm,and to promote regional economy of China and theory of economic geography and practice in innovation,the 23rd Annual Conference of China Economic Geography Association will make "establishment a new paradigm of complementary advantages and high-quality development of regional economy" as the theme. Discussion would be carried upon international and domestic regional cooperation and border regional development under east-west two-way opening-up,the internal mechanism and governance strategy of urban agglomeration economic geography evolution,regional coordination and major national development strategies,theoretical system construction and research method innovation of economic geography with Chinese characteristics and so forth. The conference provided rich theoretical experience and practical inspiration for the construction of a new paradigm of high-quality development of the regional economy in the new era.
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