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    25 April 2023, Volume 0 Issue 2 Previous Issue    Next Issue
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    The Impact of High Speed Rail on the High-quality Development of Cities in Ethnic Minority Areas in China—An Empirical Study of Prefecture-Level Cities in Eight Ethnic Provinces in China
    LIU Yuping, HU Qiongfang
    2023, (2):  12-25.  doi: 10.16716/j.cnki.65-1030/f.2023.02.002
    Abstract ( )   HTML ( )   PDF (1231KB) ( )   Save

    From the perspective of improving input-output efficiency, this paper builds a theoretical framework for the impact of high-speed rail on the high-quality development of cities in ethnic minority areas. Based on the high-speed rail operation and economic and social development data of prefecture-level cities in eight ethnic provinces from 2006 to 2017, this paper empirically tests the overall impact of high-speed rail on the high-quality development of cities in ethnic minority areas and its sources, and investigates the possible impact mechanism. The results show that from the perspective of the overall impact and its sources, high-speed rail has a positive impact on the high-quality development of cities in minority areas, and the impact is mainly due to the promotion of technological innovation and economies of scale; from the perspective of heterogeneity and dynamics, the impact of high-speed rail on high-quality urban development in ethnic areas varies with the basis of urban development, and the positive effect has a time lag of about three years. From the perspective of influence mechanism, high-speed rail will exert different influences on the high-quality development of cities in ethnic minority areas through three mechanisms: investment promotion of fixed asset investment, industrial driving of tourism industry development and output driving of green development. In the future, it is necessary to further strengthen the construction of high-speed railway in ethnic minority areas, make up for the deficiencies of funds and factors of high-speed railway cities in a targeted way, and adopt differentiated development incentive policies for different cities, so as to promote the high-quality development of cities in ethnic minority areas by taking advantage of high-speed railway.

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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
    2023, (2):  26-38.  doi: 10.16716/j.cnki.65-1030/f.2023.02.003
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    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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    A Study of Impact of Government Guided Funds on Industrial Structure Upgrading
    WANG Shujie, CAO Xiaoqian
    2023, (2):  39-47.  doi: 10.16716/j.cnki.65-1030/f.2023.02.004
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    One of the important goals of government guided funds is to guide the upgrading of industrial structure. So, what is the impact of government guided funds on the upgrading of industrial structure? Based on the panel data of 31 provinces, autonomous regions and municipalities directly under the Central Government from 2007 to 2017, this paper constructs a panel data model to empirically study the overall and regional effects of government guidance funds on industrial structure upgrading. The results indicate that according to the unit root and pulse response function, the overall effect of government guided funds on industrial structure upgrading is significant, and government guided funds can promote industrial structure upgrading. According to the variable coefficient fixed effect model, there are regional differences in the effect of government guided funds on industrial structure upgrading. Provincial government guided fund funds in Guizhou and other provinces have a positive effect on industrial structure upgrading, while provincial government guided funds in Beijing and other provinces have a negative effect on industrial structure upgrading, while provincial government guided funds in Shandong and other provinces have no significant effect on industrial structure upgrading. Accordingly, local governments should expand the scale of government guidance funds or establish a government guidance fund exit mechanism according to local conditions, strengthen the scientific management of government guidance funds, improve the performance appraisal mechanism of government guidance funds, and give full play to the role of government guidance funds in promoting the upgrading of industrial structure.

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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
    2023, (2):  48-57.  doi: 10.16716/j.cnki.65-1030/f.2023.02.005
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    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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    Independence of Non-CEO Executives and Stock Price Crash Risk
    JIAN Xiushuai, SHAO Zhihao
    2023, (2):  58-70.  doi: 10.16716/j.cnki.65-1030/f.2023.02.006
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    The paper takes A-share listed companies in China from 2007 to 2021 as research samples to empirically test the relationship between non-CEO executive independence and stock price collapse risk, and explores its impact mechanism from the perspective of information transparency. The study has found that there is a significant negative correlation between the independence of non-CEO executives and the risk of stock price collapse, indicating that the internal governance effect played by non-CEO executives with independence suppresses the risk of stock price collapse. The impact mechanism test results show that non-CEO executives with independence can suppress the risk of stock price collapse by improving corporate information transparency. The results of heterogeneity analysis indicate that the negative correlation between the independence of non-CEO executives and the risk of stock price collapse is more significant in non-state-owned enterprises with weak external supervision and low regional marketization. In this regard, enterprises should fully value and ensure the independence of the executive team, and the government should continuously improve the information disclosure system to ensure the sustained and healthy development of the capital market and the stability of the national financial order.

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    A Study of Influence of Economic Sanctions on Inflation in Russia
    SUN Panfeng, LIU Lanping
    2023, (2):  71-80.  doi: 10.16716/j.cnki.65-1030/f.2023.02.007
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    With the deepening of globalization, the exchanges between countries are more frequent and closer, and the degree of mutual dependence is increasing, which makes it possible for some countries to realize their national interests by using economic sanctions. Based on the Consumer Price Index (CPI) in Russia, this paper studies the impact of economic sanctions on inflation in Russia, and uses the constant mean model, the three-factor model and the four-factor model in the event study method to measure the effect. The study found that in the early stage of the implementation of economic sanctions, the adverse impact on inflation in Russia gradually increased, but with the passage of time and the implementation of Russia’s counter-sanctions, this adverse impact increased to a certain extent and began to slowly weaken, and later completely offset, however, the overall adverse impact of economic sanctions on the Russian economy has not been completely eliminated. In the future, China should strengthen the publicity of public opinion, accelerate the construction of domestic and international double cycle of new development pattern, increase investment in science and technology and optimize the international trade cooperation mechanism so as to better cope with the possible economic sanctions impact.

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