The paper uses panel data from 2011 to 2020 in counties and cities in Xinjiang, China, and combines the location quotient to measure the level of logistics industry agglomeration in Xinjiang. It uses spatial autocorrelation and the standard deviation ellipse analysis method to analyze the spatial-temporal evolution characteristics of logistics industry agglomeration in Xinjiang, China, and uses multiscale geographically weighted regression (MGWR) models to analyze the factors influencing logistics industry agglomeration in counties and cities in Xinjiang, China. The study shows that the level of logistics industry agglomeration in Xinjiang, China has decreased, and the counties and cities with relatively high levels of agglomeration are mainly concentrated along the railway lines. There is a clear spatial autocorrelation in logistics industry agglomeration in Xinjiang, with the number of H-H clustering areas gradually increasing and concentrated around Urumqi. The number of L-L clustering areas gradually decreases and concentrates in the counties and cities in southern Xinjiang. The evolution direction of logistics industry agglomeration in Xinjiang is stable and shows an expansion pattern of expanding rapidly at first and then slowly. The factors that promote logistics industry agglomeration in descending order of their contribution are economic development, government support, the proportion of the tertiary industry, location factors, the proportion of industry, and human capital. In the future, it is necessary to explore new paths to enhance agglomeration levels in a targeted manner, and formulate corresponding overall policies based on the contribution degree of different influencing factors and whether they have spatial heterogeneity, in order to promote the high-quality agglomeration of logistics industries in counties and cities in Xinjiang.

ESG performance is an important factor in empowering high-quality corporate development. Conducting in-depth research on the relationship between ESG performance and total factor productivity can provide reference for investors to comprehensively understand the impact mechanism of ESG on corporate high-quality development. Taking the listed companies on the A-share market in China from 2009 to 2021 as the research objects, this paper starts from the perspective of investment efficiency and empirically verifies the internal logic of ESG performance and total factor productivity. The following research conclusions are obtained: first, good ESG performance can improve a company's total factor productivity; second, good ESG performance can promote total factor productivity by improving investment efficiency; third, the level of green technology innovation has a positive moderating effect on the relationship between ESG performance and total factor productivity; fourth, the promotion of total factor productivity by ESG performance is greater for state-owned enterprises and large enterprises. Based on this, enterprises should pay attention to the promotion of total factor productivity by ESG performance and avoid blind investment. They should choose efficient investment portfolios to achieve sustainable development. The government should continuously improve relevant legal systems, policies, and evaluation systems for ESG, and strengthen regulatory supervision in this area. Social organizations and media should actively promote the ESG concept and create a positive and harmonious business environment to promote corporate ESG practices and sustainable development.

Exploring the key factors that affect stock price information content from both internal and external governance mechanisms can help enhance the efficiency of stock market information. This paper examines the impact of audit quality and internal control quality on stock price information content through theoretical analysis and empirical testing. The study finds that both high-quality audit and internal control can significantly enhance stock price information content, and there is a significant substitution relationship between the two in enhancing stock price information content. The results remain unchanged after robustness tests using replacement of key variables, propensity score matching regression, Heckman two-stage model, and instrumental variable method. Based on this, enterprises should reasonably utilize internal and external supervision resources to continuously improve the efficiency of stock market information, and auditors should pay sufficient attention to the quality of internal control to reduce information asymmetry and maintain the order of capital markets.

Using the data of China's A-share listed companies from 2013 to 2021, this paper empirically examines the impact of the embedding of Party organizations of the Communist Party of China (CPC) on ESG performance and the mediating effect of financing constraints on the relationship between the two. The results show that the embedding of Party organizations of the CPC positively promotes the improvement of ESG performance, and financing constraints play an intermediary role in the relationship between the two. Further analysis shows that the embedding of Party organizations of the CPC has a long-term dynamic effect on the ESG performance of enterprises. The positive promotion effect of the embedding of Party organizations of the CPC on ESG performance is more obvious in the manufacturing industry, and good ESG performance can create a favorable external environment for enterprises and help reduce enterprise risks. Based on this, it is necessary to establish and improve the embedding method of Party organizations of the CPC, actively implement ESG concepts, create a good ESG institutional environment, formulate a unified evaluation system, assist enterprises in ESG practice, and drive the overall ESG performance improvement of the capital market