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    On Influence of Patient Capital on Enterprise Resilience
    LI Jipeng, SHI Jiaxiang
    Finance & Economics of Xinjiang    2025, 0 (4): 59-69.   DOI: 10.16716/j.cnki.65-1030/f.2025.04.006
    Abstract1133)   HTML18)    PDF(pc) (803KB)(3200)       Save

    Against the backdrop of increasingly fierce global competition and a complex, volatile economic environment, corporate resilience has become the core driver enabling Chinese firms to withstand risk shocks and achieve long-term sustainable development. In China's rapidly developing economic environment, corporate resilience has become a key element to meet the challenges of globalization and achieve long-term growth. Based on the data of China's A-share listed companies from 2010 to 2023, this paper empirically examines the impact of patient capital on corporate resilience and its mechanism. The results show that patient capital can significantly enhance enterprise resilience, the mechanism test shows that patient capital enhances firm resilience by improving innovation ability and reputation. Heterogeneity analysis shows that the enhancement effect of patient capital on enterprise resilience is more significant in enterprises with growth and decline, high-tech enterprises and enterprises with better corporate governance. In the future, patient capital should be actively fostered, capital-market oversight strengthened, and robust incentive and restraint mechanisms for patient capital institutionalized. A full spectrum of policy instruments including tax incentives and targeted subsidies, should be deployed to comprehensively enhance corporate resilience.

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    The Evolution of China's Fertility Policy and the Current Fertility Policy
    TONG Yufen, DU Xu
    Finance & Economics of Xinjiang    2025, 0 (2): 17-25.   DOI: 10.16716/j.cnki.65-1030/f.2025.02.002
    Abstract738)   HTML17)    PDF(pc) (2783KB)(249)       Save

    Against the backdrop of negative population growth and persistently low fertility rates, exploring the current fertility situation and policies in China is of great significance for promoting long-term balanced and high-quality population development. The paper analyzes changes in China's fertility levels and demographic trends, pointing out key features of the current fertility rate in China, namely, the fertility rate is at an extremely low level, and is still declining, there are significant regional and urban-rural disparities in fertility levels, and the causes of low fertility are complex and diverse. It reviews the evolution and adjustment of China's fertility policy, and based on this, analyzes the framework of the current fertility policy. In this regard, it is proposed to improve the top-level design, enhance the synergy of policies, and build a fertility support policy system that covers the entire life cycle and the entire population. It is also suggested to clarify the main entities responsible for fertility and to reasonably share the costs of childbirth.

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    Common Prosperity of Farmers and Rural Areas in the Context of Chinese Modernization: Logical Connotation, Stage Process, and Practical Path
    XU Menglong, YANG Hao, WAN Ailin
    Finance & Economics of Xinjiang    2025, 0 (2): 5-16.   DOI: 10.16716/j.cnki.65-1030/f.2025.02.001
    Abstract553)   HTML12)    PDF(pc) (804KB)(438)       Save

    Based on the background of Chinese modernization, this paper discusses the generation logic and era connotation of farmers' common prosperity in rural areas, analyzes the three stages of the realization process, constructs the corresponding evaluation system and sets the stage goals. Through quantitative analysis of the achievement and trend of the goal of common prosperity for farmers and rural areas in 31 provinces of China by 2025 and 2035, a two-stage practical path has been proposed. The research results indicate that, in terms of achievement, most regions have achieved a target achievement rate of 90% by 2025 and over 70% by 2035. Among them, the achievement of shared prosperity among farmers and rural areas is higher than that of overall prosperity, and the difference in shared prosperity is mainly reflected in the consumption gap between urban and rural residents. The short-term shortcomings of overall prosperity are concentrated in the spiritual life level, and the focus of medium and long-term improvement should shift to continuously empowering material life. From the perspective of implementation situation, the growth rate required to achieve the first stage goal is generally higher than that of the second stage, and it is expected that most regions in China can achieve the goal of common prosperity for farmers and rural areas by 2035 as scheduled.

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    ESG Rating and Corporate Tax Avoidance
    WU Chengsong, RUI Liangping
    Finance & Economics of Xinjiang    2025, 0 (2): 71-80.   DOI: 10.16716/j.cnki.65-1030/f.2025.02.007
    Abstract540)   HTML2)    PDF(pc) (806KB)(261)       Save

    With the deepening advancement of carbon peaking and carbon neutrality goals, ESG Rating has gradually become an important criterion for measuring the sustainable development ability of enterprises. If enterprises can improve their ESG performance, not only can they enhance their social image and brand value, but they are also expected to achieve long-term sustainable development and high-quality economic and social development by optimizing tax strategies. Taking SynTao Green Finance's first announcement of corporate ESG Rating as an exogenous shock event, based on data from A-share listed companies from 2010 to 2022, a multi time difference in differences model was constructed to empirically explore the impact of ESG Rating on corporate tax avoidance behavior and its transmission mechanism. The study found that ESG Rating can significantly reduce corporate tax avoidance. The mechanism test shows that ESG Rating inhibit corporate tax avoidance by easing financing constraints, improving information transparency, and increasing government subsidies. Heterogeneity analysis shows that ESG Rating have a more significant inhibitory effect on corporate tax avoidance behavior among non-state-owned enterprises, enterprises with low shareholding ratios of institutional investors, and enterprises with low tax collection and management intensity. In the future, it is of great necessity to innovate the market soft supervision mechanism, strengthen external supervision and tax management, guide enterprises to improve their ESG performance, and promote their compliance with tax regulations.

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    Can Smart City Construction Improve Urban Resource Mismatch?—Based on the Perspectives of Government Intervention and Regional Technological Innovation
    Julaiti· Seyiti, CAO Peizhan
    Finance & Economics of Xinjiang    2025, 0 (2): 48-57.   DOI: 10.16716/j.cnki.65-1030/f.2025.02.005
    Abstract431)   HTML3)    PDF(pc) (824KB)(962)       Save

    This paper empirically examines the impact of smart city construction on urban resource mismatch based on the panel data of 282 cities at prefecture level and above in China from 2009 to 2021, and on the basis of measuring the resource mismatch index of each city, using double-difference method, heterogeneity analysis and mediation effect analysis. It is found that, firstly, China's smart city construction can improve urban resource mismatch, and the results remain robust through the test. Secondly, mechanism analysis finds that China's smart city construction improves resource mismatch by reducing the level of government intervention and increasing the level of regional technological innovation. Thirdly, heterogeneity analysis finds that the mitigation effect of smart city construction on resource mismatch is most significant in the central region, and the improvement effect of smart city construction is not significant in the eastern and western regions. The mitigation effect of smart cities on resource-based cities is significantly better than that on non-resource-based cities. Therefore, under the new development paradigm, it is essential to build smart cities in a location-specific manner, innovate in the development of smart cities, intervene in the market in a rational way, promote the flow of factors, and enhance the efficiency of resource allocation.

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    Measurement and Spatiotemporal Evolution Characteristics of Local Fiscal Expenditure Efficiency in Xinjiang, China
    WANG Dong, JIA Yanan, LUO Hongyun
    Finance & Economics of Xinjiang    2025, 0 (2): 26-37.   DOI: 10.16716/j.cnki.65-1030/f.2025.02.003
    Abstract422)   HTML9)    PDF(pc) (892KB)(258)       Save

    The results of the evaluation and spatiotemporal evolution analysis of local fiscal efficiency in China's Xinjiang from 2012 to 2021 show that there are significant regional differences in the comprehensive technical efficiency of fiscal expenditure among different regions in Xinjiang in the new era. In 2021, only 3 out of 14 regions in Xinjiang achieved DEA effectiveness in comprehensive technical efficiency of fiscal expenditure, while the rest of the regions showed DEA inefficiency and a clear trend of diminishing returns to scale. At the level of dynamic evolution, the total factor productivity of fiscal expenditure in various regions of Xinjiang shows a significant downward trend, and changes in comprehensive technological efficiency and technological progress are important reasons for the fluctuations. Over time, there is a possibility of local fiscal expenditure efficiency in Xinjiang shifting to the next neighboring region, but it is difficult to achieve a leapfrog transfer; At the spatial level, the number of regions that experienced efficiency leaps during the observation period was 10, while 4 regions maintained stable efficiency. Among them, the fiscal expenditure efficiency of various regions in the northern slope of the Tianshan Economic Belt had a strong regional driving effect, while the four southern Xinjiang prefectures showed a significant low-level spatial differentiation trend.

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    The Contagious Effect of Shared Auditors on Importance of Financial Auditing—A Study Based on the Moderating Role of Accounting Firm Size
    ZHENG Shiqiao, NI Jiaxin
    Finance & Economics of Xinjiang    2025, 0 (2): 58-70.   DOI: 10.16716/j.cnki.65-1030/f.2025.02.006
    Abstract398)   HTML7)    PDF(pc) (1309KB)(528)       Save

    The paper takes the a-share listed companies in China from 2018 to 2022 to investigate the contagion effect of shared auditors on the importance of financial audit, and calls the enterprises with higher or lower importance level as connected companies, and the enterprises with shared auditors with the connected companies as connected companies. The study found that when the connected company is in the same industry as the connected company, companies with shared auditors with higher importance linked companies (linked companies), its importance level is also high compared to other companies (non-connected companies), that is, shared auditors have a contagion effect on the importance of financial audit under the high importance level. And when accounting firms are large, the positive correlation between the contagion effect of shared auditors on the importance level of financial audit is weakened. When the connected company is in the same industry as the connected company, shared auditors do not have a contagion effect at a low importance level. When the connected company and the connected company are not in the same industry, shared auditors do not have an infectious effect on the importance of financial audit.

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    Impact of Fiscal, Tax and Financial Preferential Policies for Enterprise on Business Environment in Xinjiang, China—An Empirical Analysis Based on Policy Index
    ZHAO Li, YIN Yan
    Finance & Economics of Xinjiang    2025, 0 (2): 38-47.   DOI: 10.16716/j.cnki.65-1030/f.2025.02.004
    Abstract386)   HTML4)    PDF(pc) (2167KB)(254)       Save

    The construction of business environment is an important measure to implement the governance strategy of the Communist Party of China in the new era for Xinjiang, China. This paper, based on field research and text analysis, constructs an evaluation system for fiscal, tax, and financial preferential policies for enterprises from three aspects: policy synergy, completeness, and intensity and employs the grey correlation analysis to explore the impact of fiscal, tax, and financial preferential policies for enterprises on the construction of the business environment. The results indicate that Xinjiang's fiscal, tax, and financial preferential policies for enterprises have a high degree of synergy, and the degree of policy improvement and intensity are increasing in fluctuations. These policies can effectively promote the construction of local business environments. However, further improvement is needed in the diversification of policy tools and the implementation of preferential policies for enterprises. At the same time, it is necessary to deeply explore new models of fiscal, tax, and financial preferential policies that fully leverage the bilateral effects of policies and markets at special time points and events.

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    Evolutionary Characteristics and Driving Mechanism of the Global Trade Network of New Energy Vehicles
    LIU Zhuo, LAI Minting, ZHOU Limei
    Finance & Economics of Xinjiang    2025, 0 (4): 15-25.   DOI: 10.16716/j.cnki.65-1030/f.2025.04.002
    Abstract333)   HTML79)    PDF(pc) (1113KB)(135)       Save

    This paper uses the trade data of new energy vehicles from 2017 to 2022 in the United Nations Trade Statistics Database to explore the evolutionary characteristics and driving mechanisms of the global trade network of new energy vehicles. The research finds that the scope of the global trade network of new energy vehicles is increasingly complex, with trade connections becoming closer and more efficient. Cooperation within regions has significantly increased and shows a diversified development trend. However, there are still asymmetrical trade relations, and non-closed-loop motifs account for a large proportion. In recent years, China’s position and influence in the global trade network of new energy vehicles have significantly improved, with its trade participation mode mainly being exports. Endogenous mechanisms such as the reciprocal effect, agglomeration effect, transmission effect, and time structure effect, as well as exogenous mechanisms such as economic development level and business freedom, complement each other and jointly promote the evolution of the trade network of new energy vehicles. Based on this, in the future, China’s new energy vehicles should continuously strengthen the importance of nodes, optimize the security of the trade network, and enhance the connectivity of the trade network, this will promote the high-quality development of China’s new energy vehicle trade.

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    Commercial Banks' Revenue Diversification、Digital Transformation and Operational Stability
    PAN Chao, ZHANG Bo
    Finance & Economics of Xinjiang    2025, 0 (4): 37-46.   DOI: 10.16716/j.cnki.65-1030/f.2025.04.004
    Abstract315)   HTML20)    PDF(pc) (796KB)(263)       Save

    This paper based on panel data from 38 commercial banks from 2013 to 2022, empirically analyzes the impact of digital transformation of Chinese commercial banks on bank stability, and further clarifies the relationship between digital transformation and stability of commercial banks under the impact of revenue diversification. The research has found that digital transformation of commercial banks is beneficial for improving banking operational stability, the mechanism test shows that this promoting effect is achieved primarily by lowering management costs, enhancing banks' competitiveness and improving operational efficiency. The heterogeneity analysis reveals that this promoting effect is even more pronounced among city commercial banks, banks in the central and western regions, and those with lower staffing redundancy. In addition, revenue diversification can weaken the positive impact of digital transformation on banking operational stability. In the future, we should actively promote the digital transformation of the banking industry, increase investment in digital resources, explore differentiated transformation paths, and pay attention to the differentiated impact of diversified revenue transformation, providing a solid foundation for financial stability and high-quality economic development.

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    Impact of Strengthening the Rule of Law on Enterprises' Green Innovation — Evidence from the Experience of Establishing Environmental Courts in China
    ZHOU Zhuofan, TANG Liang, ZHAO Hengkai, LIU Xuyang
    Finance & Economics of Xinjiang    2025, 0 (4): 47-58.   DOI: 10.16716/j.cnki.65-1030/f.2025.04.005
    Abstract303)   HTML9)    PDF(pc) (843KB)(540)       Save

    The paper is based on data from Chinese A-share listed companies in Shanghai and Shenzhen from 2004 to 2022, and uses a progressive difference in differences model to examine the impact and mechanism of environmental courts on corporate green innovation. The research findings indicate that the establishment of environmental courts can significantly improve the level of green innovation in enterprises; Environmental courts can promote corporate green innovation through a dual approach of increasing external financing constraints and increasing media attention; When listed companies are located in areas with a high level of rule of law and are technology intensive, highly digitized, and non-state-owned enterprises, the driving role of environmental courts in promoting green innovation in enterprises is more prominent; The environmental background of executives, as an internal contextual factor of the enterprise, strengthens the promoting effect of environmental courts on green innovation in the enterprise. The establishment of environmental courts has significant spillover effects on green innovation of enterprises in adjacent cities. In the future, relevant departments should deepen the specialized reform of environmental justice to empower green innovation in enterprises. Listed companies should actively respond to policies, pay attention to the importance of environmental protection knowledge among executives, and achieve synchronous promotion of economic stability and ecological governance.

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    Theoretical Logic and Practical Orientation of Artificial Intelligence to Promote High Quality and Full Employment
    ZHAO Xiaoxu, XIAO Xiao
    Finance & Economics of Xinjiang    2025, 0 (5): 5-15.   DOI: 10.16716/j.cnki.65-1030/f.2025.05.001
    Abstract268)   HTML17)    PDF(pc) (798KB)(34)       Save

    Marxist political economy holds that technological change can promote employment from multiple dimensions, such as increasing the total employment volume, improving labor skills, and transforming the relations of production. Amid the new wave of scientific and technological revolution, artificial intelligence (AI) has become a crucial engine driving high-quality and full employment in China. Following the development path of "technology - industry - occupation - standard", AI integrates the technical support system, intelligent industrial clusters, career development carriers, and risk prevention mechanisms into an organic whole. It systematically empowers China's employment service system and lays a solid foundation for meeting the people's needs for a better life. However, this process still faces many challenges. These include the employment displacement effect of AI, the deepening of algorithmic control caused by "digital Taylorism", the risk of collusion between capital and technology due to ambiguous data ownership, and structural employment contradictions resulting from the lag in education transformation.To address these issues, we must adhere to the "two unswervinglys" (to unswervingly consolidate and develop the public sector of the economy, and to unswervingly encourage, support and guide the development of the non-public sector of the economy), standardize and guide the healthy development of capital, continue to strengthen the AI industry, protect the ownership of digital production factors, tap into the stock of human capital and improve its quality, build a high-quality employment service system, and promote the sustained release of AI-driven employment dividends.

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    Opening Up to the Outside World, Financial Stability and High-quality Economic Development
    LIU Yu, HE Jian, ZHU Lin
    Finance & Economics of Xinjiang    2025, 0 (4): 5-14.   DOI: 10.16716/j.cnki.65-1030/f.2025.04.001
    Abstract247)   HTML13)    PDF(pc) (3134KB)(53)       Save

    Opening-up and economic security are important relationships that must be well balanced in the new era. This paper uses the SV-TVP-SVAR model to dynamically identify the time-varying and temporal impacts among opening up to the outside world, financial stability, and high-quality economic development, and details the economic and financial effects of different opening modes. The research shows that different forms of openness have heterogeneous impacts on high-quality economic development and financial stability. Trade openness can significantly promote high-quality economic development in the short and medium term, while investment openness has a positive and negative alternating effect on high-quality economic development in the short term, and a certain positive effect in the medium term. The long-term effect mechanisms of both openness modes are unclear. There are significant differences in the impact of trade openness and investment openness on financial stability, and the role of financial stability in the transmission channels of opening up to the outside world has not been effectively played. Therefore, efforts should be made to improve the level and quality of opening up to the outside world, coordinate high-quality development and high-level security to help China’s economy and finance to achieve stability and long-term development.

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    Under the Halo: Can Tax Credit Ratings Boost Digital Transformation?
    NIU Biao
    Finance & Economics of Xinjiang    2025, 0 (4): 26-36.   DOI: 10.16716/j.cnki.65-1030/f.2025.04.003
    Abstract212)   HTML6)    PDF(pc) (828KB)(371)       Save

    Comprehensively promoting the digital transformation of enterprises is not just an important prerequisite for achieving high-quality development of enterprises, it is a key driver of building a digital China. This paper takes A-share companies listed on the Shanghai and Shenzhen stock exchanges from 2015 to 2021 as the research object, empirically analyzes the impact and mechanism of the tax credit rating system on the digital transformation of enterprises, and examines the moderating role of the external environment in which enterprises are located. The research results show that the tax credit rating system can significantly promote the digital transformation of enterprises. The mechanism analysis indicates that the tax credit rating system can promote the digital transformation of enterprises through incentive mechanisms and governance mechanisms. The incentive mechanism includes alleviating the financing constraints of enterprises and improving the reputation of enterprises, while the governance mechanism includes enhancing the internal control level and information transparency of enterprises. The heterogeneity analysis reveals that when the external environment uncertainty is low, the social trust level is high, the economic development level is high, and the technological market environment is good, the promoting effect of the tax credit rating system on the digital transformation of enterprises is more significant. In the future, government departments should continuously innovate the management model for micro enterprises and encourage the digital transformation of enterprises through a robust and effective policy package. Enterprises should pay taxes in good faith, regard tax credit as the credit asset of the enterprise, and give full play to its driving role in digital transformation.

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    An Analysis of the Evolution and Driving Factors of the Trade Network of Value Added in the Financial Services Industry Under "the Belt and Road Initiative" from the Perspective of Global Value Chains
    HE Wenbin, WANG Nian
    Finance & Economics of Xinjiang    2025, 0 (4): 70-80.   DOI: 10.16716/j.cnki.65-1030/f.2025.04.007
    Abstract202)   HTML13)    PDF(pc) (6038KB)(175)       Save

    This paper takes the financial services industry of 39 countries participating in the Belt and Road Initiative as the research object. Based on the perspective of the global value chain, it depicts the participation degree and division of labor position of the financial services industry of the participating countries in the global value chain, analyzes the forms of global value chain cooperation and bilateral interdependence of the financial services industry of the participating countries, and uses the QAP analysis method to accurately measure the driving mechanism between the relationship data. The research finds that there are significant differences among the participating countries in terms of their participation in the global value chain and their dependence on international resources. The correlation of financial services cooperation among different countries with different economic and financial development levels gradually shows a random state in terms of economic distance. SNA analysis shows that there are different core countries in the DVA, RDV, and FVA networks, and the PDC network is decentralized and forms an Eurasian faction. Spatial location, economic development differences, financial openness differences, and financial scale differences are the main driving factors of the value-added trade network of the financial services industry of the participating countries. In the future, the development mode of the financial services industry of the countries participating in the Belt and Road Initiative should be optimized, the structure of international resource dependence should be adjusted, and efficient financial cooperation should be promoted.

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    Integrating the Low-Altitude Economy with Smart Logistics: Pathways, Challenges, and Countermeasures
    CHEN Liuqin
    Finance & Economics of Xinjiang    2025, 0 (5): 50-58.   DOI: 10.16716/j.cnki.65-1030/f.2025.05.005
    Abstract190)   HTML5)    PDF(pc) (773KB)(89)       Save

    The integration of low-altitude economy and smart logistics is driving the modern logistics industry towards intelligence, efficiency and green development. Drones and intelligent delivery systems break through traditional transportation limitations and have obvious advantages in urban and remote area deliveries. Big data and artificial intelligence can optimize logistics routes through real-time data analysis, improving system response speed and accuracy. The integration of low-altitude economy and smart logistics has given rise to new business models such as on-demand and instant delivery, promoting the personalization, flexibility and diversification of the logistics industry ecosystem. Although there are still challenges in technological breakthroughs, policy and regulation adaptation, and data security protection, which may restrict the development of related fields, these issues are gradually being resolved through continuous technological innovation and collaborative efforts among multiple stakeholders within the industry. With technological breakthroughs, industrial collaboration and international cooperation, the integration of low-altitude economy and smart logistics will continue to drive the sustainable development of the global logistics industry, enhancing the efficiency and flexibility of the global logistics network.

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    The Double-Edged Sword Effect:How Related Transactions of Lineage Groups Affect ICM Allocation Efficiency?
    LI Yuhong, MA Qingge, HUANG Ting
    Finance & Economics of Xinjiang    2025, 0 (5): 59-69.   DOI: 10.16716/j.cnki.65-1030/f.2025.05.006
    Abstract173)   HTML6)    PDF(pc) (887KB)(165)       Save

    This paper uses the data of the Shanghai and Shenzhen A-share affiliated group from 2004 to 2022 to empirically examine the impact of the two types of benefit flows formed by related-party transactions, namely “tunneling” and “efficiency promotion”, on the ICM allocation efficiency of affiliated groups and their underlying mechanisms. The research results show that related-party transactions, as a neutral behavior, have a “double-edged sword” effect on the ICM allocation efficiency of affiliated groups. The benefit inflow type of related-party transactions supports the efficiency promotion view and improves the ICM allocation efficiency; the benefit outflow type of related-party transactions supports the tunneling view and reduces the ICM allocation efficiency. Further research finds that the impact of related-party transactions of affiliated groups on ICM allocation efficiency and their underlying mechanisms vary due to differences in corporate governance levels and business correlations among different divisions. Meanwhile, profitability and cash holding levels have an impact on the relationship between related-party transactions of affiliated groups and ICM allocation efficiency. In the future, In the future, the government should strengthen information disclosure by regulatory authorities and enhance external oversight. Business groups should prioritize corporate governance standards, which play a critical role in influencing related-party transactions, thereby steering the economic outcomes of such transactions toward an efficiency-promoting perspective.

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    Application and Standardization Exploration of Low-Altitude Economy in Agricultural Insurance Loss Assessment
    ZENG Fanlei
    Finance & Economics of Xinjiang    2025, 0 (5): 41-49.   DOI: 10.16716/j.cnki.65-1030/f.2025.05.004
    Abstract172)   HTML1)    PDF(pc) (777KB)(159)       Save

    With the expansion of agricultural insurance coverage, the drawbacks of traditional manual loss assessment methods in agricultural insurance have become increasingly apparent. In this context, the low-altitude economy, leveraging its advantages of standardization and efficiency in loss assessment operations, provides strong support for the high-quality development of agricultural insurance and the process of agricultural modernization. This paper systematically reviews and analyzes the current standards related to the low-altitude economy and agricultural insurance loss assessment, and comprehensively explores the technical adaptation pathways and application strategies of the low-altitude economy in this field, using cases such as floods in Yunnan and snow disasters in Nanjing. Traditional manual loss assessment methods in agricultural insurance suffer from issues such as low efficiency, poor accuracy, and high costs. Although the low-altitude economy can effectively alleviate these problems, it still faces practical challenges in application, including limited drone endurance, insufficient data processing capabilities, cumbersome airspace application procedures, and poor industrial integration. Accordingly, a standardized system for agricultural insurance loss assessment centered on “technology-operational processes-data-security” should be established, with efforts focused on strengthening technological innovation, optimizing policy regulation, and promoting industrial collaboration. This will systematically enhance the modernization level and service efficiency of agricultural insurance loss assessment.

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    Go to the Field: Institutional Investors' Site Visit and Enterprise Resilience
    TANG Qijin, GAO Pengjun
    Finance & Economics of Xinjiang    2025, 0 (5): 70-80.   DOI: 10.16716/j.cnki.65-1030/f.2025.05.007
    Abstract150)   HTML5)    PDF(pc) (845KB)(61)       Save

    Facing the unprecedented changes in a century, enhancing resilience is a key capability that enterprises need to cope with crises and grow against the odds. Based on the data of A-share listed companies in Shanghai and Shenzhen from 2012 to 2022, this article analyzes the impact and mechanism of institutional investors' on-site research on enterprise resilience. The research shows that on-site research by institutional investors can significantly enhance enterprise resilience, which can be achieved through the information effect, that is, alleviating the financing constraints of enterprises, and the governance effect, that is, increasing the innovation investment of enterprises. Media attention and the state-owned nature of enterprises both play a negative moderating role in the process of institutional investors' on-site research promoting the enhancement of enterprise resilience. Heterogeneity analysis reveals that the promotion effect of on-site research by fund-type investment institutions on the enhancement of enterprise resilience is the greatest. On-site research for enterprises in the growth and decline stages can promote the enhancement of enterprise resilience, while on-site research for enterprises in the mature stage may weaken enterprise resilience. In the future, a regular on-site research working mechanism should be promoted to strengthen information communication and sharing between enterprises and investors, so as to continuously enhance enterprise resilience.

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    How Does the Digital Business Environment Empower the Upgrading of Industrial Structure?
    LI Xiang, MENG Runze, GAO Yanling
    Finance & Economics of Xinjiang    2025, 0 (5): 30-40.   DOI: 10.16716/j.cnki.65-1030/f.2025.05.003
    Abstract147)   HTML5)    PDF(pc) (825KB)(40)       Save

    Based on panel data from 30 provinces (autonomous regions, municipalities) in China between 2013 and 2022, this paper constructs an evaluation index system for the digital business environment and employs fixed-effects models and mediation effect models to examine and analyze the mechanism through which the digital business environment facilitates industrial structure upgrading. The research finds that the development of the digital business environment promotes both the overall industrial structure and internal transformation and upgrading. This effect is primarily realized through optimizing resource allocation, enhancing innovation capacity, and fostering mass entrepreneurship. The impact of the digital business environment on industrial structure upgrading exhibits significant heterogeneity due to differences in locational conditions, economic development levels, and internal dimensions of the digital business environment. In the future, government departments should increase investment in and construction of digital infrastructure to fully unleash the potential of the digital business environment in promoting industrial structure upgrading. Additionally, they should continuously adjust the focus of industrial structure upgrading based on differences in locational conditions and economic development levels, thereby providing solid support for high-quality economic development.

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