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    ESG Performance and Corporate Equity Financing Costs
    ZHAO Junmei, HU Xiaojuan, ZHAO Yuzhen
    Finance & Economics of Xinjiang    2025, 0 (6): 57-68.   DOI: 10.16716/j.cnki.65-1030/f.2025.06.010
    Abstract622)   HTML9)    PDF(pc) (891KB)(537)       Save

    Manufacturing enterprises have long been trapped in the chronic dilemma of “difficult and costly financing,” which not only limits the expansion of the manufacturing industry’s scale but also hinders its transformation and upgrading toward high-end and green development. With the gradual improvement of China’s ESG information disclosure system, the impact of corporate ESG performance on equity financing costs has become increasingly prominent. This paper uses A-share listed manufacturing companies in Shanghai and Shenzhen from 2014 to 2023 as the research sample to empirically examine the impact of ESG performance on equity financing costs and its underlying mechanisms. The research results show that strong ESG performance helps reduce corporate equity financing costs, with supply chain concentration playing a partial mediating role in this relationship. Further analysis reveals that analyst attention and financing constraints positively and negatively moderate the above relationship, respectively. Additionally, the reducing effect of ESG performance on equity financing costs is more pronounced in regions with higher levels of business environment, enterprises with higher digitalization levels, and state-owned enterprises. In the future, enterprises should deeply integrate ESG principles into their governance structures and strategic systems, effectively enhancing their sustainable development capabilities by reducing operational risks and financing costs.

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    Tax Incentives and Corporate ESG Performance: From the Perspective of Financing Constraints
    FENG Li, LIU Pei
    Finance & Economics of Xinjiang    2025, 0 (6): 69-80.   DOI: 10.16716/j.cnki.65-1030/f.2025.06.011
    Abstract565)   HTML10)    PDF(pc) (958KB)(730)       Save

    As an important tool of fiscal policy, preferential tax policies incentivize enterprises to actively adopt the ESG concept actively, achieving a deep integration of economic and social benefits. This paper empirically examines the impact of preferential tax policies on the Environmental, Social, and Governance (ESG) performance of corporate entities and their underlying mechanisms, using data from Shanghai and Shenzhen A-share listed companies from 2018 to 2023. The research findings indicate that preferential tax policies can significantly enhance corporate ESG performance, and in terms of impact mechanisms, preferential tax policies primarily improve corporate ESG performance by alleviating financing constraints and increasing corporate R&D investment. Further analysis reveals that, compared to state-owned enterprises, both income tax incentives and turnover tax incentives have a more pronounced effect on improving the ESG performance of non-state-owned enterprises. Compared to central and western China, these two types of tax incentives have a stronger incentive effect on the ESG performance of enterprises in eastern China. Based on this, in the future, tax incentives should be continuously promoted, financing support and R&D incentives should be strengthened, and the overall ESG performance of capital markets should be improved to achieve coordinated economic and social benefits.

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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
    Abstract491)   HTML19)    PDF(pc) (798KB)(900)       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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    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
    Abstract452)   HTML10)    PDF(pc) (773KB)(1305)       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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    A Study of Impact Mechanism of New Quality Productive Forces on Regional Economic Resilience: An Analysis Based on Spatial Spillover Perspective
    MENG Qinghong, SHI Shiqing
    Finance & Economics of Xinjiang    2025, 0 (6): 36-48.   DOI: 10.16716/j.cnki.65-1030/f.2025.06.008
    Abstract397)   HTML6)    PDF(pc) (1479KB)(658)       Save

    Regional economic resilience refers to the ability of an economy to anticipate and adapt to shocks, achieve stable recovery and sustainable development. The rapid development of new quality productive forces has a certain impact on the enhancement of regional economic resilience. This paper incorporates new quality productive forces into the analytical framework of regional economic resilience, reveals the mechanism through which these forces influence regional economic resilience, and analyzes the spatial effects of that influence. The research findings show that both new quality productive forces and regional economic resilience have significant spatial autocorrelation. New quality productive forces positively affect the economic resilience of neighboring regions through spatial effects, enhance regional economic resilience by increasing the degree of marketization and deliver stronger resilience gains in eastern and central China with high population density. In the future, efforts should be made to increase the cultivation and investment in new quality productive forces, develop new quality productive forces in a differentiated manner based on regional heterogeneity through differentiated strategies to fully leverage the spatial effects of new quality productive forces, promote coordinated cooperation among regions, and empower high-quality economic development.

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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
    Abstract391)   HTML2)    PDF(pc) (777KB)(324)       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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    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
    Abstract359)   HTML5)    PDF(pc) (825KB)(260)       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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    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
    Abstract350)   HTML7)    PDF(pc) (845KB)(3214)       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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    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
    Abstract346)   HTML6)    PDF(pc) (887KB)(863)       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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    The Logic, Challenge and Countermeasures of the New Quality Productive Forces Promoting High-quality Agricultural Development in Xinjiang, China
    GU Xuewei, ZHAO Xianghao, FANG Jie
    Finance & Economics of Xinjiang    2025, 0 (6): 49-56.   DOI: 10.16716/j.cnki.65-1030/f.2025.06.009
    Abstract315)   HTML3)    PDF(pc) (944KB)(354)       Save

    As a pivotal agricultural production base in China, the development of Xinjiang's agricultural sector not only underpins its own economic growth but also bears profound significance for national food security and the stability of the ecological environment. Against this backdrop, the new quality productive forces, as an advanced paradigm of productive forces driven by scientific and technological innovation at its core, have become a critical pathway for promoting high-quality agricultural development in Xinjiang,China. This paper systematically dissects the intrinsic logic through which new quality productive forces empower agriculture to achieve enhanced production efficiency, transformed labor structure, and upgraded industrial structure via scientific and technological innovation, technology extension, and digital economy empowerment in Xinjiang, China.Simultaneously, from the perspectives of farmers, enterprises, and the government, the prominent issues existing have been analyzed in the current agricultural development in Xinjiang, including difficulties in promoting water-saving facilities, insufficient support for key technologies, talent loss, and an imbalance in labor structure. In response to these issues, the paper further proposes targeted recommendations, such as intensifying the innovation of agriculture-benefiting policies, promoting the in-depth integration of the agricultural industrial chain, and constructing a modern agricultural labor echelon, in order to provide decision-making references for high-quality agricultural development and accelerating the building of a strong agriculture in Xinjiang,China.

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    Finance & Economics of Xinjiang    2025, 0 (6): 22-27.   DOI: 10.16716/j.cnki.65-1030/f.2025.06.005
    Abstract305)   HTML5)    PDF(pc) (794KB)(871)       Save
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    Finance & Economics of Xinjiang    2025, 0 (6): 28-30.   DOI: 10.16716/j.cnki.65-1030/f.2025.06.006
    Abstract269)   HTML6)    PDF(pc) (775KB)(622)       Save
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    An Intelligent Screening Method for Competition Crowdsourcing Creativity Based on Relationship Perspective
    ZHANG Xuefeng, HONG Yong
    Finance & Economics of Xinjiang    2025, 0 (5): 16-29.   DOI: 10.16716/j.cnki.65-1030/f.2025.05.002
    Abstract249)   HTML4)    PDF(pc) (3612KB)(138)       Save

    In crowdsourcing contests, a big challenge is to screen good ideas from a large number of alternative ideas. To address this challenge, this study develops a relation-based intelligent method for idea screening (Rela-IdeaS). This method adopts the strategies of retaining ideas with high quality and eliminating ideas with low quality based on idea novelty and feasibility. Specifically, this study employed the latent dirichlet allocation method to classify the ideas into various themes based on their novelty. Furthermore, the Jaccard coefficient method was used to construct semantic networks of each idea theme and its included ideas. With the help of cumulative distribution functions, these semantic networks were transformed into cumulative distributions Moreover, we used Kolmogorov-Smirnov statistics to measure the distance between semantic networks of ideas and idea themes. Finally, the ideas in each theme were ranked for further screening based on their values of feasibility (i.e., network distance). We applied our method to screen ideas from three crowdsourcing contests. The results indicated that using the proposed method to screen the ideas with low quality has a good precision rate. For screening the ideas with high quality, the method has a good recall rate. Additionally, compared to the commonly used methods, i.e., methods based on idea text length, crowd voting, and the SBERT model, our method performed better in precision and recall rates.

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    Finance & Economics of Xinjiang    2025, 0 (6): 31-35.   DOI: 10.16716/j.cnki.65-1030/f.2025.06.007
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    Finance & Economics of Xinjiang    2025, 0 (6): 10-13.   DOI: 10.16716/j.cnki.65-1030/f.2025.06.002
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    Finance & Economics of Xinjiang    2025, 0 (6): 18-21.   DOI: 10.16716/j.cnki.65-1030/f.2025.06.004
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    Finance & Economics of Xinjiang    2025, 0 (6): 5-9.   DOI: 10.16716/j.cnki.65-1030/f.2025.06.001
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    Finance & Economics of Xinjiang    2025, 0 (6): 14-17.   DOI: 10.16716/j.cnki.65-1030/f.2025.06.003
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