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Table of Content

    25 August 2024, Volume 0 Issue 4 Previous Issue   
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    An Analysis of the Path of High-Quality Economic Development in Xinjiang from the Perspective of Digital Economy—Takes the Construction of "Eight Industrial Clusters" as the Breakthrough Point
    YU Kunzheng, DONG Mei
    2024, (4):  5-13.  doi: 10.16716/j.cnki.65-1030/f.2024.04.001
    Abstract ( )   HTML ( )   PDF (753KB) ( )   Save

    The digital economy promotes the coordinated development of various industries by promoting the transformation of production technology, restructuring the industrial model and upgrading the modernization level of the industrial chain, which provides realistic possibilities for the development of the traditional economy to the diversified economy. The development of the digital economy is an important strategic deployment made by the Party and the state to focus on the new situation of economic development and change. In this context, in the process of high-quality economic development in Xinjiang, there are still problems such as backward infrastructure, unbalanced industrial structure, lagging digital industry technology, and shortage of interdisciplinary talents. It is urgent to strengthen policy support and infrastructure construction, build industrial transformation and upgrading system, accelerate digital industry research and development, break disciplinary barriers, and strengthen talent introduction. Make the digital economy contribute to the high-quality economic development of Xinjiang. Therefore, this paper takes the construction of "eight industrial clusters" in Xinjiang as the entry point, combines digital economy with high-quality economic development in Xinjiang, further studies the important role of digital economy in high-quality economic development in Xinjiang, analyzes the difficulties in the construction of "eight industrial clusters" in Xinjiang under the background of digital economy, and further explores the specific path of high-quality economic development in Xinjiang.

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    Research on Impact of Financial Transfer Payment on High Quality Economic Development of Xinjiang Region
    JIA Yanan, WANG Ying, ZHANG Wenbo
    2024, (4):  14-23.  doi: 10.16716/j.cnki.65-1030/f.2024.04.002
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    This paper analyzes the impact of transfer payments on the high-quality economic development in Xinjiang from a theoretical perspective, and uses data from 14 regions and prefectures in Xinjiang from 2013 to 2022 for empirical testing. The results show that transfer payments can directly improve the level of high-quality economic development in Xinjiang; transfer payments have an indirect negative impact on the high-quality economic development in Xinjiang by adjusting the scale and structure of fiscal expenditures, however, the indirect effect is relatively weak. Based on heterogeneity analysis, it is found that general transfer payments have a positive impact on the high-quality economic development in Xinjiang, while special transfer payments have a negative impact; transfer payments have a significant positive effect on the high-quality economic development of northern and southern Xinjiang; the impact of transfer payments on the high-quality economic development in Xinjiang varies across different dimensions. Based on this, it is necessary to quickly introduce a method for fiscal transfer payments in the autonomous region, strengthen the budget performance evaluation of transfer payment funds, accelerate the construction of a diversified local government assessment and evaluation system, based on Xinjiang’s resource endowment, and fully play the role of transfer payments in promoting high-quality economic development in Xinjiang.

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    Spillover Effects of US Monetary Policy on China's Fixed Asset Investment Prices—An Analysis Based on the Theory of Overshooting
    HAN Yihui, LU Jin, CUI Peng
    2024, (4):  24-36.  doi: 10.16716/j.cnki.65-1030/f.2024.04.003
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    Both the 2008 financial crisis and the 2020 coronavirus pandemic have had a severe impact on the U.S. economy. In response to the crisis, the United States adopted a continuous and high-intensity quantitative easing policy. Although this has produced significant support for its economy, it has had a significant impact on the global economy, especially the stable growth of China’s economy has brought challenges. In view of this, it is of great practical significance to discuss the impact of US monetary policy on China’s fixed asset investment price from both theoretical and empirical aspects, and introduce the time-varying TVP-VAR model to test the multiple realistic mechanisms of the impact, so as to further discuss the impact of US monetary policy on China’s economy. The results show that, first of all, the US monetary policy will directly affect the price of fixed asset investment in China, and indirectly affect the price of fixed asset investment through the Chinese stock market. In the indirect transmission process, the impact of US monetary policy on Chinese stock prices has an obvious overshoot effect, and this overshoot effect only exists in the short term. In addition, the mechanism analysis shows that the indirect impact of US monetary policy on China’s fixed asset investment prices will be moderated by the US stock market. Therefore, it is necessary to prudently manage capital flows, promote the process of RMB internationalization, and enhance the service capacity of the financial industry, so as to effectively resist external financial risks and properly respond to various risks and challenges.

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    Glossing over with Fancy Words: Equity Pledge and MD&A Text Information Whitewash—An Empirical Study Based on Machine Learning Text Analysis Method
    QIU Jing, ZHANG Jin
    2024, (4):  37-47.  doi: 10.16716/j.cnki.65-1030/f.2024.04.004
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    Based on the data of China’s A-share listed companies from 2013 to 2021, this paper explores the impact of controlling shareholders’ equity pledge on MD&A text information embellishment, and analyzes the moderating effect of institutional investor heterogeneity on the relationship between the two. The results show that controlling shareholders will strategically whitewash MD&A text information after equity pledge; Pressure-resistant institutional investors play a negative moderating role in the relationship between equity pledge and MD&A text information embellishment, while pressure-sensitive institutional investors do not play a moderating role. Further analysis shows that in enterprises with high financing constraints, poor corporate reputation and high degree of information asymmetry, controlling shareholders have stronger motivation to whitewash MD&A text information, and the supervision role of pressure resistant institutional investors is also stronger. In this regard, it is of great necessity to strengthen the supervision of controlling shareholders in the future, formulate detailed rules for the disclosure of annual report text information, optimize the structure of institutional investors, and promote the healthy development of capital market in China.

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    Enterprise Strategic Radicalism, Network Chain Collaboration and Innovation Resilience
    ZHANG Guangsi, CHEN Xian, XIE Jiaping, WANG Huiyan
    2024, (4):  48-57.  doi: 10.16716/j.cnki.65-1030/f.2024.04.005
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    Faced with a complex and ever-changing external environment, improving the innovation resilience of enterprises is of great significance for improving the resilience of industrial chain and supply chain and realizing national scientific and technological self-reliance in China. Based on the data of Shanghai and Shenzhen A-share listed companies from 2013 to 2022, this paper empirically examines the impact of corporate strategic radicalism on corporate innovation resilience. It is found that, compared with conservative enterprises, enterprises adopting aggressive strategies have higher innovation resilience, that is, the degree of enterprise strategic radicalism can promote the improvement of innovation resilience, and the promotion effect is more significant when enterprises are in regions with higher marketization degree. According to the mechanism test, the vertical collaboration of supply chain is an important path for enterprises to promote innovation resilience through strategic radicalism. Based on the conclusions of this study, the government should continue to optimize the business environment, and enterprises can adopt a radical strategy of vertical network chain coordination, especially in areas with a high degree of marketization, to enhance the innovation resilience of enterprises.

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    Research on Impact of Tax and Fee Reduction Policies on Enterprises' Digital Transformation —Based on the Perspective of Business Environment
    YANG Zhiyin, HU Wenjun, NING Yafan
    2024, (4):  58-69.  doi: 10.16716/j.cnki.65-1030/f.2024.04.006
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    This paper takes Shanghai-Shenzhen A-share listed companies from 2011 to 2023 as research samples to empirically test the impact of tax and fee reduction policies on enterprises' digital transformation, and explores the mechanism between the two from the perspective of business environment. The research shows that: tax and fee reduction policies significantly promote the digital transformation of enterprises, and business environment optimization significantly promotes the digital transformation of enterprises; The business environment plays a positive regulating role between tax and fee reduction policies and enterprises' digital transformation. In the heterogeneity test, the impact of tax reduction and fee reduction policy and business environment on the digital transformation of enterprises is asymmetrical, that is, the promotion effect of tax reduction and fee reduction policy and business environment on the digital transformation of non-state-owned enterprises, enterprises in the early stage, enterprises in the decline stage and enterprises in the eastern region is more significant. Based on this, while improving the tax structure to effectively reduce the burden on enterprises, the government should strengthen the construction of digital infrastructure in different regions, optimize the business environment, and promote the digital transformation of enterprises to promote high-quality development.

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    A Study of Innovation-Driven Effect of Enterprise Digital and Green Transformation
    LI Wenlian, ZUO Xuan, HUANG Xiaodong
    2024, (4):  70-80.  doi: 10.16716/j.cnki.65-1030/f.2024.04.007
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    In the context of “carbon peaking and carbon neutrality” goals, promoting the digital and green transformation of enterprises is of paramount importance for achieving high-quality economic development in China. The relationship between enterprise digital and green transformation and enterprise innovation has become an important topic of concern in both theoretical and practical circles. Based on the sample of A-share listed companies in Shanghai and Shenzhen from 2011 to 2021, this paper empirically studies the driving effect of enterprise digital and green transformation on enterprise innovation. It is found that both digital and green transformation can significantly promote enterprise innovation, and the two have a significant positive synergistic effect on enterprise innovation, which is sustainable; through heterogeneity analysis, it is found that the independent effects of digital and green transformation on enterprise innovation are more significant in large-scale enterprises and state-owned enterprises, while the positive synergistic effect of digital and green transformation on enterprise innovation is more significant in large-scale enterprises and non-state-owned enterprises. Based on this, it is suggested that the Chinese government should create a favorable internal and external environment, forming a digital and green transformation ecology with policy guidance, social support, enterprise investment, and mutual learning; enterprises should fully recognize the positive role of digital and green transformation, as well as their coordinated development, and seize the development opportunities of digital and green transformation.

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