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The impact of financial technology on commercial banks' risk-taking-From the perspective of credit structure of commercial banks REN Bi-yun, ZHENG Zong-jie Journal of Guizhou University of Finance and Economics    2021, 39 (05): 61-69.   Abstract （865）      PDF （1418KB）（2917）       Knowledge map    The integrated development of financial technology and commercial banks has attracted extensive attention from all walks of life in recent years, but the research on the relationship between financial technology, credit structure and risk-taking of commercial banks is not sufficient. Therefore, this paper manually collects some data of Baidu search index and listed banks, constructs the financial technology development index, makes an empirical analysis based on the panel data of listed banks from 2013 to 2019, and discusses the relationship between the three. The results show that:(1) the integrated development of financial technology and commercial banks is conducive to reducing the risk-taking of commercial banks(2) There are significant differences in the effect of applying financial technology in different commercial banks. Compared with state-owned commercial banks, the effect of other joint-stock commercial banks applying financial technology to mitigate risk is more obvious(3) The application of financial technology to different credit structures has significant differences in the impact and preference of commercial banks on risk-taking. State owned commercial banks prefer to adjust the loan guarantee structure with the help of financial technology to mitigate risk-taking, while other commercial banks prefer to adjust the loan term structure with the help of financial technology to mitigate risk-taking. The research conclusion of this paper provides important enlightenment for the deep integration of fintech and commercial banks, optimizing credit structure and mitigating risk. Reference | Related Articles | Metrics

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ESG Disclosure and Stock Price Crash Risk SHENG Ming-quan, YU Lu, WANG Wen-bing Journal of Guizhou University of Finance and Economics    2023, 41 (02): 32-41.   Abstract （692）      PDF （1560KB）（1306）       Knowledge map    How to prevent risk has become the focus of attention at the stage of high-quality development, so it is very important to clarify the relationship between ESG disclosure (environment, society and governance) and risk. Therefore, taking stock price crash risk as the breakthrough point, this paper examines the impact of ESG disclosure on stock price crash risk based on the data of Shanghai and Shengzhen A-share listed companies from 2010 to 2020, the research results indicate that ESG disclosure can decrease the stock price crash risk, and it mainly acts on that through reducing agency costs and improving agency efficiency. The cross-sectional test results show that, this impact of ESG disclosure is even more significant in non-SOEs, non-polluting enterprises, and enterprises with higher information disclosure quality. The conclusions provide empirical evidence for ESG disclosure to restrain stock price crash risk, and have certain implications for avoiding stock price crash risk and stabilizing the development of capital market. Reference | Related Articles | Metrics

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The influence of brand social media advertising content on consumers' social media involvement HOU Tian-yi, DENG Fu-min, WANG Xiao-yan Journal of Guizhou University of Finance and Economics    2021, 39 (04): 92-100.   Abstract （401）      PDF （1294KB）（2122）       Knowledge map    How to optimize the content of brand social media advertising is a hot issue in academia.Based on the involvement theory and the characteristics of social media,this study defines the four dimensions of consumer social media participation:consciousness,emotion,rational thinking and identity.After collecting second-hand data,variance model is used to analyze the impact of brand social media advertising content on consumers' social media participation.The results show that the type of social media advertising content has a significant impact on consumers' social media involvement,and new product content has the best effect,followed by promotion,game/lottery and social responsibility content.This study not only enriches the theoretical research of brand social media advertising from the perspective of consumer behavior,but also provides valuable management suggestions for brand design of social media advertising content marketing. Reference | Related Articles | Metrics

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The Interactive Effect of Endorser Type and Brand Concept on Consumer Attitude LI Ke-yi, JIN Fei Journal of Guizhou University of Finance and Economics    2022, 40 (05): 83-91.   Abstract （631）      PDF （1298KB）（1458）       Knowledge map    With the development of social media, the types of endorsers are becoming more and more abundant, and the development of virtual influencers has brought a new choice to enterprises. However, how to choose between real endorsers and virtual endorsers has become a critical problem for enterprises. This study explored the applicable situations of virtual endorsers based on the Processing Fluency Theory. We conducted two experiments to show (1) the interaction between brand concept and the types of celebrity endorsers on the purchase intention, which is when consumers faced with the open brand concept, the choice of virtual celebrity endorsers makes them have higher purchase intention; When consumers face conservative brand concept, choosing real celebrity endorsers will make them have higher purchase intention; (2) processing fluency plays a mediating role in this interaction. Reference | Related Articles | Metrics

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CA Shao-Hong, XIANG Qiu-Lan null    2010, 28 (5): 18-.   Abstract （1492）      PDF （564KB）（3098）       Knowledge map    Related Articles | Metrics

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China's Green Total Factor Productivity and Regional Differences-An Empirical Research Based on Panel Data from 30 Provinces XU Xiao-hong, WANG Xia null    2016, 34 (06): 91-98.   Abstract （265）      PDF （677KB）（1123）       Knowledge map    Green total factor productivity(GTFP)is the key to realize green economic and environmental win-win development. Applies Malmquist-Luenberger index of directional distance function to measure green total factor productivity and its components of China's 30 provinces and two areas, three areas and four areas over the period 2000-2014 while taking into account the factors of energy consumption and environmental pollution. The result shows that the GTFP has an average annual growth rate of 1.3% and the green technical progress is the main source. The GTFP has larger difference at the provincial level and the provinces of fastest growth rate have Tianjin, Shanghai, Beijing, Jiangsu and Zhejiang. The regional green economic growth shows significant heterogeneity in different space scale selection criteria. Related Articles | Metrics

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How Does Green Credit Affect Bank Financial Performance—Based on the Heterogeneity of Regional Green Development ZHANG Lin, LIAN Yong-hui, CAO Hong Journal of Guizhou University of Finance and Economics    2020, 38 (03): 22-32.   Abstract （509）      PDF （1591KB）（1806）       Knowledge map    Based on the unbalanced panel data of 34 Chinese commercial banks from 2007 to 2017, this paper empirically tests the influence of green credit on banks’ financial performance and examines the moderating effect of green development on the relationship between green credit and bank financial performance using the provincial green development index provided by "China Green Development Index Report". Results show that: green credit granted is helpful to improve banks’ financial performance, and the improvement effect is mainly achieved by improving banks’ return on interest bearing assets; green development can enhance the economic benefits of green credit granted by banks, and the enhancement effect is mainly related to the greening degree of local economic growth and the support degree of local governments for green development.Commercial banks should actively carry out green credit business; government departments should strengthen and improve green credit incentive policies to promote the coordinated development of green finance and green economy. Reference | Related Articles | Metrics

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Research on the use of China industrial enterprise database (1999~2013): Comparative analysis of missing value processing methods ZHANG Shao-hua, LI Su-su Journal of Guizhou University of Finance and Economics    2021, 39 (05): 20-29.   Abstract （490）      PDF （2675KB）（1373）       Knowledge map    China industrial enterprise database has become the preferred database to study China's micro enterprise activities. However, the lack of key indicators in the database seriously affects the update and use of the database. On the basis of referring to the main literature processing methods, this paper uses five interpolation methods to improve the database, including single imputation, MICE1、MICE2、MMICE1和MMICE2, so as to extend the Chinese industrial enterprise database to 2013, and evaluate the relative effectiveness of various interpolation methods by calculating the total enterprise productivity. The results show that:In the five interpolation methods, the single imputation method and MMICE1 are the two most effective interpolation methods, which can not only achieve the consistency of database features before and after interpolation, but also achieve the consistency of data structure features of total factor productivity. It is worth emphasizing that in terms of improving the database and calculating the total factor productivity, the former is a relatively economic method because of its simple process, while the latter is a relatively effective method because it can retain more sample information The research value of this paper is to provide basic research work for the use of Chinese industrial enterprise database. Reference | Related Articles | Metrics

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Family Capital and Social Class—Empirical research based on CGSS2017 survey data XU Li, YI Xiao-man Journal of Guizhou University of Finance and Economics    2021, 39 (02): 72-79.   Abstract （478）      PDF （1291KB）（1630）       Knowledge map    With the concerns of social facts such as the "second-generation phenomenon" and "stratum consolidation", whether family capital affects the acquisition of individual social classes arouses people's thinking. Based on the CGSS2017 survey data, this research uses multiple linear regression analysis methods to investigate the influence of family capital on the social class of offspring from three aspects:family economic capital, family cultural capital, and family social capital. The study found that the family economic capital has a significant effect on the acquisition of the upper class of society. In the family cultural capital, the mother's education level has a positive effect on the social class of the offspring, but the significance disappears over time. In family social capital, the occupation level of the mother has a positive effect on the social class of the offspring, and this effect is also no longer significant over time. Reference | Related Articles | Metrics

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Environmental Protection Taxes and Green Technology Innovation of Enterprises—Evidence from the Adjustment of Pollution Charges Standard in China WEN Hu-wei, ZHONG Qi-ming Journal of Guizhou University of Finance and Economics    2020, 38 (03): 91-100.   Abstract （561）      PDF （2078KB）（2226）       Knowledge map    Based on the reform practice of adjusting the environmental tax standard, this paper adopts the difference-in-difference method to investigate the heterogeneous effect of policy intervention, and discusses the impact of environmental protection tax on the green technology innovation. The results show that environmental tax has a significant positive effect on both the extensibility and intensiveness of green technology innovation, which supports "Porter Hypothesis". The environmental tax forces the green technology innovation for medium-sized and lager firms, but the impact on small firms is not significant. The effect of environmental tax adjustment policy on green technology innovation is more prominent for firms in high-polluting industries, in cities with strong policy execution and in regions with green tax policy. Environmental protection taxes will bring dividends to environmental governance, but supporting policies are needed to reduce the adverse impact on small and micro-enterprises. Reference | Related Articles | Metrics

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ZENG Ming-Bin, ZHOU Chao-Wen null    2011, 29 (1): 55-.   Abstract （1001）      PDF （618KB）（2137）       Knowledge map    Related Articles | Metrics

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The impact of business diversification on performance of commercial banks-Mediating effect based on risk taking WANG Xin-xin Journal of Guizhou University of Finance and Economics    2021, 39 (04): 65-73.   Abstract （360）      PDF （1395KB）（1157）       Knowledge map    In this paper,we choose the agency variables of the diversification of commercial bank business from the two dimensions of income diversification and asset diversification,and take 28 commercial banks listed in A-share market in 2006~2019 as the research samples.Through the establishment of dynamic panel data model,this paper studies the impact mechanism of business diversification on performance and risk-taking in China's commercial banks,and empirically tests the intermediary role of risk-taking in business diversification and performance impact.The results show that,no matter from the perspective of income diversification or asset diversification,business diversification is negatively related to the performance of commercial banks in China,and positively related to the risk-taking of commercial banks in China,but its effect varies according to the ownership structure.In the role of business diversification on the performance of banks,risk-taking partially or completely plays an intermediary effect. Reference | Related Articles | Metrics

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Corporate Social Responsibility Disclosure, Investment Efficiency and Corporate Innovation DU Shan, WANG Zhan-jie Journal of Guizhou University of Finance and Economics    2021, 39 (01): 52-62.   Abstract （422）      PDF （2138KB）（2165）       Knowledge map    With the background of mandatory corporate social responsibility disclosure in China at the end of 2008, we selected listed companies from 2009 to 2018 as the object to explore the economic consequences of corporate social responsibility disclosure through investment efficiency and corporate innovation. Study found that corporate social responsibility disclosure has promoted investment efficiency and corporate innovation, at the same time, the investment efficiency and the corporate innovation are the paths of corporate social responsibility disclosure improve corporate performance, but the intermediary role of investment efficiency on corporate performance lies only in the samples of excessive investment, and the intermediary role of corporate innovation on the corporate performance lies in not only innovation input but also innovation output. By examining the economic consequences of corporate social responsibility disclosure, this paper is a supplement to the theoretical research on corporate social responsibility disclosure, and provides a basis and reference for clarifying the economic consequences of corporate social responsibility disclosure. Reference | Related Articles | Metrics

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The Realization of Public Sentiment and Economic Fluctuations: The Perspective of Financial News LI Shou-hao, DING Li-gui Journal of Guizhou University of Finance and Economics    2021, 39 (05): 30-41.   Abstract （3295）      PDF （2324KB）（3659）       Knowledge map    To systematically analyze the relationship between public expectations and economic fluctuations, we construct a system to analyze economic climate based on public opinion by text mining. Through the creation of a financial sentiment dictionary and natural language processing, we quantify the public's judgment on the economic situation reflected in multi-channel news, that is, the financial sentiment score, which could be used to measure the chaos of economic activity. Because the financial sentiment score can be obtained and updated in real time, it is forward-looking and can be used to portray public expectation. In the empirical analysis, there is indeed a linkage between economic fluctuation and public expectation. The empirical analysis finds that official information tends to reversely realize, and free public expectation and professional expectation could self-realize, that is, optimism brings economic growth, and pessimism brings economic decline. A further Granger test finds that there is a two-way causal relationship between economic fluctuations and public expectations, verifying their self-realization relationship. For the mechanism and path of self-expectation realization, we believe that news information shows the consistent and stable preferences of rational individuals, i.e., the financial sentiment score. Such emotion is finally transmitted to the economic activities of entrepreneurs, causing self-realization. This finding could help the public and regulators further understand the interaction between expectation management and macroeconomic regulation. Reference | Related Articles | Metrics

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null    2011, 29 (5): 36-.   Abstract （643）      PDF （571KB）（1470）       Knowledge map    Related Articles | Metrics

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Research on the risk measurement and early warning mechanism construction of rural poverty alleviation families-An analytical framework based on livelihood vulnerability CHEN Wen-mei, ZHANG Chang-zhu, LI Chun-gen Journal of Guizhou University of Finance and Economics    2023, 41 (02): 73-82.   Abstract （286）      PDF （1374KB）（646）       Knowledge map    On the basis of explaining the mechanism of livelihood vulnerability and the risk of returning to poverty of the poverty-stricken households, this paper constructs the index system for measuring the risk of returning to poverty of the rural poverty-stricken households and calculates the risk degree of returning to poverty. The empirical results show that the risk of returning to poverty of rural poverty relief families in the whole country is low, and the risk of returning to poverty of rural poverty relief families in the western region is high, and at the same time. Facing the dual dilemma of external risk and weak internal capacity; The risk adaptation ability is the main indicator leading to the risk of returning to poverty. The five capital contribution rates are different. Financial capital and human capital are the main contribution factors to enhance the risk adaptation ability. On this basis, the early warning mechanism of poverty reduction risk can be built from five aspects:information collection and management system, big data platform judgment of early warning level, early warning level verification, early warning measures intervention, and early warning measures evaluation. We can focus on areas prone to return to poverty, prevent the risk of external return to poverty, improve the anti-risk ability of rural poverty-stricken families, and improve the implementation of early warning and assistance mechanism to prevent return to poverty. Reference | Related Articles | Metrics

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null    2013, 31 (06): 42-.   Abstract （242）      PDF （483KB）（1122）       Knowledge map    Related Articles | Metrics

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Study on the Influential Factors of Consumer Acceptance for the food Traceability System-Based on an extended technology acceptance model perspective XU Shu, XIA Kai, CAI Yong null    2019, 37 (01): 82-92.   Abstract （392）      PDF （2617KB）（1164）       Knowledge map    Based on the extended theoretical model of technology acceptance, this paper uses a structural equation model to quantitatively measure the influencing factors of consumers' willingness to accept traceability of agricultural products, and tests the hypothesis of the theoretical model. The empirical results show that perceived usefulness is the key factor influencing consumers' attitudes to the traceability system of agricultural products; perceived barriers are the main obstacles to the development of traceability systems for agricultural products; perceived ease of use and perceived barriers to the acceptance of traceability systems for agricultural products Both attitude and willingness to use have a significant impact; health awareness also has a significant positive effect on attitudes. Based on this, the countermeasures and suggestions for improving consumer acceptance are proposed. Reference | Related Articles | Metrics

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Fiscal Pressure,Technological Innovation and Green Total Factor Productivity ZHENG Wei, LU Yuan-quan Journal of Guizhou University of Finance and Economics    2021, 39 (04): 101-110.   Abstract （388）      PDF （1394KB）（1232）       Knowledge map    The typical Chinese-style "pressure-type" finance in economic and social transition period has important influence on local innovation activities and green sustainable development.By using the panel data of 256 prefecture-level cities in China in 2004~2017,this paper empirically examines the influence of fiscal pressure on green total factor productivity and the transmission mechanism.The results of benchmark test show that fiscal pressure significantly inhibits the improvement of green total factor productivity,and technological innovation significantly promoted green total factor productivity; The intermediary effect test found that the financial pressure prevented the green total factor productivity by restraining the technological innovation; Further threshold effect test shows that the effect of technological innovation on green total factor productivity has a double threshold effect based on financial pressure.In the different threshold range of financial pressure,the promotion effect of technological innovation on green total factor productivity shows a significant step down.In the future,it is necessary to comprehensively improve the Chinese-style "pressure-type" financial incentive system,reasonably control the range of financial pressure,and help technological innovation to enhance urban green total factor productivity. Reference | Related Articles | Metrics

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Bank Liquidity Creation and Systemic Risk-From the Perspective of Interbank Business ZHOU Ye, CHEN Juejin Journal of Guizhou University of Finance and Economics    2023, 41 (06): 22-32.   Abstract （219）      PDF （1301KB）（239）       Knowledge map    This article uses data of listed banks in China from 2011 to 2021, to examine the impact of bank liquidity creation and its structure on systemic risks. The empirical results show that banks that create more liquidity have a greater impact on systemic risk. From the perspective of structure, the systemic risk effect of liquidity creation basically comes from the interbank liquidity creation. The impact mechanism is that liquidity creation intensifies the individual risks of banks, while the interbank liquidity creation increase both the individual risks and systemic linkage. Based on the facts that liquidity creation plummeted in 2017, it is found that intensive financial supervision has restrained banks' excessive liquidity creation and defused systemic risks. Finally, this article also finds that the risk effect of liquidity creation is more pronounced in banks with smaller scales, higher inter-bank participation, and higher profitability. When the economic growth slows down and the stock market is turbulent, this effect will increase; and loose monetary policy can alleviate the risk effect. Based on the interbank business perspective, this paper complements related research on the impact of liquidity creation structure on systemic risk. Reference | Related Articles | Metrics

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Environmental Regulation,Market Power and Enterprise Innovation CHEN Yi-li, DENG Yu-wei Journal of Guizhou University of Finance and Economics    2021, 39 (01): 30-43.   Abstract （400）      PDF （2273KB）（1352）       Knowledge map    When enterprises with monopoly power are facing environmental regulation, they can realize the Porter effect through innovation, or maximize profits by transferring compliance costs. Based on the data of listed companies, double difference model and triple difference model, this paper systematically evaluates the impact of strong environmental supervision on R & D innovation of listed companies with different market forces by using the quasi natural experiment implemented by the new environmental protection law. The empirical study finds that, firstly, the implementation of the new environmental protection law significantly promotes the R & D innovation of enterprises; secondly, market power and enterprise innovation present an inverted "U"; Finally, market forces significantly inhibit the porter effect of the new environmental protection law. Reference | Related Articles | Metrics

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How does digital transformation affect corporate margins-Research on mechanism and experience from the perspective of digital economy ZHOU Xiao, GUO Shu-hua Journal of Guizhou University of Finance and Economics    2023, 41 (01): 32-40.   Abstract （552）      PDF （1267KB）（937）       Knowledge map    In the context of the digital economy era, enterprise digital transformation has become an important path to enable enterprises to develop new momentum. Based on the data experience of listed companies from 2001 to 2019, this paper explores the effect and specific mechanism of digital transformation on corporate profitability. The research found that the digital transformation of enterprises has significantly improved the profit margin of enterprises. This conclusion is still valid after further dealing with endogenous problems by using system GMM and tool variable method. Moreover, the digital transformation of enterprises has effectively promoted the improvement of enterprise profit margin through two mechanisms, namely, improving the production efficiency of enterprises and reducing the external transaction costs of enterprises. This not only expands the scope of research on the economic effects of enterprise digital transformation, but also provides some empirical basis for the formulation of digital related policies and driving enterprise digital transformation. Reference | Related Articles | Metrics

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WU Hai-Min null    2012, 30 (3): 6-.   Abstract （505）      PDF （597KB）（1476）       Knowledge map    Related Articles | Metrics

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Statistical analysis of the impact of regional factor endowments on China's economic development - Based on 30 provinces panel data quantile regression MA Li-ping, ZHANG Peng, HU Pei null    2016, 34 (04): 94-102.   Abstract （210）      PDF （1642KB）（1544）       Knowledge map    This paper views environment as an element of production function and establishes a quantile regression model based on the 2006—2013 panel data. Under the background of low-carbon economy, we study the regional difference of the impact of factor endowments on China's economic development. The results show that labor force, physical capital and environmental investment are the main factors of economic growth, however, human capital doesn't as we expected significantly promote economic growth because it has not met the economic market needs. In the areas where economy is relatively backward, increasing physical capital investments and promoting industrial upgrading are the most effective ways to drive its economic growth. In the areas where economy is in the middle level, labor force and physical capital investment could remarkably boost the economy. In the areas where economy is relatively developed, the function of physical capital investment is weakened. The market demands of innovative technology and talents are the new driving power of sustained economic growth. Reference | Related Articles | Metrics

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Natural Resources and Assets Accountability Audit of Officials and Green M&A-Evidence from Chinese Heavily Polluting Listed Companies CAO Yu-shan, MA Ru-hui Journal of Guizhou University of Finance and Economics    2021, 39 (05): 81-91.   Abstract （351）      PDF （1930KB）（1478）       Knowledge map    Taking China's A-share heavily polluting listed companies from 2011 to 2017, and examines the effect of natural resources and assets accountability audit of officials on corporate green M&A. The studies founds that natural resources and assets accountability audit of officials can significantly promote the local enterprises implement green M&A; and when the regional market competition is higher, the more they will inhibit the expansion of green M&A in the context of natural resources and assets accountability audit of officials. The further studies found that corporate green M&A will significantly increase corporate value, and the promotion effect is more significant in the year of M&A. Based on heterogeneity analysis, natural resources and assets accountability audit of officials will restrict the environmental governance behaviors of enterprises with different property rights, so as to promote them to adopt green M&A and implement green development. Further, natural resources and assets accountability audit of officials will be more conducive for companies in the eastern region to green M&A, but not obvious to the companies in the central and western regions.green M&A; regional market competition Reference | Related Articles | Metrics

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The predictive power of aggregate illiquidity for stock returns—based on ARFIMA model XIE Jun, HU Nan, GAO Bin, LUO Tian-tian Journal of Guizhou University of Finance and Economics    2021, 39 (02): 31-40.   Abstract （349）      PDF （1856KB）（1461）       Knowledge map    From the concept of illiquidity, we calculate seven illiquidity proxies by using samples from Shanghai and shenzhen stock exchange (csi) 300, and use principal component analysis (pca) to obtain the comprehensive illiquidity proxy(prin). We use ARFIMA model to fit the long memory and residual correlation of various variables, monte carlo simulation is constructed to measure the influence of long memory and residual correlation on prediction regression, and Bootstrap sampling method is used to adjust the deviation and screen the illiquidity measure with robust prediction ability. The results show that:the illiquidity measure can predict the short, medium and long term excess returns, R2 measures of fht and prin are high, which reflects that the important role of illiquidity factor in liquidity risk pricing; The short-term forecasting ability of most illiquidity indexes to the market excess returns comes from the market volatility, while the medium-term and long-term forecasting ability is dominated by the illiquidity factors which have nothing to do with the volatility. Reference | Related Articles | Metrics

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The Welfare Effects of Parenthood: Influence of number and gender of children to parents' well-being CHEN Yi-li null    2016, 34 (03): 76-84.   Abstract （353）      PDF （1185KB）（1814）       Knowledge map    Children are considered to be able to bring their parents utility but the empirical results are controversial. Whether China's family planning and children's gender would have a significant impact on parents' well-being? Based on the data of Chinese General Social Survey 2008, the study show that whether the one-child parents is not a significant factor affecting parents' happiness, but the girls are more helpful to improve the well-being of their parents compared to boys. These results are the same in the full sample, the rural and urban population, a different level of education, the middle-aged population. However, the number and gender of children have no significant effect on the well-being of young and old parents. The raising costs of fertility, changes in people's reproductive motives and behavior, and gender roles of boy and girl are all related to the conclusion. Reference | Related Articles | Metrics

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How does Local Government Debt Affect Entity Enterprises’ Credit Financing—The Heterogeneous Analysis of China’s Industrial Firms HUA Xia, MA Shu-cai, HAN Yun-hong Journal of Guizhou University of Finance and Economics    2020, 38 (03): 33-39.   Abstract （372）      PDF （1269KB）（1643）       Knowledge map    Using micro-data of China’s industrial firms, this paper empirically tests how local government debt affect entity enterprises’ financing credit from both linear and nonlinear perspectives. The empirical results discover that increasing local government debt has crowding-out effect on entity enterprises’ financing credit, and this crowding-out effect presents statistically entity scale heterogeneity and ownership heterogeneity. Linear test shows that the crowding-out effect on small and micro enterprises and non-state-owned enterprises is much bigger than large scale enterprises and state-owned enterprises respectively. The nonlinear test with quadratic term and panel threshold model proves the conclusion above again, and specifically compared with large scale enterprises, crowding-out effect on small and micro enterprises is linear and without threshold effect. Reference | Related Articles | Metrics

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Comprehensive Quality, Consumption Situation and Purchase Intention of Advent Food - Mediating Effect of Price Sensitivity and Moderating Effect of Food Safety Literacy ZHANG Bei, ZHAO Chu-yao, LAI Heng-jian, MA Ru-qiu Journal of Guizhou University of Finance and Economics    2022, 40 (01): 36-45.   Abstract （383）      PDF （1692KB）（958）       Knowledge map    Enhancing the willingness to buy advent food is particularly important for strengthening the control of advent food safety risks and promoting the sustainable development of the food industry. Questionnaire data were collected and empirical analysis was carried out based on the scenarios of advent food purchase. The results show that: comprehensive quality and consumption situation have significant positive impacts on purchase intention; However, price sensitivity can enhance the purchase intention caused by comprehensive quality and consumption situation to some extent, among them, price sensitivity plays a partial mediating role in the relationship between product quality, customer service, scene atmosphere and purchase intention, price sensitivity has a complete mediating effect on the relationship between label quality and purchase intention; In addition, food safety literacy strengthens the positive effect of label quality and scene atmosphere on price sensitivity. Reference | Related Articles | Metrics

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The Integration of Data and Reality and High Quality Economic Development: Retrospection, Progress, and Prospects JING Wenjun, CHI Jialin Journal of Guizhou University of Finance and Economics    2023, 41 (05): 74-81.   Abstract （324）      PDF （1189KB）（493）       Knowledge map    The deep integration of digital economy or digital technology with the real economy is an inevitable choice for achieving high-quality development of China's economy. By tracing the theoretical basis of "digital real integration", we have reviewed relevant domestic and foreign literature on promoting high-quality economic development through "digital real integration". Research has found that there may be issues in current research such as unclear definition of core concepts, incomplete research system, and insufficient integration between research and practice. Based on this, future research trends are proposed, including introducing the "technology economy" paradigm to define the concept of the digital economy, paying attention to the application of classical theories in the field of the digital economy, and emphasizing the extraction of "Chinese experience" in the development of the digital economy. Reference | Related Articles | Metrics