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黄金科学技术 ›› 2021, Vol. 29 ›› Issue (3): 457-466.doi: 10.11872/j.issn.1005-2518.2021.03.025

• 采选技术与矿山管理 • 上一篇    

融资渠道、政府补助与中国矿业企业研发投入

郑明贵1,2(),张静1(),董娟1   

  1. 1.江西理工大学经济管理学院,江西 赣州 341000
    2.中国科学技术大学管理学院,安徽 合肥 230026
  • 收稿日期:2021-02-07 修回日期:2021-04-22 出版日期:2021-06-30 发布日期:2021-07-14
  • 通讯作者: 张静 E-mail:mgz268@sina.com;eduzhangjing@163.com
  • 作者简介:郑明贵(1978-),男,安徽颍上人,教授,博士生导师,从事资源经济与管理方面的教学与研究工作。mgz268@sina.com
  • 基金资助:
    国家社会科学基金重点项目“中国战略性矿产资源国家安全评估与预警系统研究(2020-2050)”(18AGL002);国家自然科学基金重点项目“大数据环境下的评价理论、方法和应用”(71631006);江西理工大学重大项目培育计划“大数据驱动下国家矿产资源安全战略管理现代化研究”(19ZDPY-08)

Financing Channels,Government Subsidies and R&D Investment of Chinese Mining Enterprises

Minggui ZHENG1,2(),Jing ZHANG1(),Juan DONG1   

  1. 1.School of Economics and Management,Jiangxi University of Science and Technology,Ganzhou 341000,Jiangxi,China
    2.School of Management,University of Science and Technology of China,Hefei 230026,Anhui,China
  • Received:2021-02-07 Revised:2021-04-22 Online:2021-06-30 Published:2021-07-14
  • Contact: Jing ZHANG E-mail:mgz268@sina.com;eduzhangjing@163.com

摘要:

选取2012~2019年中国矿业上市公司为研究样本,采用可行广义最小二乘法进行实证分析,考察了融资渠道对矿业企业研发投入的影响,并检验了政府补助的调节效应与信号传递效应。研究发现:(1)内、外源融资均能显著促进中国矿业企业研发投入,对外源融资渠道做进一步划分发现,股权融资对矿业企业研发投入有显著促进效应,而债权融资则不具有显著影响;(2)政府补助对矿业企业内源融资与研发投入之间的关系具有显著的正向调节效应;(3)政府补助对矿业企业外源融资与研发投入之间的关系具有信号传递效应,即政府补助有助于矿业企业获取更多的外源融资,进而促进企业研发投入的中介作用路径成立。研究结论为我国矿业企业研发融资提供了参考,同时为政府制定相关补贴政策、促进企业自主创新及推动资本市场发展提供了微观证据。

关键词: 内源融资, 外源融资, 政府补助, 研发投入, 信号传递效应, 矿业上市公司

Abstract:

As a basic industry,mining needs innovative support in key links such as mining,dressing and metallurgy,so as to solve the problem of extensive and inefficient production,boost the construction of green mines and realize the high-quality development of mining.Research and development(R&D) funds are the premise and foundation for enterprises to carry out innovative R&D activities,and the quantity and quality of innovative achievements largely depend on the support of financing system and policy environment.Then,under the control of the “invisible hand” of the market,can the current financing channels of Chinese mining enterprises promote the R&D investment of enterprises?At the same time,under the intervention of the “visible hand” of the government,what role does the government subsidy obtained by mining enterprises play in the relationship between financing channels and R&D investment of enterprises?In this paper,starting from the sources of R&D investment,the listed mining companies in China from 2012 to 2019 were selected as samples,and the feasible generalized least squares method was used for empirical test.It is found that:(1)Both endogenous financing and exogenous financing can significantly promote R&D investment of Chinese mining enterprises.By further dividing the sources of external financing,it is found that equity financing can significantly promote R&D investment of mining enterprises,while debt financing has no significant impact. (2)Government subsidies have a significant positive regulatory effect on the relationship between endogenous financing and R&D investment of mining enterprises.(3)Government subsidies play a role of signal transmission in the relationship between external financing and R&D investment of mining enterprises,that is,government subsidies help mining enterprises to obtain more external financing,thus promoting the establishment of an intermediary role path for R&D investment of enterprises.To some extent,the conclusions of this paper provide reference value for R&D financing of mining enterprises in China,and provide microscopic evidence for the government to formulate relevant subsidy policies,and promote independent innovation of enterprises and the development of capital market.

Key words: endogenous financing, exogenous financing, government subsidies, R&D investment, signal transmission effect, mining listed companies

中图分类号: 

  • F273.1

表1

主要变量定义"

变量

符号

变量名称计算方法
R&D研发投入研发支出/营业总收入
EnFund内源融资(盈余公积+未分配利润)/总资产
ExFund外源融资筹资活动现金流净额/总资产
Equity股权融资(股本+资本公积)/总资产
Debt债权融资(短期借款+长期借款+应付债券)/总资产
Sub政府补助政府补助/总资产
Size企业规模总资产的自然对数
Age企业年龄计算年-成立年,并取自然对数
Share股权集中度第一大股东持股比例
Cap资本密集度固定资产净额/总资产
Growth企业成长性营业总收入增长率
Year年度效应年度虚拟变量

表2

变量描述性统计结果"

变量平均值标准差最小值最大值
R&D0.0170.0170.0000.152
EnFund0.1620.142-0.6390.554
ExFund0.0090.092-0.3080.527
Equity0.2960.1710.0261.148
Debt0.2410.1420.0000.663
Sub0.0040.0070.0000.114
Size23.3101.57720.01528.636
Age2.8020.2831.6093.526
Share43.40716.6983.39089.990
Cap0.3170.1370.0000.766
Growth0.1420.789-0.63419.702

表3

融资渠道对企业研发投入影响的回归结果"

变量回归系数
模型(1)模型(2)模型(3)模型(4)
EnFund0.0043**0.0099***0.0091***
(2.16)(4.92)(3.54)
ExFund0.0080***0.0100***
(6.58)(8.06)
Equity0.0161***
(7.25)
Debt0.0028
(1.40)
Size-0.3900***-0.4370***-0.4720***-0.2930***
(-17.72)(-20.34)(-23.66)(-12.46)
Age-0.4500***-0.6750***-0.5220***-0.4820***
(-4.83)(-5.60)(-5.03)(-5.62)
Share0.0064***0.0075***0.0070***0.0069***
(2.67)(3.13)(2.86)(3.05)
Cap1.2460***1.4200***1.5660***1.6730***
(7.21)(7.95)(8.90)(10.14)
Growth-0.0445**-0.0461**-0.0486**-0.0416**
(-2.23)(-2.31)(-2.38)(-2.13)
year控制控制控制控制
cons10.9900***12.6300***12.8900***8.0880***
(18.06)(23.87)(24.71)(12.37)
Wald chi2427.24***656.91***966.74***892.46***
N849847847844

表4

政府补助的调节效应检验"

变量回归系数
模型(5)模型(6)
EnFund0.0117***0.0131***
(6.15)(7.65)
ExFund0.0105***0.0109***
(8.61)(9.15)
Sub0.03220.1620***
(0.94)(4.32)
EnFund × Sub0.0079***
(5.14)
Size-0.4500***-0.4140***
(-22.24)(-21.50)
Age-0.5130***-0.5340***
(-5.12)(-6.05)
Share0.0069***0.0075***
(2.87)(3.27)
Cap1.7900***1.8440***
(10.26)(11.40)
Growth-0.0471**-0.0421**
(-2.35)(-2.04)
year控制控制
cons12.2500***11.3600***
(23.87)(24.05)
Wald chi2991.59***1 458.19***
N847847

表5

政府补助的信号传递效应检验"

变量回归系数
模型(7)模型(8)模型(9)
Sub0.0721**0.5960**0.0778**
(2.29)(2.09)(2.09)
ExFund0.0188***
Size-0.3350***-0.3950***-0.3000***
(-24.40)(-3.54)(-12.93)
Age-0.0771-5.8460***-0.1530***
(-0.75)(-7.25)(-3.38)
Share0.0051**-0.0311***0.0066***
(2.03)(-2.76)(2.70)
Cap1.2110***-13.8700***3.0220***
(6.75)(-8.18)(17.57)
Growth-0.0605***1.0920***-0.0840***
(-2.98)(3.93)(-4.14)
cons9.4960***28.6300***9.0970***
(30.40)(8.99)(19.66)
Wald chi24 334.24***176.67***4 850.65***
N849851847
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