Financing Channels，Government Subsidies and R&D Investment of Chinese Mining Enterprises
Received date: 2021-02-07
Revised date: 2021-04-22
Online published: 2021-07-14
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.
Minggui ZHENG , Jing ZHANG , Juan DONG . Financing Channels，Government Subsidies and R&D Investment of Chinese Mining Enterprises[J]. Gold Science and Technology, 2021 , 29(3) : 457 -466 . DOI: 10.11872/j.issn.1005-2518.2021.03.025
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