Coal Mining Firms' Technological Innovation,Financing Efficiency And Operating Performance

Owing to the influence of national macro-policy and market-oriented economy,the development of traditional coal industry has confronted with the bottleneck period during which the problems,such as backward production technology,lower processing rate of products,higher casualty rate,and serious environmental pollution,have become increasingly to be not ignored.Under the dual influence of macroeconomic environment and internal operation,market competitiveness of coal industry is declining dramatically.To enhance the market competitiveness,the central governance has deepened the reform of coal mining firms,such as taking measures of merger,reorganization,integration and even closure for coal mining firms that don't reach the compulsory national standards in respects of safety,environmental protection,quality and technology;besides,the central governance has encouraged the coal mining firms to adopt technological innovation.If we want to solve fundamentally the exiting problems of coal mining firms in the new environment to achieve the goal of the optimization of industrial structure,transformation and upgrading of firms,and ultimately improve the market competitiveness of coal mining firms,managers should attach importance to independent innovation activities.Based on the relevant research at home and abroad,the paper first defines the concepts of main variables,such as operating performance,technological innovation,financing efficiency,and environmental regulation,and expounds Resource-based theory,Schumpeter's innovation theory,Porter's hypothesis theory and Neoclassical economics theory.Second,a comprehensive and systematic research design is carried out to help study,including the new research hypotheses,variable definition,model design,and sample selection.Third,according to the model design,this paper uses the software SPSS 19.0 and Statal2.0 to examine the relationship between technological innovation and operating performance,and the moderating effects of financing efficiency and environmental regulation.In order to improve the robustness of the research results,the robust test is also conducted.Finally,depending on the empirical research conclusion,the paper explains the policies and suggestions to effectively improve the operating performance in aspects of improving laws and regulations,attaching importance to independent research and development activities,broadening financing channels and reducing environmental pollution.Based on the theoretical analysis and empirical results,the conclusions are as follows:First,with regard to coal mining firms,technological innovation strategy is an important factor affecting operating performance,and coal mining firms that attach importance to technological innovation activities can effectively promote the improvement of operating performance.Second,the financing efficiency of China's coal mining firms is generally lower,and the financing efficiency has a significant impact on the relationship between technological innovation and operating performance;that is,due to the moderating effect of financing efficiency,the technological innovation can help enhance the level of operating performance more effectively.Third,with increasing efforts of central government to protect and restore the environment,the coal mining firms are more constrained by environmental regulation,and the moderating effect of financing efficiency on the relationship between technological innovation and operating performance is weaker when the intensity of environmental regulation is greater.Based on the relevant research at home and abroad,the paper combines the normative and empirical approach to investigate the relationship between technological innovation and operating performance,and further analyze the moderating effects of financing efficiency and environmental regulation.The conclusions not only provide new opinions for the central government and managers about how to improve the operating performance,but also provide a theoretical basis for the scholars on such topics as operating performance,technological innovation and others that are necessary to be further investigated.