Financing Channels,government Subsidies And R&D Investment Of Mining Listed Companies

This paper is derived from the National Social Science Foundation key Project(18AGL002),the National Natural Science Foundation key Project(71631006)and the major project cultivation plan of Jiangxi University of Science and Technology(19ZDPY-08).Focusing on the research of R&D financing of listed mining companies in China,this paper adopts the methods of combining theoretical analysis with empirical analysis,macro-analysis with micro-analysis,and based on the review of relevant literature and relevant theories in the field of R&D financing of enterprises,probes into the possible relationship and mechanism among financing channels,government subsidies and R&D investment of mining enterprises,and seeks to improve the ways and methods for mining enterprises to obtain R&D funds.The main research contents and conclusions are as follows:Firstly,this paper briefly expounds the related theories of market failure and government intervention theory,externality theory,information asymmetry theory,pecking order theory and signal transmission theory,and systematically combs the existing domestic and foreign literatures in the field of enterprise R&D financing,and summarizes the relationship between three main sources of R&D funds,namely endogenous financing,exogenous financing and government subsidy,and enterprise R&D innovation,which provides theoretical and empirical reference for the next research.At the same time,the financial support policies such as adjustment and upgrading of mining related industries,industrial transformation and upgrading,and enterprise structure adjustment are briefly introduced.Comprehensive analysis shows that,at present,China's mining industry still has extensive and inefficient development,which needs innovative support in mining,selection,metallurgy and other industrial chains.The introduction of a number of financial support policies also reflects the country's determination to promote the transformation and upgrading of the mining industry.However,in order to realize technological innovation,mining enterprises should not only rely on the support of government subsidy funds,but capital market financing should play its main regulatory role.This paper discusses how to promote R&D investment of mining enterprises in China from two aspects: financing channels and government subsidies.Secondly,the data of 120 listed mining companies in China from 2012 to 2019 are selected as samples,and the feasible generalized least square method(FGLS)is used for regression analysis of the measurement model.In order to explore whether the financing channels of Chinese mining enterprises can promote R&D investment,the econometric regression models are established from the perspectives of internal and external sources financing and stock debt financing.After controlling the related variables such as enterprise scale,enterprise age,equity concentration,capital intensity and enterprise growth,the supporting effects of R&D funds from different financing channels are compared and analyzed.Regression results show that both endogenous financing and exogenous financing can significantly promote R&D investment of listed mining companies in China;By further dividing the sources of external financing,it is found that equity financing significantly promotes R&D investment of Chinese mining enterprises,while debt financing does not have a positive impact on R&D investment of mining enterprises.Thirdly,on the basis of the above model,this paper constructs a moderating effect model with the interaction between government subsidies and endogenous financing,and empirically tests the positive moderating effect of government subsidies between endogenous financing and R&D investment of mining enterprises.The research shows that the more government subsidies mining enterprises apply for,the stronger the "incentive effect" and supervision,and the more incentive enterprises have to invest more internal funds in R&D projects;In addition,the recursive model is constructed by using the step-by-step test method of mediation effect.The empirical results show that government subsidies play a signal transmission effect between external financing and R&D investment of mining enterprises,that is,government subsidies help enterprises to obtain more external financing,thus promoting the establishment of mediation path of R&D investment of mining enterprises.Finally,based on the above research conclusions,the paper puts forward corresponding policy suggestions from the aspects of strengthening the information disclosure mechanism of mining enterprises,improving the financial structure system of the government and optimizing the supervision mechanism of financial subsidy funds,which provides practical basis for R&D financing of mining enterprises in China.