| In recent years,local governments have provided preferential loans and interest discount policies for green mining enterprises,and mining enterprises have actively carried out transformation and upgrading to achieve green development to obtain more debt financing,so as to solve the long-term problems of "difficult loans" and "expensive loans".Debt financing is an important source of funds for mining enterprises,and the rational use of debt financing is conducive to the improvement of their financial performance.But can the blind pursuit of debt financing scale really promote the improvement of the financial performance of mining enterprises? How to adjust the debt financing structure to improve the financial performance of the enterprise?This paper first sorts out the literature of the predecessors on the debt financing of mining enterprises,puts forward the hypothesis of the relationship between the debt financing structure of mining enterprises and the financial performance according to the theoretical basis and the current development status of the mining industry,and then takes the data of 200 mining listed companies from 2012 to 2021 as a sample for research,obtains comprehensive indicators to measure financial performance through factor analysis,and then constructs non-balanced panel data,and then conducts empirical research to analyze the overall level of debt.The impact of long-term and short-term debt and debt from different sources on financial performance,and the reliability of the empirical results is verified through the robustness test,and then the mediating effect of management’s shareholding ratio on debt financing structure and financial performance is tested,which provides a new path for the impact of debt financing structure on financial performance.The results show that for the mining industry,the overall level of debt,long-term liabilities and financial liabilities will inhibit the improvement of financial performance.Short-term liabilities and operating liabilities will play a positive role in improving financial performance;Management shareholding plays a part-role role in the relationship between debt financing structure and financial performance of mining enterprises.According to the research results,this paper puts forward countermeasures from three aspects: adjusting the debt financing structure,optimizing the management incentive mechanism and carrying out diversified development,hoping to ultimately achieve the purpose of promoting the green transformation and upgrading of the mining industry,and realize the mutual causal and virtuous circle of improving the financial performance of enterprises and green transformation and upgrading. |
