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Gold Science and Technology >

2021 , Vol. 29 >Issue 6: 874 - 883

DOI: https://doi.org/10.11872/j.issn.1005-2518.2021.06.074

Mining Technology and Mine Management

Can Commercial Credit Financing Promote the High Quality Development of Mining Enterprises——Based on the Moderating Effect of Enterprise Scale

  • Minggui ZHENG , 1, 2 ,
  • Biying YOU , 1 ,
  • Ping WU 1
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  • 1. Research Center of Mining Trade & Investment, 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 date: 2021-06-09

  Revised date: 2021-07-07

  Online published: 2022-03-07

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Highlights

As the main body of material production of national economy，mining enterprises provide huge material wealth for economic construction.In the new era from scale speed type to quality efficiency type，the original extensive production mode has been difficult to meet the high-quality development requirements of the existing economy. The problems of imperfect self governance mechanism and shortage of funds lead to the lack of self-development ability. As an external financing channel，commercial credit financing can provide financial support for enterprises and has an important impact on the high-quality development of enterprises.Taking the data of mining enterprises from 2014 to 2018 in China as samples，this paper uses total factor productivity to measure the high-quality development of enterprises. It focuses on the empirical study on the relationship between commercial credit financing and high-quality development of mining enterprises，and examines the moderating role of enterprise scale in the relationship between them.Firstly，based on the input-output perspective，the net fixed assets and the total number of employees are selected as input variables，the total output value of the enterprise is selected as output variables，and the DEA-Malmquist index method is used to calculate the total factor productivity，so as to measure the high-quality development level of the enterprise.The results show that the total factor productivity of Chinese mining enterprises varies greatly and is generally low from 2014 to 2018，with an overall average of 3.014；The overall degree of commercial credit financing used by Chinese mining enterprises is not high，and the difference is obvious，of which the maximum value is 1.680 and the minimum value is 0.015.The empirical results show that：（1） commercial credit financing has a negative impact on the high-quality development of mining enterprises；（2） enterprise scale plays a significant role in weakening the negative impact of commercial credit financing on the high-quality development of mining enterprises；（3） further research shows that there is property right heterogeneity in the negative impact of commercial credit financing on the high-quality development of mining enterprises，which is more significant in non-state-owned enterprises.According to the empirical results，this paper puts forward targeted suggestions to improve the high-quality development level of Chinese mining enterprises，such as reducing commercial credit financing，expanding financing channels，maintaining capital liquidity to reduce repayment risk，and differentiated management.

Cite this article

Minggui ZHENG , Biying YOU , Ping WU . Can Commercial Credit Financing Promote the High Quality Development of Mining Enterprises——Based on the Moderating Effect of Enterprise Scale[J]. Gold Science and Technology, 2021 , 29(6) : 874 -883 . DOI: 10.11872/j.issn.1005-2518.2021.06.074

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必和必拓合作开展克拉通勘探计划

据Mining.com网站报道，世界最大矿企必和必拓公司已经同来自莱斯特大学、西澳大学和麦考瑞大学的研究人员签署协议，圈定新靶区以寻找对电动汽车革命极为重要的金属矿床。这项为期两年的计划具体名称为“克拉通边缘靶区四维勘探”（Craton Margin Exploration Targeting 4D），其目的是定位新的镍矿位置。

镍是电动汽车生产所需的锂离子电池阴极的主要成分。但是，目前镍生产地理上高度集中分布在亚洲，其中印度尼西亚占全球供应的33%，其次是菲律宾（12%）和俄罗斯（11%）。从精炼能力上看，中国产量占世界的35%。

鉴于这种情况，在其他地方寻找待发现电池金属资源并以创新和环保的方式加工已成为各国和企业迈向更绿色未来的重要考量。莱斯特和西澳大学的团队已经在研究岩浆系统在岩石圈运移过程中金属迁移和富集的机理。这些正在进行的工作将与实验岩石学和构造模拟的最新进展相结合，聚焦地壳中的“甜点”（Sweet Spots），这些地方在地史中发生过一系列有利成矿的事件。

这项基础研究可能改变科学家目前对镍成矿系统的认识，在全球范围内开辟新的镍勘探空间。“我们乐于同必和必拓开展合作。非常荣幸有机会将最近和正在开展的有关铜镍铂族金属矿床的一些研究成果用于勘探靶区圈定”，首席科学家大卫·豪威尔（David Holwell）在媒体发布会上表示。“我们拥有一支国际化、多元化的团队，专家能够取长补短”。

http://www.goldsci.ac.cn/article/2021/1005-2518/1005-2518-2021-29-6-874.shtml

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