Can Commercial Credit Financing Promote the High Quality Development of Mining Enterprises——Based on the Moderating Effect of Enterprise Scale
Received date: 2021-06-09
Revised date: 2021-07-07
Online published: 2022-03-07
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.
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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