中国矿业公司融资影响因素的实证研究

Empirical Study on Financing Behavior Factors of Chinese Mining Companies

矿业公司经营特征与其他行业存在较大差异,同时,采矿业、冶炼业公司的业务特点、财务收益与经营风险也有明显差异,这对矿业公司的融资会产生不可忽视的影响。本文选取4个极具矿业特色的融资影响因素以及9个企业共性因素,实证检验它们对矿业公司融资方式及融资期限的影响。研究发现,价格波动不利于矿业公司获取银行借款,尤其是长期借款;矿业公司计提的安全生产费能够帮助公司获得债务融资;并购对矿业公司的内源融资、银行借款、长期借款存在正影响。资源税对矿业公司的内源融资存在负影响;此外这些因素对采矿业、冶炼业公司融资的影响存在一定差异。

There are large difference in operating characteristics between mining companies and other industries. At the same time, mining industry company and smelting industry company also have obvious difference in main business, financial benefit and business risk. These differences in the financing of mining companies can not be ignored. Based on the characteristics of mining industry, we choose 4 factors which can embody the characteristics of mining industry and 9 common factors of enterprise to empirically test their influence on mining companies financing way and financing maturity. The result shows that price fluctuation is not eondueive to mining eompanies to obtain bank loan, especially for long-term loan. Mining companies to plan the safe production costs can help the company access to debt financing. Merger is posi- tively related to endogenous financing, bank loan and long-term loan. Resource tax is negatively related to endogenous financing. In addition, these factors influence on the financing of mining and smelting industry on a different way.