基于内部融资环境的矿业企业资本结构研究

Research on capital structure of mining enterprises based on internal financing environment

近年来,我国非金融企业债务规模不断攀升,"降杠杆"成为当前经济建设的重要内容。矿业企业是国民经济的重要组成部分,在经济建设中发挥重要作用,其资本结构状况也备受关注。本文选取2014-2018年矿业类上市公司数据,基于内部融资环境视角,从股权集中度、资产流动性、盈利能力、企业规模和资产周转能力5个方面建立资本结构回归模型,探寻现阶段矿业企业资本结构的影响因素及影响程度。研究结果表明:股权集中度与资本结构负相关,资产流动性与资本结构负相关,盈利能力与资本结构负相关,企业规模与资本结构正相关;并在此基础上进一步构建资本结构影响因素模型测算最优资本结构区间,发现近年来矿业类上市公司资本结构总体呈现先升后降趋势,降杠杆的效果不够显著,企业之间资本结构差异大,整体较为离散。本文建议通过加大矿业企业民营资本或社会资本等外部投资资本占比,完善股权结构;提高资产流动性,增强财务柔性;加强矿业企业技术创新和成本控制,提高产品抗波动能力和核心竞争力,增强盈利能力;以此优化矿业企业资本结构,提升企业价值。

In recent years,the debt scale of China s non-financial enterprises has been increasing,and“Deleveraging”has become an important part of the current economic development.As an important component of our national economy,mining enterprises play a crucial role,and their capital structure has received much attention.Based on the data of listed mining companies from 2014 to 2018,from the perspective of internal financing environment,this paper tries to build a regression model of capital structure from five aspects:ownership concentration,asset liquidity,profitability,enterprise size and asset turnover capacity.The influencing factors and degrees of capital structure of mining enterprises at present have been explored.The results show that ownership concentration is negatively correlated with capital structure,asset liquidity is negatively correlated with capital structure,profitability is negatively correlated with capital structure,and enterprise scale is positively correlated with capital structure.On this basis,we continue to construct the influencing factor model of capital structure so as to calculate the optimal capital structure interval.It is found that for the past few years the capital structure of mining listed companies generally has shown a trend of rising first and falling later;the effect of reducing leverage is not significant enough;the capital structures of enterprises vary greatly without much consistency.The authors suggest that our country should improve the ownership structure by increasing the proportion of external investment capital such as private capital or social capital in mining enterprises,enhance financial flexibility and asset liquidity,increase the anti-fluctuation ability,core competitiveness and profitability by increasing technological innovation and cost control of mining enterprises.We hopes to help mining enterprises to optimize the capital structure and increase their value.