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

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.