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为有助于实现煤炭企业安全生产,解决安全投入不足的问题,采用实证的研究方法,以2011—2015年煤炭上市公司的数据为样本,探究融资约束对煤炭企业安全投入的影响。实证结果表明,煤炭企业融资约束程度与安全投入负相关;企业短期借款水平与安全投入负相关,即随着短期借款的增加,安全投入水平降低;煤炭企业长期借款水平与安全投入无直接关系;安全投入与企业内部现金流正相关。因此,改善企业融资环境有助于增强企业的安全投入力度。
In order to help realize safety production in coal enterprises and solve the problem of insufficient investment in safety, an empirical research method was used to analyze the impact of financing constraints on coal enterprises’ safety inputs from the data of listed coal companies in 2011-2015. The empirical results show that the degree of financing constraint of coal enterprises is negatively correlated with the investment in safety; the short-term loan level of enterprises is negatively correlated with the investment in safety, that is, with the increase of short-term borrowings, the level of safety investment is reduced; and the long-term borrowing level of coal enterprises is not directly related to safety investment; Safety inputs are positively correlated with internal cash flows. Therefore, improving the corporate financing environment will help enhance the safety of enterprises.