Journal of Engineering, Project, and Production Management, 2026, 16(1), 2025-39
Influence of Financing Methods on Sustainable Development of Agricultural Enterprises
1 Associate
Professor, School of Economics & Management, Foshan Polytechnic, Foshan
528137, China, E-mail: Peggy201306@163.com
2 Lecturer, School of Economics &
Management, Foshan Polytechnic, Foshan 528137, China, E-mail:
Peggy201306@163.com (corresponding author)
Project Management
Received February 12, 2025; revised September 16, 2025; accepted September 16, 2025
Available online December 24, 2025
Abstract: This article studies the influence of different financing methods on the sustainable development of Chinese agricultural enterprises. A fixed effect model was used with data sourced from listed companies in the China Stock Market & Accounting Research (CSMAR) database spanning from 2013 to 2020. To understand the sustainability of agricultural enterprises in a comprehensive perspective, this study further adopts a series of environmental performance indicators, such as green innovation input and carbon emission intensity, in addition to social performance metrics, including rural employment contribution, and industrial chain driving effect. These indicators are integrated to construct a composite sustainability index to examine the influence of financing methods on multi-dimensional sustainability. Firstly, these indicators differ from one another, with government subsidies having the greatest promoting effect on agricultural enterprises’ sustainable development, followed by endogenous financing and equity financing, while bond financing exhibits an inhibitory effect. It is worth noting that bank credit does not have a significant impact. Secondly, when evaluated by enterprise nature, the influence of internal financing ratio and government subsidy intensity is more pronounced on private companies than on state-owned companies. Thirdly, evaluated by region, the endogenous financing ratio plays a more significant role in fostering the sustainable development of agricultural enterprises in the western region than in eastern and central regions. In contrast, government subsidy intensity shows a greater promoting effect in the central region than in the eastern and western regions.
Keywords: Financing methods, return on total assets, agricultural enterprises.
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Citation: Huang, P. and Li, J. (2026). Influence of Financing Methods on Sustainable Development of Agricultural Enterprises. Journal of Engineering, Project, and Production Management, 16(1), 2025-39.
DOI:
10.32738/JEPPM-2025-39
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