山西煤炭上市公司资本结构分析

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1、AbstractChinaisoneoftheworld'srarecountryascoalmainenergy,havingrichreservesofcoalresources.CoalindustryistheimportantpillarofournationaleconomyinChina.Shanxiisabigprovinceofcoal,havingreservecoalresourcesandwholevariety.Shanxi’scoalminingtechnologyishardandcoalindustryhaslong

2、beenthecenteroftheeconomydevelopmentinShanxi.Butbecauseofthelong-termdispersionofcoalindustryconcentration,whichcausedproblemsconstantly,coalenterprisescontinuouslycarryonthemergerandreorganizationunderthesituationofthenationalindustrialpolicyadjustment.Shanxicoallistedcompani

3、esshouldseizetheopportunityandmeetthechallengeinordertoenhancetheirstrengthconstantly,continuingtogrowanddevelop.Alongwiththefastdevelopmentofeconomyandtheadvancementofspecializationinourcountry,theconsumptionstructureoftheresidentshasagreatchangethaneverbefore.Thedemandonener

4、gyespeciallycoalresourcesisgrowingindomestic.Shanxicoallistedcompaniesmustfollowthepaceofeconomicdevelopment,adjusttheirowndevelopmentstrategytimely,findtheproblemsofthecapitalstructureandmakecapitalstructureadjustmentconstantly.Whatkindofcapitalstructureistheshanxicoalenterpr

5、ise'soptimalcapitalstructure,whattheinfluencefactorsofthecorporatecapitalstructureandwhatkindofrelationshipisthecapitalstructureandcorporateperformance.Shanxicoallistedcompanies’capitalstructureneedtostudytheseproblems.ThispaperwillselectShanxicoallistedcompaniesastheresearcho

6、bject,analysethedataofShanxicoallistedcompaniesaboutcapitalstructurefrom2007to2011anddiscussthepresentsituationofShanxicoallistedcompanies’capitalstructureandthechoiceoffinancing.Thispaperwillanalysetherelationshipofthecapitalstructureandcorporateperformanceanddiscussthefactor

7、saffectingthecapitalstructureinthedescriptiveandempiricalway.TheconclusionistheownershipconcentrationofShanxicoallistedcompaniesishigh,thedebtstructureisnotreasonable,thecurrentdebtratioishigher,thecompany'ssizeandtheabilitytorepaydebttocapitalstructureislargerandthecompany’sg

8、rowthtocapitalstructureisnotmarked.Therefore,thepaperthinktha