Study On The Relationship Between Coal Listed Company Capital Struction And Corporate Performance

Capital, assets structure is like a two-wheeled carriage, is located in the bothsides of the balance sheet, only some combination, neck and neck, to improveenterprise performance. In reality, however, many problems do exist in the enterprise’scapital, assets structure. At present, the domestic scholars research on capital, assetsstructure has made great progress, but most of the research is based on all the annualdata of listed companies as research samples. Because of the capital, assets structureand business performance by different industry there is a big difference, so in thispaper, on the basis of existing research results, considering the industry factors effecton the relationship between the two, with coal listed company as an example, thecapital, asset structure, and the researches on the relationship between enterpriseperformance, make up for the deficiency of the existing research, make the research ofcapital, assets structure is more deeply.In this paper,2008listed on the Shanghai and Shenzhen stock exchange in Chinacoal40a-share listed companies for the study of the overall sample (excluding fivemain business change, the real effective samples for35), first of all to coal capitalstructure, capital structure of listed companies has carried on the descriptive analysis;Second, with capital structure, capital structure, asset management capabilities toresearch the main financial variables impact on enterprise performance. Research inthe process of using EVIEWS7.0software, the capital structure capital structure andcorporate performance to build a multiple linear regression model. Study conclusionshows that: first, the micro coal fixed asset ratio of listed companies and corporateperformance, show that the fixed asset utilization efficiency is not high, economies ofscale has not yet been fully play, or is the unreasonable phenomenon of investment infixed assets. Second, the long-term debt ratio, ratio of liquid assets, inventories ofliquid assets ratio and corporate performance was significantly negative correlation.Third, total assets cash recovery rate, the first big shareholder shareholding andcorporate performance was significantly positively related. Finally based on thecapital structure theory, combined with the result of descriptive analysis and empiricalanalysis, from the capital structure optimization, assets structure optimization andoptimization of capital structure and asset structure three aspects put forward theoptimization of coal listed company capital, assets structure policy Suggestions. Correct selection of financing method in practice for the enterprise，the reasonableconfiguration of various assets have provided valuable information.