Analysis Of Chinese Listed Coal Companies' Financing Behavior Based On The Life Cycle Theory

With rapid development of China's market economy and deepening of the reform of coal industry, China's coal industry has been rapidly grown, coal companies scale have been expanded and strength have been promoted, coal companies have entered the rapidly growing life-cycle and transit toward maturity stage. Integrate with financial markets, and through technical innovation and upgrading, as well as measures such as mergers and acquisitions, the coal companies carried out extensive and intensive expansion. Coal enterprise's funds demands are increasing. Therefore, the enterprises access to capital and financial markets to carry out multi-channel financing. However, due to different accessing timing to capital markets and the different enterprise's own growth model and growth conditions, market's expectations of enterprises' future growth are different, so different enterprises have different capital premium while equity financing and different enterprises' cost of capital are quite different.This article takes finance - investment - growth as the main line, to study the Chinese listed coal company's business structure, financing methods and capital operations based on the life cycle theory and binding with the classical theory of corporate finance, and then put forward suggestions to coal enterprises' financing issues for the growth of China's coal enterprises based on the determination of the growth stage of enterprise.