The Research On The Optimization Of Capital Structure Of Chinese Listed Coal Companies

Among the few countries, Coal is China's main energy , the coal industry has an important position in the national economy.In recent years, the domestic demand for coal continued to grow ,as China's industrialization and urbanization process accelerated, and escalation of consumption structure.The coal industry face some problems such as fast investment growth, industry etcconcentration low ,coupled with the current by the financial crisis, making the development of coal industry faces some difficulties.What kind of capital structure will enable enterprises'value to maximize? and what factors influence the company's capital structure? To find the coal optimal capital structure of listed companies has great significance, which will make coal enterprises out of the woods as soon as possible.In a more systematic review of the existing capital structure theory, this article make a simple review and introduction about investment and financing reform and the characteristics of the coal industry, analyse the coal enterprises'status quo of capital structure and financing options.Then make empirical study on relationship between corporate performance and capital structure,and influencing factors.The results show that: listed coal company's capital structure and firm performance was positively correlated; the relationship between business growth index, short-term liquidity indicators, indicators of non-debt tax shield, the value of asset-backed targets and capital structure is negative, but product uniqueness indicators, firm size indicators is positive, and the relationship with corporate profitability indicators is unstable.On the study of theoretical and empirical, this paper proposed some policy proposals which can optimize our coal listed companies'capital structure from the micro-and macro-optimization, and the ultimate aim is to achieve maximum business value.