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

Coal is the important fundamental energy of China. Sustainable development of the coalindustry has a significant impact on China’s economic development and national energy security.In order to achieve sustainable economic development and the transitional development, the coalindustry as the prime industry of China’s energy must seize the opportunity and implementtransformational upgrading on the basis of the original development mode. It focuses on not onlythe pursuit of higher growth, but also correctly handles the significant relationship of growth rate,structure, quality and efficiency, increases the value and sustainable development force of the coalenterprises. Capital structure as a very important issue in modern corporate finance has greatinfluence on the sustainable development and enterprise value maximization. In the study anddiscussion of the company’s capital structure, we can not only discover the existed issues, but alsocan provide effective guidance in the corporate capital structure decisions as well as the processof making financial investment decisions.The thesis regarded the listed companies of coal enterprises as research subjects, and theresearch framework is: according to the research result of capital structure’s related theory,taking Xishan Coal as an example, study its capital structure conditions from the point of view offinancial analysis and make comparisons with industries, analyze the capital structure’sunreasonable part, and on this basis according to the choice of the capital structure optimization ofthe coal enterprises, come up with the static capital structure optimized choices, make dynamicadjustments based on the influential factors of the coal enterprise’s capital structure, andeventually propose countermeasure which tends to optimize coal listed companies’ capitalstructure.