The Influence Factors Of China's Coal Listed Companies Operating Performance Analysis

In recent years, the state high standards and strict environmental requirements, greatly limits the extensive development of the coal industry, but in the next longer period, coal in China's energy structure will account for more than 50% for economic and social development still it plays an important role. Coal sector listed companies as the industry competitive enterprises will undoubtedly be affected by the above-mentioned national macro-policy environment, coupled with the existence of its own capital structure,ownership structure, asset size and other anomaly, more inevitably affect its operating performance improved. Since the operating performance determines the survival and development of coal, the coal industry for the national economy plays an important role, so for research operating performance factors coal industry has been the subject of much attention.In view of this, after full analysis of the basis of domestic and foreign scholars on the industry operating performance influence factors, based on the combination of China's national conditions and characteristics of the coal industry, to understand the listed company's external and internal environment, the internal governance of listed companies as the main content of the study, to explore the factors that affect its operating performance,the study of these factors impact on business performance. The innovation of this paper is a comprehensive analysis of coal listed companies external and internal environment and proposed indicators have characteristics of the industry from outside the company, such as:use of natural gas and coal imports index, breaking the previous academic study only affect the internal corporate governance on Operating Performance situation. Specifically this study is the most representative of the coal industry 26 A-share listed companies in the study, the choice of 2009- Data 2014 for six consecutive years as samples taken normative and empirical research approaches to agency theory and stakeholder theory, regression model, and finally discuss how to improve the operating performance of mining listed corporations. The empirical results show that: the gross domestic product, the amount of natural gas, the cash flow debt ratio, debt ratio, R & D spending and environmental factors on the operating performance of coal companies have a significant impact. And according to conclusion, after analysis of the reasons put forward to improve the management and four-point proposal to improve the operating performance of mining listed corporations:actively implement national policies to seize development opportunities; identify the location restructuring, promote diversified development; improve the internal management mechanism, optimization of debt governance structure; to increase investment in research and development and environmental protection, the pursuit of sustainable development.