Study On The Effect Of Debt Structure To Corporate Performance Of Coal Listed Companies

Coal is our energy,the basis of the development of coal enterprises in our country has a close relationship with whether rapid economic sustainable and healthy development.At present,China's economic development is entering a new normal,economic growth is slowing,continue to promote economy structure adjustment,the total energy consumption control,and constantly improve the environmental protection requirements,increasing competition international coal,coal prices have been falling,the outlook is not optimistic.Coal industry development in our country face the situation is very grim,the operating conditions of coal enterprises,how to improve the coal enterprise business performance,optimization of corporate capital structure become scholars research direction.Scholars at home and abroad about the research of capital structure and corporate performance has very fruitful results,but study is not a lot of the structure of the company's debts and most of all in listed companies as samples.The debt structure and corporate performance relationship on the basis of different industry and there is a big difference,so in this paper,on the basis of existing research results,with coal listed company as an example,the researches on the relationship between debt structure and corporate performance,make up for the deficiency of the existing research,the research of capital structure is more complete and deeper.Based on the 2012-2014 in Shanghai and Shenzhen stock exchange listed coal 39 a-share listed companies as the overall research object,first of all to coal listed company debt descriptive analysis,term structure and layout structure;Secondly,using the Pearson correlation analysis and multiple linear regression method research scale,maturity structure of debt financing,arrangement structure of coal listed company performance,the influence of this in order to further study the effect of debt structure and corporate governance effect provides a rich and systematic evidence.Finally,on the basis of empirical research,the optimization of coal debt structures of listed companies in our country put forward policy Suggestions,not only in order to further improve the laying a foundation for the role of debt financing on corporate governance,and help to optimize the capital structure of coal listed companies in our country,for the coal listed companies correct selection of financing method in practice,has certain guiding significance to promote its development.