Empirical Analysis On The Profitability Of Coal Industry Based On Dupont System

The coal industry is the basic industry of our country,which plays an important role in the electric power and heat.It plays an important role in our national economy.The coal listed companies,as the company's coal industry in large scale,good business enterprise,plays an important role for the development of the coal industry financing path and improve the corporate governance structure,but also conducive to the implementation of modern enterprise system in coal enterprises.However,with the recent weakness in the coal market,the gradual reduction in the coal industry investment,enterprise efficiency continues to decline,at the same time over the years because of coal accumulation of massive production capacity,market supply in the adjustment speed is slow,coal prices continued to fall sharply,almost the entire industry are at a loss.In addition,due to the lack of reasonable allocation of resources within the coal enterprise,which led to the irrational structure of the assets,the use of assets is not efficient,thereby further weakening the level of corporate profits.Asset structure refers to the proportion of the assets in the total assets of the enterprise.Capital structure is the enterprise to reflect the capital utilization degree of effect,when an enterprise funds after the introduction of the follow-up there will be different kinds of assets,so the assets structure of enterprises reasonable demands,asset structure have reasonable means that enterprises can continue in the future for the normal production and operation activities at the same time also affect the profitability of the enterprise.If the enterprise's asset structure is unreasonable,it may hinder the development of the enterprise in the future.In this paper,the existing research results,taking into account the importance of the coal industry in China's economy,the coal industry listed companies as a sample to study the relationship between asset structure and profitability.This paper started from the coal industry,according to the annual financial statements from 2011 to 2015 of 28 coal listed company data,through empirical analysis and referring to the domestic and foreign literature,analyze the relationship between the coal industry assets structure and profitability.First of all,carried on its assets structure and profitability analysis using the financial data released by the coal enterprises,and find out the reasons affecting the assets structure of coal enterprises from rationality;secondly,twenty-eight coal industry in Shanghai and Shenzhen listed companies as the sample,the assets structure and profitability in 2015 to make quantitative analysis.At the same time can be selected for more 6representative index of assets structure: inventory ratio,currency funds ratio,the ratio of fixedassets,accounts receivable ratio,and the ratio of intangible assets,and then select the representative of the profit level of the rate of return on total assets and net assets yield rate.In the descriptive statistics of each index data,set the rate of return on total assets and net assets income rate as the explanatory variables,the inventory ratio,currency funds ratio,the ratio of fixed assets,accounts receivable ratio and the ratio of intangible assets as explanatory variables,multiple regression analysis,quantitative empirical test of the relationship between the capital structure and profitability.By empirical analysis,we can draw the conclusion: in total assets,accounts receivable and intangible assets accounted for a positive correlation with profitability;the remaining three were finally according to the above analysis results,for with the coal industry,in order to improve the asset structure,construct reasonable profitability suggestions negative correlation.