Research On Diversification And Corporate Value Of China'scoal Listed Companies

With the increasingly fierce market competition and the continuous expansion of the scale of enterprises,diversification has increasingly become a trend of modern enterprises.Because of the exhaustible and non renewable coal resources,the development of coal enterprises is facing a severe test.Diversification is the only way for the sustainable development of coal enterprises.After the gradual entry into the "cold winter",the coal industry is trapped in the plight of supply greater than demand and environmental protection policy,and the diversification of the coal industry is diversified.It has become an important means for many coal enterprises to meet challenges in the new situation.Therefore,the study of the relationship between coal diversification and corporate value has important theoretical and practical significance.This paper first defines the concept of diversification and enterprise value,collate the relevant literature on the factors affecting diversification,the relationship between diversified management and enterprise value,and the diversification of coal enterprises,and expounds the motivation theory and effect theory of diversification management,which lays the foundation for the following research.The theoretical basis.Secondly,it analyzes the current situation,characteristics and problems of diversification of coal enterprises in China.It is found that most of China's coal enterprises have carried out diversified business operations,and are dominated by related diversification,and there are many problems in the areas of insufficient diversification and low economic efficiency.Thirdly,this paper puts forward research hypotheses by analyzing the factors affecting the diversification of coal enterprises and their impact on company value.Select the listed companies as the main industry as the research sample,from the Sample Firms annual report by manually sorting out the diversification of the sub industry data,using indicators tomeasure the diversification of coal enterprises.The regression analysis model of the factors affecting the diversification of coal enterprises is constructed by selecting the scale of the enterprise,the level of debt,the concentration of equity and the ability of growth.The regression analysis model of the relationship between the diversification of coal enterprises and the value of the company is constructed by selecting the net assets yield and the index of the diversification level of the coal enterprises.Finally,we use Eviews statistical analysis software to test the influencing factors and economic consequences of the diversification level of coal enterprises.Through correlation analysis and regression analysis,the influence degree of enterprise scale,debt level,equity concentration and growth ability on the diversification level of enterprise is verified,and the economic effect of diversification is analyzed based on net asset return rate.