The Effect Of Deleveraging On The Efficiency Of Capital Use Of Coal Listed Companies

Since China's coal industry experienced 10 years of gold from 2002 to 2012,the coal industry has gone from bad to worse.In order to eradicate the excessive leverage of the coal industry due to blind expansion during the golden period,the country officially launched the "de-leverage" reform of the coal industry in 2016.The short-term goal of this reform is to make the coal industry quit excessively relying on the habit of leveraged management,and the long-term goal is to enable coal enterprises to improve their own capital use efficiency.Based on this background,this paper deeply explores the impact of deleveraging on the efficiency of capital use by coal companies.This paper firstly sorts out and evaluates related researches and theories at home and abroad.Secondly,it analyzes the status quo of the coal industry on the basis of in-depth interpretation of the relevant policies of "de-leverage";again,empirical analysis under the guidance of the above theoretical analysis,with internal funds,The three aspects of debt funds and equity funds are used as input indicators.The net assets return rate and the capital operation scale are used as output indicators.The 30 coal listed enterprises in the RESSET database,which are divided by the CITIC industry classification standards,are selected from 2013 to 2017.According to the data of the year,the DEA-BBC model is used to calculate the capital use efficiency of 30 coal listed companies.Finally,the use efficiency of funds as the explanatory variable,leverage ratio as explanatory variable,total return on assets,market share,and GDP growth rate are used as controls.Variables,using Eviews9.0 to carry out F-test and Hausman test on the data of 30 coal-listed enterprises in 2013-2017 for 5 years,and then use the stochastic regression model for regression analysis.The regression results show that the leverage ratio is significantly negative for the use efficiency of funds.Explain that de-leverage can improve the efficiency of capital use of coal listed companies,currently go Policy lever for the development of coal listed companies are promoting action.Therefore,combined with the above conclusions,this paper believes that the current coal industry should continue to implement the deleveraging policy,establish a capital structure conducive to its own development;deepen the mining of capital markets,focus on the development of equity financing;resolutely go to capacity,create efficient and environmentally friendly advanced coal industry.