Research On Financing Strategy Of Coal Enterprises From The Perspective Of Life Cycle

Energy has always been a hot topic of global concern,coal resources play an important role in driving Chinaundefineds economic development.Although the current coal industry is facing the rapid development of new energy,energy conservation and emission reduction pressure,but in the short term,the dominant position of coal as Chinaundefineds energy is unshakable for the time being.Chinaundefineds 13 th five-year Plan puts forward the direction of green development.How to upgrade and transform coal enterprises and extricate themselves from difficulties has become an important issue.Coal industry is a typical capital-intensive industry,the promotion of clean coal production and R & D and other transformation construction requires a large amount of capital input.Therefore,it is of practical significance to study the financing strategy of coal enterprises.According to the enterprise life cycle theory,the enterprise will experience the growth,maturity and decline as well as the organism.At different stages of the life cycle,the profitability and capital requirements of the enterprise are also different.If we only study the financing strategy of an enterprise and ignore its growth law,it will bring a lot of limitations.Therefore,it is more scientific to embed the life cycle into the financing strategy.This paper studies the financing strategy from the point of view of life cycle and makes a case study on Datong coal industry.Taking all the listed companies in the coal industry from 2007 to 2017 as the research samples,this paper uses the financial strategy matrix to divide the enterprise life cycle,and carries on the correlation test between the coal enterprise life cycle and the financing strategy.Through the empirical study,it is considered that the life cycle of coal enterprise is related to the financing strategy,which proves that it is feasible to divide the life cycle of coal enterprise by using the financial strategy matrix,and lays the foundation for the method of dividing the life cycle of coal enterprise in the case study.Provide evidence.On this basis,the financial strategy matrix is used to divide the life cycle of Datong coal industry from 2006 to 2017,and the financing strategies in different stages are analyzed.From the way of financing and the use of funds,the capital structure,the economic consequences of the financing strategy to carry out the analysis.Taking all the coal enterprises selected by empirical research as the sample of industry average,this paper compares the indexes of Datong coal industry with the average value of industry,and tries to find out the influence of financing strategy in different life cycle stages on its business performance.It is found that in the mature stage,Datong coal industry adopts the stable plus defensive financing strategy,operates conservatively,and does not fully utilize the financial leverage to raise funds,but in the decline period,it adopts the expansionary financing strategy to increase investment and reverse the cycle.This paper points out that Datong coal industry should adopt expansion and conservatism financing strategy in the current life cycle stage.At the top of the future,reflecting on the success or failure of the fund-raising strategy of Datong coal industry in all stages of its life cycle,it is undoubtedly of more practical significance to deal with the next cycle.