A Study On The Policy Performance Evaluation Of The Coal Industry's Debt-to-Ship Conversion

Around 2015,the coal industry faced a serious debt crisis.But with the opening of a new round of debt-to-equity policy,the coal industry has ushered in new opportunities,because the implementation of dcbt-to-cquity policy can help enterprises reduce financial risks and optimize the capital structure.Coal industry has become a new round of debt-to-equity policy implementation of the largest number of enterprises industry.But the implementation of dcbt-to-cquity policy in the coal industry is not smooth sailing.Whetrher the policy is suitable for implementation and how effective the implementation will not only be restricted by specific policies and regulations,but also by the enterprise's own factors.So how debt-to-equity policy affects the coal industry needs to be considered,and it needs to be evaluated unit policy effectiveness.Only by clarifying the specific effect of debt-to-equity policy on the coal industry can we better improve the policy and help the coal industry use the policy to develop itself better.In order to make a scientific evaluation of the new round of debt-to-equity policy,this paper aims to evaluate whether the policy has fulfilled the expected objectives of the coal industry.First of all,based on the current situation of debt-to-equity swap implementation in the coal industry,this paper compares the policy evolution with the policy feedback of the coal industry,and preliminarily analyzes the relationship between the debt-to-equity swap policy and the coal industry.Then,this paper uses comparative research method to compare the data of coal industry,energy industry and coal enterprises that carry out debt-to-equity conversion.This paper observes the change of financial indexes before and after the policy to get the influence of the policy on the coal industry through static contrast,and put forward the relevant assumptions for the subsequent dynamic.Model research paves the way.Then,this paper uses the optimized double difference model to dynamically analyze the relationship between the policy and various factors.This paper also uses the placebo analysis method in the robustness test to test the reliability of the model and uses the principal component analysis to obtain the comprehensive performance changes of the control group and the experimental group in the coal industry under the influence of the policy.This paper finally uses the comprehensive performance results to carry on the batch difference test to the coal industry.The results show that under the influence of the policy,in addition to the growth capacity,operating capacity is not significant,the level of leverage in the coal industry has been reduced by 4%,the coal industry's solvency,profitability,cash acquisition capacity has been,respectively.The results showed that the comprehensive performance of the experimental group was significantly higher than that of the control group,and the control group could promote the overall comprehensive performance.According to the research results,this paper finally puts forward policy suggestions,hoping that the government can improve the policies and regulations according to the present situation,and that the enterprises can benefit from it.The policy takes the right approach.