Study On The Influence Of Corporate Governance On The Sustainable Operation Ability Of Coal Listed Companies In China

Coal is the core energy in China's energy system and plays a crucial supporting role in the development of national economy.In recent years,with the implementation of the supply-side structural reform and the new environmental policy,the pressure on environmental protection continues to increase,and the pace of industrial restructuring is stepping up.The industry consensus is to reduce production capacity,adjust structure,and green and efficient mining,which puts forward higher requirements for coal enterprises to improve their sustainable operation ability.The intensity of R&D investment is an important part of the strategic decisions related to the survival and development of a company.A large number of research literature points out that the defect of corporate governance is often an important reason for the crisis of corporate sustainability.Therefore,it is particularly important for the sustainable development of enterprises to improve the governance level of coal listed companies in China,carry out effective R&D and innovation activities,and enhance the core competitiveness and operational efficiency.Therefore,based on the mediating effect of R&D investment,it is of far-reaching practical significance to analyze the influence of corporate governance on its sustainable operation ability.This paper takes the coal listed companies in China from 2014 to 2018 as the research object,using factor analysis and multiple regression analysis to discuss the impact of corporate governance on sustainable business ability.Based on the mediating effect of R&D investment,the corresponding main effect model and mediating effect model are constructed to study the mediating effect of R&D investment in corporate governance and sustainable business capability.This paper summarizes and analyzes the research status and relevant theories at home and abroad,makes theoretical analysis on the basis of previous research conclusions and puts forward research hypotheses.Secondly,factor analysis is used to measure the company's sustainability.Then through the multiple regression method to explore the impact of corporate governance on its sustainable business ability,as well as the mediating effect of R&D investment in the impact of corporate governance on its sustainable business ability.The conclusions are as follows:the ownership concentration degree,the shareholding ratio of institutional investors,the size of the board of directors,the number of board meetings,the proportion of independent directors and the shareholding of senior executives have a significant positive correlation with the company's sustainable operation ability,and the R&D investment shows a mediating effect.The degree of equity balance,the nature of controlling shareholders and executive compensation are significantly negatively correlated with the company's sustainable operation ability,similarly,the R&D investment shows a mediating effect.However,the negative effect of the combination of two jobs on the company's sustainable operation ability is not significant,and the research and development investment has no mediating effect.According to the above empirical results,the corresponding management suggestions that are put forward to provide new ideas for the development of the company.