Research On Financing Strategy Of Shaanxi Coal Industry Company Limited

"Rich in coal,poor in oil and little in gas" is China’s unique energy resource endowment,and it is difficult to fundamentally change the coal-dominated resource structure in a short period of time.During the 14th Five-year Plan period,coal still plays an important role in China’s one-time energy supply.In the face of changes in domestic and international economic and energy patterns,the instability and uncertainty of energy demand are intensified,and the development of the coal industry faces new problems and challenges.In 2021,Shaanxi Coal Industry Company Limited has produced 136 million tons of raw coal,ranking first in overall profitability among listed coal companies.In the face of "double carbon target" and new changes in the market,whether enterprises can obtain stable sources of funds and timely and fully raise the funds required by the combination of factors of production is crucial to the operation and development of enterprises.Thus,scientific,reasonable and effective financing strategies and financing methods have important practical significance for Shaanxi Coal Industry Company Limited to focus on energy revolution,realize industrial transformation and upgrading,and promote a new round of high-quality development.This paper takes the financing problems of Shaanxi Coal Industry Company Limited as the research object,summarizes the research status of relevant fields at home and abroad as well as the financing structure theory,life cycle theory,sustainable growth theory and value creation theory,and analyzes the financing environment and current situation of Shaanxi Coal Industry Company Limited.The difference between "Real Growth Rate(g)" and "Sustainable Growth Rate(SGR)" is used to measure the company’s capital surplus,and the difference between "Return on invested Capital(ROIC)" and "Weighted Average Cost of Capital(WACC)" is used to measure the company’s ability to create value.The two-dimensional matrix model of financing strategy selection is constructed.The financing strategy of Shaanxi Coal Industry Company Limited from 2014 to 2020 is analyzed and evaluated.The results show that the financing strategy of Shaanxi Coal Industry Company Limited from 2014 to 2020 basically follows the financing sequence of internal accumulation and external financing,debt financing and equity financing,which conforms to the financing order theory.The main financing methods are retained earnings and debt financing,the internal financing is constantly enhanced,and the equity financing is basically stable.In different years from 2014 to 2020,Shaanxi Coal Industry Company Limited has different specific financing strategies and ways.Finally,the paper puts forward countermeasures and suggestions for optimizing financing strategy of Shaanxi Coal Industry Company Limited from five aspects.