Research On The Impact Of Governance Structure Of Coal Listed Companies On Their Performance

Coal is the basic energy source in China.The coal industry plays a pivotal role in China’s economic and social development and energy supply security.With the marketization of mergers,and integration during the 11th and 12th five-year period,the coal industry’s production concentration continues to increase.The production capacity of coal listed companies is close to 70%of the industry’s total production capacity.It has obvious guiding and leading role in the industry.However,some problems in the corporate governance structure seriously restrict the healthy development of enterprises and industries;Under the new macroeconomic situation and the new environmental protection policy,it is the consensus of the industry that capacity reduction,structural adjustment,and green and efficient mining have become the key to the competitiveness of listed coal companies.The continuous and healthy development of the coal industry has important practical significance.This article summarizes the domestic and international research status and related theories of the impact of corporate governance structure on business performance,defines the concepts of corporate governance structure,corporate operating performance,etc.,and analyzes and explains the impact of corporate governance structure on business performance.Status Quo of Corporate Governance Structure of Coal Listed Companies.Taking the panel data of 25 coal listed companies from 2008-2016 as a sample,taking into account the factors such as the macro environment,marketization index,company size,and asset-liability ratio,there are eight indicators,in terms of equity structure,board structure,and executive incentives.Analyzes the governance structure of listed coal companies;10 indicators from four aspects:solvency,profitability,operational capacity,and development capability.Factor analysis is used to extract common factors to build a comprehensive function of operating performance;and regression analysis is used to list coal companies.The impact of governance structure on performance has been empirically studied.The results show that the aspects of the ownership structure,board structure,and senior management incentives in the corporate governance structure all affect the performance of coal listed companies.The difference is that there are differences in the degree of influence and the positive and negative directions.Based on the research results and in combination with the reality of the coal industry,measures are proposed to further standardize the corporate governance structure and improve the operating performance of listed coal companies,including:optimizing the ownership structure,improving the independent director system,separating the two positions,implementing the professional manager system,taking into account the long-term,Perfecting the executive compensation system,etc.,has certain theoretical and practical significance.