Research On Predicament And Efficiency Of Credit Financing For Coal Enterprise On China

Under the changing situation, Chinese coal enterprises are facingtransformation and upgrading, integrating and restructuring, technical reformation,and financing demand of them is particularly urgent. The Third Plenary Session ofthe eighteen proposed to speed up the reform of resource taxes, fees to promoteenvironmental protection and other measures. This change caused a certain pressureto the development of Chinese coal enterprises. Due to the impact of overcapacity,imported coal and other reasons, Chinese coal enterprises are facing a periodicinflection point. The poorer performance of coal enterprise and environmentdeterioration bring great troubles to banks recently. Some banks took a tightening orexiting credit policy, and this choice compounded in trouble of coal enterprises. Inthis background, in order to solve the dilemma of credit financing faced by banksand coal enterprises and provide a certain theoretical and practical reference forimproving the credit financing problems, this dissertation applied several kinds ofempirical analysis methods, and dissects the credit financing difficulties andefficiency of coal enterprises from the perspective of banks and Chinese coalenterprises.Firstly, this dissertation takes a large number of financial data of Chinese coalenterprises above Designated Size, listed coal enterprises, bank credit sample of coalenterprises, and analyzes financing structure features and credit financing features ofcoal enterprises through the statistical method, proved that Financing order ofChinese coal enterprises is internal financing, debt financing, equity financing,which is the same with the pecking order theory. Secondly, with reference to thefeatures of credit financing of Chinese coal enterprises, this dissertation analysis thecredit financing predicament from the perspective of banks and Chinese coalenterprises, proved that credit rationing is typical in this field and the discriminationof ownership and scale is widespread. At present, there is serious informationasymmetry between banks and coal enterprises. Especially in the past two years inthe process of the slumping market, adverse selection and moral hazard problems are common, exacerbating the bank credit risk. The main difficulties faced by Chinesecoal enterprises are the financing difficult and the low efficiency of financing.Thirdly, in the analysis of credit financing efficiency of Chinese coal enterprises, thisdissertation selects the entropy evaluation method, DEA method, and the principalcomponent analysis and factor analysis method. By comparing the statisticscharacteristics and three kinds of analysis results, this dissertation presents theconclusion of principal component analysis and factor analysis can be morecomprehensive to reflect the actual situation. It provides a reference for methodselection of future similar researches. The conclusion of empirical research is thatthere is a significant positive correlation between the overall development, the ratioof fixed assets and capital stock and the efficiency of credit financing of Chinesecoal enterprises. Finally, from the points of enterprises, banks and government, thedissertation puts forward suggestions to solve the problems of coal credit financing,to achieve a win-win situation.