Study On The Lever Of Coal Enterprises Under The New Economy

With the global economy entering the financial crisis adjust period in 2008, high leverage has become a difficult problem for the enterprise. Coal enterprise as an important industry of China’s national economy, affected by the global economy, already made the coal company rapid expansion on coal “Gold Ten Years” has sunk into a long and painful period of De-leveraging stage. On 2014, coal company loss more than 780 billion and there are 1929 enterprises loss and that was 2.28 times of 2011. December 2, 2015 comprehensive average price of power coal was 372 yuan per ton and there were no rising records until June, 2015. At present, coal industry average leverage already arrive 66%. Facing unceasingly rising leverage ratios, how to help the company De-leveraging in New normal have an important actual means for present situation of coal enterprises.Based on the study of literature at home and abroad, this article using the method of literature research, theoretical deduction and cases study, taking the largest private enterprise in the world Peabody’s assets and liabilities leverage ratios from 2010 to 2014, as a foreign coal enterprises study case and taking China national enterprises and coal industry latest five years assets and liabilities leverage ratio as domestic study case. Through above study the article conclude that the domestic coal industry latest leverage ratio low the board coal company, but already exceeded the national enterprises and reached the peak after 1999. In the another, the article on the basis of the asset liability leverage ratio, the change of the financial leverage ratio and the leverage coefficient as reference, through leverage situation study and creative design with method of convertible bond、exchangeable bonds and sale and leaseback of JCK and its subsidiary conclude that convertible bonds and exchangeable bonds as two kinds of derivative financial instruments with them own characteristics and advantages play a powerful effect on deleveraging and sale and leaseback De-leveraging methods with its special form of lease financing easier to get practical application for company. But all kinds of deleveraging methods have all kinds of obstacles and difficulties in the implementation process. In this paper, after study of through the combination of the three deleveraging methods accounting treatment、analysis of real economy background and the status of the coal industry will more prone sale and leaseback deleveraging methods.Last, after theoretical analysis and empirical study, this paper draws a conclusion that convertible bond and exchangeable bonds De-leveraging methods can promotion to large state-owned coal enterprises listed or non listed national coal enterprises and sale and leaseback De-leveraging methods is more inter operation and practical significance for JCK firm and analogous coal companies.