The Correlation Studies Of Financial Sustainable Growth And Cash Dividends Policy Of Chinese Coal Listed Companies

With the12th five-year plan carrying out,the coal industry take measures of a large-scalemergers and reorganizations, on one hand, to prompt industry concentration rising. On the otherhand, after resource integration, the key state-owned and local key coal mine production account forincrease, because of that, the coal resources gather in coal listed companies more and more, so thestudy of coal listed company's sustainable development makes an important role in the12thfive-year plan implementation and the economic development of China.In the theory of financial management, the company's growth situation can be improved bychanging the operation efficiency and financial policy, one of the ways which are to change thefinancial policy is to adjust the dividend policy. There are a great many literatures about sustainablegrowth and ash dividends policy both among the domestic and foreign scholars, but the literaturesdiscuss the issue that dividend policy for sustainable growth are less than those. So, this papercombines the optimal sequence financing theory with related theory of dividends policy to analysisthe correlation of the two expects from the theory and demonstration, in which the part of empiricalanalysis to select30of our country's coal listed companies as samples, according to the differencesin growth rate to the size of the sample classification, according to Tobin Q value on samples of thecompany sustainable growth and the relationship between dividend policy of our country, draw theconclusion: the coal companies which are growing fastly in our country, when the futureinvestment opportunities are also good, they will still take the relatively high dividends paymentrate, and finally according to the conclusion, I will analyzes the reasons and put forward relevantopinions.