China's Coal Industry Capital Structure Of Listed Companies And Study On The Relationship Between The Operation Efficiency And Competitiveness

The capital structure is a reflection of rights and obligations of the various enterprises and has wide-ranging implications on the corporate governance structure and thereby has a profound impact on business performance and efficiency. With the development of the social market economy, market economy system has already been established and a lot of reforms have been operated. The enterprises in the market have become the mainstay of the market with independent management and decision-making. Under this environment, companies begin to in-depth study their own capital structure issues in order to explore the relationship between the capital structure and business performance and efficiency.There are two ways to research firms’ capital structure. The first one is to research on the relationship between capital structure and companies’operating performance and efficiency and the second one is to find out what factors have an impact on the capital structure. This paper tries to study on the coal industry to find out its own variables which affect its operation efficiency because each industry has its own characteristics. So it is a good way to select one industry and study on it.First of all, make sure that to select the listed companies of the coal industry, have a descriptive analysis of the basic characteristics of this industry and have a deep understanding about the impact of relevant variables on the study objects. Secondly, select relevant factors to do multiple regressions in order to find out whether there exist real impacts, make a further analysis on the results I get and also find out the reasonable debt ratio of the coal industry. Finally, remark on the elimination of backward production capacity of coal industry during the "twelfth Five-Year" period and report my own point on this policy that the implementation of this policy has a negative impact on the industry competence and depreciate all the companies operating efficiency. And also I suggest the policy-makers should encourage the integration of small coal companies so as to grow into big ones in order to ensure the level of competition in the market.