The Research On The Capital Structure Of Shanxi Coal Listed Companies

China is one of the world’s rare country as coal main energy, having rich reserves of coalresources.Coal industry is the important pillar of our national economy in China.Shanxi is a bigprovince of coal,having reserve coal resources and whole variety.Shanxi’s coal mining technologyis hard and coal industry has long been the center of the economy development in Shanxi.Butbecause of the long-term dispersion of coal industry concentration,which caused problemsconstantly, coal enterprises continuously carry on the merger and reorganization under the situationof the national industrial policy adjustment.Shanxi coal listed companies should seize theopportunity and meet the challenge in order to enhance their strength constantly,continuing to growand develop.Along with the fast development of economy and the advancement of specialization inour country,the consumption structure of the residents has a great change than ever before.Thedemand on energy especially coal resources is growing in domestic.Shanxi coal listed companiesmust follow the pace of economic development,adjust their own development strategy timely,findthe problems of the capital structure and make capital structure adjustment constantly.What kind of capital structure is the shanxi coal enterprise’s optimal capital structure,what theinfluence factors of the corporate capital structure and what kind of relationship is the capitalstructure and corporate performance.Shanxi coal listed companies’ capital structure need to studythese problems.This paper will select Shanxi coal listed companies as the research object,analysethe data of Shanxi coal listed companies about capital structure from2007to2011and discuss thepresent situation of Shanxi coal listed companies’ capital structure and the choice of financing.Thispaper will analyse the relationship of the capital structure and corporate performance and discussthe factors affecting the capital structure in the descriptive and empirical way.The conclusion is theownership concentration of Shanxi coal listed companies is high,the debt structure is notreasonable,the current debt ratio is higher,the company’s size and the ability to repay debt to capitalstructure is larger and the company’s growth to capital structure is not marked.Therefore,the paperthink that Shanxi coal listed companies should optimize equity and liability structure,increase theinternal accumulationim in order to prove profitability and so on measures.