The Research On The Characteristics And Influencing Factors Of Capital Structure Of Chinese Listed Coal Companies

Fund is one of essential elements for the survival and developing of an enterprise. Capitalstructure is the core as well as final reflect of an enterprise’s decisions for its financing. Anenterprise’s finance risk and its cost of funds can be reduced by reasonable capital structure, whichcan also maximize the value of the enterprise by using its financial leverage. Therefore, it’ssignificant to research the issue of optimizing capital structure.Coal, is not only the main source of fuels and energy but also one kind of crucial chemical rawmaterial and civil energy, which is indispensable in economic development. Coal industry has beena basic industry in respect of national economic development. However, in current period, severalproblems existed inside the coal industry restrict its development. For instance, the proportion ofinternal financing is lower; the proportion of floating debt financing is much higher than the one offunded debt financing; equity financing is more preferable and its proportion is lower; the largeshare is alone. Finding how to solve these problems by optimizing the capital structure in order tofacilitate ordered development of national economic and coal enterprise is the starting point of thisdissertation.According to the capital structure theory, this dissertation starts from industry factors, animportant factor that affects capital structure. Based on learning and quoting the related researchachievement abroad of capital structure case, it firstly analyses features of capital structure of Chinacoal listed company in terms of financing structure general feature, debt financing feature andequity financing feature. Secondly, comparing the capital structures in different industry, in thisdissertation it’s tried to find out the main factors that influence the capital structure of listedcompany. In addition, after analyzing of descriptive, correlation, multivariate linear regression thatmakes the data of listed company in2009~2011years as sample, this dissertation deduces that themain factors influencing capital structure is Asset Liquidity, Profitability, Operation Capacity,Growth, Non-Debt Tax Shield and etc. And some problems existed in capital structure of coal listedcompany are analyzed therewith. Based on above substantiation research result, some suggestionson optimizing the capital structure of coal listed company are proposed in this dissertation.Meanwhile, from the level of national policy, law and regulation, capital market and focusing theproblems in financing environment of coal listed company, this dissertation also proposed itsrelevant advises.