Study On Capital Structure Optimization Of The Listed Coal Corporation Based On Corporate Governance

Capital structure and corporate governance has been a hot topic in the field of management research. The coal industry as a basic industry of our country, in the process of rapid economic development, coal listed companies in the capital structure and corporate governance exposed some current liabilities rate is too high, the assets and liabilities rate high capital structure; higher shareholding ratio of the first largest shareholder, independent director ratio is too low, such as a series of corporate governance issues.From the basic theory of the corporate governance and capital structure and capital structure and enterprise value relations, collect and collate the results of the existing domestic and foreign research and the capital structure and corporate governance, capital structure and enterprise value research status were collated and summarized. First of all, research on the current situation of corporate governance and capital structure, capital structure and enterprise value, have a preliminary understanding of the relationship between these two indexes; secondly, through the analysis of the influence of coal listing Corporation ownership structure, executive incentive and board characteristics of the capital structure of enterprises of the linear regression method; thirdly, select on behalf of the enterprise’s profitability index, on behalf of the enterprise growth ability index, on behalf of the enterprise operation ability index, on behalf of the enterprise solvency indicators, on behalf of the enterprise value dimension reduction to obtain the comprehensive factors by factor analysis method; finally, study on the relationship between asset liability ratio, current liabilities ratio and corporate value, and according to the relationship between corporate governance the factors and the capital structure and the relationship between capital structure and enterprise value, puts forward the optimization measures to improve corporate governance, capital of enterprises. Structure, and then improve the value of enterprises. This paper selects 27 coal listing Corporation in 2009-2014 in a total of 162 sample data, the linear regression method to analyze the influence of corporate governance factors of asset liability ratio, current liabilities ratio; and the asset liability ratio, current liabilities rate effect on the enterprise value, and put forward the measures of optimizing the capital structure according to the conclusion of the analysis.