The Empirical Research On Profit Ability Of The Coking Industry Listed Companies In Our Country

As an important part of the national economy, coking industry has been making significant contribution to our country’s economic construction and healthy development. At the same time, coking industry is developing as well, such as obsolete outdated capacity, develop independent coking enterprise, increase investment on coke oven, recovery and processing of chemical products, and gas utilization device, etc. But since 2003, due to the steel- coke overcapacity, suffering extrusion from upstream and downstream; decreasing of the international market demand, which leads to the decline of coke export and fierce market competition; unreasonable industrial layout, low level of fine processing and energy efficiency, coking enterprises’ economic benefit is at low level, and coking industry profitability is declining.this paper, at first, reviews the coking industry and enterprise profitability related theory, and then focus on 13 listed coking companies as the research object, select 11 profitability indicator variables from company size, capital structure, company risk, growth, operating efficiency, corporate governance and ownership structure respectively, and collect and collate coking industry listed companies relevant data from 2006 to 2011. Based on factor analysis, this paper analyzes those data, so as to find out the influence factors of the coking industry profitability. Finally, according to the empirical analysis, this paper discusses how to improve the coking industry profitability and puts forward several suggestions, to realize the rapid and healthy development of our country’s economy.