The Empirical Study On The Capital Structure And Corporate Performance Of Coal Listed Corporate In The Western Region Of China

All the time,Coal is the most important foundation of fossil energy in China.and it has an irreplaceable position in the rapid economic development of our country.China's coal industry has entered a low point,but the coal resources in China is rich in oil and natural gas reserves,the coal industry in the national economy occupies a strategic position.Macroeconomic policy has a great impact on the coal industry,and reasonable capital structure has become the basis for the sustainable development of the coal industry,and the performance of the coal industry merger and reorganization.However,most of the coal resources in China are concentrated in the western region,and the relationship between the capital structure and corporate performance of coal listing Corporation in the western region is of practical significance.Firstly,the paper discusses the theory of capital structure and corporate performance,and describes the status quo of the capital structure of coal listing Corporation in the western region of China.Secondly,it studies the relationship between the capital structure and corporate performance,and how the capital structure of the company affects the performance of the company,and points out the direction for the further study of the optimal capital structure.Proportion of Western Coal Industry Listed Companies in the optimal capital structure is how and what factors affect the capital structure of listed coal companies,coal company's capital structure and corporate performance relationship is much,above all is the western coal industry listed company capital structure empirical research directions.This article selects the coal enterprises in the western region to the listed company as the research object,select in the western region of coal listed companies between 2004 and 2014 capital structure on the data,using SPSS17.0and Eviews7.1statistical software for data for processing and analysis.Conclusions are as follows: In the western region of coal listed company equity is highly concentrated,long short-term debt structure is not reasonable,high short-term liabilities.At the same time,the company size,debt paying ability of enterprises on the capital structure influence larger,but the growth of enterprises,the capital structure is not significant,the capital structure and corporate efficiency showed negative correlation.In order to put forward the western coal listing Corporation should optimize the equity and long-term debt ratio,and the ratio of total liabilities to total assets,while increasing their own strength,in order to improve the efficiency.