Research On Financing Efficiency And Influencing Factors Of Coal Enterprises In The Context Of Supply Side Reform

According to the statistical yearbook 2015 data show that the gross profit of industrial enterprises above the scale of coal mining and dressing industry fell 70% over the previous year.The coal industry climate index disclosured on the Coal Industry Network showed a continuous downward trend since 2013.With the development of "13th Five-Year" plan,Supply-side structural reform is also deeply going on.The report of coal industry's development in 13 th Five-Year planning pointed out that Large coal production base would be the future trend.Promoting the merger and reorganization of coal enterprises,resolving excess capacity and developing clean coal production will be the future development of the coal industry.These reform measures have provided the opportunity for the coal enterprises to solve the difficulties in production and operation,but also put forward the challenge.The deepening of the reform of coal enterprises need s a lot of financial support,but the operation of the coal industry downturn makes coal companies face severe financing difficulties.Based on this,this paper hopes research coal enterprises' s financing efficiency and its influencing factors by taking Listed coal enterprises as example.And find ways to improve financing efficiency,help coal enterprises to get rid of the financing difficulties,Successfully passed the reform period,find the road of sustainable development.First,According to Yearbook statistics and financial data of Listed Companies in recent five years,analysis of the current situation of coal enterprise financing.Find out the existing coal industry financing problems: high debt levels,weak solvency;industry downturn;unreasonable financing structure;the fund use efficiency is low.Secondly,according to the definition of financing efficiency and The method of calculating the financing efficiency in the past literature,constructing the index system of the DEA model.Use the cost of financing,financing structure,financing risk and the fund use efficiency as input indicators,the enterprise profit ability,development ability and operation ability as output indicators,and caculate the technical efficiency,pure technical efficiency and scale efficiency of the listed coal enterprises.Results show that the current financing efficiency of most listed coal enterprises is in an invalid state.Then,throuth the theoretical analysis of the factors affecting the financing efficiency,with financing efficiency calculated as the dependent variable,with various factors as independent variables in regression analysis.The result is the asset size,capital structure,equity of listed coal enterprises concentration and financing efficiency is negatively correlated,the use efficiency of funds and financing efficiency has a significant positive correlation,positive correlation between capital allocation and financing efficiency but not through the significant test.Finally,according to the theoretical analysis and empirical analysis,we put forward six proposals to improve the financing efficiency.Optimizing the financing structure,reducing the level of corporate debt;roadening the financing channels,making full use of combination of different ways of financing;disposaling of idle assets,streamlining asset size;changing management patterns,improving capital management efficiency;improving the corporate governance structure,deepening the reform of state-owned enterprises;improving the profitability of the enterprise,fundamentally improve the business situation.Research conclusions and recommendations for reference,hoping to help coal enterprises out of the financing difficulties,to achieve the goal of supply side reform.