Research On The Financing Structure Of J Coal Mining Group

Coal is the main sources of power in China.The industry of coal is an important support for China's economic development.For a long time,the development and utilization of coal have been encouraged by the government and the policy.But in recent years,by the situation of acroeconomic keeping low,the amount of imported coal increasing as well as the state policy of “reducing coal capacity”,the price of coal lower and lower year by year.In addition,China supports the development of the clean energy and provide preferential policies.The clean energy will replace the status of the coal.Under the impact of the decline of coal price and demands,the management of coal business meets difficulties,the corporate profits are negative,or even the chain of the capital breaks and the company become bankrupt.Through the study of financing structure,it is aimed at solving the irrational problem of high asset-liability ratio and high financing cost of coal enterprises,so as to improve the profitability and anti-risk ability of coal enterprises.J Coal Mining Group is a large state-owned coal enterprises in Shanxi Province.Under the influence of the national economy downward and macroeconomic policies,how to establish a reasonable financing structure through the use of a variety of financing methods to meet the increasing capital demand of enterprise,to ensure that business activities and investment activities are carried out orderly,is an urgent problem to be solved by J Coal Mining Group.Based on the theory of western financing structure and the audited financial data of J Coal Mining Group in 2013-2015,this paper analyzes the financial data and financial indexes and compares it with the competitors in the same industry.Finally,it points out that the main problems of the financing structure of J Coal Mining Group are: the asset-liability ratio is too high,the internal financing is insufficient,the debt structure is unreasonable,the average capital cost is high and state share proportion is high.And offer a optimization proposals for coal enterprises.