Study On The Influence Of De-leveraging On The Value Of Listed Companies In Coal Industry

Under the background of supply-side structural reforms,the bank's policy toward the coal industry is “strictly controlling incremental and exiting stocks”.The coal industry's financing constraints and financing costs are increasing,facing deleveraging pressures,and the financial liabilities and operations of listed companies in the coal industry.The proportion of sexual liabilities may be affected.With the advancement of debt-equity swap and mixed ownership reform,the ownership structure of listed companies in the coal industry will also change.Based on monetary policy transmission mechanism theory,debt heterogeneity theory and principal-agent theory,this paper studies the impact of monetary policy adjustment,debt heterogeneity,and the nature of property rights and shareholding balances on the value of listed companies in the coal industry.Through manual data collection,241 data samples of 32 listed companies in the coal industry from 2009 to 2016 were selected.Tobin's Q is interpreted as an explanatory variable,with capital structure,financial liabilities,operating liabilities,equity concentration,and equity balance as explanatory variables.The monetary policy tightening is measured by the growth rate of the broad money supply M2 announced by the People's Bank of China,and the nature of the ownership of the company is used as a grouping variable to control the growth capacity,size,profitability,operating capacity,and free cash flow of the company.Using multiple linear regression analysis methods to empirically test the impact of capital structure and equity structure on firm value under different monetary policies.The study finds that the negative impact of capital structure on firm value during the loose monetary policy period is greater than the period of monetary policy tightening.Compared with private enterprises,the negative correlation of state-owned enterprises is more significant;during the period of monetary policy tightening,the positive impact of operating liabilities on the value of the company is even more significant;the increase in the degree of equity of the shareholding system has a greater effect on the value of state-owned enterprises than private enterprises.The possible explanation of the above conclusion is that the monetary constraints are loose in terms of financing constraints.Enterprises can increase corporate free cash flow through bank borrowing.The soft constraints of the budget can hardly inhibit management's over-investment behavior;during the period of monetary policy tightening,the company will strengthen the rational use of operating liabilities;with regard to the situation in which state-owned enterprises are “only one big”,increasing the degree of equity checks and balances will help enhance firm value,but private companies increase the degree of ownership of the balance may lead to major shareholders for their own interests conflict.Lead to a drop in investment efficiency.This study helps the listed coal companies correctly understand the impact of supply-side structural reforms on corporate capital structure and firm value,helps the listed companies in the coal industry optimize their liability structure,and also reforms the coal industry's debt-equity swap and mixed ownership system.The promotion provided strong evidence.