| With the economic transformation,the shortcomings of China's development model that once emphasized quantity over quality have gradually emerged.The development of the industry is unbalanced,the overall asset-liability ratio of non-financial sector is on the high side,and the leverage problem is prominent.The research on the leverage level is the process of exploring the appropriate capital structure of enterprises.In the classical capital structure theory and research results both at home and abroad on the basis of found using debt leverage can help companies achieve asset appreciation,is a reasonable and necessary tools.The cause of high leverage in China is inevitable from the historical perspective,and is related to the development mode and ownership of Chinese enterprises.The reasonable leverage level of listed companies in China should be between 0.3 and 0.5,but the actual situation is much higher than that.The leverage level of companies will be affected by both macroeconomic factors and corporate governance factors.Coal industry is committed to the development of China's basic industry,also have many serious problems of leverage.There is serious competition among enterprises in the industry,and there is a big gap between the company's strength and operating results.The leverage level of enterprises in China's coal industry began to deteriorate in 2014,and 2015 was the most serious period with serious losses.Founded in 1997,Yitai coal co.,ltd.is the largest and most influential coal production enterprise in Inner Mongolia autonomous region,with a full industrial chain of coal mining,transportation and coal chemical industry.Influenced by the overall economic situation and industry,the company also appeared obvious lever problem: asset-liability ratio to rise in 2015;Earnings fell,with a return on equity of just 0.4%.Operating capacity declined and inventory increased;Debt service ability decreases,borrowing increases obviously;Reduced liquidity.In order to avoid the crisis caused by excessive leverage,yitai coal took a series of control measures: timely cash bills to maintain liquidity;Control the amount of mining,stabilize the inventory,support the downstream enterprises;Strengthen scientific research;Adopt diversified financing structure to reduce the dependence on debt financing.The current yitai coal co.,LTD.Leverage to maintain at a reasonable level.This paper takes the relevant financial data of yitai coal co.,ltd.from 2013 to 2017 to construct the time series data as the research object.By the method of correlation analysis found that leverage and macroeconomic factors in the growth rate of GDP,CPI,profitability of total assets return rate,return on net assets,net interest rate of the total assets,debt paying ability has won multiple interest,operating ability total asset turnover,inventory turnover,equity structure of large shareholders' ownership has a negative correlation.Leverage ratio is positively correlated with the shareholding ratio and total assets of the top ten shareholders.Further regression analysis shows that the net interest rate of total assets and inventory turnover rate will significantly affect the company's leverage ratio: both indicators change in the opposite direction to the asset-liability ratio.Finally,according to the case of yitai coal co.,ltd,the paper puts forward some Suggestions to control the leverage level for other coal enterprises in China.Widen financing channels and adopt diversified financing methods;Maintain reasonable inventory and maintain asset liquidity;Live within your means and avoid copycat investments;Establish leverage risk early warning system. |
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