Research On The Performance Of A-share Listed Coal Companies Under The Supply-side Reform

Studying the performance of coal enterprises is of great significance to the implementation of supply-side structural reforms in the coal industry.From the perspective of micro-enterprise,this paper analyzes and evaluates the financial efficiency of the 24 listed coal companies with representative A shares before and after the supply-side reform by using DEA,Malmquist index and Tobit regression models.The changes in the operating performance of the 24 listed coal companies before and after the supply-side reform and their reasons reflect the impact of supply-side reform on the coal industry.Finally,by introducing the breakpoint regression model,the average net profit of each quarter before and after the reform of the supply side of the sample listed coal enterprises was taken as the outcome variable,and the impact of supply-side reform on the coal industry was empirically tested.This paper draws the following conclusions:(1)Generally speaking,the efficiency of sample coal enterprises in the two years after the implementation of the supply-side reform is higher than that in the two years before the implementation of the supply-side reform;by contrast,compared with the efficiency in 2014,the efficiency of large-scale coal enterprises in 2015 declined more than that of small-scale coal enterprises,mainly due to the reduction of scale efficiency of large-scale coal enterprises(stage of diminishing returns to scale),in 2016,The efficiency of both has been improved,but in 2017,the efficiency of small-scale coal enterprises has declined significantly,mainly because of the decline of small-scale coal enterprises scale efficiency(increasing returns to scale);(2)From a dynamic point of view,the TFP of 24 A-share listed coal enterprises has increased by 11.7% on average between 2014 and 2017,and mainly due to technological progress;(3)high-quality talent.The situation,grass-roots employees,market share and enterprise scale have significant impact on enterprise efficiency;(4)The implementation of supply-side reform has a positive and sustained impact on the coal industry.Finally,according to the above conclusions,put forward their own rationalization proposals.