Operation Performance Evaluation Of Coal Enterprises In China Under The Background Of Capacity Reduction

With the rapid development of China’s economy over the past 40 years,China’s economic development has attracted the attention of the world.And China’s rapid economic development cannot be achieved without the support of the energy industry.Since the 12th Five-Year Plan,coal enterprises have entered a downturn period from the "golden decade"due to the economic downturn and the imbalance between supply and demand,which is largely attributed to overcapacity.In 2016,the country put forward the concept of "cutting overcapacity".At present,coal enterprises are listed as the key industry to implement the supply-side structural reform.The most direct effect of the overcapacity reduction policy on the coal industry is reflected in the operation performance of the coal industry,and the coal industry has begun to show signs of recovery.Therefore,it is very necessary to study the impact of the coal industry’s business performance before and after the "overcapacity reduction".This paper will study the coal listed companies,and select each representative period of time to analyze the business performance of enterprises.In this paper,the first year of overcapacity reduction in 2016 is taken as the boundary to analyze the operation performance of the coal industry in 2016,2014 before and 2019 after the overcapacity reduction.The sample was selected from the annual report data of 38 listed companies by the end of 2016.In this paper,the sample enterprises are selected reasonably and the data in the sample are screened,summarized and analyzed for several times to ensure the reliability and the authenticity and accuracy of the data.Four of the most representative financial indicators,including profitability,debt paying ability,operation ability and growth ability,are selected for analysis,and factor analysis is used to draw the final conclusion:Compared with 2014,the overall operating performance of coal enterprises in 2019 has been significantly improved,with significant changes in profitability,operating capacity and growth capacity,while debt paying ability is affected by capacity compression and increased investment in high-quality development projects of enterprises.In 2019,there is a slight improvement compared with 2016,but it has not changed compared with 2014.Found to capacity in coal enterprises face serious industry reform,the problem such as long-term strategy is not clear,in view of the problems put forward strategies,in addition to the stability control to capacity of business performance results and set up a sound mechanism to promote the healthy development of the industry management,but should also include the control to capacity 2021 general requirements,improve the supply of coal quality,speed up the clean coal industry "zombie" companies.