Research On The Adjustments Of Capital Structure Of China Coal

In recent years,coal enterprises have faced unprecedented pressure to survive.Overcapacity in the industry,overstocked inventory,tight cash flow,and deteriorating financing environment have hindered the development of enterprises.Since 2010,the state has put forward calls for deleveraging and reducing overcapacity.In 2016,the State Council and various provinces have also issued many related policies.Under the guidance of these policies,it is hoped that local governments and coal companies will be encouraged to cooperate in the process of in-depth cooperation.Optimize the coal market and promote the rationalization of coal prices.In this general environment,the coal industry must fully conduct an in-depth analysis of the actual situation of the industry.In the process of maintaining a certain growth rate,it must deal with factors,industry structure,and quality and efficiency issues.The only way to improve the modern management capabilities of coal enterprises is In order to give full play to its value and promote the sustainable development of such enterprises.The capital structure of a company is closely related to the company ’ s business strategy,especially for the coal industry where the capital structure remains high.Under the general environment of “three eliminations,one reduction and one supplement”,optimizing the capital structure is the current situation.The key to the development of the industry.This paper selects China Coal Energy as the research object,deeply analyzes the related problems of the company’s capital structure,discusses its current situation and existing problems,and proposes specific solutions.First,it comprehensively sorts out,analyzes and summarizes the relevant theories about capital structure,and clarifies the current research status.Then,I learned about China Coal Energy as the research object,and used a variety of analysis methods to understand the company’s capital structure adjustment,drug structure optimization and other related issues.The results of the study found that the company ’ s capital structure adjustment speed was too fast,and the asymmetry appeared,which affected the company ’ s effective development;in addition,in response to the company’s high capital structure,the paper analyzed China Coal’s debt structure Through analysis,it is found that the debt structure has the problems of maturity mismatch and the debt type is too single.Based on the research conclusions,the thesis puts forward suggestions to determine the reasonable scope of the capital structure,establish a dynamic adjustment mechanism,reasonably control the speed of capital structure adjustment,and construct a reasonable debt maturity.The thesis provides theoretical guidance for the company to further optimize the capital structure through the study of the capital structure of China Coal Energy,and provides a reference for the optimization of the capital structure of enterprises in other industries.