山西煤炭上市公司资本结构研究

发布时间：2018-03-30 12:49

本文选题：山西　切入点：煤炭　出处：《山西财经大学》2013年硕士论文

【摘要】：我国煤炭资源储量丰富，是世界上少有的以煤炭为主要能源的国家之一，煤炭行业是我国国民经济的重要支柱行业。而山西是我国的煤炭大省，煤炭资源储量多，品种全，煤炭开采技术硬，煤炭行业长期以来一直是山西经济发展的中心。但是由于煤炭产业集中度长期分散，由此引发的问题不断，在国家产业政策调整的形势下，煤炭企业不断地进行着兼并重组的工作，山西煤炭上市公司应当抓住机遇，，迎接挑战，不断增强各自的实力，不断发展壮大。随着我国经济的飞快发展，我国各方面专业化进程的推进，我国居民的消费结构与以前相比有很大变化，国内对能源尤其是煤炭资源的需求持续增长，山西煤炭上市公司必须跟随经济发展步伐，及时调整自身发展战略，及时发现资本结构存在的问题，不断进行资本结构的调整。怎样的资本结构才是山西煤炭企业的最优资本结构，影响这些公司资本结构的因素有哪些，资本结构与公司绩效的关系又是怎样的，这些都是山西煤炭上市公司资本结构方面需要研究的问题。本文将山西煤炭上市公司作为研究对象，通过对山西煤炭上市公司2007年至2011年有关资本结构方面数据的分析，探讨了山西煤炭上市公司资本结构的现状及其融资方式的选择，并且对资本结构与公司绩效、资本结构的影响因素进行了描述性和实证性分析，得出的结论是山西煤炭上市公司股权集中度高，负债结构不合理，流动负债比例较高，而且公司规模的大小和企业债务偿还能力对资本结构的作用较大，企业成长性对资本结构的影响不显著，为此提出了山西煤炭上市公司应该优化股权结构和负债结构，增加内部积累，提高盈利能力等措施。
[Abstract]:China is rich in coal resources and is one of the rare countries in the world where coal is the main source of energy. The coal industry is an important pillar industry of our national economy, and Shanxi is a big coal province in China, with many reserves of coal resources and a wide variety of coal resources. The coal mining technology is hard, and the coal industry has been the center of economic development in Shanxi for a long time. However, because the concentration of the coal industry has been dispersed for a long time, the problems caused by this have been incessant. Under the situation of the adjustment of the national industrial policy, Coal enterprises are constantly engaged in the merger and reorganization work. Shanxi coal listed companies should seize the opportunity, meet the challenges, constantly enhance their respective strength and continue to grow. With the rapid development of China's economy, With the advancement of specialization in all aspects of our country, the consumption structure of Chinese residents has changed greatly compared with the previous years, and the domestic demand for energy, especially coal resources, has continued to grow. The listed coal companies in Shanxi must follow the pace of economic development. Adjust own development strategy in time, discover the problem of capital structure in time, carry on the adjustment of capital structure constantly. What kind of capital structure is the optimal capital structure of Shanxi coal enterprises, what are the factors that affect the capital structure of these companies, and what is the relationship between capital structure and corporate performance? These are the problems that need to be studied in the capital structure of Shanxi coal listed companies. This paper takes Shanxi coal listed companies as the research object, through the analysis of the capital structure data of Shanxi coal listed companies from 2007 to 2011. This paper probes into the present situation of the capital structure of Shanxi coal listed companies and the choice of their financing methods, and makes a descriptive and empirical analysis of the capital structure, corporate performance and the influencing factors of the capital structure. The conclusion is that Shanxi coal listed companies have a high concentration of equity, unreasonable debt structure, high current debt ratio, and the size of the company and the ability of corporate debt repayment play a greater role in capital structure. The influence of enterprise growth on capital structure is not significant. Therefore, the author puts forward some measures such as optimizing the structure of equity and debt, increasing the internal accumulation and improving the profitability of Shanxi coal listed companies.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.21

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