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Research on the Influence of Capital Structure of China's Coal Listed Companies on Enterprise Value

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DOI: 10.23977/edms.2019.014


Hang Li

Corresponding Author

Hang Li


The function of China's capital market is increasingly perfect. How to formulate a good financing policy for a company has a great impact on the market value of the company. In the current bottleneck of the coal industry, it is crucial for coal companies to have the good financing capacity and capital turnover. This paper explores the correlation between the capital structure of coal listed companies and their (corporation) value. Firstly, it analyzes the status of capital structure of domestic coal listed companies and its influencing factors. Secondly, it uses the capital structure data of coal listed companies from 2014 to 2016 to conduct descriptive statistics, and then it uses multiple stepwise regression methods to analyze the correlation between coal listed companies’ capital structure and their corpaoration value. Finally, some optimization suggestions are proposed for the problem that the asset-liability ratio of China's coal listed companies is negatively correlated with the enterprise value, which is beneficial to improve the capital structure of coal listed companies and enhance the companies’ corporation value.


Coal listed company, capital structure, corporate value

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