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1、 ? ? ? ? ? ? ? ? ? ? ? ? ? 27 ? 2009 ? ? ? ? ? ?Subject ?The Study on the Evaluation of Financing Efficiency for Coal Listed Companies Specialty ?Business Management Name ?Shang Xinrong ?signature? Instructor ?Liu Fumin ?signature? ABSTRACT With the structure adjustment and the deepening of the m&a
2、(Mergers and Acquisitions) in Chinas coal industry, the development of the coal enterprise needs a large amount of fund. Financing has become the key restricts to the enterprise development. Coal listed companies, which have the most advantages of coal industry of the enterprise, theirs financing ab
3、ility efficiency represent the status quo of coal industry. Therefore, it is particularly important to research the financing of listed companies and discuss the constitution of the financing efficiency in coal listed companies. This paper selects the coal industry companies as the research object,
4、adopts the combination of the theory and empirical method to analyze the various kinds of the financing efficiency theories. With the foundation of the related theory on financing efficiency which were studied at home and abroad, this paper proposes the financing efficiency from the Angle of enterpr
5、ise value and analyzes the influence factors of the financing efficiency, then points out the financing efficiency is composed of fundraising efficiency, the service efficiency of funds, corporate governance efficiency, financing risk, and the factors combined with the characteristics of coal indust
6、ry. Generally considering the factors Which impact financing efficiency of coal listed companies, this article constructs a comprehensive evaluation model for financing efficiency and uses it to valuate several major financing methods which is suitable for coal listed companies?then we take advantag
7、e of the coal listed companies? data in China of 2009 as the investigation data to test. Finally, based on the status quo of financing efficiency of the coal listed companies and combined with the valuation results?we propose some countermeasures and suggestions , and put forward to improving the fi
8、nancing efficiency of the coal listed companies. Key words ?Financing Efficiency Enterprise Value Coal Listed Companies Thesis ?Application Study 1 ? 1 1 ? 1.1 ? 1.1.1 ? ? ? ? 37%? 70%? 2020 ? 60%? ? 2007 ? 1 ? ? 2007? 11 ? ? ? 13 ? 2010 ? 1 ?5000 ? 6?8 ? 8?10 ? 2009 ? 8 ? 19 ? ? 14 ? ? 2010 ? 1 ?1?2009 ? 9 ? 28 ? 12 ? ? 15 ?2?2010 ? 10 ? 16 ? 5000? ? 80? 50%? ? ? ?3? 6?8 ? 30 ? 60 ?/? 120 ? 5000 ? 2 ? 65%? ? 1.1.2 ? ? ? ? ? ? ? ?
