Resources Science ›› 2021, Vol. 43 ›› Issue (2): 316-327.doi: 10.18402/resci.2021.02.10

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Economic prying effect of de-capacity and asset structure adjustment in the coal industry

ZHU Liangfeng1(), ZHU Xueyi2,3()   

  1. 1. Liu Guojun School of Management, Changzhou University, Changzhou 213159, China
    2. School of Economics and Management, China University of Mining and Technology, Xuzhou 221116, China
    3. Business School of Nantong Institute of Technology, Nantong 226002, China
  • Received:2019-09-08 Revised:2020-01-03 Online:2021-02-25 Published:2021-04-25
  • Contact: ZHU Xueyi E-mail:zhuliangfeng2008@126.com;xyzhu@cumt.edu.cn

Abstract:

De-capacity in the coal industry is an important measure for the transformation and development of coal enterprises. It promotes the development of energy resources in the direction of clean, low carbon, efficient, and high quality. At the same time, it forces coal enterprises to eliminate backward production capacity, improve the conversion rate of coal processing, rationally allocate capital investment, arrange asset structure in an orderly manner, and expand non-coal business. In this research we collected data on indicators related to coal industry capacity reduction in 2009-2018 and data on asset structure change of 34 listed coal companies in China during the same period, and used the entropy method to determine the entropy value of the asset structure change, and the regression analysis method to determine the effect of de-capacity in coal enterprises and adjust asset structure on the listed coal companies. The empirical research shows that: (1) Coal industry has achieved brilliant results in de-capacity and structural adjustment, but negatively correlated with earnings per share or return on equity of listed coal companies, and its implied prying effect lags behind release. (2) Listed coal companies actively adjust the direction of capital investment under the environmental pressure of de-capacity and structural adjustment, so that the asset structure changes in an orderly manner, and the entropy value of assets under orderly change is positively related to the prying effect of enterprises. (3) Rational arrangement of the proportion of current liabilities to current assets in listed coal companies and accelerating the turnover of current assets and fixed assets have played a positive role in promoting the prying effect of enterprises. The supply and demand balance of the coal industry has entered the normal track, consolidating the transformation results, controlling the orderly change of asset structure, and taking the road of green development and sustainable development is the future development direction that should be adhered to.

Key words: coal listed companies, de-capacity, adjustment structure, entropy value of asset structure evolution, economic prying effect, decision saliency method