供给侧改革背景下煤炭上市公司盈利模式优化研究

Study on profit model optimization of coal listed companies under the background of supply side reform

供给侧改革为煤炭行业发展提供新的机遇,为实现"十三五"转型升级的盈利目标,煤炭行业迫切需要优化其盈利模式。依据杜邦分析思想把盈利模式划分为低成本模式、高资本周转模式、高杠杆模式和混合盈利模式4种模式,在详细分析煤炭上市公司2016-2017年ROE现状的基础上,结合供给侧改革背景,指出煤炭行业应选择混合盈利模式,并提出了相应的优化对策。

Supply side reform provides new opportunities for the development of coal industry.In order to achieve the profitability target of transformation and upgrading for the＂13 th Five-Year Plan＂,the coal industry urgently needs to optimize the profitability model.Based on DuPont＇s analysis idea,this paper divided the profit model into low cost model,high capital turnover model,high leverage model,and mixed profit model.Based on the detailed analysis of the coal listed companies＇ ROE status in2016-2017,combined with the background of supply side reform,this paper pointed out that the coal industry should choose mixed profit model,and proposed the corresponding optimization countermeasures.