煤炭行业去产能、调整资产结构对煤炭经济的撬动效应

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

煤炭行业去产能是煤炭企业转型发展的重大举措。它的撬动作用在于促使能源资源朝着清洁低碳、高效高质的方向发展,同时倒逼煤炭企业淘汰落后产能,提高煤炭加工转换率,合理调度资金投向,有序安排资产结构,拓展非煤业务。本文收集2009—2018年煤炭行业去产能相关指标数据,收集同期全国34家煤炭上市公司关于资产结构变动的数据,采用熵值法计算资产结构演变熵值;采用回归分析法确定煤炭行业去产能、调整资产结构对煤炭上市公司带来的撬动效应。实证研究表明:(1)煤炭行业去产能成效显著,但与煤炭上市公司的每股收益或净资产收益率负相关,其隐含的撬动效应滞后释放;(2)煤炭上市公司在去产能的环境压力下,主动调整资金投放方向,使资产结构不断有序变化,有序演变下的资产熵值与企业撬动效应正相关;(3)煤炭上市公司合理安排流动负债占流动资产的比例,加速固定资产和流动资产周转,对煤炭经济撬动效应能产生良好的促进作用。煤炭行业去产能已步入供需平衡的正常轨道,巩固转型成果,把控资产结构有序演变,走绿色发展、可持续发展道路是未来应坚持的发展方向。

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.