治理结构对煤炭上市公司营运能力影响研究——基于结构方程模型

Research on the influence of governance structure on the operation capacity of coal listed companies:Based on the structural equation model

“双碳”目标下,煤炭消费总量、强度双控政策措施更加严格,煤炭在一次能源消费结构中的比重持续下降,能源结构调整成为大势所趋,如何在能源结构调整过程中维持并提升营运能力,实现高质量发展,是煤炭行业的首要解决的问题。以2013—2020年煤炭行业上市公司为研究样本,选取宏观环境、产业政策、公司治理和营运能力四类指标构建PLS结构方程模型,从宏观、中观、微观三个层面研究营运能力的影响因素及路径,并能通过比较其影响程度确定提升营运能力的首要措施。研究结果表明,宏观环境对营运能力具有显著正向影响,而行业政策和治理结构与营运能力显著负相关,此外,宏观环境对行业政策显著为正。最后根据实证结果,提出治理建议。

With the“double carbon”goal proposed,the total amount of coal consumption and intensity control policy measures are more stringent,the proportion of coal in the primary energy consumption structure continues to decline,energy structure adjustment has become the trend of the times,how to maintain and enhance operational capacity in the process of energy structure adjustment,to achieve highquality development,is the primary problem to be solved in the coal industry.In this paper,the coal industry in 2013-2020 listed companies as research samples,selection of macro environment,industry policy,corporate governance and operating ability index of four types of build PLS structural equation model,from three aspects:macro,meso and micro study the influential factors of the operation ability and the path,and can be confirmed by comparing its influence primary measures for improving the capacity of operating.The results show that the macro environment has a significant positive effect on the operation capacity,while the industrial policy and governance structure have a significant negative correlation with the operation capacity.In addition,the macro environment has a significant positive effect on the industrial policy.Finally,according to the empirical results,put forward governance suggestions.