经济新常态是下煤炭企业去杠杆研究——以jck公司为例.docx

首都经济贸易大学硕士学位论文 首都经济贸易大学硕士学位论文 经济新常态下煤炭企业去杠杆研究 Ab stract With the global economy entering the financial crisis adjust period in 2008．high leverage has become a difficult problem for the enterprise．Coal enterprise as an important industry of China’S national economy,affected by the global economy， already made the coal company rapid expansion on coal“Gold Yen Years”has sunk into a long and painful period of De—leveraging stage．On 20 1 4，coal company loss more than 780 billion and there are 1929 enterprises lOSS and that was 2．28 times of 20 11．December 2．20 l 5 comprehensive average price of power coal was 3 72 yuan per ton and there were no rising records until June，20 l 5．At present．coal industry average leverage already arrive 66％．Facing unceasingly rising leverage ratios，how to help the company De·leveraging in New normal have an important actual means for present situation of coal enterprises． Based on the study of literature at home and abroad，this article using the method of literature research，theoretical deduction and cases study,taking the largest private enterprise in the world Peabody’S assets and liabilities leverage ratios from 20 l 0 to 20 1 4．as a foreign coal enterprises study case and taking China national enterprises and coal industry latest five years assets and liabilities 1everage ratio as domestic study case．Through above study the article conclude that the domestic coal industry latest leverage ratio lOW the board coal company．but already exceeded the national enterprises and reached the peak after 1 999．In the anotheL the article on the basis of the asset liability Ieverage ratio．the change of the financialleverage ratio and the leverage coefficient as reference，through leverage situation study and creative design with method of convertible bond、exchangeable bonds and sale and leaseback of JCK and its subsidiary conclude that convertible bonds and exchangeable bonds as two kinds of