【作者】 黄丹；

【导师】 巴曙松；

【作者基本信息】 中国地质大学（北京） ， 资源产业经济， 2014， 博士

【摘要】 在新的发展形势下，转型升级、整合重组、技术改造使得煤炭企业的融资需求尤为迫切。十八届三中全会提出加快资源税改革、推动环境保护费改税等举措，给煤炭企业发展预期造成一定压力。由于煤矿产能过剩及进口煤冲击等原因，煤炭企业面临周期性拐点，业绩下滑，信用环境恶化，给银行带来较大困扰。部分银行采取了收缩、退出的授信政策，使身处困境的煤炭企业雪上加霜。在此背景下，为解决银行和煤炭企业面临的信贷融资困境，本文采用多种实证分析方法，从银企双视角对煤炭企业信贷融资的困境和效率进行了剖析，以期对改善煤炭企业信贷融资问题提供一定的理论及实践参考。首先，本文选取煤炭规模以上企业、上市企业、银行授信样本企业等大量财务数据，通过计量统计方法对煤炭企业融资结构特征及信贷融资特征进行了深入分析，发现煤炭企业已经基本形成与优序融资理论相符的内源融资、债权融资、股权融资的融资顺序。其次，结合煤炭企业信贷融资的表现特征，本文从煤炭企业和银行双视角对比分析信贷融资困境，发现信贷配给现象在该领域较为典型，规模歧视和所有制歧视普遍存在。当前，煤炭企业与银行之间存在严重的信息不对称，尤其近两年煤炭企业市场下行的过程中，逆向选择和道德风险问题较为常见，加剧了银行信贷风险；煤炭企业面临主要困境是资金需求难以满足和融资效率低下。然后，本文选取了熵值法、DEA方法，以及主成分分析和因子分析法等方法，对煤炭企业信贷融资效率进行实证分析，通过统计指标特征和不同分析方法结果的比对，发现采用主成分分析和因子分析方法得出的结论可以更加全面地反映实际情况，为今后类似研究提供了方法选择上的参考。实证发现，煤炭企业的整体发展水平、企业固定资产及股本占比与信贷融资效率呈现出显著的正相关关系。最后，本文分别从煤炭企业、银行以及政府的角度，以实现银企共赢为目的，提出了解决煤炭企业信贷融资困境的策略建议。更多还原

【Abstract】 Under the changing situation, Chinese coal enterprises are facingtransformation and upgrading, integrating and restructuring, technical reformation,and financing demand of them is particularly urgent. The Third Plenary Session ofthe eighteen proposed to speed up the reform of resource taxes, fees to promoteenvironmental protection and other measures. This change caused a certain pressureto the development of Chinese coal enterprises. Due to the impact of overcapacity,imported coal and other reasons, Chinese coal enterprises are facing a periodicinflection point. The poorer performance of coal enterprise and environmentdeterioration bring great troubles to banks recently. Some banks took a tightening orexiting credit policy, and this choice compounded in trouble of coal enterprises. Inthis background, in order to solve the dilemma of credit financing faced by banksand coal enterprises and provide a certain theoretical and practical reference forimproving the credit financing problems, this dissertation applied several kinds ofempirical analysis methods, and dissects the credit financing difficulties andefficiency of coal enterprises from the perspective of banks and Chinese coalenterprises.Firstly, this dissertation takes a large number of financial data of Chinese coalenterprises above Designated Size, listed coal enterprises, bank credit sample of coalenterprises, and analyzes financing structure features and credit financing features ofcoal enterprises through the statistical method, proved that Financing order ofChinese coal enterprises is internal financing, debt financing, equity financing,which is the same with the pecking order theory. Secondly, with reference to thefeatures of credit financing of Chinese coal enterprises, this dissertation analysis thecredit financing predicament from the perspective of banks and Chinese coalenterprises, proved that credit rationing is typical in this field and the discriminationof ownership and scale is widespread. At present, there is serious informationasymmetry between banks and coal enterprises. Especially in the past two years inthe process of the slumping market, adverse selection and moral hazard problems are common, exacerbating the bank credit risk. The main difficulties faced by Chinesecoal enterprises are the financing difficult and the low efficiency of financing.Thirdly, in the analysis of credit financing efficiency of Chinese coal enterprises, thisdissertation selects the entropy evaluation method, DEA method, and the principalcomponent analysis and factor analysis method. By comparing the statisticscharacteristics and three kinds of analysis results, this dissertation presents theconclusion of principal component analysis and factor analysis can be morecomprehensive to reflect the actual situation. It provides a reference for methodselection of future similar researches. The conclusion of empirical research is thatthere is a significant positive correlation between the overall development, the ratioof fixed assets and capital stock and the efficiency of credit financing of Chinesecoal enterprises. Finally, from the points of enterprises, banks and government, thedissertation puts forward suggestions to solve the problems of coal credit financing,to achieve a win-win situation.更多还原