Research on Operational Performance Evaluation of Listed Coal Companies in China Under the New Normal of Economy

Abstract

Coal is not only the basic energy but also the non-renewable energy, which plays an irreplaceable role in promoting the development of national economy. In recent years, China’s coal listed companies have been faced with increasingly severe internal and external business environment due to the influence of domestic traditional energy restriction policies and supply–demand contradictions. China’s coal industry has been in business difficulties since 2012, and entered an unprecedented “winter period” in 2015. Under the new normal of economy, the scientific and effective evaluation of their business performance is directly related to the quality and even the survival of such companies’ periodic business decisions. By selecting coal listed companies as the research object, this paper constructed an operating performance evaluation index system including 12 financial indicators from five angles. Principal component analysis and cluster analysis were used to comprehensively evaluate the operating performance of 16 coal listed companies from 2015 to 2017. The paper compares the solvency, profitability, operation and development capacity of 16 sample listed companies in the same period, thus providing reference for companies to formulate development policies and investors to invest rationally.