Research on the influencing factors and control of market value management in the coal industry listed companies
GU Shanshan
Abstract：Market value management plays a crucial role in helping listed companies ease financing constraints and optimize investment decisions.Using a sample of listed coal firms from 2013 to 2022 and applying a year-fixed-effects model,this study expands the existing literature by incorporating executive characteristics and corporate risk-taking capacity into the factors influencing firm market value.The research results show that high loan interest rates,excessive executive shareholding ratios,and large-scale corporate R & D investments all have an inhibitory effect on the improvement of the company's market value.The enhancement of the board of directors' professional capabilities,executive compensation,R & D capabilities,and the company's risk-taking ability is conducive to the improvement of the company's market value.The operating capacity has a positive but not significant impact.Compared with state-owned listed coal companies,the regression results of indicators such as loan interest rates,the professional capabilities of the board of directors,executive shareholding ratios,the turnover rate of current assets,and R & D capabilities of non-state-owned listed coal companies are not significant.Based on these findings,policy suggestions for market value management and control are put forward.
Keywords：market value managementexecutive characteristicsrisk-taking abilitymanagement structurecoal industry
Publication Date：2025-08-28
Online Publishing Date：2025-09-29(First online date of this platform, not the publication date of the document)
Pages：10( 176-185 )