Study of Coal Industry De-Capacity Stickiness Mechanism — Empirical Evidence Based on Listed Companies

At present, how to effectively resolve overcapacity when the business volume declines has become the biggest problem for coal enterprises. Taking China's coal listed companies from 2013 to 2018 as samples, this paper studies the mechanism of de-capacity stickiness in the coal industry. The results indicates that there is de-capacity stickiness in coal listed companies, and the stickiness of state-owned enterprises is more significant than that of non-state-owned enterprises; the return on net assets is inversely related to de-capacity stickiness; labor intensity is positively related to de-capacity stickiness. The results indicate that how to make good use of resources to improve the return on net assets and reduce labor intensity through intelligent and automation are effective means to reduce de-capacity