中文摘要：

1998年以来我国不同所有制煤炭企业的资本结构走势截然对立，当国有煤炭企业资产负债率一路上扬时，非国有煤炭企业的资产负债率却进入了稳定的下降通道。根据权衡理论和顺序融资理论，文章采用1998-2009年规模以上煤炭企业微观的数据样本，对影响煤炭企业资本结构的因素展开了动态面板实证研究回归，并基于回归结果对企业资本结构演变进行了模拟。结果表明：企业资本结构受多种因素影响，广受关注的所有制差异确实对煤炭企业资本结构的差异性变动有影响，但是程度很有限。对不同所有制煤炭企业资本结构差异造成最大影响的因素是企业的盈利能力因子，非国有企业相对较高的盈利能力解释近一半的资本结构差异。

英文摘要：

The capital structures of China＇s coal enterprises of different ownership have followed opposite trends since 1998. The debt asset ratios of state-owned coal enterprises go all the way up, while the ratio of non-state-owned coal enterprises follow the stable but decreasing trend. In this paper, the dynamic panel data model is applied to study the factors affecting the capital structure of coal enterprises based on the Trade-off Theory and Pecking Order Theory. The micro data samples of large-scale coal enterprises from 1998 to 2009 are used. In addition, the effect to the capital structures is simulated based on the result of regression analysis. To conclude, capital structure is affected by many factors. Differences in ownership is indeed one of them, but the extent is limited. The most important factor is the profitability factor of enterprises. About half of the difference in capital structures is due to relatively high profitability of non-state- owned enterprises.