随着我国煤炭产业结构调整、兼并重组的不断深入，煤炭企业的发展亟需大量的资金，融资越来越成为制约企业发展的关键。煤炭行业上市公司作为该行业中最具有优势的企业，其融资能力代表了整个煤炭行业的融资水平，因此，研究企业融资效率问题，分析煤炭行业上市公司融资效率的影响因素及评价标准，探究我国煤炭行业上市公司的融资效率水平，对于煤炭企业提高融资效率、实现企业价值最大化具有重要意义。 本文将煤炭行业上市公司作为研究对象，采取理论与实证相结合的方法，分析国内外融资效率研究理论和各种不同角度融资效率研究的优缺点，提出本文基于企业价值角度来研究融资效率问题，并进一步分析煤炭行业上市公司融资效率的影响因素。在此基础上，从融资效率的构成和煤炭行业特征两个方面构建煤炭行业上市公司的融资效率评价指标体系，分别从筹资效率、资金使用效率、公司治理效率、融资风险和行业特征五类指标对融资效率进行评价。选取我国27家煤炭行业上市公司2009年年报的财务数据作为基础，运用熵值法对煤炭行业上市公司的融资效率加以分析，得出结论：我国煤炭行业上市公司的融资效率普遍较低、股权资本成本对我国煤炭行业上市公司融资效率的影响最大、融资效率与企业价值同向变化。 最后，提出提高我国煤炭行业上市公司融资效率的建议：关注内源融资，充分利用内部权益资金；鼓励金融创新，采用多元化融资工具；优化股权结构，完善公司治理机制；推进并购重组，增强企业整体实力；促进上市公司再融资，实现企业可持续发展。

With the structure adjustment and the deepening of the m&a (Mergers and Acquisitions) in China's coal industry, the development of the coal enterprise needs a large amount of fund. Financing has become the key restricts to the enterprise development. Coal listed companies, which have the most advantages of coal industry of the enterprise, theirs financing ability efficiency represent the status quo of coal industry. Therefore, it is particularly important to research the financing of listed companies and discuss the constitution of the financing efficiency in coal listed companies. This paper selects the coal industry companies as the research object, adopts the combination of the theory and empirical method to analyze the various kinds of the financing efficiency theories. With the foundation of the related theory on financing efficiency which were studied at home and abroad, this paper proposes the financing efficiency from the Angle of enterprise value and analyzes the influence factors of the financing efficiency, then points out the financing efficiency is composed of fundraising efficiency, the service efficiency of funds, corporate governance efficiency, financing risk, and the factors combined with the characteristics of coal industry. Generally considering the factors Which impact financing efficiency of coal listed companies, this article constructs a comprehensive evaluation model for financing efficiency and uses it to valuate several major financing methods which is suitable for coal listed companies，then we take advantage of the coal listed companies’ data in China of 2009 as the investigation data to test. Finally, based on the status quo of financing efficiency of the coal listed companies and combined with the valuation results，we propose some countermeasures and suggestions , and put forward to improving the financing efficiency of the coal listed companies.