摘要 煤炭是我国的基础能源，煤炭工业对我国经济社会发展和能源供给安全具有举足轻重的作用，随着十一五、十二五期间的兼并、整合等市场化运作，煤炭行业生产集中度不断提高，煤炭类上市公司的产能已接近行业总产能的70%，在行业内具有明显的导向性和引领作用，但公司治理结构存在的一些问题严重制约着企业和行业的健康发展；在供给侧结构调整的宏观经济形势和环保新政下，去产能、调结构、绿色高效开采已是行业共识，绩效已成为煤炭上市公司竞争的关键，从煤炭上市公司治理结构角度研究提高经营绩效问题，对煤炭上市公司和煤炭行业持续健康发展具有重要的现实意义。 本文总结分析了公司治理结构对经营绩效影响的国内外研究现状及相关理论，明确了公司治理结构、企业经营绩效等概念；把公司治理结构对经营绩效的影响进行了理论分析和阐述；分析了煤炭上市公司的治理结构现状。以2008-2016年25家煤炭上市公司面板数据为样本，考虑到宏观环境、市场化指数、企业规模以及资产负债率等因素的影响，从股权结构、董事会结构和高管激励三方面8个指标分析了煤炭上市公司治理结构情况；从偿债能力、盈利能力、营运能力和发展能力四方面10个指标，运用因子分析法提取公因子构建了经营绩效综合函数；运用回归分析法对煤炭上市公司治理结构对绩效的影响进行了实证研究。结果表明：公司治理结构中的股权结构、董事会结构和高管激励的各方面都会对煤炭上市公司的经营绩效产生影响，所不同的是影响程度和正负方向有差异。依据研究结果并结合煤炭行业实际，提出了进一步规范公司治理结构，提高煤炭上市公司经营绩效的对策，包括：优化股权结构，健全独立董事制度，两职分离、实施职业经理人制度，兼顾长远、完善高管薪酬体系等，具有一定的理论和实践意义。

ABSTRACT Coal is the basic energy source in China. The coal industry plays a pivotal role in China's economic and social development and energy supply security. With the marketization of mergers, and integration during the 11th and 12th five-year period, the coal industry's production concentration continues to increase. The production capacity of coal listed companies is close to 70% of the industry's total production capacity. It has obvious guiding and leading role in the industry. However, some problems in the corporate governance structure seriously restrict the healthy development of enterprises and industries; Under the new macroeconomic situation and the new environmental protection policy, it is the consensus of the industry that capacity reduction, structural adjustment, and green and efficient mining have become the key to the competitiveness of listed coal companies. The continuous and healthy development of the coal industry has important practical significance. This article summarizes the domestic and international research status and related theories of the impact of corporate governance structure on business performance, defines the concepts of corporate governance structure, corporate operating performance, etc., and analyzes and explains the impact of corporate governance structure on business performance. Status Quo of Corporate Governance Structure of Coal Listed Companies . Taking the panel data of 25 coal listed companies from 2008-2016 as a sample, taking into account the factors such as the macro environment, marketization index, company size, and asset-liability ratio, there are eight indicators in terms of equity structure, board structure, and executive incentives. Analyzes the governance structure of listed coal companies; 10 indicators from four aspects: solvency, profitability, operational capacity, and development capability. Factor analysis is used to extract common factors to build a comprehensive function of operating performance; and regression analysis is used to list coal companies. The impact of governance structure on performance has been empirically studied. The results show that the aspects of the ownership structure, board structure, and senior management incentives in the corporate governance structure all affect the performance of coal listed companies. The difference is that there are differences in the degree of influence and the positive and negative directions. Based on the research results and in combination with the reality of the coal industry, measures are proposed to further standardize the corporate governance structure and improve the operating performance of listed coal companies, including: optimizing the ownership structure, improving the independent director system, separating the two positions, implementing the professional manager system, taking into account the long-term, Perfecting the executive compensation system, etc., has certain theoretical and practical significance.