Analiza porównawcza kosztu kapitału własnego przedsiębiorstw górnictwa węgła kamiennego w ujęciu międzynarodowym / Comparative Analysis of the Cost of Equity of Hard Coal Mining Enterprises – An International Perspective

Hard coal mining industry, considered to be in a declining stage, is undergoing a gradual revival. The world coal market is growing. The demand for black fuel is mostly enhanced by the power industry in the countries being outside OECD and rising prices of alternative energy carriers. In relation with the increasing role of mining enterprises in development of the world economy, in the hereby article there is a problem of equity cost raised which is engaged in financing of such type of enterprises. The purpose of the article is to conduct a comparative analysis of mining enterprises in an international perspective. The cost of equity was examined in the largest mining corporations operating on the market in Australia, China and USA. The research encompassed 12 enterprises dealing with hard coal excavation. The research period included the years 2009-2013. In the research there was mostly statistical analysis of primary data used that concern stock quotations for the examined mining enterprises and stock exchange indexes that constitute benchmarks for them. The research conducted may be helpful in determining the development perspectives of hard coal in the aspect of international conditions. It also enables providing the answer to the basic research questions: In the light of globalization of international markets and intensification of resources flow, especially coal, is the cost of equity, engaged in the hard coal mining enterprise financing, varied in terms of the market that this enterprise performs on? The results obtained allow stating that the cost of equity of hard coal mining enterprises is varied depending on the market that the enterprises conduct their activity on. The tendency observed constitutes a reason for further research aimed at investigating the reasons for the variety and indicating the consequences in a longer time perspective