Based on the data of coal listed companies in Shanghai and Shenzhen from 2015 to 2018, this paper studies the relationship between the capital structure and corporate growth of coal enterprises through the adoption of factor analysis and linear regression. The corporate growth is reflected from profitability, short-term liquidity, asset operation level and development capability. In the end, it is concluded that there exists a negative correlation between profitability and corporate growth. The same goes for the relationship between short-term liquidity and corporate growth. At the same time, the asset operation level and corporate growth also have negative correlation. This has practical significance for promoting coal companies to build a reasonable capital structure, reduce their financial risks, and ensure their business goals.