Abstract: Evaluation and analysis of financing efficiency of coal listed companies can serve as a reference for coal companies to improve financing efficiency and to further break the current adverse situations. Based on Data Envelopment Analysis (DEA), this paper studies the financing efficiency of Chinese coal listed companies from 2007 to 2012, and arrives at the following conclusions. In general, Chinese coal listed companies have low financing efficiency. Chinese coal listed companies have large room to increase their financing efficiency by strengthening technological innovation and development, improving management, etc. Most of Chinese coal listed companies need to expand rationally on condition that that they will strengthen cost control, optimize capital allocation, and improve utilizing efficiency of assets, and a few companies also need to reduce their liabilities simultaneously.