The most important thing you need to understand is that, contrary to popular belief, the smoke point of an oil has nothing whatsoever to do with how well it resists heat; oils smoke primarily due to the presence of free fatty acids and particulates, whereas what you're really after is how resistant the oil is to oxidation. This is almost entirely determined by its fatty acid composition, with saturated fats being the by far most resistant, monounsaturated fats being less resistant, and polyunsaturated fats being the least resistant of all. This is also quite noticeable from how quickly the latter go rancid, in contrast to how the former can be stored for many years without going rancid at all. That is why coconut oil, being very high in saturated fatty acids, and the small remainder being monounsaturated fatty acids, is exceptionally resistant to heat.
The subsection "Oxidative stability" on the Wikipedia article "Smoke point" explains it quite well:
Hydrolysis and oxidation are the two primary degradation processes
that occur in an oil during cooking. Oxidative stability is how
resistant an oil is to reacting with oxygen, breaking down and
potentially producing harmful compounds while exposed to continuous
heat. Oxidative stability is the best predictor of how an oil
behaves during cooking.
The Rancimat method is one of the most common methods for testing
oxidative stability in oils. This determination entails speeding up
the oxidation process in the oil (under heat and forced air), which
enables its stability to be evaluated by monitoring volatile
substances associated with rancidity. It is measured as "induction
time" and recorded as total hours before the oil breaks down. Canola
oil requires 7.5 hours, for example, whereas extra virgin olive oil
(EVOO) and virgin coconut oil will last over a day at 110 °C of
continuous heat. The differing stabilities correlate with lower
levels of polyunsaturated fatty acids, which are more prone to
oxidation. EVOO is high in monounsaturated fatty acids and
antioxidants, conferring stability. Some plant cultivars have been
bred to produce "high-oleic" oils with more monounsaturated oleic acid
and less polyunsaturated linoleic acid for enhanced stability.
The oxidative stability does not directly correspond to the smoke point and thus the latter cannot be used as a reference for safe and
healthy cooking.