Research On Financing Risk Evaluation Of Coal Enterprises In The Context Of Supply-side Structural Reform

Coal production capacity becomes serious excess,coal prices and market demand are declining in recent years.Development situation is not optimistic and strategic adjustment is needed to measured.The supply-side structural reform demands to improve the quality of the products,so that the inefficient coal products exit the market and improve the effective supply of coal products.Coal resources are integrated,transformation and upgrading of the coal industry is promoted by the reform.But the process requires a lot of money.Financing is the key to its transformation,however,the external environment of the coal enterprise is more complex,industry is particularity,so there is a certain financing risk.Therefore,it is of great significance to evaluate the financing risk of coal enterprises.This paper analyzes the development of domestic coal enterprises,main financing methods and financing characteristics.This paper makes an in-depth analysis of the meaning of the supply-side structural reform.The paper also expounds the requirements of the supply-side structural reform to the coal enterprises and the development goals of the coal enterprises in the future.This paper constructs the evaluation index system of the financing risk of the coal enterprise from the two aspects of finance and non finance.These indicators include corporate governance,product competitiveness,profitability,solvency,development capabilities and operational capabilities and other indicators.The weight of each risk evaluation index is determined by the method of factor analysis and grey relational grade.Combined with fuzzy comprehensive evaluation,the grey fuzzy comprehensive evaluation model is established.The paper takes H company as an example to do empirical research.The analysis includes four aspects: improving the financing risk evaluation index system,the establishment of internal financial early warning mechanism,the rational adjustment of the development strategy and establishing sinking fund.The paper puts forward some measures and suggestions to reduce the financing risk of coal enterprises.