Study On Financial Characteristics And The Sustainable Development Of Coal Company Under The Background Of Cutting Overcapacity

As the most important energy in China,coal is the necessary energy for many developing industries.Before 2012,it is a “Goleden Ten Year” for the coal industry in the past ten years.Regardless of the price of coal or the total output,it is the most prosperous period for the coal industry.However,since the beginning of 2013,the domestic coal prices continue to decline,at the same time,the coal companies are also facing difficulties in production and management.Especially in 2015,the international market of energy prices continued to fall,and domestic economic development is still relatively slow,so that the supply and demand of coal in the market remains bad,and the coal prices are more serious.Many companies have first time emerged a net profit negative.Also,high social inventory is a direct result of the coal prices continue to fall.Because of this industry developing dilemma,since 2016,the State Council and the provinces issued a series of policies of reducing excess capacity policey.Hope that with the actively cooperate between the local governments and coal enterprises,the various reducing excess capacity policeies can make domestic coal prices gradually pick up.From the currently published data of some coal enterprise,it can be seen,that the implementation of reducing excess capacity policey has begun to play a role,and gradually ease the coal industries` difficulties.This paper selects a listed company——China Coal Energy Group as the research object.This paper will use the method of literature study,case study,comparative study and the relevant financial analysis to analyze the representative enterprise`s financial structure and the company’s financial indicators change in recent years.And,by means of the sustainable growth model,to predict its future sustainable growth ability,and puts forward some suggestions on its future development.The results show that the China Coal Energy Group losses in 2015 for the first time,but through the reasonable arrangement of production lines,the company successfully achieved profitability in 2016,and the financial indicators are also with the development level of the industry.The future development trend of China Coal is brilliant.Finally,based on the analysis of the case company,this paper will put forward some suggestions and measures for the future development direction of the coal enterprises,under the dual influence of the new energy impact and the capacity reduction policy in the future.