| China is a country rich in coal,poor in oil and little in gas.Coal occupies an important position in China’s energy.However,since 2012,due to overcapacity,environmental pollution,global economic decline,national macro-control and other reasons,resulting in a serious decline in coal prices,coal enterprises generally suffer large-scale losses.At the same time,there are various problems in the upstream and downstream of enterprises and industries closely related to coal.There are a large number of arrears in receivables and payables of coal enterprises,slow return of funds and problems in the capital chain.At the same time,coal enterprises are industries that occupy a large amount of funds and have a long period of return on investment,which results in the compensation of coal enterprises.Debt,extension and loan are difficult.In recent years,debt default has also occurred from time to time,and the probability of debt crisis has increased dramatically.From the perspective of external factors,the overall economic situation of our country is not optimistic,and the industries with excess capacity,especially the coal industry,bear the brunt;from the perspective of internal factors,due to the poor management level within the coal industry,the phenomenon of blind decision-making of enterprise managers and the status quo of the overall production level of the industry is not high.The above internal and external factors will eventually be reflected in the enterprise’s own risks,making the enterprise face higher financial risks.In this context,it is very important to identify the financial risks of enterprises accurately and timely,and to strengthen the attention of enterprises to financial risks,so as to protect the interests of stakeholders such as rights and interests,debt fund providers and other enterprises in the supply chain.Under the circumstances of increasing financial risks of coal enterprises and excessive national economy,General Secretary Xi put forward structural reform of supply side,pointing out that China’s supply-demand relationship is facing a very serious structural imbalance,especially in coal,iron and steel,non-ferrous metals and other industries,with a loss of more than 80% and overcapacity.The margin of decline is large.The dislocation of supply and demandhas become a major obstacle to the healthy and rapid development of China’s economy.In this context,this paper based on M coal enterprise financial risk analysis has a certain theoretical and practical significance.This paper uses the method of combining theory with case to study the financial risk of M coal enterprise.Firstly,this paper introduces the background and significance of the topic,and elaborates the related literature review,combs the relevant concepts of financial risk,determines the main body of this study,research methods and puts forward the possible contributions of this paper.At the same time,this paper further takes M coal enterprise as an example to study the financial risk analysis.Based on the analysis of the financial situation of coal enterprises from 2013 to 2017,this paper makes a detailed analysis of the company’s financing risk,investment risk,capital recovery risk and income distribution risk,and evaluates the financial risk of M coal enterprises by Z-value analysis model;at the same time,it carries out a subdivision study combined with DuPont analysis method;The causes of M coal enterprise’s financial risk are analyzed in internal and external parts.Then,combined with the causes of M coal enterprise’s financial risk,the control measures of M coal enterprise’s financial risk are put forward.The last part is the conclusion and Prospect of this paper. |
