The Research On Optimization Of Capital Management System In ZB Mining Group's Transition Period

Under the new normal background of China's economy from high-speed growth to medium-to-high-speed growth,coal demand continues to be sluggish,market demand is further shrinking,supply exceeds demand,inventory increases,prices fall,and efficiency declines become the new normal.The coal industry has entered a situation of a period of slowdown in growth,digestive period of excess capacity,strengthening of environmental constraints,and "four phases" of structural adjustment.ZB Mining Group is a large-scale modern enterprise group with coal as its main business.The development of coal and non-coal is unbalanced.The mines in the province are affected by resource depletion and urban overlying coal.Some mines are on the verge of closure or successively entering the aging period.Due to factors,the difficulty in obtaining coal resources has increased,and the expansion and development of the coal industry has been hindered.The non-coal industry leading products are mostly in the field of full competition and overcapacity.There are not many projects that can support and control the situation.The industry is superior and strong,and the task of transformation and development is very heavy.Affected by economic factors,drastic changes in the coal market,de-capacity and environmental protection,the pressure on the survival and development of enterprises has doubled.How to effectively cope with the changes in the situation,ensure the stability of cash flow during the period of enterprise transformation and development,reduce the cost of capital,strictly control the risk of funds,and realize the normal operation of corporate funds,which has become an important issue for the financial management of ZB Mining Group.The paper finds that the fund management system for the characteristics of coal enterprise groups is less discussed in the literature research at home and abroad,and needs to be further supplemented and improved.The paper takes ZB Mining Group's fund management as the research object,and takes the optimization of the capital management system during the transitional development period.It adopts the investigation and research method and uses the related theories of centralization and decentralization,information asymmetry,principal-agent and internal capital market.The development trend of the coal industry and the characteristics of fund management,using the 2014-2016 annual report and related financial data,the ZB Mining Group's fund management was elaborated and analyzed in depth.It was found that the group's centralized fund management platform was not fully utilized and the bills were not fully utilized.To achieve centralized management,accounts receivable and inventory(referred to as "two gold"),the use of funds,the modern service industry,the risk of capital,the single financing channel and the monitoring of the fund budget have not effectively played the relevant issues.Through in-depth analysis,the paper focuses on the design and optimization of ZB Mining Group's fund management needs to improve and improve,proposes ideas and principles for optimizing the fund management system,and provides a way to expand financing channels and build financial companies and settlement centers.Fund centralized management mode,unified acceptance bill management,establishment of "ticket pool",to achieve pool financing,establishment of"two gold" occupation long-term mechanism and establishment of modem service industry fund security risk prevention and control mechanism and other optimization programs,propose to enhance fund management awareness and improve The operating environment of the centralized fund management model and the safeguard measures for improving the internal control of the enterprise group funds.The optimization ideas and solutions proposed in the paper can promote the construction of the Group's fund management system,and have greater practical value and practical significance for enhancing its centralized management and control capabilities,broadening financing channels and preventing capital risks.At the same time,the research of the thesis can provide a reference for the selection of the fund management mode and the optimization of the fund management system of other state-owned coal enterprise groups in China,which not only enriches the resources of theoretical research,but also has certain reference value.