The Research On Optimization Of Capital Chain Management Of China Coal Energy Company Limited

The coal industry is a typical capital-intensive production industry,and the funds are the blood of coal enterprises to carry out project investment and development.Since 2012,the state has begun to implement a gradually tightened industrial policy for the coal industry.It has introduced various economic policies and environmental protection regulations,which not only require coal enterprises to "go capacity,limit production",but also propose emission standards for coal enterprises.The standards have led to a serious development situation in China’s coal industry.In such a sluggish economic environment,whether coal enterprises can survive and develop sustainably depends on whether their capital chain can smoothly and cyclically operate.Therefore,it is necessary to optimize the shortage of capital chain management in coal enterprises and prevent the occurrence of corporate capital chain.Breaking to ensure the healthy development of coal enterprises.Based on capital cycle theory,enterprise life cycle theory and internal control theory,this paper establishes the theoretical framework of enterprise capital chain management,that is,the enterprise’s capital chain management logic is embodied in three aspects:the financing structure and financial risk management of the input chain.Use chain investment decision-making and cost control management as well as return chain asset turnover and capital return quality management.This paper takes China Coal Energy Co.,Ltd.as the research object,analyzes the company’s development history,business model,development strategy and business situation,and combines the financial information and non-financial information of China Coal Energy Co.,Ltd.to explain the current status of the company’s capital chain management in 2013-2017..The study found that the company has a single financing structure in the capital chain management,relying heavily on bank loans to cause high financial risks,loose product cost control,resulting in narrow profit margins,slow asset turnover and weak sales growth.In view of the specific problems existing in the capital chain management of the case company,this paper puts forward the overall optimization plan of the company’s capital chain management,in order to reduce the proportion of liabilities to ensure the safety of business operations,control the risk of capital chain to expand profit margins and find breakthrough points in coal products to accelerate asset turnover.In order to optimize the target,the optimization measures are proposed from the investment chain,the use chain and the return chain of the fund respectively.It is suggested that the case company can strengthen the financing channel by securitizing the mining rights,divest the backward mines to increase the cash flow,strengthen the platform and establish the financial sharing platform.Inter-departmental communication to achieve optimization goals by reducing product costs and monitoring the trend of credit sales and reducing bad debts.At the same time,in order to reduce the deviation of the optimization scheme in the implementation process,this paper proposes to develop corresponding safeguard measures from the company level,including improving the internal control system of the enterprise,introducing the risk warning mechanism of the capital chain,implementing the budget control of the capital,and formulating performance appraisal and accountability.Institutions and other methods provide reference for the optimization of capital chain management of coal enterprises.