Financial Risk Analysis And Countermeasure Research Of Zhengzhou Coal Power Under The Background Of Supply-side Reform

At present,China's coal industry is facing the development situation of internal and external troubles.From the external perspective,China's economic growth is declining and overall demand is weakening.From the internal perspective,due to the large capital consumption and long investment return cycle of the coal industry,the enterprises are faced with difficulties in debt repayment and loans.In addition,with backward management concepts,they blindly produce low-quality production capacity in an attempt to seize market share,resulting in a situation of inventory accumulation.In the context of supply-side reform,there are some problems in the coal industry: the market is still weak due to the reduction of production capacity,the coal industry is not suitable for social development,the distribution of production and consumption is not balanced,the market concentration is low,and the overall technical level is low.Under the background of supply-side reform,the financial risks of the coal industry include: financing risk,investment risk,inventory explosion risk,accounts receivable growth risk,and coal profit decline risk.Caused the causes of these risks are: coal production capacity is relatively surplus increase inventory,increase in coal imports led to the decrease of the coal enterprise income,the appearance of clean energy,the coal serious credit accounts receivable,the tax policy changes caused by coal cost increase profits decrease,asset-liability ratio high funding difficulties,zombie companies industry financial risk cause financing difficulties.Zhengzhou coal power is the first listed enterprise in China's important coal industry development enterprises.The company's financial work in the financing,investment,operation,profit distribution four aspects of deficiencies.In the comprehensive analysis by using z-value economic analysis model,it is found that the company is faced with high risks.In view of the risks,the following improvement Suggestions are proposed: improve the combination of financing risk and deleveraging,improve the combination of investment risk and capacity reduction,improve the combination of operating risk and inventory reduction,and enhance the ability to innovate and strengthen the weak link.