Research On Financial Risk Evaluation And Control Of Chinese Listed Energy Companies Based On Analytic Hierarchy Process

China's "Twelfth Five-Year Plan" establishes the acceleration of the construction of a resource-saving and environment-friendly society,emphasizes the concept of green and low-carbon development,and proposes the upgrading of industrial structure.As an important energy industry in China,the coal industry has long occupied a dominant position in energy,but there have been problems of overcapacity,uneven development of coal mines,and environmental pollution.Therefore,supply-side structural reform of the coal industry is imperative.The coal industry is not only under pressure from reforms to technologically transform its own coal mine projects,but is also constrained by the development of major downstream industries such as thermal power,iron and steel,and building materials.At the same time,large coal mine projects in coal companies have slowed capital withdrawal due to long construction cycles A large number of receivables and payables of enterprises is also one of the reasons for the fragility of the company's capital chain.Various factors of the internal and external environment will aggravate the financial risks of the enterprise.China Coal Energy,as a large-scale coal company in China,can see from the financial statement data from 2012 to the present that the company's net profit has been in a less than ideal state for a long time.Therefore,risk management measures such as identifying,evaluating,and preventing financial risks of enterprises will effectively prevent them from falling into a financial crisis.Based on this purpose,this paper attempts to build an enterprise financial risk evaluation model using AHP with China Coal Energy as the research object,and puts forward risk prevention and control recommendations by analyzing the evaluation results.There are six chapters in this article:The first chapter is an introduction.This article introduces the research background and significance,research ideas and content,research methods,and the main contributions and deficiencies of this article.The second chapter is a literature review.First,the two concepts of energy enterprise and financial risk are defined,and then the literature and review of the development and research status of financial risk evaluation and financial risk control are reviewed from two aspects at home and abroad.The third chapter is the theoretical basis of financial risk evaluation of listed energy companies in China.The first section of this chapter explains the theoretical basis of corporate financial risk evaluation.The capital structure is the root cause of financial risk in an enterprise,so the theory of capital structure is the foundation.Internal control is the institutional guarantee for the effective implementation of corporate financial risk assessment.Risk management is the means by which companies respond to financial risks.Therefore,internal control theory and risk management theory are the supporting theories of corporate financial risk ratings.The second section analyzes the causes of financial risks of listed energy companies in China.The third section elaborates the analysis framework of common financial risk evaluation of enterprises from three aspects: construction principles,evaluation dimensions and evaluation index database.The fourth section describes the basic principles and characteristics of the analytic hierarchy process,and the feasibility of the analytic hierarchy process in the application of financial risk assessment.The fourth chapter is the core of this article,which is the case analysis.This article takes China Coal Energy as the research object.The first section introduces China Coal Energy's corporate profile.The second section analyzes the current situation of China Coal Energy's financial risks based on China Coal Energy's financial statements from 2014 to 2018,and provides the entry point for the construction of China Coal Energy's financial risk evaluation system based on the analytic hierarchy process.Section III establishes the hierarchical structure of China Coal Energy's financial risk evaluation system through index selection,determines the judgment scale,and further explains the method of establishing a judgment matrix and performing consistency check.Section 4 calculates the financial risk score and risk level of China Coal Energy by comparing and verifying the results of China Coal Energy's financial risk evaluation with the actual situation,determining the main financial risk points of China Coal Energy,and proving the effectiveness of the financial risk evaluation system.Effectiveness.Section 5 puts forward risk prevention and control recommendations based on the evaluation results.Section VI is a subsection of this chapter that summarizes the evaluation results.The fifth chapter is suggestions for the prevention and control of financial risks in energy companies.This chapter gives suggestions from the perspectives of financial risk prevention and control and risk management system construction.The sixth chapter is the research conclusion and research prospect.The first section of this chapter summarizes and summarizes this article.In the second section,based on the analysis of the limitations of the research method and process of this paper,the future research directions are prospected.The main contributions of this paper are as follows:(1)Based on the performance of corporate capital movements,this article selects financial evaluation indicators from four dimensions: financing risk,investment risk,capital chain risk,and allocation risk,and builds an enterprise financial risk evaluation system.The hierarchy of the evaluation system has clear principles and a complete framework,which enriches the research on financial risk evaluation and has certain theoretical significance.(2)This paper builds an enterprise financial risk evaluation system based on the analytic hierarchy process.Through the combination of qualitative and quantitative methods,the financial risk evaluation results are more targeted and more relevant to the actual situation of the enterprise.At the same time,the application principle of the analytic hierarchy process is similar to the human brain's idea of solving complex problems.Through layer-by-layer decomposition,weight calculation is given,and the best strategy is finally obtained.This method is easy to understand and the operability of the actual work of the enterprise is strong.(3)There is relatively little domestic research data on the use of analytic hierarchy process for financial risk evaluation in coal enterprises.This article uses China Coal Energy as an example to study,and adds a case base of companies and methods used in related industries.The establishment and improvement of China's financial risk evaluation system played a demonstration role.