供给侧改革背景下煤炭企业融资风险评价研究

发布时间：2018-05-20 23:45

本文选题：供给侧改革 + 煤炭企业　；参考：《河北工程大学》2017年硕士论文

【摘要】：近些年,煤炭产能严重过剩,煤炭价格和市场需求下降,其发展形势不容乐观,亟需进行战略调整。供给侧改革要求从提高产品质量的角度出发,使低效煤炭产品退出市场,提高煤炭产品的有效供给,对煤炭资源进一步整合,用改革的方式推进煤炭产业的转型升级。但该过程需要大量的资金支持,融资成为其转型的关键,然而由于目前煤炭企业的外部生存环境较为复杂,加上其行业本身具有的特殊性,共同决定着其不可避免的存在着一定的融资风险。因此,对煤炭企业融资风险评价具有重要意义。本文分析了国内煤炭企业的发展状况,以及其主要融资方式和融资特点,对供给侧结构性改革的含义进行深入剖析,阐述供给侧改革的提出对煤炭企业的要求,以及煤炭企业未来的发展目标。并在此背景下,对煤炭企业融资风险的影响因素进行分析,从财务和非财务两个方面,构建了供给侧改革背景下的煤炭企业融资风险评价指标体系。主要包括企业治理情况、产品竞争力、盈利能力、偿债能力、发展能力以及营运能力等指标,采用因子分析和灰色关联度等数学方法,确定每一个风险评价指标的权重,利用灰色系统理论确定灰色系数和评价矩阵,结合模糊综合评价,建立了灰色-模糊综合评价模型。并以H公司为例进行实证研究,从完善融资风险评价指标体系、建立内部财务预警机制、合理调整发展战略以及建立偿债基金等四个方面,提出了可以降低煤炭企业融资风险的措施和建议。
[Abstract]:In recent years, coal overcapacity, coal prices and market demand decline, its development situation is not optimistic, need to carry out strategic adjustment. The supply-side reform requires that the inefficient coal products withdraw from the market, the effective supply of coal products be improved, the coal resources be further integrated, and the transformation and upgrading of the coal industry be promoted by means of reform. However, the process needs a lot of financial support, and financing becomes the key to its transformation. However, because of the complexity of the external living environment of coal enterprises at present, and the particularity of the industry itself, Together determine the inevitable existence of certain financing risks. Therefore, it is of great significance to evaluate the financing risk of coal enterprises. This paper analyzes the development of domestic coal enterprises, its main financing methods and financing characteristics, deeply analyzes the meaning of supply-side structural reform, and expounds the requirements of supply-side reform for coal enterprises. And the future development goals of coal enterprises. Under this background, this paper analyzes the influencing factors of the financing risk of coal enterprises, and constructs the evaluation index system of financing risk of coal enterprises under the background of supply-side reform from the two aspects of finance and non-finance. It mainly includes enterprise governance, product competitiveness, profitability, solvency, development ability and operation ability, etc. The weight of each risk evaluation index is determined by factor analysis and grey correlation degree. The grey coefficient and the evaluation matrix are determined by using the grey system theory, and the grey fuzzy comprehensive evaluation model is established in combination with the fuzzy comprehensive evaluation. Taking H Company as an example, the paper makes an empirical study from four aspects: perfecting the index system of financing risk evaluation, establishing internal financial early-warning mechanism, rationally adjusting development strategy and establishing debt service fund. The measures and suggestions to reduce the financing risk of coal enterprises are put forward.
【学位授予单位】：河北工程大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.21;F406.7

【参考文献】