去产能背景下DT煤业公司资金链风险管理研究

发布时间：2018-10-13 07:12

【摘要】：在全行业煤炭交易价格下跌、煤炭需求量下降的市场环境下,产能过剩的煤炭行业正经历着“三去一降一补”首要任务“去产能”的考验,如何控制新市场环境下的资金链风险,是企业应对财务风险和经营风险的一部分,是一个关乎企业存亡的紧迫问题。论文基于去产能背景以DT煤业公司为研究对象,首先对其去产能过程中的资金链风险予以识别,再就其资金链风险成因提出相应的风险控制建议,以保障去产能的顺利进行,维持平稳发展。首先论文从资本循环周转理论的角度将资金链风险研究细分为资金筹集过程、投资过程、营运过程和资金回收过程四个环节,阐述了去产能政策的推行对DT煤业公司资金链的影响后,运用学术界普遍使用的Z计分模型和F计分模型对其资金链风险予以识别评估,发现资金筹集过程的风险成因是筹资规模大、结构不合理,投资过程的风险成因是新产能投资盲目,效率低,营运过程的风险成因是销售下滑、成本控制不力,资金回收过程的风险成因是资金周转慢、坏账风险大,最后为控制其企业资金链风险,同时推动去产能的顺利进行,针对资金链四个环节的风险成因分别提出了四点风险控制建议,一是保持合理资本结构、转化债务形式,二是科学投资,培育先进产能,三是去除过剩落后产能,控制成本费用,四是加强应收账款管理,全面控制回收风险。论文通过资金链风险的管理研究,可为DT煤业公司提高财务风险防范意识提供参考意见,对推动类似煤炭企业去产能的顺利进行、保障资金链顺畅周转具有指导意义。
[Abstract]:In a market environment in which the trade price of coal in the whole industry is falling and the demand for coal is falling, the coal industry with overcapacity is undergoing the test of "three go, one cut, one supplement", and the first task, "go capacity." How to control the risk of the capital chain in the new market environment is a part of the enterprise to deal with the financial risk and the management risk, which is an urgent problem related to the survival of the enterprise. Based on the background of deproductivity, this paper takes DT Coal Company as the research object. Firstly, it identifies the risk of capital chain in the process of deproductivity, and then puts forward corresponding risk control suggestions to ensure the smooth progress of deproductivity. Maintain steady development. First of all, from the perspective of capital circulation theory, the paper subdivides the risk research of capital chain into four parts: the process of raising funds, the process of investment, the process of operation and the process of fund recovery. After expounding the influence of the policy of deproductivity on the capital chain of DT coal company, the risk of capital chain is identified and evaluated by using the Z score model and the F score model, which are widely used in academic circles. It is found that the causes of risk in the process of raising funds are large scale of financing, unreasonable structure, blind investment of new production capacity and low efficiency. The risk causes of operation are the decline of sales and the lack of cost control. The causes of the risks in the process of capital recovery are the slow turnover of funds and the high risk of bad debts. Finally, in order to control the risk of the enterprise's capital chain, and at the same time to promote the smooth progress of the production capacity, According to the risk causes of the four links of the capital chain, four risk control suggestions are put forward, one is to maintain a reasonable capital structure, the other is to transform the form of debt, the other is to invest scientifically, to cultivate advanced production capacity, and third, to eliminate excess and backward capacity. Control cost and expense, four is to strengthen the management of accounts receivable, comprehensive control of recovery risk. Through the research on the risk management of capital chain, this paper can provide reference for DT coal company to improve the awareness of financial risk prevention, and it has the guiding significance to promote the smooth progress of the production capacity of similar coal enterprises and ensure the smooth turnover of the capital chain.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.21

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