The Research Of DT Coal Company's Capital Chain Risk Management Under The Background Of Cutting Overcapacity

Faced with the fact of coal prices fell and coal demand decline in the whole industry,the overcapacity of coal industry is experiencing the challenge of “cutting overcapacity,destocking,deleveraging,reducing corporate costs and shoring up weak spots”.How to control the capital chain risk under the new market environment,is a part of the financial risk and operating risk that every enterprise has to deal with.Of course,it is an urgent issue that related to the survival of the enterprise.The paper takes DT coal company as the research object based on the background of cutting overcapacity.After identifying and evaluate the capital chain risk,it puts up with corresponding suggestions to control the capital chain risk.Firstly,it divides the capital chain risk into four parts under the guide of capital cycle theory,which are fund-raising process,investment process,operation process and recycling process.Secondly,it uses Z-score model and F-score model which is used widely to check the capital chain risk of DT coal company.The study finds that the causes are the large scale of fund-raising and the unreasonable structure in fund-raising process,blind investment and low efficiency in investment process,sales decline and low efficiency of cost control in operation process,slow turnover of funds and high risk of bad debts in recycling process.Lastly,to control its capital chain risk and to guarantee the progress of cutting overcapacity,some responding suggestions are put forward which are keep the reasonable capital structure and the transformation form of debt,cultivate advanced capacity and scientific investment,remove excess backward capacity and reduce cost,strengthen the management of accounts receivable and reduce the risk of comprehensive control.By researching the capital chain risk,it can provide reference for DT coal company to improve the prevention awareness of financial risk.Of course,as for the promotion of cutting overcapacity and guarantee the smooth turnover of capital chain,it also has guiding significance.