| Since 2012,the coal industry has ended its decade of golden development.With the slowdown in the economic growth rate in the country and the reduction in demand for various resources,the coal industry has transformed the production capacity into production in an excessively rapid and concentrated manner.This has exacerbated the relative surplus of supply in the context of weak demand.Coal industry It is listed as a key industry for supply-side reform.Under the new normal economy,coal companies adjusted their development strategies in a timely manner to achieve steady progress and a smooth transition during the economic downtum.As an important part of the company's development strategy,financial policies should also be timely adjusted to match the development strategy,providing financial support for the survival and development of the company.In the economic downturn,the overall operating status of coal companies is poor,so how to ensure the survival and development of coal enterprises in the"winter",which highlights the importance of financial policies.Firstly,the article defines related concepts such as financial policies,economic cycles and reviews domestic and foreign studies on the formulation and selection of financial policies.Secondly,it analyzes the macro and micro factors that influence the choice of coal companies'financial policies during the economic downtum.Then this paper adopts the analysis methods of case study and comparative research,focusing on the analysis and analysis of the choice and use of China's Shenhua and Pingdingshan Group's financial policies in the economic down cycle.The study found that:Firstly,the two companies chose their own development financing policy based on their industry status and credit level.Shenhua relies on short-term debt financing to quickly replenish liquidity.Pingdingshan issued medium and long-term corporate bonds,targeted tools and the use of financial innovation tools to revitalize assets.Secondly,Shenhua actively invests in acquisitions to expand the company's industrial chain.Pingmei stripped off its loss of assets and resolved excess capacity.Both of them showed the characteristics of the financial policy of counter-cyclicality and pro-cyclicality.Thirdly,in the face of economic downturn,the two companies adopted loose credit policies and took up a large part of the supplier's purchase price.Pingmei also launched a number of innovative businesses improve the company's cash flow status.Finally,the low distribution and cash dividend policies are the salient features of the distribution policy of coal companies'dividends,and resource-intensive enterprises with large bodies of help boost the economic downturn.The differences in financial policies between the two listed coal companies fully demonstrate that the choice of financial policies has a close relationship with the development of enterprises and the macroeconomic environment.The same place has a certain industry representative.With the integration strategy of China Shenhua,various financial policies such as the separation of non-performing assets,transfer of accounts receivable,and securitization of accounts receivable by Pingdingshan Coal Mining Co.,Ltd.are very bright under the new economic normal conditions.These prominent financial policies have served as an effective reference for other similar companies and large state-owned enterprises facing the same difficulties during the economic downturn. |
PDF Full Text Request