Risk Diversification And Z Company Integrated Coal And Electricity Strategy Research

The development of coal enterprises and electric power enterprise relationship between the economic development of China's most basic,but in recent years,the contradiction between coal enterprises and electric power enterprise is more and more prominent,the competition between each other is becoming more and more fierce.The relationship between coal enterprises and power enterprises is very close.The biggest customer of coal enterprises is power enterprises.Most of the cooperation between coal enterprises and power enterprises is to sign the coal ordering agreement at the annual ordering meeting.But in 2009,coal orders at the national coal ordering conference ended with zero trading volume,intensifying the conflict between coal and power companies.In order to solve the contradiction between coal enterprises and power enterprises,the integration of coal and electricity has entered the historical stage of China's economic development.Industry experts say the integration of coal and electricity can effectively solve the contradiction between coal enterprises and power enterprises,so that the two can form a mutually beneficial and win-win cooperation.Realize there are many kinds of coal and electricity integration way,including coal,coal run electric electricity,coal joint venture,etc.,but no matter choose which kind of way,the ultimate goal is for the sake of profit and the development of the enterprise's sustainability.The basis to judge the sustainable development of enterprises is the volatility of enterprise operating indicators.The greater the volatility of business indicators,the more unstable the development of enterprises.On the contrary,the lower the volatility of business indicators,the stronger the sustainability of enterprise development.The fluctuation of financial index reflects the strength and weakness of the risk dispersal ability of integrated coal and electricity enterprises in the face of the fluctuation of coal price in the market.Based on the risk diversification,this paper analyzes and discusses the integration of coal and electricity in coal enterprises.Through to the coal enterprises,electric power and electricity integration company sales gross profit margin and net assets yield comparing mean-variance analysis,discusses the sustainable development of the implementation of integration of coal enterprise is better than single coal and electric power enterprises,andin view of the implementation of coal and electricity integration of the coal enterprises how to choice,what problem should note again.In this paper,theoretical part: first,introduce electricity integration research status at home and abroad,secondly introduces related theory used in the process of thesis writing,again for coal,electric power enterprises and integration of coal enterprise's financial indicators of the mean-variance calculation and analysis,and then compared between enterprises,implementation of the integration of coal enterprises the sustainability of a stronger conclusion.This paper case part: mainly to the main business of coal of Z corporation as the research object,firstly analysis the Z company's business situation and risk effect,the implementation of coal to the case enterprise integration is analyzed,and the feasibility of the case company how to make electricity integration target,once again,discusses the implementation of electricity integration path of Z company,then to analyze the risk of Z company after the implementation of the coal and electricity integration dispersion effect,after the discussion of coal enterprises in the process of implementation of the coal and electricity integration may appear what kind of problems,enterprise and how to solve the problem.Finally,it discusses the significance of the content of this paper for coal enterprises to implement the integration of coal and electricity.