| Coal,known as "industrial food",is one of the basic energy sources in China.The sustainable development of coal industry is related to the economic lifeline and energy security of our country.As China’s economic development has entered the new normal and the energy consumption structure has been transformed and upgraded,the coal industry has experienced an unbalanced and unsustainable development.Excessive capacity in the coal market,falling prices and other factors,so that many coal enterprises are faced with overstock,capital turnover difficulties and other difficulties.In the harsh operating environment,coal enterprises need to uphold the spirit of overcoming difficulties,change the past short-sighted behavior of utilitarian production,combined with the actual situation of the enterprise,under the guidance of the overall strategic planning,constantly formulate and adjust the financial strategy suitable for the development of the enterprise.China Coal Energy Co.Ltd.is a typical large-scale energy enterprise with coal mine construction,coal production and trade as its main business.Under the influence of the current economic environment,China Coal Energy faces great pressure of short-term debt repayment,weak profit growth and other problems,which challenge its sustainable operation.It is very necessary to strengthen the financial strategy management of China Coal Energy,formulate scientific and reasonable financial strategy and adjust it constantly in combination with the macro and micro environment of the enterprise,so as to ensure the balanced and effective flow of China Coal Energy funds.This paper selects China Coal Energy as the research object,starting from theory,combining with practice,to optimize the financial strategy of China Coal Energy.The first part introduces the background,purpose and significance of the research,and sorts out the relevant literature at home and abroad.The second part introduces relevant theories,including the overview of financial strategy,sustainable growth theory and value creation theory,etc.The third part introduces the financial strategy of China Coal Energy in detail,firstly introduces the general situation of China Coal Energy,then analyzes the macro and micro environment of China Coal Energy,then analyzes the overall strategy of China Coal Energy,and finally elaborates the financial strategy of China Coal Energy from four aspects of investment,financing,operation and dividend distribution.China Coal Energy adopts the investment strategy of "key layout and vertical expansion".While focusing on the coal sector,China Coal Energy invests funds to expand coal chemical industry and power sector.In order to provide financial support for enterprise operation,China Coal Energy lays out the "small-scale multi-channel" financing strategy,with bond issuance and bank loans as the main financing channels,but the overall financing scale is small.In order to relieve the financing pressure,China Coal Energy implemented the operation strategy of "reducing cost and increasing efficiency,accelerating turnover",which has achieved some results in improving the turnover rate of working capital projects,but the cost is still at a high level.In order to arouse the enthusiasm of investors,China Coal Energy adopted a dividend distribution policy with a fixed dividend payout rate.The fourth part,after clarifying the status quo of China Coal Energy’s financial strategy,combines the short-term financial performance of China Coal Energy with the long-term sustainable growth ability and value creation ability to construct the evaluation framework of the implementation effect of China Coal Energy’s financial strategy,and analyzes the existing problems in the implementation process of China Coal Energy’s financial strategy accordingly.The fifth part puts forward the optimization suggestions for the problems existing in the implementation of financial strategy of China Coal Energy.The sixth part summarizes the relevant research conclusions and looks into the future. |
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