Research On Financial Risk Evaluation Of Listed Coal Companies Based On Mahalanobis Distance-grey Target Decision Method

Financial risks are ubiquitous in the production and operation of the company and can not be artificially modified or avoided.Excessive financial risk will reduce the solvency of the company,or even worse,it will lead to bankruptcy.Therefore,the objective evaluation of financial risk is of practical significance to the stable and sustainable development of the company.The coal industry is an energy pillar industry in the national economy,which plays an extremely important role in the national economic system.Therefore,accurate and objective evaluation of the financial risk of listed coal companies plays an important role in the healthy development of the energy pillar industry.In the complex external environment,the financial risks of listed coal companies are increasing,especially after the impact of the global novel coronavirus pandemic in 2020.Coal listed companies have encountered various problems,such as falling product prices,reduced demand,compressed profit space and so on,which have a negative impact on the management and operation of the company.Based on the basis of domestic financial risk research,the coal listed companies are the research objects.This article considers the scale of the company and the authority of the industry,and selects 20 representative companies as case companies based on the coal listed companies for analysis.Then select 15 influences from the index parameters that affect the solvency of corporate credit,the operating ability that affects the profitability of assets,the profitability that affects the profit per unit time,the growth ability that affects the development potential,and the cash flow ability of liquid funds.Powerful financial indicators and a non-financial indicator that affect coal production,and carry out research on the financial risk evaluation indicators of listed coal companies based on the unique production and operation characteristics of coal companies and the industry policy environment.Specifically,from the 25 listed companies in the coal mining and washing industry,three companies with ST and *ST marks and two companies with undisclosed major news were removed,and 20 listed coal companies were finally selected as case companies.And selected the data of 2018 from the financial reports of Sina Finance and various listed companies as the sample raw data.Dimensionless standardization of the original data of the evaluation indicators in the selected financial statements,and then use the entropy weight method to calculate the entropy weight of the above 16 indicators,and finally combine the Mahalanobis distance-grey target decision method to construct a financial risk evaluation model for listed coal companies.The Mahalanobis distance-grey target decision model is used to analyze 20 listed coal companies,and use Execl and Matlab software to calculate the bullseye distance of each evaluation index,and then analyze the level of financial risk according to the size of the bullseye distance.Among them,the asset-liability ratio,the growth rate of main business income and the growth rate of total assets have a greater impact on the financial risks of listed coal companies.It also shows that the overall financial risks of the two listed companies of Huaibei Mining and Haohua Energy in this year are 20%.Lower in the case companies.Finally,for the long-term stable development of listed coal companies,this paper puts forward corresponding financial risk prevention and control measures and suggestions.