Research On Sustainable Growth Of YK Energy Financ

Scholars at home and abroad have done a lot of research on the financial sustainable growth model,but there are few studies on the application of the model.Most of the existing research on model application focuses on hot industries such as real estate,Internet and semiconductor or asset-light industries,while there are also few studies on model application in traditional asset-heavy industries such as coal.As a basic energy source,coal is closely related to people’s livelihood,economic development and national energy security.In the past,coal enterprises’ extensive management,lack of planning for the use of financial resources,keen pursuit of scale effect,and insufficient consideration of potential financial risks have affected the sustainable financial growth of enterprises.With the increasing popularity of the concept of environmental protection,the impact of the rise of new energy and the proposed national "double carbon" goal,coal enterprises urgently need to develop appropriate growth strategies,scientific and effective management,and maintain an ideal financial sustainable growth state to cope with these challenges.It is particularly important to analyze whether coal enterprises have realized financial sustainable growth in the past,what is the state of financial sustainable growth,what are the key factors affecting financial sustainable growth and what measures can be taken to maintain financial sustainable growth.This thesis selects YK Energy,a representative enterprise in the coal industry,as a case study to analyze its financial data in the past ten years.First,the analysis using statistical tests shows that YK Energy has achieved sustainable growth overall in the past decade.Secondly,the F score model is used to further analyze the financial risks that may exist in the growth process,and it is found that the financial risks are more likely to occur in some years,and the financial resources are relatively tight.At the same time,observing the actual growth curve of YK energy,it is found that the growth fluctuation is large,the problem of unbalanced growth is prominent,and the level of financial sustainable growth is not high.Then,the grey relational analysis is adopted to analyze the factors of financial sustainable growth of YK Energy.It is found that(1)cost control ability and income realization ability have the greatest impact on the sustainable growth of coal enterprises.The most important thing for coal enterprises to achieve financial sustainable growth is to improve the ability of operation control,reduce costs and expenses,and accelerate cash flow recovery.(2)Actively fending off liquidity risks that may occur in the short term is more important to sustainable financial growth than the long-term goal of promoting asset growth.Coal enterprises should pay more attention to short-term financial risks to prevent cash flow rupture.(3)Compared with non-controlling subsidiaries with equity participation,the ones that can directly control the financial sustainable growth of coal enterprises are the ones that really have an important impact.Coal companies should concentrate on developing subsidiaries with control and avoid spreading the pie.For high quality coal mine projects,even if the initial investment is large,we should actively fight for control.(4)Promoting asset growth and increasing retained earnings is more important than enhancing long-term solvency.Coal enterprises can make appropriate use of financial leverage and adopt new financial instruments,such as perpetual bonds,to promote asset growth and increase retained earnings on the premise of ensuring controllable risks.This thesis thinks that coal enterprises can maintain the ideal financial sustainable growth state by taking good growth management to avoid excessive growth;Reduce the level of debt,improve the debt risk prevention mechanism;Rational and orderly investment to avoid blind expansion;Strengthen management and control,reduce operating costs;Pay attention to the external environment,actively fulfill social responsibilities and other measures.