| After the winter in 2015,the overall operation of the coal industry has improved since 2016.However,the outbreak of the novel coronavirus epidemic in 2020 has once again impacted the coal industry.At the same time,the coal industry faces the adjustment and upgrading of its industrial structure due to the transformation of old and new driving forces and the drive of national policies.The complexity of internal and external environment makes coal enterprises generally face the problem of unstable revenue and low profit margin.As a representative energy enterprise in the coal industry,China Coal Energy has not been able to get rid of the influence of internal and external situation,and there are urgent problems to be solved,such as unstable profitability,weak anti-risk ability,and working capital to be managed.Therefore,through the financial performance evaluation of coal enterprises,this paper not only helps China Coal Energy to achieve the strategic goals of the enterprise,but also helps the coal industry to timely adjust the enterprise development strategy,and has reference significance for the transformation and development of coal enterprises.This paper selects 23 listed coal companies as sample enterprises,takes China Coal Energy as specific cases,uses the input-oriented DEA-BCC model and the total factor productivity DEA-Malmquist index model to analyze the financial performance of China Coal Energy from static and dynamic perspectives,and puts forward countermeasures and suggestions to improve the financial performance of China Coal Energy.The results are as follows:The static comparison shows that the overall financial performance of the coal industry from 2016 to 2021 is not as effective as DEA,and China Coal Energy and 14 other enterprises have not realized the optimization of input and output.Although the coal industry can maintain a relatively stable operation control ability,but in the further realization of the effectiveness of the need for greater breakthroughs;The enterprise as a whole has not reached scale efficiency,the industry scale economy is increasing,and the efficiency of resource allocation is insufficient.The dynamic comparison shows that the average values of technical efficiency,pure technical efficiency or scale efficiency of China coal energy from 2016 to 2021 are all lower than the average value of the industry,but the total factor productivity is higher than the average value of the industry,indicating that the continuous improvement of financial performance of China coal energy is mainly due to enterprises’ emphasis on technological innovation and investment in science and technology.It also reflects that the lack of enterprise management level and economies of scale affect the further improvement of enterprises.In conclusion,through the static and dynamic analysis of China Coal Energy from2016 to 2021,it is found that China Coal Energy still has the following problems:(1)The overall profitability is unstable and strongly influenced by the external environment;(2)The investment development strategy needs to be adjusted,and the main focus is partial to some sectors;(3)Poor working capital management and reasonable monitoring of accounts receivable;(4)The short-term solvency needs to be improved,and the financing channels of enterprises need to be expanded.Finally,this paper gives corresponding suggestions for the above problems:(1)Ensure the stability of profitability and improve the intensity of risk control;(2)Accelerate the pace of investment efficiency and develop towards vertical integration.(3)Optimize the management of working capital and strengthen the control of accounts receivable;(4)Expand the financing channels of enterprises and improve the short-term solvency. |
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