2015—2016年煤炭企业信用风险分析及行业展望

Analysis on credit risk of coal enterprises in years from 2015-2016 and industrial prospects

通过对煤炭行业供需、价格、政策、盈利分析,结合煤炭企业级别调整情况分析得出煤炭作为资源性行业,资源禀赋结合经营管理形成了一个企业的财富创造能力。在煤炭行业产能过剩,价格下行,行业低迷时期,市场条件弱化,企业基本面的差异导致盈利能力分化,信用风险差异扩大。其中,煤炭赋存条件较差、矿井老旧、安全风险大、生产成本高、费用居高不下的企业的盈利能力将继续下滑,导致偿债指标恶化,信用风险增加。

With the analysis on the supply and demand, prices, policy and profit of the coal industry, in combination with the credit rating adjustment condition of the coal enterprises, coal could be as a resources sector and the natural resources with the operation management could form the wealth creation capacity of the enterprise. During the overcapacity, price downward and industrial depression period of the coal industry, the market condition weakening and the fundamental difference of the coal enterprises would cause the differentiation of the profitability and the credit risk differences would be expanded. Mean- while, the coal enterprises with poor natural coal condition, old mine, high safety risk, high production cost and high expenses would continuously be sliding downward in the profitability and would make the debt paying index worst and the credit risk increased.