灵活恰当的财务政策助力煤炭企业转型发展——基于中国神华与平煤股份的比较

Flexible and appropriate financial policy helping transitional development of coal enterprises:comparative study between China Shenhua Energy Company and Pingdingshan Tianan Coal Mining

采用案例研究与比较研究的分析方法,比较分析了中国神华与平煤股份在经济下行周期时财务政策的选择与使用。研究发现:两家公司依据自己所处的行业地位及信用水平,选择符合自身发展的筹资政策。中国神华依靠短期债务筹资,快速补充资金流动性。平煤股份发行中长期公司债、使用定向工具及金融创新工具,盘活资产。中国神华积极投资收购,扩展公司产业链。平煤股份剥离亏损资产、化解产能过剩。两家煤企结合当下经济环境选择的财务政策对煤炭企业在经济下行周期中的生存与转型发展起到一定的借鉴作用和指导意义。

The authors compared and analyzed selection of financial policy in China Shenhua Energy Company and Pingdingshan Tianan Coal Mining in a period of economic downturn by using case study and comparative research methods. The results showed that the two companies choose their own financing policies basing upon their industrial status and credit level. China Shenhua Energy Company relies on short-term debt financing to replenish capital liquidity rapidly, while Pingdingshan Tianan Coal Mining issues medium and long-term corporate bonds and uses directional tools and financial innovation tools to revitalize assets. China Shenhua Energy Company actively invests acquisition and expands industrial chain, while Pingdingshan Tianan Coal Mining strip non-performing asset to resolve excess capacity. Combining with economic environment, the two companies＇ selection of financial policies provided reference function and guiding significance for coal enterprises＇ survival and transformation development in economic downturn oeriod.