Analysis on Financial Pressure of Coal Enterprises in Information Age

: Driven by technological innovation , the domestic economy is developing rapidly . However , the phenomena of excess capacity , weak market demand and vicious competition in coal industry put forward a severe test for coal enterprises to deal with the financial pressure caused by the dual factors of market and system in the information age . Under the influence of market and system factors , coal enterprises should be based on the background of the current era , realize their financial pressure correctly , and seek a sustainable development path .


Introduction
In the information age , the main factors that cause the financial pressure of coal enterprises are market factors and system factors . The influence of market factors is divided into internal and external market factors . The internal market factors are mainly due to high production cost , unreasonable industrial structure and poor enterprise benefit . The external market environment is mainly due to the reduction of market demand and excess capacity . The system factors mainly include the system of mineral resources , environment and safety . The system of mineral resources has further improved the construction of mineral rights and increased the cost of coal enterprises , although our country coal mine safety production laws and regulations system along with the development of the Socialist market economy system , but also need to continue to supplement and improve . The above factors make the uncertainty of the process balance in the coal market increase , the development of the industry is unbalanced and inadequate , and the problem of cutting off production capacity and the separation of "Three supplies and one industry"from the taxes and fees of the coal enterprises is quite serious , then causes the coal enterprise's financial pressure to increase day by day .

Literature Review
Research Abroad is mainly focused on factor cost control , Hyojoo Son and Changwan Kim (2010) studied how information management system can be used in enterprise cost control to play the role of environment-related cost control [1] . Stefan Schaltegger and D Zvezdov (2013) propose that the development of management systems related to ecological factors and their application in factor cost control can make factor cost control activities more efficient [2] . Markus a (2016) links circular economy with enterprise cost control research and discusses how to use circular economy effectively in factor cost control [3] . Domestic research mainly focuses on environmental information and environmental quality . Chengang Ye et al (2015) studied from the institutional factors , market factors , public opinion factors and other factors constitute a dynamic system of environmental information disclosure [4] . Hua Xiao , Guoqing Zhang(2015) the state has also begun to gradually attach importance to environmental information and the establishment of open systems , to promote the assessment of Corporate Environmental Behavior Technical Guide [5] . Sixia Chen and Hong-you Lu (2014) pointed out that in view of the existence of negative externalities of production behavior , the flow of fiscal expenditure plays an important role in improving environmental quality [6] .

Industry Fixed Asset Investment
As can be seen from Figure 1 , the overall growth rate of fixed asset investment slowed down from 2009 to 2019 , with many small speculative coal enterprises eliminated between 2009 and 2016 , and fixed investment turnover declined year by year , industry fixed assets investment reached the lowest end , but the annual new capacity is still maintained at a relatively high level , it can be seen that the domestic coal supply or a large number of existence .

Output of the Four Major Downstream Industries
Coal demand directly depends on the output growth rate of the downstream industries . As can be seen from Figure 2 , the output of the four major downstream industries from 2009 to 2016 showed a downward trend year by year . Coal demand is decreasing . Since 2016 , due to the implementation of supply-side reform , the excess capacity situation has improved , and in 2020 production in the four major downstream industries declined sharply due to the effects of 2020 , and coal demand has increased as the economy has gradually recovered .

Financial Development of the Industry
In the financial development of the industry , the net profit of listed coal enterprises from 2010 to 2019 is used as the basis to judge the financial development of the industry , as shown in Table 1 :

Financial Situation of Coal Enterprises
The factor protection tax law of the People's Republic of China has been implemented since January 1 , 2018 .
Taking the environmental protection tax of 20 coal enterprises in Table 2 as an example , this paper analyzes whether the collection of environmental protection tax has an impact on the profitability of enterprises , as shown in Table 2 : New production capacity for raw coal mining Coal industry fixed investment turnover : cumulative year-on-year (right)  Table 1 , the number of M & A S of listed coal enterprises decreased year by year before 2016 . This is because the policy has not yet been perfected , some small coal enterprises can still make profits and the financial pressure is less . Due to the improvement of policies and the promulgation of the national informatization plan for the 13th five-year plan , small enterprises have gradually been kicked out of the coal industry due to increased risks and high operating costs . As a result , the number of mergers and acquisitions by enterprises is increasing , coal Enterprises in the future direction of sustainable development is facing enormous pressure .

Debt Servicing Pressure Analysis
As you can see from Figure 3 , the balance sheet ratio peaked in 2015 . Since then , due to the impact of the supply-side reform policy , the coal industry has started to recover , the Coal Enterprises'asset-liability ratio has dropped year by year , and their debt-paying capacity has increased , however , due to the high asset-liability ratio caused by long-term losses in the past and the high production costs faced by enterprises under market and institutional factors , this high asset-liability ratio has not been fundamentally improved , the financial risks faced by companies remain high .

Retention Pressure Analysis
From Table 1 , we can see that before 2016 , the net profit of enterprises has been decreasing , and in 2015 , they reached the state of loss . After the supply-side reform was put forward in 2016 , the profitability of listed coal enterprises has been strengthened , but due to the increasing cost of coal mining , enterprise financial risk increases , and because the proportion of operating costs in revenue is larger , directly lead to enterprise profit less , even some enterprises are still in a loss state .

Analysis of Operating Pressure
Before 2016 related mining rights and the introduction of policies , so that the coal industry is not too depressed , enterprise credit sales increased , resulting in slow collection rate and inventory transfer rate was declining .
After the supply-side reform policy was put forward , the inventory turnover rate and account receivable turnover rate were relatively improved , and the operating capacity of listed coal enterprises was significantly improved . However , due to the low utilization rate of assets in coal enterprises and the difficulty of financial management caused by informatization , the operating capacity of enterprises can not be effectively improved .

Fig . 4 Analysis of Operating Pressure in Coal Enterprises
As can be seen from the details of operating , debt servicing , profit and net profit presented by the 20 companies from 2015 to 2019 , each indicator increased between 2016 and 2017 , but showed a downward trend in 2018 , it can be seen from table 2 that although the proportion of environmental protection tax is small , it has some effect on the financial index of the whole coal listed company .

Correlation among Indicators
From Table 3 , we can see that almost all the indicators of profitability , debt service and operating capacity have certain relevance , which validates the correctness of our index selection , there is a certain negative correlation between the profitability and the debt-paying ability of the enterprise , and the two influence each other . The greater the enterprise's asset-liability ratio , the greater the debt-paying pressure it faces , and the lower the sales gross profit rate of the enterprise , etc . , that is , the more pressure there is on companies to make money . There is also a positive correlation between debt repayment and operating capacity , but the significance is not obvious.

Conclusions
Through the analysis of the financial pressure of listed coal enterprises , we can see that the pressure of sustainable development , the ability of paying debts, the pressure of keeping profits and the pressure of operation are all increasing , which leads to the difficulty of enterprise transformation . Therefore , it is necessary to strengthen cost control and asset management , improve advance forecasting and control coordination , conduct regular inventory , optimize capital structure , strengthen internal control and external relationship management , and speed up enterprise information construction , we will strengthen the identification and monitoring of financial risks , realize the transformation of financial management resources sharing , and improve the ability of enterprises to cope with financial pressures . Inventory turnover Turnover rate of accounts receivable