煤炭是我国主体能源和重要工业原料，煤炭的安全稳定供应事关我国社会主义现代化建设全局。然而，我国生态环境约束不断强化，“双碳”战略深入实施，非化石能源替代加速推进，这为煤炭企业带来了一系列新问题和新挑战，在此背景下，加强煤炭企业风险管理显得尤为重要。为此，本文运用案例分析法、对比分析法、因子分析法等研究方法对YZ煤业公司存在的财务风险进行了识别与评价分析，以期能够对YZ煤业公司财务风险的诊断起到借鉴意义。

本文的主要研究结果与结论如下：（1）基于近五年数据，从筹资风险、投资风险等四维视角对YZ煤业进行全面风险识别。YZ煤业在筹资风险方面表现在资产负债率高、短期负债压力大以及跨国经营带来的筹资风险。投资风险方面表现在企业实物资产投资过大产生的风险。营运风险表现在企业的存货管理风险。收益分配风险主要表现在营业收入状况不乐观的情况下，其股利分配较大产生的不平衡风险。（2）应用因子分析法，从纵、横向视角对YZ煤业公司的财务风险进行了分析评价。纵向结果显示，相对来说投资和现金流风险是风险最高的。横向结果显示，该公司在不同年份存在不同的风险类型。以2020年为界限，2020年及之前主要存在营运风险以及收益分配风险。2021年前三季度主要存在筹资风险、投资和现金流风险。（3）基于对YZ煤业公司财务风险的识别与评价结果，提出了相应应对措施与启示。在筹资风险应对上，应进一步拓宽筹资渠道、合理安排负债结构；在投资与现金流风险应对上，应进一步优化投资组合、有效管理企业成本；在营运风险应对上，应进一步优化产销结构，控制煤储量；在收益分配风险应对上，应进一步建立多样化股权分配制度、优化股权结构。除应对措施外，还提出了两点关于煤炭行业企业如何管理财务风险的启示。

本文对一个具体的企业进行研究，具有较强的针对性和可行性，从而能为煤炭行业企业的风险管理提供一定的参考价值，还有利于我国煤炭行业的发展以及煤炭能源的合理利用，更好的巩固我国煤炭行业的地位。

Coal is China's main energy and important industrial raw materials. The safe and stable supply of coal is related to the overall situation of China's socialist modernization. However, China's ecological and environmental constraints are constantly strengthened, the "double carbon" strategy is deeply implemented, and the substitution of non fossil energy is accelerated, which has brought a series of new problems and challenges to coal enterprises. In this context, it is particularly important to strengthen the risk management of coal enterprises. Therefore, this paper uses case analysis, comparative analysis, factor analysis and other research methods to identify and evaluate the financial risk of YZ coal company, in order to provide reference for the diagnosis of financial risk of YZ.
The main results and conclusions of the paper are as follow: (1) An overall risk recognition in a four-dimensional views including financing and investing risks of YZ. In terms of financing risks, YZ is bearing a high debt asset ratio, pressure of current liability and financing risks in its inter-national operations. In investing risks, the main risks are in its enormous investments in physical assets. In the operation risks, YZ is facing pressure in its inventory management. And in the income apportionment, the risks lie in the unbalanced share of its income in the pessimistic background of its operating revenue. (2) Applying to methods of factor analysis, the financial risks of YZ are analyzed in both the horizonal and vertical point of views. The results of vertical analysis suggest that the main risks lie in its investments and cash flow, whereas that of horizonal analysis indicate different risks in various years. Set year 2020 as the time border, the operating risks and the income apportionment risks were the main ones before the year. And on the other side, risks of financing, investing and cash flow were conspicuous in the first 3 quarters of 2021. (3) Corresponding measures and enlightenments are provided on basis of the assessment and recognition results of the financial risks of YZ. In the aspect of financing risks, financing channels shall be expanded further, and the debt structure shall be re-arranged. In the aspect of investment and cash flow risks, investment portfolios shall be optimized, and the corporation cost shall be well managed. In operation risks, the production and marketing structure shall also be further optimized for control of coal reservation. Meanwhile, a diversified system of income apportionment shall be applied, and an optimized share’s structure is recommended. Another 2 enlightenments about financial risk management in coal industries are given, apart from the corresponding measures.
This paper runs analysis to a certain corporation and shows its pertinency and feasibility. A value of reference is thus given to corporations in coal industry for the risk management, which is expected to benefit the development of coal industry in China, as well as a rational utilization of coal resources to consolidate the position of coal industry in the country.

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