煤炭在我国能源资源中占据重要地位。从2012年开始，全球经济趋缓，我国实施宏观调控和供给侧结构调整政策，煤炭行业产能过剩、环境污染等问题日显突出，煤炭行业上下游产业发展受到制约，煤炭企业应收应付拖欠严重，资金回收缓慢，资金链脆弱，债务违约显著增加，财务风险增大。GM集团作为大型煤炭企业，在此经济环境下，不可避免的存在财务风险问题，在很大程度上制约着企业的健康和可持续发展，已成为企业高度关注并亟待解决的关键问题。 本文在总结国内外相关研究及理论的基础上，分析了GM集团财务风险的影响因素，从筹资、投资、资金回收和收益分配四个方面对GM集团的财务风险进行识别；以10个样本公司2013——2017年财务指标为样本数据，结合GM集团的财务风险源，选取了16个财务指标，运用因子分析法构建财务风险评价模型，以2013——2017年4家ST公司的财务风险临界值为参考评价标准，对GM集团2013——2017年财务风险进行了评价，并对评价结果进行比较分析。结果表明，GM集团2014年和2015年处于轻度财务风险，2013年、2016年和2017年总体无较大财务风险，但经营性资产投资和现金流风险较高，资金回收风险大，与行业领先企业存在一定差距。确定了构建GM集团财务风险控制体系的原则及依据，以此建立了该企业财务风险控制体系，从筹资、投资、资金回收和收益分配四个方面给出了财务风险的控制对策，并从公司治理、制度完善、人员素质、信息化建设等方面提出了GM集团有效运行财务风险控制体系的保障措施。

Coal plays an important role in China's energy resources. Since 2012, the global economy has showed an obvious slowdown, China has implemented macro-control and supply-side structural adjustment policies. The problems of overcapacity and environmental pollution in the coal industry have become increasingly prominent. The development of coal upstream and downstream industries has been constrained. The recovery of funds is slow, the capital chain is fragile, debt defaults increase significantly, and financial risks increase. As a large-scale coal enterprise, GM Group inevitably has financial risks in this economic environment, which restricts the healthy and sustainable development of enterprises to a large extent, and has become a core issue that enterprises pay close attention to and urgently need to solve. On the basis of summarizing relevant research and theory at home and abroad, this paper analyzes the influencing factors of GM Group's financial risk, and identifies the financial risks of GM Group from four aspects: financing, investment, capital recovery and income distribution; taking 10 sample companies financial indicators from 2013-2017 as sample data. In combination with the financial risk resource of GM Group, 16 financial indicators are selected, and the financial risk assessment model is constructed by factor analysis method. The financial risk thresholds of the four ST companies in 2013-2017 are selected with a reference to the evaluation criteria, the financial risks of the GM Group for 2013-2017 were evaluated and compared horizontally and vertically. The results show that GM Group suffered from a slight financial risk in 2014 and 2015. There is no major financial risk in 2013, 2016 and 2017, but the risk of operating asset investment and cash flow is high, and the risk of capital recovery is high. There are certain gaps in industry leading companies. The principle and basis of the construction of GM Group's financial risk control system were determined, and the financial risk control system of the enterprise was constructed. The countermeasures for controlling financial risks were given from four aspects of financing, investment, capital recovery and income distribution. On the basis of corporate governance, system improvement, personnel quality, information construction and other aspects, the safeguard measures was put forward for the effective operation of the financial risk control system of GM Group.