财务风险在公司的生产运营过程中无处不在，无法人为修改或避免。财务风险过大 会降低公司的偿债能力，甚至更为严重的情况会导致公司破产。因此，财务风险的客观 评价对公司的稳定持续发展具有现实意义。 煤炭产业是国民经济中能源支柱产业，在国民经济体系中发挥着极其重要的作用。 因此，准确客观的评价煤炭上市公司财务风险对于能源支柱产业的健康发展具有重要作 用。在错综复杂的外部环境中，煤炭上市公司的财务风险正在增加，特别是经历了2020 年全球性新型冠状病毒大流行疫情的影响，煤炭上市公司遭遇了产品价格下降、需求量 降低、获利空间被压缩等各种问题，对公司的管理和运营产生不利的影响。 基于国内财务风险研究的基础，以煤炭上市公司为研究对象。本文从公司规模、行 业权威性的角度考虑，并以煤炭上市公司为依托选取20家具有代表性的公司作为案例 公司进行分析。然后从影响企业信用的偿债能力、影响资产获利的营运能力、影响单位 时间获利的盈利能力、影响发展潜能的成长能力以及影响流动资金的现金流量能力的指 标参数中，选取15项影响力较大的财务指标以及1项影响煤炭产量的非财务指标，并 根据煤炭公司独有的生产经营特点和行业政策环境，开展煤炭上市公司财务风险评价指 标的研究。具体而言，从25家煤炭开采和洗选业的上市公司中剔除掉三家ST和*ST标 识的公司和两家公司有关重大消息未披露的公司，最终选取20家煤炭上市公司作为案 例公司，并从新浪财经网以及各上市公司财务报告中选取了2018年的数据作为样本原 始数据。对被选取的财务报表中评价指标的原始数据进行无量纲标准化处理，然后采用 熵权法计算上述16项指标的熵权，最后结合马氏距离-灰靶决策法构建煤炭上市公司财 务风险评价模型。通过马氏距离-灰靶决策模型在对20家煤炭上市公司进行实例分析， 利用了Execl和Matlab软件计算得出各评价指标的靶心距，进而依据靶心距大小进行分 析财务风险的高低。其中，资产负债率、主营业务收入增长率和总资产增长率三个指标 对煤炭上市公司财务风险影响较大，同时表明淮北矿业和昊华能源两家上市公司在本年 度的整体财务风险在20家案例公司中较低。最后，为了煤炭上市公司的长期稳定发展， 本论文提出了相应的财务风险防控措施以及建议。 关键词：煤炭上市公司；财务风险；熵权法；灰靶决策法 II Abstract Financial risks are ubiquitous in the production and operation of the company and can not be artificially modified or avoided. Excessive financial risk will reduce the solvency of the company, or even worse, it will lead to bankruptcy. Therefore, the objective evaluation of financial risk is of practical significance to the stable and sustainable development of the company. The coal industry is an energy pillar industry in the national economy, which plays an extremely important role in the national economic system. Therefore, accurate and objective evaluation of the financial risk of listed coal companies plays an important role in the healthy development of the energy pillar industry. In the complex external environment, the financial risks of listed coal companies are increasing, especially after the impact of the global novel coronavirus pandemic in 2020. Coal listed companies have encountered various problems, such as falling product prices, reduced demand, compressed profit space and so on, which have a negative impact on the management and operation of the company. Based on the basis of domestic financial risk research, the coal listed companies are the research objects. This article considers the scale of the company and the authority of the industry, and selects 20 representative companies as case companies based on the coal listed companies for analysis. Then select 15 influences from the index parameters that affect the solvency of corporate credit, the operating ability that affects the profitability of assets, the profitability that affects the profit per unit time, the growth ability that affects the development potential, and the cash flow ability of liquid funds. Powerful financial indicators and a non-financial indicator that affect coal production, and carry out research on the financial risk evaluation indicators of listed coal companies based on the unique production and operation characteristics of coal companies and the industry policy environment. Specifically, from the 25 listed companies in the coal mining and washing industry, three companies with ST and *ST marks and two companies with undisclosed major news were removed, and 20 listed coal companies were finally selected as case companies. And selected the data of 2018 from the financial reports of Sina Finance and various listed companies as the sample raw data. Dimensionless standardization of the original data of the evaluation indicators in the selected financial statements, and then use the entropy weight method to calculate the entropy weight of the above 16 indicators, and finally combine the Mahalanobis III distance-grey target decision method to construct a financial risk evaluation model for listed coal companies . The Mahalanobis distance-grey target decision model is used to analyze 20 listed coal companies, and use Execl and Matlab software to calculate the bullseye distance of each evaluation index, and then analyze the level of financial risk according to the size of the bullseye distance. Among them, the asset-liability ratio, the growth rate of main business income and the growth rate of total assets have a greater impact on the financial risks of listed coal companies. It also shows that the overall financial risks of the two listed companies of Huaibei Mining and Haohua Energy in this year are 20%. Lower in the case companies. Finally, for the long-term stable development of listed coal companies, this paper puts forward corresponding financial risk prevention and control measures and suggestions. Key words: coal listed companies；financial risk；entropy method；grey target decision IV 目录 摘要.................................................................................................................... I Abstract ................................................................................................................. II 1绪 论............................................................................................................. 1 1.1研究背景及意义...................................................................................... 1 1.1.1研究背景....................................................................................... 1 1.1.2研究意义....................................................................................... 2 1.2国内外研究综述...................................................................................... 2 1.2.1国外研究综述............................................................................... 2 1.2.2国内研究综述............................................................................... 4 1.2.3国内外研究述评........................................................................... 8 1.3研究内容.................................................................................................. 8 1.4研究方法与技术路线.............................................................................. 9 1.4.1研究方法....................................................................................... 9 1.4.2技术路线....................................................................................... 9 1.5研究创新点............................................................................................ 10 2财务风险研究的理论基础............................................................................... 11 2.1财务风险的定义.................................................................................... 11 2.2财务风险的特征.................................................................................... 11 2.3财务风险的成因.................................................................................... 11 2.3.1错综复杂的外部环境................................................................. 12 2.3.2资本结构不合理......................................................................... 12 2.3.3财务管理制度不完善................................................................. 12 2.3.4财务人员风险意识淡薄............................................................. 12 2.3.5收益分配政策不合理......................................