Dissertation Submitted to
Hebei GEO University
for
The Master Degree of
Business Management
Research on Financial Risk Evaluation and Control of
J Energy Company
by
Li Zhidan
Supervisor: Prof. Song Shaoqing
Associate Supervisor:Hu Deren
December 2021

摘要
企业的生产经营，受到诸多因素影响，这些因素和状况往往是不可控、无法预测
的，从而对企业造成各种风险，而其中财务风险影响非常突出。财务风险虽然对企业
影响巨大，但却属于可控因素，因此，企业经营者对建立企业财务风险防御体系尤为
重视，企业财务风险的分析评价与控制也成为一个广受企业经营者关注的研究课题。
如何制定有效的风险措施，在可控的范围内规避财务风险，成为一个亟需解决的问题。
煤炭行业作为我国重要支柱产业，近些年遭遇滑铁卢式的发展，如不能很好地规避财
务风险，将对整个行业发展造成巨大打击。我们应该分析其风险类型，找出根源，结
合国内外先进经验，对症下药，提出有针对性的财务风险控制措施。
J能源公司的主业是煤炭，同时配合物流、电力、制造等各个产业协调发展，是
一家大型的省属国有企业，本文将其作为研究对象，识别其运营过程中可能会出现的
财务风险，并对此进行评价，提出控制改进措施。首先通过查阅大量文献掌握基础知
识，对国内外学者的研究结论进行综述，进而系统地分析 J能源公司 2016-2020年的
财务经济状况，利用财务报表分析法识别风险，主要从筹资、投资、营运、收益分配
的角度考虑，通过企业内部和外部环境影响分析造成风险的主要成因。然后参照准则
中的标准挑选符合公司自身特点的财务评价指标，通过对多种赋权方法的比较，最终
决定使用熵值法计算出所挑选的评价指标的权重，利用功效系数法为公司构建出一套
独特的、具有公司特性的财务风险评价体系，以此判断风险等级并进行分析，最后的
关键环节就是根据评价成果提出控制措施。希望通过此次针对性的研究，可以为有效
地缓解 J能源公司当前的财务风险有所帮助，使公司管理层意识到财务风险评价的重
要性以及意义所在，能够进一步加强财务风险的管理工作，以尽可能降低财务危机出
现的几率。
关键词：财务风险风险评价风险控制功效系数法
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ABSTRACT
The production and operation of an enterprise is affected by many factors. These
factors and conditions are often uncontrollable and unpredictable, causing various risks to
the enterprise, among which the financial risk is very prominent. Although financial risk
has a huge impact on the enterprise, it is a controllable factor. Therefore, business operators
pay particular attention to the establishment of a corporate financial risk defense system.
The analysis, evaluation and control of corporate financial risks has also become a research
topic that has been widely concerned by business operators. . How to formulate effective
risk measures to avoid financial risks within a controllable range has become an urgent
problem to be solved. As an important pillar industry in my country, the coal industry has
experienced Waterloo-style development in recent years. If financial risks cannot be
avoided, it will cause a huge blow to the development of the entire industry. We should
analyze the types of risks, find out the root causes, combine advanced experience at home
and abroad, prescribe the right remedy, and propose targeted financial risk control
measures.
J Energy Corporation's main business is coal, combined with the comprehensive
development of multiple industries.This paper takes it as the research object, identifies the
financial risks that may appear in the process of its operation, evaluates it, and proposes
control and improvement measures. First, master the basic knowledge by consulting a large
number of documents, review the research conclusions of domestic and foreign scholars,
and then systematically analyze the financial and economic status of J Energy Corporation
from 2016 to 2020, use the financial statement analysis method to identify risks, and mainly
consider financing, investment, and operation ,income distribution.And analyzes the main
causes of risks caused by the internal and external environmental impact of the enterprise.
Secondly, based on the above analysis, select appropriate financial evaluation
indicators,determine the weight of the selected evaluation indicators through the entropy
weighting method, and then use the efficiency coefficient method to establish a unique set
of The company-specific financial risk evaluation index system is used to determine the
financial risk level of J Energy Corporation. Finally, according to the evaluation results of
the evaluation index system, corresponding practical financial risk control measures are
proposed.It is hoped that through this targeted research, it can be helpful to effectively
alleviate the current financial risks of J energy company, make the company’s management
。。。以下略