资金是维持企业发展运营的血液，而资金链指维系企业能够正常运转的必备的基 本循环资金链条。煤炭行业作为我国重要的能源产业，在国家“去产能”“节能减排” 政策的影响下其市场份额和利润在逐步萎缩，进而导致煤炭行业从业企业的资金链风 险弊端逐步显现。 本文在企业资金链风险管理基本概念与基础理论的基础上，以JLKY公司为研究 样本，首先，分析JLKY公司在资金筹集、资金投放、资金运营以及资金回笼等四个 阶段存在的运行风险；其次，从外部环境和内部因素两方面分析JLKY公司资金链运 行风险压力的来源。外部压力源主要包括国家和地方政府的政策环境、市场经济环境 以及金融环境等三个方面，内部压力源主要来自于内部治理能力、资本结构质量、企 业生产经营成本以及资金链风险意识等四个方面；最后，明确了资金链风险管控的基 本原则，主要包括量力而行原则、均衡原则以及全局性原则。并提出优化企业内部治 理结构、优化企业内部资本结构、加强资金运行的成本控制、强化企业内部资金链风 险意识以及健全企业资金链长效运行的保障机制等作为JLKY公司资金链风险的具体 管控策略。 本文的观点和方法为企业资金链风险管理提供了有益的参考和借鉴。 关键词：资金链；资金链风险；过程控制；反馈机制； III ABSTRACT The capital is the blood to maintain the development and operation of the enterprise, and the capital chain refers to the essential basic revolving fund chain that can sustain the production of the enterprise. As an important energy industry in China, the coal industry has gradually shrunk its market share and profits under the influence of the national “de-capacity” and “energy-saving and emission reduction” policies, which has led to the emergence of capital chain risk drawbacks in the coal industry. This paper analyzes the operational risks of JLKY in four stages: fund raising, capital investment, capital operation and capital withdrawal based on the basic concepts and basic theories of comprehensive enterprise capital chain risk management. Secondly, it analyzes the sources of JLKY's capital chain operation risk pressure from the external environment and internal factors. The external pressure sources mainly include the policy environment of the national and local governments, the market economy environment and the financial environment. The internal pressure sources mainly come from In the four aspects of internal governance capacity, capital structure quality, enterprise production and operation costs and capital chain risk awareness; finally, the basic principles of capital chain risk management and control are clarified, including the principle of quantity, balance and overall. It also proposes to optimize the internal governance structure of the enterprise, optimize the internal capital structure of the enterprise, strengthen the cost control of the capital operation, strengthen the risk awareness of the internal capital chain of the enterprise, and improve the guarantee mechanism of the long-term operation of the enterprise capital chain as the specific control strategy of JLKY's capital chain risk. The viewpoints and methods of this paper provide useful reference and reference for enterprise capital chain risk management. Keywords: capital chain; capital chain risk; process control; feedback mechanism; V 目 录 摘要 ......................................................................................................................... I ABSTRACT ................................................................................................................. III 目 录 ....................................................................................................................... V 第一章 绪论 .................................................................................................................. 1 1.2 研究背景 ......................................................................................................... 1 1.3 研究意义 ......................................................................................................... 2 1.4 企业资金链风险管理国内外研究现状 ......................................................... 2 1.4.1 企业资金链风险管理国外研究现状 .................................................... 2 1.4.2 企业资金链风险管理国内研究现状 .................................................... 4 1.4.3 国内外研究评述 .................................................................................... 6 1.5 研究内容与研究方法 ..................................................................................... 6 1.5.1 研究内容 ................................................................................................ 6 1.5.2 研究方法 ................................................................................................ 7 第二章 企业资金链风险管理基本概念与基础理论 .................................................. 9 2.1 企业资金链的内涵与构成 ............................................................................. 9 2.1.1 企业资金链 ............................................................................................ 9 2.1.2 企业资金链构成与流动过程 ................................................................ 9 2.2 企业资金链风险、特点与成因 ................................................................... 11 2.2.1 企业资金链风险内涵与类型 .............................................................. 11 2.2.2 企业资金链风险的特点 ...................................................................... 12 2.2.3 企业资金链风险成因 ......................................................................... 12 2.2.4 煤炭行业资金链风险的必然性 .......................................................... 14 2.3 企业资金链风险管理的理论基础 ............................................................... 15 2.3.1 风险管理理论 ...................................................................................... 15 2.3.2 资本循环理论 ...................................................................................... 15 2.3.3 融资约束理论 ...................................................................................... 16 第三章 JLKY公司资金链风险现状分析 ................................................................. 18 3.1 JLKY公司简介 ............................................................................................. 18 VI 3.2 JLKY公司资金链风险内部来源 ................................................................. 18 3.2.1 资产筹集风险 ...................................................................................... 23 3.2.2 资金投放风险 ...................................................................................... 24 3.2.3 资金运营风险 ...................................................................................... 26 3.2.4 资金回笼风险 ...................................................................................... 26 第四章 JLKY公司资金链风险的形成原因 ............................................................. 28 4.1 JLKY公司资金链风险外部成因 ................................................................. 28 4.1.1 煤炭行业去产能政策 .......................................................................... 28 4.1.2 煤炭产品市场供需矛盾突出 .............................................................. 29 4.1.3 金融体系不完善 .................................................................................. 30 4.2 JLKY公司资金链风险内部成因 ................................................................. 31 4.2.1 内部治理体系不完善 .......................................................................... 31 4.2.2 资本结构质量不高 .............................................................................. 32 4.2.3 生产经营成本与日俱增 ...................................................................... 33 4.2.4 资金链风险意识淡薄 .......................................................................... 34 第五章 JLKY公司资金链风险管控策略 ................................................................. 36 5.1 JLKY公司资金链风险管控原则 ................................................................. 36 5.1.1 量力而行原则 ..........................................................................