中国平煤神马集团财务风险管控的建议

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1、4.3中国平煤神马集团财务管控水平评价为了能更为准确把握中国平煤神马集团的财务风险管控水平，笔者选取了包括中国平煤神马集团在内的几家上市兼并重组煤炭企业作为样本进行实证分析，便于进行纵向和横向的比较。这些企业2010年和2011年两年的数据见表4・5。考虑到DEA模型中对非正直处理的复杂性，笔者采用比例变换的方式进行标准化处理，处理后的数据见表4・6。运用EXCEL软件规划求解，煤炭企业财务风险管控评价结果如表4・7所示。表4-5兼并重组煤炭企业财务风险管控评价原始数据［切年份公司名称投入因子收益因子主营业务成本XI（万元）总资产X2（万元）总费用X3（万元）主营业务收入Y1（万元）

2、每股收益Y2（元）平煤天安1353277.07184206.619795.921935207.510.7871大同煤业55253.82169670.6016990.651032219.800.76开滦股份149775.71160533.312625.04174348.790.70冀中能源2196616.52252285.69406503.65299991.931.02802010年神火集团139486.51246676.9513330.19166043.000.716西山煤电95879.97289527.5330717.82166165.411.8383潞安环能190409.6129

3、3636.9128508.74127887.721.5阳泉煤业168696.05222584.70181184.17223648.421.01安泰集团44561.2068102.724813.1849340.160.01上海能源61055.4189873.608111.8385960.011.81平煤天安1532875.8710970.3723365.392162771.760.8367大同煤业66351.90188950.9720463.65122728.790.62开滦股份193207.07194249.7513487.98217866.380.63冀中能源2653066.333

4、80531.87491601.45372644.331.25942011神火集团273458.12300771.6314023.17303993.270.647西山煤电211807.43386431.1947039.78298476.420.8934潞安环能219029.49345715.5828703.91123077.871.68阳泉煤业215986.43279127.35253293.8281809.111.17安泰集团53158.3173043.575536.7654938.55-0.38上海能源70048.531045119715.5998858.691.92表4-6兼并重

5、组煤炭企业财务风险管控评价归一化以后的数据投入因子收益因子主营业务年份公司名称主营业务成本总资产总费用每股收益收入XI（万元）X2（万元）X3（万元）；一、Y2（元）Y1（万兀）平煤天安0.4982889410.5386040.9648840.8923250.507435大同煤业0.9959008630.5773190.9706210.4650630.495652开滦股份0.9596648250.60165510.059150.469565冀中能源0.1749852070.3572820.1740330.1185990.6121742010年神火集团0.9636093070.3722

6、210.9781070.055220.476522酋山煤电0.9803263680.2580930.9425480.0552780.964478潞安环能0.9440873590.2471480.9470660.0371660.817391阳泉煤业0.9524114990.4363880.6348310.0824760.604348安泰集团10.8478340.99552500.169565上海能源0.9936767580.789850.9887790.0173270.952174平煤天安0.42943770610.95758410.529大同煤业0.9916462880.525968

7、0.9635190.0347250.434783开滦股份0.9430149210.5118550.9777840.0797410.43913冀屮能源00.0157121.02E-070.1529760.7127832011神火集团0.9122497720.2281450.976690.1204930.446522西山煤电0.93588426300.9091680」178820.553652潞安坏能0.9331156040.1084420.9466670.0