摘要
从企业发展战略、内部资本配置及外部环境变化3个方面研究了国有大型煤炭企业集团财务危机生成的机制。研究发现,一方面国有大型煤炭企业集团对规模导向发展战略形成了路径依赖;另一方面,由于其内部资本市场的失效,资金配置于无效或低效资产,造成债务的积累和无效或低效资产的积累。当市场和金融等外部环境发生改变时,将极有可能爆发财务危机。最后提出了解决以上问题的相关政策建议。
From a development strategy, internal capital allocation and external environment variation, the paper had a study on a financial crisis occurrence mechanism of the state-owned large coal enterprise group. The study showed that on the one hand the state-owned large coal enterprise group had a access dependence on the scale guide development strategy and on the other hand due to the internal capital market failure, the funds allocated to the failure or low efficient property would cause the debt accumulation and the accumulation of the failure or low efficient property. When the market, finance and other external environment were varied, a financial crisis would be possibly occurred. In the end, the paper provide the relevant political proposals to solve the above problems.
出处
《煤炭经济研究》
2014年第3期33-37,共5页
Coal Economic Research
关键词
路径依赖
内部资本市场无效
财务危机
access dependence
internal capital market failure
financial crisis
