从行业偿债来源入手,从债务安全性的角度探讨行业的信用风险水平,力图针对行业偿付现有债务以及未来债务的能力给出量化的分析。提出了信用评级视角的行业信用风险分析方法框架,采用该分析框架对我国煤炭采选行业进行了行业信用风险评价。结果表明,该框架的分析结论与煤炭行业在债券市场的实际表现互为印证。 Starting from the solvency sources of the industry, this paper discusses the industry’s credit risk level from the perspective of debt security and attempts to give a quantitative analysis of the industry’s ability to pay off existing debts and future debts. This paper puts forward a framework of the industry credit risk analysis from the perspective of credit rating, and uses this analysis framework to evaluate the industry credit risk of China’s coal mining industry. The result shows that the conclusion of the framework confirms the actual performance of the coal industry in the bond market.