我国煤炭行业风险管理工具分析-analysis of risk management tools in chinas coal industry.docxVIP

the futures market’s crude function that is risk transferring and risk diversification mechanism to solve the problem. It works well. The example is CAPP coal futures contract in the NYMEX. Because of the contract, American effectively evades the price risk that demand of global energy improves to form since 2004.According to the quo of China domestic coal spot market and futures market, this article analysis the coal industry risk, drawbacks of spot market, the necessity and feasibility of the China coal futures in an all-round way .At the same time, making use of the experience of global coal futures’ transactions, this article try to establish elementarily the China coal futures market and research elementarily the coal futures pricing. Although, as to China coal futures, there are some aspects needed to be perfected, China has already meet the primary needs of conducting the coal futures transactions. Furthermore, there are many advantages for China to develop coal futures; it will be beneficial to macro control and micro decision for government; it will be beneficial to optimize the allocation of energy sources and guarantee the safety of energy sources; it is also beneficial to improve the operation of coal market, form unit and regular price system and protect the benefits of all enterprises involved. At present, this article suggest to establish the exchange place of coal futures in Taiyuan.Shanxi, choose coke and Ultra-high heat coal as the merchandise in the coal futures market, and design the futures contract, rules and process of China coal futures on the basis of some exited experience, such as CAPP coal futures contract in NYMEX. In order to make the coal futures to play its full function, China should further perfect the system of futures market, establish sound system of legislation and management. In addition, to establish the China coal futures market4should take advantages of the industry association, pay attention to promotion and guide and encou