| China’s energy structure is more coal than less oil, less gas, coal is the most main energy in China’s economic development. Although countries now stepped up on the popularization of new energy and clean energy research and efforts, but the adjustment of energy structure is a long process, the future for a long time in China with coal as main energy consumption pattern will not change, coal as the main energy, its price stability is a important issue in the operation of national economy. But coal is a nonrenewable fossil resources, on the one hand, China’s reserves are large, but per capita is far lower than the world average, and the distribution is very uneven, on the other hand, along with the advancement of economic globalization, the development of our country is becoming more and more dependent on international coal resources, thus the stability of the coal market price, reduce our loss in case of fluctuations in the price of coal, the coal future price influence to our country’s economic development and national security, resource supply is of great significance. Coal market in China has a larger price risk, downstream industries such as electric power system reform will affect the coal prices of the goods, due to the unpredictability of the supply and demand at the same time the potential price risk is inherent in market economy, buyer and seller is unable to resist the potential risk. These risks are not conducive to the stability of the coal market in China, the steady development of national economy also can produce adverse impact. The two basic functions of futures market hedging and price discovery can be used to solve the dilemma existing in the coal market in our country, and at the same time, through to the coal spot market and futures market in China run analysis can be found in recent years, our country has initially had the requirement of establishing the coal futures market:first of all, the subject matter of the coal resources in conformity with the commodity nature, followed by China’s futures market after years of development and consolidation, also has launched the reality conditions of the coal futures, so introduce coal futures in our country, set up the coal futures market is feasible.Set up the coal futures market, to develop coal futures trading can provide coal market participants with a clear reflect the expected, reasonable prices and short-term, medium-term and long-term. Market participants can according to the coal price trends judgment, hedging with futures market, locking his own risk. In addition, coal market supply and demand both sides can be according to the price trends to guide and constraint to their market behavior, improve the efficiency of investment decision, at the same time set up the coal futures market development in our country, also further strengthened the power in the international energy market in China. There is no coal futures trading in our country, but as the market opening degree in China in recent years gradually increased, continuous integration of domestic and international market, the domestic enterprises to participate in the demand of the coal futures trading will be more urgent. So in our country, it is necessary to develop coal futures trading.The establishment and perfection of the coal futures market is long-term, highly complex systems engineering, and the analysis of the necessity and feasibility of establishing the coal futures market in China, then to analyze how to study to the integrated use of theoretical knowledge and a variety of research methods, such as management, economics, based on the mechanism of coal futures system, design, contract, corporate hedging and so on has carried on the system, comprehensive study, and verified the effectiveness in terms of basic functions of futures market in China, tries to theoretically explore a suitable for China’s coal industry development, high efficient coal trading system.First through the domestic and foreign relevant empirical literature analysis, draw lessons from foreign futures exchange spot coal price index and the United States the coal futures market development experience, combined with the domestic coal quality, resource distribution and the spot market the actual situation of the development, design suitable for the situation of China coal futures contract.Next to our country existing futures contract in the futures market price discovery function, the hedging function of empirical analysis, the conclusion will be used to simulate or guidance function of price discovery and hedging function of coal.Finally the passage launched the thorough analysis our country coal futures existing obstacles, as well as the method to deal with. Downstream products of coal coking coal futures contracts are traded on the market a few years, but the Zhengzhou futures exchange to launch steam coal futures contract is not approved by the China securities regulatory commission, in this paper, through the study of the comparison, the coal futures market in the future should be how to build in our country, establish what are the obstacles in the process of problems, such as to make Suggestions.This research helps to a correct understanding to the futures market, the position and role of the coal market system in our country, can also be for the government for the coal futures market and spot market regulation and macro-control, and relevant departments provide theoretical basis for the policy choice, for the enterprise or individual to make better use of the coal futures market and adjust business strategy, avoid operation risk to provide the reference. At the same time this research will study the specific situation of the coal market and the futures market in our country, concluded that building the necessity of the coal futures market and futures market in our country has preliminarily has the basic functions, set up the coal futures market is feasible, and provide theoretical guidance for China’s coal futures varieties introduced and specific ideas. |
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