The Theoretical And Practical Research Of Coal Wealth Management Fund

The reserves of coal resource is abundant in our country,and it’s ranking is aheadin the world.The sustainable development of the coal industry as the backbone of theenergy industry plays a decisive role in the national economic development andenergy security.The economic and financial growth is closely related with coalrevenue in the rich coal resource-based regions,for example ShanxiProvince,Mongolia Province,Shaanxi Province,Sichuan Province.However,the coalresource is exhausted,its price is fluctuant,and the capital is scarce.Above all lead tothe huge challenge for the resource regions based the single industrial structure.Theresource benefit is not sustainable as a long-term trend,so we need to choose a properway to reduce the risk of this contradiction.It needs sufficient funds guarantee that resource-based regions so as to realize thegoal of transformation spanning development.From the perspective of financialinnovation,it combines the coal industry with finance by building the wealthmanagement system of coal resources which is composed of the IntergenerationalFund,Liquidity Fund, and Investment Fund.It has a positive role that regionalfinancialsecurity and economy of resources sudtainable development in security.We can trulyachieve the financial suppory for the economic function and the expectedtransformation spanning developmeng goals,acrossing risk prevention as guaranteefor the idea of with coal as the base,diversified development.On the whole,it is theoptimal choice that resource-based regional wealth management fund as a means topromote economic development.The thesis discusses the Coal Wealth Management Fund from the theoretical andempirical aspects.And it discusses how to improve the mechanism of governance ofCoal Wealth Management Fund in the coal resource-based areas. This compares themanagement structure,operation mode,investment strategy,and asset allocation ofresource fund in different countries.On the theoretical aspect, Intergenerational Fundbased on the permanent income hypothesis provides support for the intergenerationaljustice and the remission of resource depletion; Liquidity Fund based on the CAPMcan maintain the stable economic development,and ease the risk from the coal pricefluctuation; Investment Fund based on the theory of public investment is helpful toresolve the shortage of capital in the infrastructure construction. On the empirical aspect,we build the DSGE model with the typical economicdata of Shanxi Province.And it is the research basis to realize the expected utility forthe government,enterprises,and residents in the budeget constraint conditions;Underthe condition of equilibrium, we provide the basis for the government.This makes theoptimal fiscal policy by comparing the different results which is impulseresponse.Finally,we suggest the effective policy from the six aspects of thegovernment budget,fund operation mechanism,investment strategy,performanceevaluation, information disclosure. And it risks prevention to boost the successfultransformation of coal resource-based economy.