The Effect Of Coal Price Fluctuations On Shanxi Economy And Coal Stabilization Fund Design

China is rich in coal resources, and Shanxi Province is one of the provinces with most abundant coal resources in our country. Shanxi belongs to the typical resource-based economy for its economic development have relying on the coal resources for a long time. The coal price is influenced by many factors, with large price volatility and the change of coal price will influence volatility of Shanxi economic. At present, the coal industry is faced with the "demand growth slackens period, advanced capacity digestion period, environmental constraints strengthen period and structural adjustment siege period " time. In order to stabilize the coal price and the development of Shanxi economy, and reduce the negative influence of change of coal price on the economic development in Shanxi, this paper studies the design of coal stabilization fund.This paper, from the view of the coal price fluctuation, on the analysis of the coal price fluctuation on Shanxi economic, and the basis of cash flow stratification technology based on financial engineering, puts forward the design of coal stabilization fund, and the necessity of the establishment of fund for coal stability and safeguard measures.On the basis of the literature review in and out of the country, combining the theory with the actual economic development, this paper first of all, studies the effect factors of the price of coal, the impact on resource-based regional caused by the change on coal price and the existing resources fund; secondly, by further study of Shanxi "resource-based economy", theoretically analyze the coal price fluctuation on Shanxi’s economy, social and environment problems; thirdly, this paper uses the price of coal, Shanxi consumer price index(CPI), producer price index(PPI), gross domestic product(GDP) and Shanxi Province fiscal revenue five major economic indicators to establish monthly VAR model, and empirically analyzes coal price change on the macroeconomic effects of Shanxi Province; fourthly, on the condition of serious influence of Shanxi coal price on economic development the paper analyzes the necessity of setting up the coal stabilization fund; fifthly with the cash flow stratification technology based on structured financial products, the paper puts forward the design of Shanxi coal stabilization fund: the benefits and risks of the enterprise is limited in a reasonable interval, by the government for fluctuations in the price of the residual risks, and researches on the operation management of the stabilization fund; finally, based on the information disclosure, risk control, clear funds investment strategy and so on five aspects the paper promotes safeguard measures for coal stabilization.Resource-based economy, after all, is not a long-term solution. This paper puts forward on the basis of previous studies, that Shanxi coal stabilization fund can become true through the way of power transformation and stable development of Shanxi economy, and, when the Shanxi economy have get rid of the "resources-based economy", it can be reorganized to other types of funds, continuing to boost economic development and the improvement of social welfare in Shanxi Province.