我国煤炭企业利用期货市场模式回顾与问题总结

Review and summary of problems of China's coal enterprises using the futures market model

改革开放40年来,随着煤炭市场定价模式的改变,煤炭价格经历了剧烈波动,煤炭企业利润也出现了黄金增长、极不稳定与亏损情形。我国煤炭类期货品种的成功上市为煤企利用衍生工具进行风险管理、稳定经营提供了工具与平台。通过运用案例分析、调查走访等方法,在梳理与总结煤企利用市场多种模式的基础上,提出我国煤企在有效利用期货市场方面存在的制度制约、人才制约等问题,煤企需要从认识理念、风险管理体系与制度、打造专业人才等方面提升对煤炭类期货市场的有效利用。

In the past 40 years of reform and opening up,with the change of the pricing model of the coal market,coal prices have experienced violent fluctuations,and the profits of coal enterprises have also experienced gold growth,extreme insta- bility and loss.The successful listing of China's coal futures varieties provided tools and platforms for coal enterprises to use derivatives to conduct risk management and stable operations.On the basis of sorting out and summarizing the various modes of coal enterprises to use the market,through the use of ease analysis,survey visits and other methods,the problems of institutional constraints and talent restrictions were proposed in the effective use of the futures market by coal enterprises in China.Coal enterprises need to improve the effective use of coal futures markets from the aspects of understanding concepts,risk management systems,and building professional talents.