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煤价低迷,市场噪音混乱,使企业有无期货等避险交易工具都需承担价格风险,究竟风险来自何方?确需深入的实证研究。2008年全球金融危机爆发后,政府意外采取了4万亿元财政外加三年26万亿元信贷的超大规模货币刺激经济计划,使高耗能、高污染的钢铁、水泥、电解铝等产业爆炸性增长,在造成对煤炭过度需求的同时,又推升了煤炭价格,使2011年5500千卡/千克动力煤价最高时曾突破每吨1000元,又进一步刺激煤炭产能的疯狂增长。
Coal prices downturn, the market noise chaos, so that enterprises have no futures and other hedging instruments need to bear the price risk, after all, the risk comes from? Indeed need in-depth empirical research. After the global financial crisis broke out in 2008, the government unexpectedly adopted an ultra-large-scale monetary stimulus economic plan of 4 trillion yuan in fiscal plus 26 billion yuan of credit for three years to make explosive industries such as steel, cement and electrolytic aluminum with high energy consumption and high pollution While causing excessive demand for coal, pushed up the price of coal so that it exceeded 1,000 yuan per tonne at the peak of 5,500 kcal / kg thermal coal price in 2011, further stimulating the crazy growth of coal production capacity.