The Contract Options Of Thermal Coal From The View Of Transaction

Thermal coal is the main energy in China, which makes the thermal power generation be the main role in energy structure, and which makes a relationship between coal industry and electric industry.As the important basic industries, thermal coal allocation efficiency will make significant effect on both coal industry and electric industry, which also influence the whole economic system. From2002, the contradiction between coal industry and electric industry increasingly intensified, has resulted in "power rationing" in many cities, during winter and summer each year. It makes negative effects not only related to both coal industry and electric industry, but also the thermal coal allocation, even to the whole economic system. Expecially the "coal order meeting" each year, the contradiction between coal industry and electric industry is more apparent. Although many different measures by government has been taken to force the contract be made, it makes no result.In this paper, it firstly smooth out the progress of thermal coal allocation based on transaction aspect, and takes the transaction between coal enterprise and power generation enterprise as the research object. Considered the differences, it builds up the contract option of thermal coal allocation and the efficiency evaluation model of thermal coal allocation. Additionally, it takes the American and Indian as examples to analyze, using the thermal coal allocation contract option and thermal coal allocation efficiency. In the end, it makes some advice for the better allocaiton of thermal coal in China.The main results and conclusions are as following:(1) It defines the concept of thermal coal allocation. Thermal coal allocation is the process of coordination between spacial and inter-department. Thermal coal allocation in space means by modes of transportaion to enforce the thermal coal allocaion in space. Thermal coal allocation in inter-department means the coordination between coal corporations and power plants.(2) It sets up the contract option mechanism of thermal coal allocation. Thermal coal allocation is infullenced by corporation character, pricing mechanism and circulation links in the meanwhile. In different transaction scences, three factors have many kinds of forms, play different role in thermal coal allocation, and result in different contract forms. (3) It sets up the efficiency evaluation modal of thermal coal allocation. It makes relationship between contract options and efficiency of thermal coal allocation, and establishes the relationship between three factors and efficiency of thermal coal allocation.(4) In transition economic, corporate character makes a direct influence on the result of thermal coal transaction. Transaction bodies the carrier of trading decision, corporate with governmental is much easier than corporate without governmental to get the support from government, which does as an ensure for transaction corporate.(5) The different pricing mechanism between thermal coal and electric is the important reason for coal-electric contradiction. In different transaction conditions, the different pricing mechanism make the coal-electric contradiction, and also do as one of main reason expecting on the affection of thermal coal allocation.(6)Intermediate link is the restraining factor of thermal coal allocation. As for now, capacity shortage is the main problem of intermediate link. However, with the help of thermal coal allocation in inter-department, the restrain of circulation links on thermal coal allocation in space can be reliefed.(7) American thermal coal allocation is efficiency, tested by the efficiency modal. Differently, American is on market economic and China is on transition economic. However, kinds of contracts play the important role in efficiency allocation of American thermal coal.(8) Indian thermal coal allocation is inefficiency, tested by efficiency modal. Different with planned economy phase in China, the character of Indian economy is active market demand and rapid development economy, inefficient thermal coal allocation in Indian is resulted of predominat by government corporate, government pricing and circulation links restrain, combined with single contract form.