【作者】 赵亮；

【导师】 肖荣阁；

【作者基本信息】 中国地质大学（北京） ， 资源产业经济， 2011， 博士

【摘要】 选题意义:商业性矿产勘查投融资是我国建设市场化勘查投融资体制的重要研究课题之一,对比研究中外矿产勘查投融资体系,对我国市场化勘查投融资体系建设具有重要意义。研究依托:本论文依托矿业投资工作实践,搜集了大量中外商业性矿产勘查投融资案例,工作中接触部分海外勘查投融资的一手资料,以此作为依托,进行了中外商业性矿产勘查投融资比较研究。运用方法;本论文采用的研究方法主要包括产业经济分析方法、金融学分析方法、比较研究方法、案例分析方法等。研究内容:包括商业性矿产看勘查投融资特征研究,商业性矿产勘查投融资主体、规模与结构研究,商业性矿产勘查投融资市场研究,商业性矿产勘查投融资模式研究,商业性矿产勘查投融资体制与政策研究等。研究结论:商业性矿产勘查投融资具有典型的风险投资特征,需要更多从金融角度来研究投融资风险规避问题。就商业性矿产勘查投融资主体而言,政府资本、产业资本、金融资本、民间资本都可能成为勘查投融资的资金供给方,要大力推进我国商业性矿产勘查投融资,就要优化勘查投融资的资本来源渠道,特别是注重金融资本对勘查投融资的促进,注重各方面资本通过金融媒介转变为金融性资本,将社会投资人转变为机构投资者。中外商业性矿产勘查金融市场包括证券市场、基金市场、私募股权市场、银行信贷市场等各金融子体系,大力发展服务勘查的金融市场对勘查投融资具有重要意义,同时,金融市场培育也有利于加速我国市场化勘查投融资体制建设。中外商业性矿产勘查投融资模式包括:证券市场投融资模式,基金市场投融资模式,合资协议类投融资模式,债务类投融资模式,基于未来产品、现金流的投融资模式,政策促进型投融资模式等。总体来说,勘查投融资模式需与勘查产业风险分布特征相适应,不同勘查阶段适用不同的勘查投融资模式,勘查投融资模式的未来发展导向具有结构化、条款化、选择权化的特点;从金融角度,简单作价和出资入股不是国际勘查投融资的主流模式,金融市场、金融工具与金融创新对提升勘查投融资模式具有重要意义。国外勘查投融资体制的典型代表包括:以西方矿业发达国家为代表的证券市场体系投融资主导模式,以日本为代表的银行贷款体系投融资主导模式。我国勘查投融资体制可认为是处于欧美与日本模式之外的中间模式或称多元化模式。今后,我国勘查投融资体制要更多以面向未来全球资源竞争为导向,关注政府、金融市场、勘查产业、资本供给者等产业生态链的良性互动,依托金融市场,探索发展“政府”加“市场”的投融资工具创新,推进政府各项勘查投融资政策对产业的促进作用。更多还原

【Abstract】 The mineral exploration financing system is an important research topic .The mineral exploration investment and financing system comparation between Chinese and international has great significance in this research. The content of this research includes many topic ,for example, the mineral exploration investment characteristics, the size and character of the shareholder , the financial market, the model and instruments of mineral prospecting finance, the government promotion policy.Mineral exploration belong typically to the venture-capital investment in which the investment risk can been diversified through financial tools. Typically, mineral exploration funds come from government , industrial , private investors and financial investors. In these capital, financial investors is more important than others. By financial intermedia, financial capital can come from orher capital.Mineral exploration financial markets, such as securities market, mutual fund, private equity, bank credit and other sub-system are important to promote the market-oriented financial regime in mineral prospecting industry.From the global way, the financing patterns in mineral exploration areas include the securities market pattern, mutual fund and private equity pattern, joint venture agreement, debt financing , future cash flows or advanced products model, goverment promotion model. The pattern selection is based on the project’s risk characteristics and the stage of the mining project. The model which has structured terms ,option agreement ,or other financial innovation will be welcomed in the future .There are two typical financing regime in global mineral exploration industry, one is western-countries regime ,which has more advanced capital-market-financing-system, the other is Japanese regime, which depends more on bank loans system. The Chinese exploration financing regime can be regard as a different model or say a multi-model. The interaction among government, financial markets, mineral exploration industry, and capital providers is of grest importanance, and the Chinese exploration financial construction will be better if we pay more attention to such questions as the international resources competition,"government" plus "market" oriential financing tools, and the government promotion policies.更多还原