【作者】 程前；

【导师】 岑矿；

【作者基本信息】 中国地质大学（北京） ， 资源产业经济， 2010， 博士

【摘要】 本文运用规范和实证的分析方法,考察了20世纪50年代以来,国外和我国矿业企业融资方式的巨大变化,结合我国矿业融资的具体情况,对矿业企业的债权融资和股权融资理论与实践进行了分析。指出:我国虽已经初步建立起了与市场经济要求相适应的现代矿业投融资资本市场体系,但我国矿业资本市场仍存在结构性缺陷,矿业资本市场融资结构也不合理,且中介机构缺乏,融资方式单一。本文针对我国传统矿业融资的发展现状及存在的问题,在讨论资本市场概念和功能的基础上,综述了中国资本市场和矿业资本市场的发展历程及现状,分析了中国资本市场存在的问题,进而对中国矿业资本市场和矿业资本市场融资进行了论述和剖析。本着借鉴先进的国际矿业融资模式对我国矿业融资进行融资模式创新的目的,文章对国际矿业资本市场的发展历程进行了论述,分析了国际矿业资本市场融资环境的变化及其发展趋势,指出了近年来国际矿业资本市场融资额不断增加、上市矿业公司数量不断增加,矿业公司上市数量比重不断增加、矿业资本市场的融资呈多元化等融资现状与发展前景,提出了国际矿业资本市场融资对我国的借鉴作用。论文最后对项目融资、中小矿业集合债券融资、二板市场创新性融资等创新性融资模式作了论述,通过案例和可行性分析,总结了矿业融资创新的几种模式或方法。提出:项目融资作为创新性融资模式,能有利地规避和分担风险,为项目参与诸方带来很大利益,而且在特殊情况下,特别是在项目发起人也是项目购买者的情况下,因为更容易达成协议,还能避免一般项目融资高融资成本;在融资难是遏制我国中小矿业企业实现跨越式发展瓶颈的情形下,必须采取创新性的融资模式,扩大我国中小矿业企业融资渠道,在我国中小企业集合债券融资成功发行的背景下,因地制宜,结合地方特点,进行中小矿业企业的集合债券融资创新,应不失为明智之举;我国真正意义上的创业板还刚刚起步,市场结构还十分不合理,短时间内很难形成专门的矿业板块,因此,应根据矿业的特点制定专门的适用于矿业企业的上市条件,以创新性地拓宽中小企业,特别是我国中小型矿业企业的融资渠道;私募股权作为一种灵活的创新融资方式,对我国矿业企业融资有较强的适用性,西部矿业私募股权融资成功上市的经验和教训表明:我国应对私募股权融资过程中因外部信息不对称所造成的风险加强监管,并延长私募股权上市前持有股权的期限和上市后所持股份的流通限制期限,以抑制投机,良性发展私募股权投资,实现矿业的融资规模创新。更多还原

【Abstract】 Used positive and normative analysis method, this dissertation reviewed the great change of financing model of home and abroad’s mining enterprises since 1950s, and analyzed the theory and practice of mining enterprises’debt financing and equity finance combined with the actual conditions of mining industry in our country. This dissertation pointed out that though our country has been primarily established modern mining industry investment and financing capital market system, the mining industry capital market of our country still existed structural defects, and the financing structure of mining industry capital market was also unreasonable, and also existed agency shortage and financing method singleness.In view of the development status and the existed question of our country’s mining industry traditonal financing, based on the discussion of capital market concept and funcation, this dissertation summarized the development course and status of capital market and mining capital market of China, and analyzed the existing questions of China capital market, and then discussed and dissected the financing of China capital market and mining industry capital market.Aimed at using the advanced international mining industry financing model for reference to the innovation of our mining industry financing, this dissertation discussed the development course of international mining industry capital market, analyzed its financing conditions change and development tendency, and pointed out its financing status and development prospective, viz., financing amount, the number of listed mining companies, the proporation of listed mining companies increased continuously and financing model’s diversification. And then put forward its reference to China.Finally, this dissertation discussed the innovation financing models such as project financing, small and medium mining enterprises bond financing, second-board market innovation financing, and sumarrized some models or ways of mining industry finanacing through case and feasibility analysis. This dissertation pointed out: as an innovation financing model, project financing could avoid and share risk, and could bring many benfits to the project participant. And in special conditon, especially in the condition that the project sponsor was also the project buyer, this project financing model could avoid high financing cost for the contract could be easily made. Financing innovation measures must be adopted to enlarge the financing channel of small and medium enterprises. So, under the conditon that financing difficulty was the bottle neck to limit the spanning development, and in the background of small and medium enterprises bond has been successfully issued, to issue enterprises bond, conbined the local characters and adjusted measure to local conditions, was a wise choise for the small and medium mining enterprises. China second-board in the ture sense was just begainning, the market structure was sill definitely unfeasible, and special mining industry section would not be formed very soon, so, in order to broaden the financing innovation channels of small and medium enterprises, especially of small and medium mining enterprises, it would be very important to constitute the listing condition, which adapted to the small and medium mining enterprises, according to the characters of mining industry. As an agile financing innovation method, private equity has much more applicability to the mining industry financing of our counry. And the experience and lessons of the success and go pubilc of Western Mining expressed that in order to restrain speculation, develop private equity investment benignly and achieve mining industry financing dimensional innovation, our country should strengthen supervision of the risk which brought by the information dissymmetry during the course of private equity financing, and prolong the term of stock right before going public and the term of trade limitation after going public.更多还原