西部矿产资源证券化问题研究

发布时间：2018-05-17 23:42

本文选题：矿产资源 + 矿业权　；参考：《吉林财经大学》2012年硕士论文

【摘要】：西部开发战略的实施，依托区域资源要素禀赋，并借助于高新科技实现区域经济的跨越式进步，发展具有较优势的特色经济与主导产业，有赖于金融行业强有力的资金支持和金融服务。资源开发项目的特点是，投资规模巨大、资金回收缓慢、周转周期较长、相对资金收益率较低、经营风险大。因此，利用一般的银行借贷等金融工具很难吸引投资者参与，尤其是国外资金。矿产资源证券化是一种金融工具或金融操作形式，通过证券化，可将西部资源优势转化为资本优势，解决西部大开发资金短缺的矛盾。同时，还可引入西部大开发所需要的经营思想与观念、管理组织与制度、先进的技术以及各种专门优秀人才。通过观念、管理、技术、人才以及资金等诸多资源的组合，可促进我国西部大开发区域发展目标的实现。矿产资源的证券化，就是指在明确界定矿产资源产权的前提下，将已探明经济可采储藏量的矿产资源未来产生的现金流作为抵押，在资本市场上发行“资源支持证券”，使投资者与投资标的之间的直接的物权关系转化为债权性质的有价证券形式，资源开发企业融通开发资金，投资者获得投资收益，从而实现从资源优势到资本优势、产业优势、经济优势和竞争优势的转变，由此带动西部地区经济的全面发展。本文对矿产资源证券化问题进行了深入研究。在论证其理论上和实践上的重大意义基础上，将金融学中的资产证券化理论创造性的应用到“资源证券化”中，借鉴国外自然资源储备（主要是石油天然气）证券化的经验，构建了矿产资源资产（矿业权）证券化的结构模型，设计出西部地区矿产资源资产证券化的具体方案，并对证券化运作中的基础资产选择、资产支持证券的定价、资产证券化的风险分析与控制等问题进行了专项研究。在总结国内外自然资源资产证券化经验的基础上，提出了西部地区矿产资源资产证券化的配套措施。矿产资源证券化可以将西部矿产资源开发利用由实体经济领域向资本市场领域拓展，加速矿产资源的资本化进程，创新西部资源开发的模式，使矿产资源在未开采的状态下也能产生巨大的经济效益和市场价值，使西部地区潜在的矿产资源转化为现实的可利用的资本，能够加快西部矿产资源优势向经济优势的转化步伐，将为西部发展方式的转变和经济社会的可持续发展提供重要的支撑。只要论证科学、相关配套措施到位，，矿产资源证券化的构想是可以付诸实践的。
[Abstract]:The implementation of the western development strategy, relying on the regional resource factor endowment, and with the aid of high-tech to realize the leap-forward progress of the regional economy, to develop the advantages of the characteristics of the economy and leading industries, Rely on financial industry strong financial support and financial services. The characteristics of resource development projects are that the scale of investment is huge, the recovery of funds is slow, the turnover period is longer, the relative return rate of funds is low, and the operating risk is large. Therefore, the use of financial instruments such as bank lending is difficult to attract investors, especially foreign funds. The securitization of mineral resources is a kind of financial instrument or financial operation form. Through securitization, the advantages of western resources can be transformed into capital advantages, and the contradiction of capital shortage in western development can be solved. At the same time, it can also introduce the management thought and concept, management organization and system, advanced technology and all kinds of specialized talents. Through the combination of ideas, management, technology, talents and funds, it can promote the realization of the regional development goal of China's western development. The securitization of mineral resources means that, on the premise of clearly defining the property rights of mineral resources, the future cash flow generated by the mineral resources with proven economic recoverable reserves is taken as collateral to issue "resource-backed securities" on the capital market. The direct real right relationship between the investor and the object of investment can be transformed into the form of securities with creditor's rights, and the resource developing enterprise can finance the development fund, and the investor can obtain the investment income, thus realizing the advantage from the resource advantage to the capital advantage, and the industry advantage. The transformation of economic advantage and competitive advantage, thus driving the overall development of the western region economy. In this paper, the securitization of mineral resources has been deeply studied. On the basis of demonstrating its great significance in theory and practice, this paper applies the theory of asset securitization in finance creatively to "resource securitization", and draws lessons from the experience of securitization of foreign natural resources reserves (mainly oil and gas). The structural model of securitization of mineral resources assets (mining rights) is constructed, and the specific scheme of securitization of mineral resources assets in western China is designed, and the selection of basic assets and the pricing of asset-backed securities in the operation of securitization are also given. The risk analysis and control of asset securitization are studied. On the basis of summing up the experience of securitization of natural resources assets at home and abroad, this paper puts forward the corresponding measures for securitization of mineral resources assets in western China. The securitization of mineral resources can expand the exploitation and utilization of mineral resources from the real economy to the capital market, accelerate the capitalization process of mineral resources, and innovate the mode of exploitation of western resources. The mineral resources can also produce enormous economic benefits and market value in the unexploited state, and the potential mineral resources in the western region can be transformed into realistic available capital. It will provide an important support for the transformation of the western mineral resources advantage to the economic advantage, which will provide an important support for the transformation of the western development mode and the sustainable development of the economy and society. As long as the demonstration is scientific and the relevant supporting measures are in place, the conception of mineral resources securitization can be put into practice.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F426.1;F832.5

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